Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 2.1 | ||
Entity Common Stock, Shares Outstanding | 17,657,537 | ||
Documents Incorporated by Reference | Portions of the Chesapeake Utilities Corporation Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference in Part II and Part III hereof | ||
Entity Central Index Key | 0000019745 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | Baker Tilly US, LLP |
Auditor Location | Philadelphia, Pennsylvania |
Auditor Firm ID | 23 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | |||
Regulated Energy | $ 383,920 | $ 352,746 | $ 343,006 |
Unregulated Energy | 206,869 | 152,526 | 154,151 |
Other | (20,821) | (17,074) | (17,552) |
Total operating revenues | 569,968 | 488,198 | 479,605 |
Operating Expenses | |||
Natural gas and electricity costs | 100,737 | 91,994 | 102,803 |
Propane and natural gas costs | 86,213 | 45,944 | 51,698 |
Operations | 148,294 | 142,055 | 137,845 |
Maintenance | 16,793 | 15,587 | 15,679 |
Gain from a settlement | 0 | (130) | (130) |
Depreciation and amortization | 62,661 | 58,117 | 45,424 |
Other taxes | 24,158 | 21,908 | 20,001 |
Total operating expenses | 438,856 | 375,475 | 373,320 |
Operating Income | 131,112 | 112,723 | 106,285 |
Other income (expense), net | 1,721 | 3,222 | (1,847) |
Interest charges | 20,135 | 21,765 | 22,224 |
Income from Continuing Operations Before Income Taxes | 112,698 | 94,180 | 82,214 |
Income Taxes on Continuing Operations | 29,231 | 23,538 | 21,114 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 83,467 | 70,642 | 61,100 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1) | 686 | (1,349) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 170 | 5,402 |
Net Income (Loss) Attributable to Parent | $ 83,466 | $ 71,498 | $ 65,153 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 17,558,078 | 16,711,579 | 16,398,443 |
Diluted (in shares) | 17,633,029 | 16,770,735 | 16,448,486 |
Basic Earnings Per Share of Common Stock: | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.75 | $ 4.23 | $ 3.73 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0.05 | 0.24 |
Basic (in usd per share) | 4.75 | 4.28 | 3.97 |
Earnings Per Share, Diluted [Abstract] | |||
Income (Loss) from Continuing Operations, Per Diluted Share | 4.73 | 4.21 | 3.72 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0.05 | |
Diluted (in usd per share) | $ 4.73 | $ 4.26 | $ 3.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 83,466 | $ 71,498 | $ 65,153 |
Employee Benefits, net of tax: | |||
Amortization of prior service cost, net of tax of $(20), $(18) and $(20), respectively | (57) | (59) | (57) |
Net gain (loss), net of tax of $662, $(41), and $368, respectively | 1,935 | (154) | 1,052 |
Cash Flow Hedges, net of tax: | |||
Unrealized gain (loss) on commodity contract cash flow hedges, net of tax of $864, $1,392 and $(176), respectively | 2,262 | 3,643 | (434) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 28 | (28) | |
Total Other Comprehensive Income | 4,168 | 3,402 | 561 |
Comprehensive Income | $ 87,634 | $ 74,900 | $ 65,714 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense recognized on the amortization of prior service cost | $ (20,000) | $ (18,000) | $ (20,148) |
Tax expense recognized on the net gain (loss) | 662,000 | (41,000) | 368,387 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 864,000 | 1,392,000 | $ (176,000) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Interest Rate Swaps During Period, Tax | $ 12,000 | $ (12,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net Income | $ 83,466 | $ 71,498 | $ 65,153 |
Adjustments to reconcile net income to net operating cash: | |||
Depreciation and amortization | 62,661 | 58,117 | 45,900 |
Depreciation and accretion included in operations expenses | 10,228 | 9,599 | 8,752 |
Deferred income taxes, net | 26,658 | 24,709 | 24,476 |
Gain on sale of discontinued operations | 0 | (200) | (7,344) |
Realized (loss) on sale of assets/commodity contracts | (9,026) | (6,243) | (4,135) |
Unrealized (gain) on investments/commodity contracts | (1,464) | (1,482) | (1,595) |
Employee benefits and compensation | (53) | 207 | 1,985 |
Share-based compensation | 5,945 | 4,829 | 4,279 |
Changes in assets and liabilities: | |||
Accounts receivable and accrued revenue | (1,634) | (7,426) | 36,489 |
Propane inventory, storage gas and other inventory | (9,517) | 1,709 | 8,227 |
Regulatory assets/liabilities, net | (18,464) | (4,973) | (7,812) |
Prepaid expenses and other current assets | (1,520) | 2,424 | 11,115 |
Accounts payable and other accrued liabilities | 8,285 | 4,941 | (62,021) |
Income taxes receivable | (4,575) | 7,165 | (4,750) |
Customer deposits and refunds | 3,176 | 2,238 | (1,811) |
Accrued compensation | 1,198 | (2,473) | 2,120 |
Other assets and liabilities, net | (4,860) | (5,723) | (16,064) |
Net cash provided by operating activities | 150,504 | 158,916 | 102,964 |
Investing Activities | |||
Property, plant and equipment expenditures | (186,924) | (165,511) | (184,727) |
Proceeds from sale of assets | 1,033 | 8,080 | 427 |
Acquisitions, net of cash acquired | (36,371) | (22,231) | (23,988) |
Proceeds from the sale of discontinued operations | 0 | 200 | 22,871 |
Environmental expenditures | (761) | (2,169) | (1,170) |
Net cash used in investing activities | (223,023) | (181,631) | (186,587) |
Financing Activities | |||
Common stock dividends | (31,537) | (27,161) | (24,693) |
Payments for Repurchase of Common Stock | 15,851 | 22,627 | (721) |
Proceeds from issuance of common stock, net of expenses | 0 | 60,980 | 0 |
Payment, Tax Withholding, Share-based Payment Arrangement | (1,478) | (977) | (692) |
Change in cash overdrafts due to outstanding checks | (1,154) | (825) | (1,174) |
Net borrowings (repayments) under line of credit agreements | 46,647 | (71,637) | (45,913) |
Proceeds from issuance of long-term debt | 59,478 | 89,822 | 199,648 |
Repayment of long-term debt and finance lease obligation | (13,811) | (53,600) | (41,936) |
Net cash provided by financing activities | 73,996 | 19,229 | 84,519 |
Net (Decrease) Increase in Cash and Cash Equivalents | 1,477 | (3,486) | 896 |
Cash and Cash Equivalents — Beginning of Period | 3,499 | 6,985 | 6,089 |
Cash and Cash Equivalents — End of Period | $ 4,976 | $ 3,499 | $ 6,985 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment | ||
Regulated Energy | $ 1,720,287 | $ 1,577,576 |
Unregulated Energy | 357,259 | 300,647 |
Other businesses and eliminations | 35,418 | 30,769 |
Total property, plant and equipment | 2,112,964 | 1,908,992 |
Accumulated depreciation | 417,479 | 368,743 |
Construction Work in Progress | 49,393 | 60,929 |
Net property, plant and equipment | 1,744,878 | 1,601,178 |
Current Assets | ||
Cash and cash equivalents | 4,976 | 3,499 |
Accounts Receivable, before Allowance for Credit Loss, Current | 61,623 | 61,675 |
Allowance for uncollectible accounts | 3,141 | 4,785 |
Trade receivables, net | 58,482 | 56,890 |
Accrued Revenue | 22,513 | 21,527 |
Propane inventory, at average cost | 11,644 | 5,906 |
Other inventory, at average cost | 9,345 | 5,539 |
Regulatory assets | 19,794 | 10,786 |
Storage gas prepayments | 3,691 | 2,455 |
Income taxes receivable | 17,460 | 12,885 |
Prepaid expenses | 17,121 | 13,239 |
Derivative assets, at fair value | 7,076 | 3,269 |
Other current assets | 1,033 | 436 |
Total current assets | 173,135 | 136,431 |
Deferred Charges and Other Assets | ||
Goodwill | 44,708 | 38,731 |
Other intangible assets, net | 13,192 | 8,292 |
Investments, Fair Value Disclosure | 12,095 | 10,776 |
Operating Lease, Right-of-Use Asset | 10,139 | 11,194 |
Regulatory assets | 104,173 | 113,806 |
Receivables and other deferred charges | 12,549 | 12,079 |
Total deferred charges and other assets | 196,856 | 194,878 |
Total Assets | 2,114,869 | 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) | 8,593 | 8,499 |
Additional paid-in capital | 371,162 | 348,482 |
Retained earnings | 393,072 | 342,969 |
Accumulated other comprehensive income (loss) | 1,303 | (2,865) |
Deferred compensation obligation | 7,240 | 5,679 |
Treasury Stock, Value | (7,240) | (5,679) |
Total stockholders’ equity | 774,130 | 697,085 |
Long-term debt, net of current maturities | 549,903 | 508,499 |
Total capitalization | 1,324,033 | 1,205,584 |
Current Liabilities | ||
Current portion of long-term debt | 17,962 | 13,600 |
Short-term borrowing | 221,634 | 175,644 |
Accounts payable | 52,628 | 60,253 |
Customer deposits and refunds | 36,488 | 33,302 |
Accrued interest | 2,775 | 2,905 |
Dividends payable | 8,466 | 7,683 |
Accrued compensation | 15,505 | 13,994 |
Regulatory liabilities | 2,312 | 6,284 |
Derivative liabilities, at fair value | 743 | 127 |
Other accrued liabilities | 17,920 | 15,240 |
Total current liabilities | 376,433 | 329,032 |
Deferred Credits and Other Liabilities | ||
Deferred income taxes | 233,550 | 205,388 |
Regulatory liabilities | 142,488 | 142,736 |
Environmental liabilities | 3,538 | 4,299 |
Other pension and benefit costs | 24,120 | 30,673 |
Operating Lease, Liability, Noncurrent | 8,571 | 9,872 |
Deferred investment tax credits and other liabilities | 2,136 | 4,903 |
Total deferred credits and other liabilities | 414,403 | 397,871 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | 2,114,869 | 1,932,487 |
Regulated Energy | 1,720,287 | 1,577,576 |
Unregulated Energy | 357,259 | 300,647 |
Other businesses and eliminations | 35,418 | 30,769 |
Total property, plant and equipment | 2,112,964 | 1,908,992 |
Accumulated depreciation | 417,479 | 368,743 |
Construction Work in Progress | 49,393 | 60,929 |
Net property, plant and equipment | 1,744,878 | 1,601,178 |
Cash and cash equivalents | 4,976 | 3,499 |
Accounts Receivable, before Allowance for Credit Loss, Current | 61,623 | 61,675 |
Allowance for uncollectible accounts | 3,141 | 4,785 |
Trade receivables, net | 58,482 | 56,890 |
Accrued Revenue | 22,513 | 21,527 |
Propane inventory, at average cost | 11,644 | 5,906 |
Other inventory, at average cost | 9,345 | 5,539 |
Regulatory assets | 19,794 | 10,786 |
Storage gas prepayments | 3,691 | 2,455 |
Income taxes receivable | 17,460 | 12,885 |
Prepaid expenses | 17,121 | 13,239 |
Derivative assets, at fair value | 7,076 | 3,269 |
Other current assets | 1,033 | 436 |
Disposal Group, Including Discontinued Operation, Assets, Current | 173,135 | 136,431 |
Goodwill | 44,708 | 38,731 |
Other intangible assets, net | 13,192 | 8,292 |
Investments, Fair Value Disclosure | 12,095 | 10,776 |
Operating Lease, Right-of-Use Asset | 10,139 | 11,194 |
Regulatory assets | 104,173 | 113,806 |
Receivables and other deferred charges | 12,549 | 12,079 |
Deferred Charges And Other Assets | 196,856 | 194,878 |
Total identifiable assets | 2,114,869 | 1,932,487 |
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) | 8,593 | 8,499 |
Additional paid-in capital | 371,162 | 348,482 |
Retained earnings | 393,072 | 342,969 |
Accumulated other comprehensive income (loss) | 1,303 | (2,865) |
Deferred compensation obligation | 7,240 | 5,679 |
Treasury Stock, Value | 7,240 | 5,679 |
Stockholders' Equity Attributable to Parent | 774,130 | 697,085 |
Long-term debt, net of current maturities | 549,903 | 508,499 |
Total capitalization | 1,324,033 | 1,205,584 |
Current portion of long-term debt | 17,962 | 13,600 |
Short-term borrowing | 221,634 | 175,644 |
Accounts payable | 52,628 | 60,253 |
Customer deposits and refunds | 36,488 | 33,302 |
Accrued interest | 2,775 | 2,905 |
Dividends payable | 8,466 | 7,683 |
Accrued compensation | 15,505 | 13,994 |
Regulatory liabilities | 2,312 | 6,284 |
Derivative liabilities, at fair value | 743 | 127 |
Other accrued liabilities | 17,920 | 15,240 |
Liabilities, Current | 376,433 | 329,032 |
Deferred income taxes | 233,550 | 205,388 |
Regulatory liabilities | 142,488 | 142,736 |
Environmental liabilities | 3,538 | 4,299 |
Other pension and benefit costs | 24,120 | 30,673 |
Operating Lease, Liability, Noncurrent | 8,571 | 9,872 |
Deferred investment tax credits and other liabilities | 2,136 | 4,903 |
Deferred Credits and Other Liabilities | 414,403 | 397,871 |
Commitments and Contingencies | ||
Liabilities and Equity | $ 2,114,869 | $ 1,932,487 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for uncollectible accounts | $ 3,141 | $ 4,785 |
Common stock, par value | $ 0.4867 | $ 0.4867 |
Common stock, shares authorized | 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 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Deferred Compensation [Member] | Treasury Stock [Member] | |||
Shares, Issued | [1],[2] | 16,378,545 | ||||||||
Stockholders' Equity Attributable to Parent | $ 518,439,000 | [2] | $ 7,971,000 | $ 255,651,000 | $ 261,530,000 | $ (6,713,000) | $ 3,854,000 | $ (3,854,000) | ||
Net Income | 65,153,000 | 65,153,000 | ||||||||
Other comprehensive loss | 561,000 | 561,000 | ||||||||
Dividends | (26,191,000) | (26,191,000) | ||||||||
Stock Issued During The Period Shares Retirement Savings Plan And Dividend Reinvestment Plan | 0 | |||||||||
Stock Issued During The Period Value Retirement Savings Plan And Dividend Reinvestment Plan | (3,000) | $ 0 | (3,000) | |||||||
Share-based compensation, shares | 25,231 | |||||||||
Share-based compensation | 3,618,000 | [3],[4] | $ 13,000 | 3,605,000 | ||||||
Treasury stock activities | 0 | 689,000 | (689,000) | |||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 115,000 | (115,000) | ||||||||
Shares, Issued | [1],[2] | 16,403,776 | ||||||||
Stockholders' Equity Attributable to Parent | 561,577,000 | [2] | $ 7,984,000 | 259,253,000 | 300,607,000 | (6,267,000) | 4,543,000 | (4,543,000) | ||
Net Income | 71,498,000 | 71,498,000 | ||||||||
Other comprehensive loss | 3,402,000 | 3,402,000 | ||||||||
Dividends | (29,106,000) | (29,106,000) | ||||||||
Stock Issued, Value, During The Period Shares Retirement Savings Plan And Dividend Reinvestment Plan | $ 498,000 | 85,353,000 | ||||||||
Stock Issued During The Period Value Retirement Savings Plan And Dividend Reinvestment Plan | 85,851,000 | |||||||||
Share-based compensation, shares | [3],[4] | 34,456 | ||||||||
Share-based compensation | 3,893,000 | [3],[4] | $ 17,000 | 3,876,000 | [3],[4] | |||||
Treasury stock activities | 1,136,000 | (1,136,000) | ||||||||
New Accounting Pronouncement of Change in Accounting Principle, Effect of Adoption | $ (30,000) | (30,000) | ||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 300,000 | 1,023,609 | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 86.12 | |||||||||
Shares, Issued | [1],[2] | 17,461,841 | ||||||||
Stockholders' Equity Attributable to Parent | 697,085,000 | $ 8,499,000 | 348,482,000 | 342,969,000 | (2,865,000) | 5,679,000 | (5,679,000) | |||
Net Income | 83,466,000 | |||||||||
Other comprehensive loss | 4,168,000 | 4,168,000 | ||||||||
Dividends | (33,363,000) | (33,363,000) | ||||||||
Stock Issued, Value, During The Period Shares Retirement Savings Plan And Dividend Reinvestment Plan | 18,248,000 | $ 72,000 | 18,176,000 | |||||||
Stock Issued During The Period Shares Retirement Savings Plan And Dividend Reinvestment Plan | 147,256 | |||||||||
Share-based compensation, shares | [3],[4] | 46,313 | ||||||||
Share-based compensation | $ 4,526,000 | [3],[4] | $ 22,000 | 4,504,000 | ||||||
Treasury stock activities | 1,561,000 | (1,561,000) | ||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 100,000 | |||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 125.71 | |||||||||
Shares, Issued | [1],[2] | 17,655,410 | ||||||||
Stockholders' Equity Attributable to Parent | $ 774,130,000 | $ 8,593,000 | $ 371,162,000 | $ 393,072,000 | $ 1,303,000 | $ 7,240,000 | $ (7,240,000) | |||
[1] | 2,000,000 shares of preferred stock at $0.01 par value per share have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the Consolidated Statements of Stockholders’ Equity. | |||||||||
[2] | Includes 116,238, 105,087 and 95,329 shares at December 31, 2021, 2020 and 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 2021, 2020 and 2019, we withheld 14,020, 10,319 and 7,635 shares, respectively, for taxes. (5) Includes the Retirement Savings Plan, DRIP and ATM equity issuances. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Shares Held In Trust For Deferred Compensation Plan | 116,238 | 105,087 | 95,329 |
Dividends Declared | $ 1.8800 | $ 1.7250 | $ 1.5850 |
Shares Issued Under Performance Incentive Plan Withheld For Employee Taxes | 14,020 | 10,319 | 7,635 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Organization and Basis of Presentation | O RGANIZATION AND B ASIS OF P RESENTATION Chesapeake Utilities, incorporated in 1947 in Delaware, is a diversified energy company engaged in regulated and unregulated energy businesses. Our regulated energy businesses consist of: (a) regulated natural gas distribution operations in central and southern Delaware, Maryland’s eastern shore and Florida; (b) regulated natural gas transmission operations on the Delmarva Peninsula, in Pennsylvania and in Florida; and (c) regulated electric distribution operations serving customers in northeast and northwest Florida. Our unregulated energy businesses primarily include: (a) propane operations in the Mid-Atlantic region, North Carolina, South Carolina, and Florida; (b) our unregulated natural gas transmission/supply operation in central and eastern Ohio; (c) our CHP plant in Florida that generates electricity and steam; and (d) our subsidiary, based in Florida, that provides CNG, LNG and RNG transportation and pipeline solutions, primarily to utilities and pipelines throughout the eastern United States. Our consolidated financial statements include the accounts of Chesapeake Utilities and its wholly-owned subsidiaries. We do not have any ownership interest in investments accounted for using the equity method or any interest in a variable interest entity. All intercompany accounts and transactions have been eliminated in consolidation. We have assessed and, if applicable, reported on subsequent events through the date of issuance of these consolidated financial statements. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. Beginning in the third quarter of 2019, our management began executing a strategy to sell the operating assets of PESCO. In the fourth quarter of 2019, we closed on four separate transactions to sell PESCO's assets and contracts. As a result of these sales, we have fully exited the natural gas marketing business. Accordingly, PESCO’s historical financial results are reflected in our consolidated financial statements as discontinued operations, which required retrospective application to financial information for all periods presented. Refer to Note 4, Acquisitions for further information. |
Covid-19 Effects | 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. Throughout 2021, restrictions continued 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, along with the settlement of our limited proceeding in Florida, has concluded our ability to defer incremental pandemic related costs for consideration through the applicable regulatory process. We have been closely following the legal process related to the Occupational Safety and Health Administration (OSHA) Emergency Temporary Standard (ETS) mandating that all employers, with 100 or more employees, require COVID-19 vaccinations or weekly testing, which made its way to the United States Supreme Court. While OSHA has withdrawn the ETS as a temporary standard following the Supreme Court’s ruling, we will continue to monitor its status as a proposed rule, and any developments in the various appeals of the various district court orders enjoining the enforcement of the Executive Order regarding the federal contractor vaccine mandate. In light of the continued emergence and growing prevalence of the new variants of COVID-19, such as the Omicron variant, 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 and OSHA standards, in order to protect our employees, customers and the communities we serve. Refer to Note 19 , Rates and Other Regulatory Activities , for further information on the regulated assets established as a result of the incremental expenses associated with COVID-19. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | S UMMARY OF S IGNIFICANT A CCOUNTING P OLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates in measuring assets and liabilities and related revenues and expenses. These estimates involve judgments about various future economic factors that are difficult to predict and are beyond our control; therefore, actual results could differ from these estimates. As additional information becomes available, or actual amounts are determined, recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. Property, Plant and Equipment Property, plant and equipment are stated at original cost less accumulated depreciation or fair value, if impaired. Costs include direct labor, materials and third-party construction contractor costs, allowance for funds used during construction ("AFUDC"), and certain indirect costs related to equipment and employees engaged in construction. The costs of repairs and minor replacements are charged to expense as incurred, and the costs of major renewals and betterments are capitalized. Upon retirement or disposition of property within the regulated businesses, the gain or loss, net of salvage value, is charged to accumulated depreciation. Upon retirement or disposition of property owned by the unregulated businesses, the gain or loss, net of salvage value, is charged to income. A summary of property, plant and equipment for continuing operations by classification as of December 31, 2021 and 2020 is provided in the following table: As of December 31, (in thousands) 2021 2020 Property, plant and equipment Regulated Energy Natural gas distribution - Delmarva Peninsula and Florida $ 859,627 $ 782,329 Natural gas transmission - Delmarva Peninsula, Pennsylvania and Florida 727,277 667,538 Electric distribution 133,383 127,710 Unregulated Energy Propane operations – Mid-Atlantic, North Carolina, South Carolina and Florida 176,095 151,258 Natural gas transmission and supply – Ohio 112,050 87,962 Electricity and steam generation 36,740 36,521 Mobile CNG and pipeline solutions 32,374 24,905 Other 35,418 30,769 Total property, plant and equipment 2,112,964 1,908,992 Less: Accumulated depreciation and amortization (417,479) (368,743) Plus: Construction work in progress 49,393 60,929 Net property, plant and equipment $ 1,744,878 $ 1,601,178 Contributions or Advances in Aid of Construction Customer contributions or advances in aid of construction reduce property, plant and equipment, unless the amounts are refundable to customers. Contributions or advances may be refundable to customers after a number of years based on the amount of revenues generated from the customers or the duration of the service provided to the customers. Refundable contributions or advances are recorded initially as liabilities. Non-refundable contributions reduce property, plant and equipment at the time of such determination. As of December 31, 2021 and 2020, the non-refundable contributions totaled $6.3 million and $3.7 million, respectively. AFUDC Some of the additions to our regulated property, plant and equipment include AFUDC, which represents the estimated cost of funds, from both debt and equity sources, used to finance the construction of major projects. AFUDC is capitalized in the applicable rate base for ratemaking purposes when the completed projects are placed in service. During the years ended December 31, 2021, 2020 and 2019 AFUDC totaled $0.4 million, $0.7 million and $0.7 million, respectively, which was reflected as a reduction of interest charges. Leases We have entered into lease arrangements for office space, land, equipment, pipeline facilities and warehouses. These leases enable us to conduct our business operations in the regions in which we operate. Our operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease - liabilities in our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on our balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Our leases do not provide an implicit lease rate, therefore, we utilize our incremental borrowing rate, as the basis to calculate the present value of future lease payments, at lease commencement. Our incremental borrowing rate represents the rate that we would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. We have lease agreements with lease and non-lease components. At the adoption of ASC 842, we elected not to separate non-lease components from all classes of our existing leases. The non-lease components have been accounted for as part of the single lease component to which they are related. See Note 15, Leases, for additional information. Jointly-owned Pipelines Property, plant and equipment for our Florida natural gas transmission operation included $27.6 million of assets at December 31, 2021, which consist of the 26-mile Callahan intrastate transmission pipeline in Nassau County, Florida jointly-owned with Seacoast Gas Transmission. Peninsula Pipeline's ownership is 50 percent. The pipeline was placed in-service during the second quarter of 2020. Peninsula Pipeline's share of direct expenses for the jointly-owned pipeline are included in operating expenses of our consolidated statements of income. Accumulated depreciation for this pipeline totaled $0.9 million at December 31, 2021. Property, plant and equipment for our Florida natural gas transmission operation also included $6.7 million of assets, at December 31, 2021 and 2020, which consisted of the 16-mile pipeline from the Duval/Nassau County line to Amelia Island in Nassau County, Florida, previously jointly owned with Peoples Gas. Effective October 2020, the parties agreed to terminate the pre-existing ownership and capacity agreement and rescind their ownership interests in exchange for defined sections of the pipeline. This resulted in Peninsula Pipeline taking a 100% ownership in the northern end of the pipeline. Accumulated depreciation for this pipeline totaled $1.8 million and $1.7 million at December 31, 2021 and 2020, respectively. Impairment of Long-lived Assets We periodically evaluate whether events or circumstances have occurred, which indicate that other long-lived assets may not be fully recoverable. The determination of whether an impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the asset, compared to the carrying value of the asset. When such events or circumstances are present, we record an impairment loss equal to the excess of the asset's carrying value over its fair value, if any. Depreciation and Accretion Included in Operations Expenses We compute depreciation expense for our regulated operations by applying composite, annual rates, as approved by the respective regulatory bodies. The following table shows the average depreciation rates used for regulated operations during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Natural gas distribution – Delmarva Peninsula 2.5% 2.5% 2.5% Natural gas distribution – Florida 2.5% 2.5% 2.6% Natural gas transmission – Delmarva Peninsula 2.7% 2.7% 2.6% Natural gas transmission – Florida 2.3% 2.3% 2.4% Electric distribution 2.8% 2.9% 3.4% For our unregulated operations, we compute depreciation expense on a straight-line basis over the following estimated useful lives of the assets: Asset Description Useful Life Propane distribution mains 10-37 years Propane bulk plants and tanks 10-40 years Propane equipment, meters and meter installations 5-33 years Measuring and regulating station equipment 5-37 years Natural gas pipelines 45 years Natural gas right of ways Perpetual CHP plant 30 years Natural gas processing equipment 20-25 years Office furniture and equipment 3-10 years Transportation equipment 4-20 years Structures and improvements 5-45 years Other Various We report certain depreciation and accretion in operations expense, rather than as a depreciation and amortization expense, in the accompanying consolidated statements of income in accordance with industry practice and regulatory requirements. Depreciation and accretion included in operations expense consists of the accretion of the costs of removal for future retirements of utility assets, vehicle depreciation, computer software and hardware depreciation, and other minor amounts of depreciation expense. For the years ended December 31, 2021, 2020 and 2019, we reported $10.2 million, $9.6 million and $8.8 million, respectively, of depreciation and accretion in operations expenses. Regulated Operations We account for our regulated operations in accordance with ASC Topic 980, Regulated Operations, which includes accounting principles for companies whose rates are determined by independent third-party regulators. When setting rates, regulators often make decisions, the economics of which require companies to defer costs or revenues in different periods than may be appropriate for unregulated enterprises. When this situation occurs, a regulated company defers the associated costs as regulatory assets on the balance sheet and records them as expense on the income statement as it collects revenues. Further, regulators can also impose liabilities upon a regulated company, for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future, as regulatory liabilities. If we were required to terminate the application of these regulatory provisions to our regulated operations, all such deferred amounts would be recognized in the statement of income at that time, which could have a material impact on our financial position, results of operations and cash flows. We monitor our regulatory and competitive environments to determine whether the recovery of our regulatory assets continues to be probable. If we determined that recovery of these assets is no longer probable, we would write off the assets against earnings. We believe that the provisions of ASC Topic 980, Regulated Operations, continue to apply to our regulated operations and that the recovery of our regulatory assets is probable. Revenue Recognition Revenues for our natural gas and electric distribution operations are based on rates approved by the PSC in each state in which they operate. Customers’ base rates may not be changed without formal approval by these commissions. The PSCs, however, have authorized our regulated operations to negotiate rates, based on approved methodologies, with customers that have competitive alternatives. Eastern Shore’s revenues are based on rates approved by the FERC. The FERC has also authorized Eastern Shore to negotiate rates above or below the FERC-approved maximum rates, which customers can elect as an alternative to FERC-approved maximum rates. For regulated deliveries of natural gas and electricity, we read meters and bill customers on monthly cycles that do not coincide with the accounting periods used for financial reporting purposes. We accrue unbilled revenues for natural gas and electricity delivered, but not yet billed, at the end of an accounting period to the extent that they do not coincide. We estimate the amount of the unbilled revenue by jurisdiction and customer class. All of our regulated natural gas and electric distribution operations have fuel cost recovery mechanisms, except for two utilities that provide only unbundled delivery service (Chesapeake Utilities' Central Florida Gas division and FPU's Indiantown division). These mechanisms allow us to adjust billing rates, without further regulatory approvals, to reflect changes in the cost of purchased fuel. Differences between the cost of fuel purchased and delivered are deferred and accounted for as either unrecovered fuel cost or amounts payable to customers. Generally, these deferred amounts are recovered or refunded within one year. We charge flexible rates to our natural gas distribution industrial interruptible customers who can use alternative fuels. Interruptible service imposes no contractual obligation to deliver or receive natural gas on a firm service basis. Our unregulated propane delivery businesses record revenue in the period the products are delivered and/or services are rendered for their bulk delivery customers. For propane customers with meters whose billing cycles do not coincide with our accounting periods, we accrue unbilled revenue for product delivered but not yet billed and bill customers at the end of an accounting period, as we do in our regulated energy businesses. Our Ohio natural gas transmission/supply operation recognizes revenues based on actual volumes of natural gas shipped using contractual rates based upon index prices that are published monthly. Eight Flags records revenues based on the amount of electricity and steam generated and sold to its customers. Our mobile compressed natural gas operation recognizes revenue for CNG services at the end of each calendar month for services provided during the month based on agreed upon rates for labor, equipment utilized, costs incurred for natural gas compression, miles driven, mobilization and demobilization fees. We report revenue taxes, such as gross receipts taxes, franchise taxes, and sales taxes, on a net basis. Natural Gas, Electric and Propane Costs Natural gas, electric and propane costs include the direct costs attributable to the products sold or services provided to our customers. These costs include primarily the variable commodity cost of natural gas, electricity and propane, costs of pipeline capacity needed to transport and store natural gas, transmission costs for electricity, costs to gather and process natural gas, costs to transport propane to/from our storage facilities or our mobile CNG equipment to customer locations, and steam and electricity generation costs. Depreciation expense is not included in natural gas, electric and propane costs. Operations and Maintenance Expenses Operations and maintenance expenses include operations and maintenance salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, customer service, professional fees and other outside services, insurance expense, minor amounts of depreciation, accretion of removal costs for future retirements of utility assets and other administrative expenses. Cash and Cash Equivalents Our policy is to invest cash in excess of operating requirements in overnight income-producing accounts. Such amounts are stated at cost, which approximates fair value. Investments with an original maturity of three months or less when purchased are considered cash equivalents. Accounts Receivable and Allowance for Credit Losses Accounts receivable consist primarily of amounts due for sales of natural gas, electricity and propane and transportation and distribution services to customers. An allowance for doubtful accounts is recorded against amounts due based upon our collections experiences and an assessment of our customers’ inability or reluctance to pay. If circumstances change, our estimates of recoverable accounts receivable may also change. Circumstances which could affect such estimates include, but are not limited to, customer credit issues, natural gas, electricity and propane prices and impacts from pandemics and general economic conditions. Accounts receivable are written off when they are deemed to be uncollectible. Our estimate for expected credit losses has been developed by analyzing our portfolio of financial assets that present potential credit exposure risk. These assets consist solely of our trade receivables from customers and contract assets. The estimate is based on five years of historical collections experience, a review of current economic and operating conditions in our service territories, and an examination of economic indicators which provide a reasonable and supportable basis of potential future activity. Those indicators include metrics which we believe provide insight into the future collectability of our trade receivables such as unemployment rates and economic growth statistics in our service territories. When determining estimated credit losses, we analyze the balance of our trade receivables based on the underlying line of business. This resulted in an examination of trade receivables from our energy distribution, energy transmission, energy delivery services and propane operations businesses. Our energy distribution business consists of all our regulated distribution utility (natural gas and electric) operations on the Delmarva Peninsula and in Florida. These business units have the ability to recover their costs through the rate making process, which can include consideration for amounts historically written off to be included in rate base. Therefore, they possess a mechanism to recover credit losses which we believe reduces their exposure to credit risk. Our energy transmission and energy delivery services business units consist of our natural gas pipelines and our mobile CNG delivery operations. The majority of customers served by these business units are regulated distribution utilities who also have the ability to recover their costs. We believe this cost recovery mechanism significantly reduces the amount of credit risk. Our propane operations are unregulated and do not have the same ability to recover their costs as our regulated operations. However, historically our propane operations have not had material write offs relative to the amount of revenues generated. Our estimate of expected credit losses reflects our anticipated losses associated with our trade receivables as a result of non-payment from our customers beginning the day the trade receivable is established. We believe the risk of loss associated with trade receivables classified as current presents the least amount of credit exposure risk and therefore, we assign a lower estimate to our current trade receivables. As our trade receivables age outside of their expected due date, our estimate increases. Our allowance for credit losses relative to the balance of our trade receivables has historically been immaterial as a result of on time payment activity from our customers. During the first quarter of 2020, COVID-19 began to rapidly spread within the United States. Federal, state and local governments throughout the country imposed restrictions to promote social distancing to slow the spread of the virus, which has also had the effect of limiting commercial activity. These measures resulted in significant job losses and a slowing of economic activity across the United States and in the areas that we serve. We have considered the impact of COVID-19 on our receivables for the twelve months ended December 31, 2021, monitored developments that impact our customers’ ability to pay and have revised our estimates of expected credit losses to reflect these impacts. (in thousands) Balance at December 31, 2020 $ 4,785 Additions: Provision for credit losses 134 Recoveries (125) Deductions: Write offs (1,653) Balance at December 31, 2021 $ 3,141 Inventories We use the average cost method to value propane, materials and supplies, and other merchandise inventory. If market prices drop below cost, inventory balances that are subject to price risk are adjusted to their net realizable value. There was no lower-of-cost-or-net realizable value adjustment for the years ended December 31, 2021, 2020 or 2019. Goodwill and Other Intangible Assets Goodwill is not amortized but is tested for impairment at least annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We use a present value technique based on discounted cash flows to estimate the fair value of our reporting units. An impairment charge is recognized if the carrying value of a reporting unit’s goodwill exceeds its implied fair value. The testing of goodwill for the years ended December 31, 2021, 2020 and 2019 indicated no goodwill impairment. Other intangible assets are amortized on a straight-line basis over their estimated economic useful lives. Other Deferred Charges Other deferred charges include issuance costs associated with short-term borrowings. These charges are amortized over the life of the related short-term debt borrowings. Asset Removal Cost As authorized by the appropriate regulatory body (state PSC or FERC), we accrue future asset removal costs associated with utility property, plant and equipment even if a legal obligation does not exist. Such accruals are provided for through depreciation expense and are recorded with corresponding credits to regulatory liabilities or assets. When we retire depreciable utility plant and equipment, we charge the associated original costs to accumulated depreciation and amortization, and any related removal costs incurred are charged to regulatory liabilities or assets. The difference between removal costs recognized in depreciation rates and the accretion and depreciation expense recognized for financial reporting purposes is a timing difference between recovery of these costs in rates and their recognition for financial reporting purposes. Accordingly, these differences are deferred as regulatory liabilities or assets. In the rate setting process, the regulatory liability or asset is excluded from the rate base upon which those utilities have the opportunity to earn their allowed rates of return. The costs associated with our asset retirement obligations are either currently being recovered in rates or are probable of recovery in future rates. Pension and Other Postretirement Plans Pension and other postretirement plan costs and liabilities are determined on an actuarial basis and are affected by numerous assumptions and estimates, including the fair value of plan assets, estimates of the expected returns on plan assets, assumed discount rates, the level of contributions made to the plans, and current demographic and actuarial mortality data. We review annually the estimates and assumptions underlying our pension and other postretirement plan costs and liabilities with the assistance of third-party actuarial firms. The assumed discount rates, expected returns on plan assets and the mortality assumption are the factors that generally have the most significant impact on our pension costs and liabilities. The assumed discount rates, health care cost trend rates and rates of retirement generally have the most significant impact on our postretirement plan costs and liabilities. The discount rates are utilized principally in calculating the actuarial present value of our pension and postretirement obligations and net pension and postretirement costs. When estimating our discount rates, we consider high-quality corporate bond rates, such as the Prudential curve index and the FTSE Index, changes in those rates from the prior year and other pertinent factors, including the expected life of each of our plans and their respective payment options. The expected long-term rates of return on assets are utilized in calculating the expected returns on the plan assets component of our annual pension plan costs. We estimate the expected returns on plan assets by evaluating expected bond returns, asset allocations, the effects of active plan management, the impact of periodic plan asset rebalancing and historical performance. We also consider the guidance from our investment advisors in making a final determination of our expected rates of return on assets. We estimate the health care cost trend rates used in determining our postretirement net expense based upon actual health care cost experience, the effects of recently enacted legislation and general economic conditions. Our assumed rate of retirement is estimated based upon our annual reviews of participant census information as of the measurement date. The mortality assumption used for our pension and postretirement plans is reviewed periodically and is based on the actuarial table that best reflects the expected mortality of the plan participants. Income Taxes, Investment Tax Credit Adjustments and Tax-Related Contingency Deferred tax assets and liabilities are recorded for the income tax effect of temporary differences between the financial statement basis and tax basis of assets and liabilities and are measured using the enacted income tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are recorded net of any valuation allowance when it is more likely than not that such income tax benefits will be realized. Investment tax credits on utility property have been deferred and are allocated to income ratably over the lives of the subject property. We account for uncertainty in income taxes in our consolidated financial statements only if it is more likely than not that an uncertain tax position is sustainable based on technical merits. Recognizable tax positions are then measured to determine the amount of benefit recognized in the consolidated financial statements. We recognize penalties and interest related to unrecognized tax benefits as a component of other income. We account for contingencies associated with taxes other than income when the likelihood of a loss is both probable and estimable. In assessing the likelihood of a loss, we do not consider the existence of current inquiries, or the likelihood of future inquiries, by tax authorities as a factor. Our assessment is based solely on our application of the appropriate statutes and the likelihood of a loss, assuming the proper inquiries are made by tax authorities. Financial Instruments We utilize financial instruments to mitigate commodity price risk associated with fluctuations of natural gas, electricity and propane and to mitigate interest rate risk. Our propane operations enter into derivative transactions, such as swaps, put options and call options in order to mitigate the impact of wholesale price fluctuations on inventory valuation and future purchase commitments. These transactions may be designated as fair value hedges or cash flow hedges, if they meet all of the accounting requirements pursuant to ASC Topic 815, Derivatives and Hedging, and we elect to designate the instruments as hedges. If designated as a fair value hedge, the value of the hedging instrument, such as a swap, future, or put option, is recorded at fair value, with the effective portion of the gain or loss of the hedging instrument effectively reducing or increasing the value of the hedged item. If designated as a cash flow hedge, the value of the hedging instrument, such as a swap or call option, is recorded at fair value with the effective portion of the gain or loss of the hedging instrument being recorded in comprehensive income. The ineffective portion of the gain or loss of a hedge is recorded in earnings. If the instrument is not designated as a fair value or cash flow hedge, or it does not meet the accounting requirements of a hedge under ASC Topic 815, Derivatives and Hedging , it is recorded at fair value with all gains or losses being recorded directly in earnings. Our natural gas, electric and propane operations enter into agreements with suppliers to purchase natural gas, electricity, and propane for resale to our respective customers. Purchases under these contracts, as well as distribution and sales agreements with counterparties or customers, either do not meet the definition of a derivative, or qualify for “normal purchases and sales” treatment under ASC Topic 815 Derivatives and Hedging , and are accounted for on an accrual basis. 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. We designate and account for the 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. Recently Adopted Accounting Standards There are no new accounting pronouncements issued that are applicable to us. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Earnings Per Share | 3. E ARNINGS P ER S HARE The following table presents the calculation of our basic and diluted earnings per share: For the Year Ended December 31, 2021 2020 2019 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Income from Continuing Operations $ 83,467 $ 70,642 $ 61,100 Income/(Loss) from Discontinued Operations (1) 856 4,053 Net Income $ 83,466 $ 71,498 $ 65,153 Weighted average shares outstanding 17,558,078 16,711,579 16,398,443 Earnings Per Share from Continuing Operations $ 4.75 $ 4.23 $ 3.73 Earnings Per Share from Discontinued Operations — 0.05 0.24 Basic Earnings Per Share $ 4.75 $ 4.28 $ 3.97 Calculation of Diluted Earnings Per Share: Reconciliation of Denominator: Weighted average shares outstanding — Basic 17,558,078 16,711,579 16,398,443 Effect of dilutive securities — Share-based compensation 74,951 59,156 50,043 Adjusted denominator — Diluted 17,633,029 16,770,735 16,448,486 Earnings Per Share from Continuing Operations $ 4.73 $ 4.21 $ 3.72 Earnings Per Share from Discontinued Operations — 0.05 0.24 Diluted Earnings Per Share $ 4.73 $ 4.26 $ 3.96 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Acquisition of Diversified Energy On December 15, 2021, Sharp acquired the propane operating assets of Diversified Energy for approximately $37.5 million, net of cash acquired. In connection with this acquisition, we recorded a $2.1 million liability which is subject to the seller's adherence to various provisions contained in the purchase agreement through the first anniversary of the transaction closing. Included with the acquisition, was approximately $1.7 million of working capital from the Seller consisting predominantly of accounts receivable and propane inventory. We accounted for this acquisition as a business combination within our Unregulated Energy Segment beginning in the fourth quarter of 2021. There are multiple strategic benefits to this acquisition including it: (i) expands our propane service territory into North Carolina, South Carolina, Pennsylvania, and Virginia and (ii) includes an established customer base with opportunities for future growth. Through this acquisition, the Company expands its operating footprint into North Carolina and South Carolina and our propane business will add approximately 19,000 residential, commercial and agricultural customers, along with distribution of approximately 10.0 million gallons of propane annually. In connection with this acquisition, we recorded $23.1 million in property plant and equipment, $6.2 million in intangible assets associated with customer relationships and non-compete agreements and $5.9 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. In January 2022, we received a $0.8 million customary post-closing working capital true-up provision related to the working capital valuation at the time of closing. 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 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 service territory 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. Acquisition of Elkton Gas In July 2020, we closed on the acquisition on 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. In connection with this acquisition, we recorded $15.9 million in property, plant and equipment, $0.6 million in accounts receivable, $2.6 million in other liabilities, $2.6 million in regulatory liabilities and $4.3 million in goodwill, all of which is deductible for income tax purposes. All of the assets and liabilities are recorded in the Regulated Energy segment. Upon reaching the end of the acquisition measurement period, we recognized offsetting adjustments to the acquisition date fair values of several of the assets acquired and liabilities assumed. These adjustments did not materially impact our previously recognized amount of goodwill. These acquisitions generated the following operating revenues and income: |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | R EVENUE R ECOGNITION For the year ended December 31, 2021 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 71,195 $ — $ — $ 71,195 Florida natural gas division 34,074 — — 34,074 FPU electric distribution 78,300 — — 78,300 FPU natural gas distribution 100,535 — — 100,535 Maryland natural gas division 22,449 — — 22,449 Sandpiper natural gas/propane operations 20,746 — — 20,746 Elkton Gas 7,105 — — 7,105 Total energy distribution 334,404 — — 334,404 Energy transmission Aspire Energy — 38,163 — 38,163 Aspire Energy Express 187 — — 187 Eastern Shore 76,911 — — 76,911 Peninsula Pipeline 26,630 — — 26,630 Total energy transmission 103,728 38,163 — 141,891 Energy generation Eight Flags — 18,652 — 18,652 Propane operations Propane delivery operations — 142,082 — 142,082 Energy delivery services Marlin Gas Services — 8,315 — 8,315 Other and eliminations Eliminations (54,212) (343) (21,348) (75,903) Other — — 527 527 Total other and eliminations (54,212) (343) (20,821) (75,376) Total operating revenues (1) $ 383,920 $ 206,869 $ (20,821) $ 569,968 (1) Total operating revenues for the year ended December 31, 2021, include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.4 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees. For the year ended December 31, 2020 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 63,389 $ — $ — $ 63,389 Florida natural gas division 30,850 — — 30,850 FPU electric distribution 76,863 — — 76,863 FPU natural gas distribution 90,150 — — 90,150 Maryland natural gas division 21,853 — — 21,853 Sandpiper natural gas/propane operations 17,214 — — 17,214 Elkton Gas 2,399 — — 2,399 Total energy distribution 302,718 — — 302,718 Energy transmission Aspire Energy — 27,951 — 27,951 Aspire Energy Express 16 — — 16 Eastern Shore 75,117 — — 75,117 Peninsula Pipeline 23,080 — — 23,080 Total energy transmission 98,213 27,951 — 126,164 Energy generation Eight Flags — 16,147 — 16,147 Propane operations Propane delivery operations — 100,744 — 100,744 Energy delivery services Marlin Gas Services — 7,818 — 7,818 Other and eliminations Eliminations (48,185) (134) (17,602) (65,921) Other — — 528 528 Total other and eliminations (48,185) (134) (17,074) (65,393) Total operating revenues (1) $ 352,746 $ 152,526 $ (17,074) $ 488,198 (1) Total operating revenues for the year ended December 31, 2020, include other revenue (revenues from sources other than contracts with customers of $1.4 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees. For the years ended December 31, 2019 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 62,659 $ — $ — $ 62,659 Florida natural gas division 28,485 — — 28,485 FPU electric distribution 77,416 — — 77,416 FPU natural gas distribution 82,418 — — 82,418 Maryland natural gas division 22,517 — — 22,517 Sandpiper natural gas/propane operations 19,068 — — 19,068 Total energy distribution 292,563 — — 292,563 Energy transmission Aspire Energy — 32,493 — 32,493 Aspire Energy Express — — — — Eastern Shore 72,924 — — 72,924 Peninsula Pipeline 16,453 — — 16,453 Total energy transmission 89,377 32,493 — 121,870 Energy generation Eight Flags — 16,749 — 16,749 Propane operations Propane delivery operations — 109,614 — 109,614 Energy delivery services Marlin Gas Services — 5,702 — 5,702 Other and eliminations Eliminations (38,934) (10,407) (18,081) (67,422) Other — — 529 529 Total other and eliminations (38,934) (10,407) (17,552) (66,893) Total operating revenues (1) $ 343,006 $ 154,151 $ (17,552) $ 479,605 (1) Total operating revenues for the year ended December 31, 2019, 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. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees. Regulated Energy Segment The businesses within our Regulated Energy segment are regulated utilities whose operations and customer contracts are subject to rates approved by the respective state PSC or the FERC. Our energy distribution operations deliver natural gas or electricity to customers, and we bill the customers for both the delivery of natural gas or electricity and the related commodity, where applicable. In most jurisdictions, our customers are also required to purchase the commodity from us, although certain customers in some jurisdictions may purchase the commodity from a third-party retailer (in which case we provide delivery service only). We consider the delivery of natural gas or electricity and/or the related commodity sale as one performance obligation because the commodity and its delivery are highly interrelated with two-way dependency on one another. Our performance obligation is satisfied over time as natural gas or electricity is delivered and consumed by the customer. We recognize revenues based on monthly meter readings, which are based on the quantity of natural gas or electricity used and the approved rates. We accrue unbilled revenues for natural gas and electricity that have been delivered, but not yet billed, at the end of an accounting period, to the extent that billing and delivery do not coincide. Revenues for Eastern Shore are based on rates approved by the FERC. The FERC has also authorized Eastern Shore to negotiate rates above or below the FERC-approved maximum rates, which customers can elect as an alternative to the FERC-approved maximum rates. Eastern Shore's services can be firm or interruptible. Firm services are offered on a guaranteed basis and are available at all times unless prevented by force majeure or other permitted curtailments. Interruptible customers receive service only when there is available capacity or supply. Our performance obligation is satisfied over time as we deliver natural gas to the customers' locations. We recognize revenues based on capacity used or reserved and the fixed monthly charge. Peninsula Pipeline is engaged in natural gas intrastate transmission to third-party customers and certain affiliates in the State of Florida. Our performance obligation is satisfied over time as the natural gas is transported to customers. We recognize revenue based on rates approved by the Florida PSC and the capacity used or reserved. We accrue unbilled revenues for transportation services provided and not yet billed at the end of an accounting period. Aspire Energy Express is engaged in natural gas intrastate transmission in the State of Ohio. We currently serve the Guernsey power plant and our performance obligation is satisfied over time as the natural gas is transported to the plant. We recognize revenue based on rates approved by the Ohio PSC and the capacity used or reserved. We accrue unbilled revenues for transportation services provided and not yet billed at the end of an accounting period. Unregulated Energy Segment Revenues generated from the Unregulated Energy segment are not subject to any federal, state, or local pricing regulations. Aspire Energy primarily sources gas from hundreds of conventional producers and performs gathering and processing functions to maintain the quality and reliability of its gas for its wholesale customers. Aspire Energy's performance obligation is satisfied over time as natural gas is delivered to its customers. Aspire Energy recognizes revenue based on the deliveries of natural gas at contractually agreed upon rates (which are based upon an established monthly index price and a monthly operating fee, as applicable). For natural gas customers, we accrue unbilled revenues for natural gas that has been delivered, but not yet billed, at the end of an accounting period, to the extent that billing and delivery do not coincide with the end of the accounting period. Eight Flags' CHP plant, which is located on land leased from a customer, produces three sources of energy: electricity, steam and heated water. This customer purchases the steam (unfired and fired) and heated water, which are used in the customer’s production facility. Our electric distribution operation purchases the electricity generated by the CHP plant for distribution to its customers. Eight Flags' performance obligation is satisfied over time as deliveries of heated water, steam and electricity occur. Eight Flags recognizes revenues over time based on the amount of heated water, steam and electricity generated and delivered to its customers. For our propane operations, we recognize revenue based upon customer type and service offered. Generally, for propane bulk delivery customers (customers without meters) and wholesale sales, our performance obligation is satisfied when we deliver propane to the customers' locations (point-in-time basis). We recognize revenue from these customers based on the number of gallons delivered and the price per gallon at the point-in-time of delivery. For our propane delivery customers with meters, we satisfy our performance obligation over time when we deliver propane to customers. We recognize revenue over time based on the amount of propane consumed and the applicable price per unit. For propane delivery metered customers, we accrue unbilled revenues for propane that has been delivered, but not yet billed, at the end of an accounting period, to the extent that billing and delivery do not coincide with the end of the accounting period. Marlin Gas Services provides mobile CNG and pipeline solutions primarily to utilities and pipelines. Marlin Gas Services provides temporary hold services, pipeline integrity services, emergency services for damaged pipelines and specialized gas services for customers who have unique requirements. Marlin Gas Services' performance obligations are comprised of the compression of natural gas, mobilization of CNG equipment, utilization of equipment and on-site CNG support. Our performance obligations for the compression of natural gas, utilization of mobile CNG equipment and for the on-site CNG staff support are satisfied over time when the natural gas is compressed, equipment is utilized or as our staff provide support services to our customers. Our performance obligation for the mobilization of CNG equipment is satisfied at a point-in-time when the equipment is delivered to the customer project location. We recognize revenue for CNG services at the end of each calendar month for services provided during the month based on agreed upon rates for equipment utilized, costs incurred for natural gas compression, miles driven, mobilization and demobilization 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 consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2021 and 2020 were as follows: Trade Receivables Contract Assets (Noncurrent) Contract Liabilities (Current) (in thousands) Balance at 12/31/2020 $ 55,600 $ 4,816 $ 644 Balance at 12/31/2021 56,277 4,806 747 Increase (decrease) $ 677 $ (10) $ 103 Our trade receivables are included in trade and other receivables in the consolidated balance sheets. Our non-current contract assets are included in receivables and other deferred charges in the consolidated balance sheet and 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 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 years ended December 31, 2021 and 2020, we recognized revenue of $1.1 million and $1.3 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 December 31, 2021 are expected to be recognized as follows: (in thousands) 2022 2023 2024 2025 2026 2027 and thereafter Eastern Shore and Peninsula Pipeline $ 33,925 $ 26,334 $ 24,103 $ 23,231 $ 21,964 $ 179,866 Natural gas distribution operations 6,747 6,174 5,946 5,410 5,179 33,543 FPU electric distribution 652 652 652 275 275 550 Total revenue contracts with remaining performance obligations $ 41,324 $ 33,160 $ 30,701 $ 28,916 $ 27,418 $ 213,959 Practical expedients |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
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Segment Information | S EGMENT I NFORMATION We use the management approach to identify operating segments. We organize our business around differences in regulatory environment and/or products or services, and the operating results of each segment are regularly reviewed by the chief 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 operations. 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. The remainder of our operations are presented as “Other businesses and eliminations,” which consists of unregulated subsidiaries that own real estate leased to Chesapeake Utilities, as well as certain corporate costs not allocated to other operations. The following table presents information about our reportable segments. For the Year Ended December 31, 2021 2020 2019 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 381,879 $ 350,853 $ 340,857 Unregulated Energy 188,089 137,345 138,748 Total operating revenues, unaffiliated customers $ 569,968 $ 488,198 $ 479,605 Intersegment Revenues (1) Regulated Energy $ 2,041 $ 1,893 $ 2,149 Unregulated Energy 18,780 15,181 15,403 Other businesses 527 528 529 Total intersegment revenues $ 21,348 $ 17,602 $ 18,081 Operating Income (Loss) Regulated Energy $ 106,064 $ 92,124 $ 86,584 Unregulated Energy 24,382 20,664 19,938 Other businesses and eliminations 666 (65) (237) Operating Income 131,112 112,723 106,285 Other income (expense), net 1,721 3,222 (1,847) Interest charges 20,135 21,765 22,224 Income from Continuing Operations before Income Taxes 112,698 94,180 82,214 Income Taxes on Continuing Operations 29,231 23,538 21,114 Income from Continuing Operations 83,467 70,642 61,100 Income (loss) from Discontinued Operations, Net of Tax (1) 686 (1,349) Gain on sale of Discontinued Operations, Net of tax — 170 5,402 Net Income $ 83,466 $ 71,498 $ 65,153 Depreciation and Amortization Regulated Energy $ 48,748 $ 46,079 $ 35,227 Unregulated Energy 13,869 11,988 10,130 Other businesses and eliminations 44 50 67 Total depreciation and amortization $ 62,661 $ 58,117 $ 45,424 Capital Expenditures Regulated Energy $ 139,733 147,100 $ 130,604 Unregulated Energy 81,651 46,295 60,034 Other businesses 6,425 2,480 8,348 Total capital expenditures $ 227,809 $ 195,875 $ 198,986 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated revenues. As of December 31, 2021 2020 Identifiable Assets Regulated Energy segment $ 1,629,191 $ 1,547,619 Unregulated Energy segment 439,114 347,665 Other businesses and eliminations 46,564 37,203 Total identifiable assets $ 2,114,869 $ 1,932,487 |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
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Supplemental Cash Flow Disclosures | S UPPLEMENTAL C ASH F LOW D ISCLOSURES Cash paid for interest and income taxes during the years ended December 31, 2021, 2020 and 2019 were as follows: For the Year Ended December 31, 2021 2020 2019 (in thousands) Cash paid for interest $ 20,809 $ 22,884 $ 23,856 Cash (received) paid for income taxes, net of refunds $ 8,395 $ (8,135) $ 3,221 Non-cash investing and financing activities during the years ended December 31, 2021, 2020, and 2019 were as follows: For the Year Ended December 31, 2021 2020 2019 (in thousands) Capital property and equipment acquired on account, but not paid for as of December 31 $ 16,164 $ 23,625 $ 13,470 Common stock issued for the Retirement Savings Plan $ 1,712 $ 1,605 $ — Common stock issued under the SICP $ 2,834 $ 1,971 $ 1,691 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Derivative Instruments | 8. D ERIVATIVE I NSTRUMENTS We use derivative and non-derivative contracts to manage risks related to obtaining adequate supplies and the price fluctuations of natural gas, electricity and propane and to mitigate interest rate risk. Our natural gas, electric and propane distribution operations have entered into agreements with suppliers to purchase natural gas, electricity and propane for resale to our customers. Our natural gas gathering and transmission company has entered into contracts with producers to secure natural gas to meet its obligations. Purchases under these contracts typically either do not meet the definition of derivatives or are considered “normal purchases and normal sales” and are accounted for on an accrual basis. Our propane distribution operations may also enter into fair value hedges of their inventory or cash flow hedges of their future purchase commitments in order to mitigate the impact of wholesale price fluctuations. Occasionally, we may enter into interest rate swap agreements to mitigate risk associated with changes in short-term borrowing rates. As of December 31, 2021 and 2020, our natural gas and electric distribution operations did not have any outstanding derivative contracts. Volume of Derivative Activity As of December 31, 2021, the volume of our open 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 21.2 Cash flow hedges June, 2024 Sharp Propane (gallons) Sales 4.4 Cash flow hedges December, 2022 Sharp Propane (gallons) Purchases 0.3 N/A 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 expected to be purchased and/or sold during the heating season. Under the futures and swap agreements, Sharp will receive or pay the difference between (i) the index prices (Mont Belvieu prices in December 2021 through June 2024) and (ii) the per gallon propane contracted prices, to the extent the index prices deviate from the contracted prices. If the index prices are lower than the contract 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 $3.6 million of unrealized gain from accumulated other comprehensive income to earnings during the next 12-month period ending December 31, 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 second quarter of 2020, we entered into interest rate swaps with notional amounts totaling $100.0 million associated with three of our short-term lines of credit which expired in October 2020. The interest rate swaps were entered to hedge the variability in cash flows attributable to changes in the short-term borrowing rates during this period. Pricing on the interest rate swaps ranged between 0.2615 and 0.3875 percent for the period. In the fourth quarter of 2020, we entered into additional interest rate swaps with notional amount of $60.0 million through December 2021 with pricing of 0.20 percent and 0.205 percent 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 swap was cash settled monthly as the counter-party pays us the 30-day LIBOR rate less the fixed rate. At December 31, 2021 all of our interest rate swaps had expired and we have not entered into any new derivative contracts associated with our outstanding short-term borrowings. 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, the balance related to the account is as follows: (in thousands) Balance Sheet Location December 31, 2021 December 31, 2020 Sharp Other Current Liabilities $ 4,081 $ 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. Fair values of the derivative contracts recorded in the consolidated balance sheets as of December 31, 2021 and 2020 are as follows: Derivative Assets Fair Value as of (in thousands) Balance Sheet Location December 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments Propane swap agreements Derivative assets, at fair value $ 16 $ — 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 7,060 3,255 Total Derivative Assets $ 7,076 $ 3,269 Derivative Liabilities Fair Value as of (in thousands) Balance Sheet Location December 31, 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 743 64 Interest rate swap agreements Derivative liabilities, at fair value — 40 Total Derivative Liabilities $ 743 $ 127 The effects of gains and losses from derivative instruments are as follows: Amount of Gain (Loss) on Derivatives: Location of Gain For the Year Ended December 31, (in thousands) 2021 2020 2019 Derivatives not designated as hedging instruments Propane swap agreements Propane and natural gas costs $ (1) $ — $ — Derivatives designated as fair value hedges Put/Call option Propane and natural gas costs (24) (12) — Put/Call option Propane inventory — 34 — Derivatives designated as cash flow hedges Propane swap agreements Revenues (536) — — Propane swap agreements Propane and natural gas costs 7,187 2,428 1,520 Propane swap agreements Other comprehensive income (loss) 3,126 5,035 (253) Interest rate swap agreements Interest expense (28) 60 — Interest rate swap agreements Other comprehensive income (loss) — (40) — Natural gas swap contracts Other comprehensive income (loss) — — (63) Natural gas futures contracts Other comprehensive income (loss) — — (294) Total $ 9,724 $ 7,505 $ 910 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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Fair Value of Financial Instruments | F AIR V ALUE OF F INANCIAL I NSTRUMENTS 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 December 31, 2021 and 2020, respectively: Fair Value Measurements Using: As of December 31, 2021 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 26 $ 26 $ — $ — Investments—guaranteed income fund 2,036 — — 2,036 Investments—mutual funds and other 10,033 10,033 — — Total investments 12,095 10,059 — 2,036 Derivative assets 7,076 — 7,076 — Total assets $ 19,171 $ 10,059 $ 7,076 $ 2,036 Liabilities: Derivative liabilities $ 743 $ — $ 743 $ — Fair Value Measurements Using: As of December 31, 2020 Fair Value Quoted Prices in Active Markets (Level 1) 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 years ended December 31, 2021 and 2020: For the Year Ended December 31, 2021 2020 (in thousands) Beginning Balance $ 2,156 $ 803 Purchases and adjustments 88 261 Transfers/disbursements (241) 1,065 Investment income 33 27 Ending Balance $ 2,036 $ 2,156 Investment income from the Level 3 investments is reflected in other income (expense), net in the consolidated statements of income. At December 31, 2021 and 2020, there were no non-financial assets or liabilities required to be reported at fair value. We review our non-financial assets for impairment at least on an annual basis, as required. Other Financial Assets and Liabilities Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable, 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 December 31, 2021, long-term debt, which includes the current maturities but excludes debt issuance cost, had a carrying value of $568.8 million, compared to the estimated fair value of $597.2 million. At December 31, 2020, long-term debt, which includes the current maturities and debt issuance costs, had a carrying value of $523.0 million, compared to a fair value of $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. See Note 17, Employee Benefit Plans, for fair value measurement information related to our pension plan assets. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Investments | INVESTMENTS The investment balances at December 31, 2021 and 2020, consisted of the following: As of December 31, (in thousands) 2021 2020 Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 12,069 $ 10,755 Investments in equity securities 26 21 Total $ 12,095 $ 10,776 We classify these investments as trading securities and report them at their fair value. For the years ended December 31, 2021, 2020 and 2019, we recorded net unrealized gains of $1.5 million, $1.5 million, and $1.6 million, respectively in other income (expense), net in the consolidated statements of income related to these investments. For the investments 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Goodwill and Other Intangible Assets | G OODWILL AND O THER I NTANGIBLE A SSETS The carrying value of goodwill from continuing operations as of December 31, 2021 and 2020 was as follows: (in thousands) Regulated Energy Unregulated Energy Total Goodwill Balance at December 31, 2020 $ 7,617 $ 31,114 $ 38,731 Additions (1) 72 5,905 5,977 Balance at December 31, 2021 $ 7,689 $ 37,019 $ 44,708 (1) Includes goodwill from the purchase of operating assets of Diversified Energy in December 2021 and Elkton Gas in the third quarter of 2020. The annual impairment testing for the years 2021 and 2020 indicated no impairment of goodwill. The carrying value and accumulated amortization of intangible assets subject to amortization as of December 31, 2021 and 2020 are as follows: As of December 31, 2021 2020 (in thousands) Gross Accumulated Gross Accumulated Customer relationships (1) $ 16,814 $ 5,125 $ 10,680 $ 4,269 Non-Compete agreements (1) 2,431 1,078 2,375 768 Patents 452 354 452 236 Other 270 218 270 212 Total $ 19,967 $ 6,775 $ 13,777 $ 5,485 (1) The customer relationship and non-compete agreements amounts include $6.1 million and less than $0.1 million, respectively, as a result of the purchase of the operating assets of Diversified Energy in December 2021 and $1.3 million and $0.1 million, respectively, recorded as a result of the purchase of the operating assets of Western Natural Gas in October 2020. The customer relationships, non-compete agreements, patents and other intangible assets acquired in the purchases of the operating assets of several companies are being amortized over a weighted average of 12 years. Amortization expense of intangible assets for the year ended December 31, 2021, 2020 and 2019 was $1.3 million, $1.2 million and $0.8 million, respectively. Amortization expense of intangible assets is expected to be $1.4 million for the year 2022, $1.3 million for the years 2023 through 2025, and $1.1 million for 2026. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | I NCOME T AXES operations and/or are required to file. Our state returns for tax years after 2015 are subject to examination. At December 31, 2021, the 2015 through 2019 federal income tax returns are under examination, and no report has been issued at this time. We expect to have federal NOLs totaling $6.3 million and $12.2 million in 2019 and 2018 respectively upon the settlement of the Internal Revenue Service examination described above. Under the CARES Act, discussed below, we elected to carry the losses back to 2015 and 2013. For state income tax purposes, we had NOLs in various states of $14.6 million and $40.0 million as of December 31, 2021 and 2020, respectively, almost all of which will expire in 2039. Excluding NOL from discontinued operations, we have recorded deferred tax assets of $1.5 million and $1.6 million related to state NOL carry-forwards at December 31, 2021 and 2020, respectively. We have not recorded a valuation allowance to reduce the future benefit of the tax NOLs because we believe they will be fully utilized. Tax Law Changes In March 2020, the CARES Act was signed into law and included several significant changes to the Internal Revenue Code. The CARES Act includes certain tax relief provisions including the ability to carryback five years net operating losses arising in a tax year beginning in 2018, 2019, or 2020. This provision allows a taxpayer to recover taxes previously paid at a 35 percent federal income tax rate during tax years prior to 2018. In addition, the CARES Act removed the taxable income limitation to allow a tax NOL to fully offset taxable income for tax years beginning before January 1, 2021. Our income tax expense for the years ended December 31, 2021 and 2020 included a tax benefit of $0.9 million and $1.8 million, respectively, attributable to the tax NOL carryback provided under the CARES Act for losses generated in 2018 and 2019 and then applied back to our 2013 and 2015 tax years in which we paid federal income taxes at a 35 percent tax rate. On December 22, 2017, President Trump signed into law the TCJA. Substantially all of the provisions of the TCJA were effective for taxable years beginning on or after January 1, 2018. The provisions that significantly impacted us include the reduction of the corporate federal income tax rate from 35 percent to 21 percent. Our federal income tax expense for periods beginning on January 1, 2018 and thereafter are based on the new federal corporate income tax rate. The TCJA included changes to the Internal Revenue Code, which materially impacted our 2017 financial statements. ASC 740, Income Taxes, requires recognition of the effects of changes in tax laws in the period in which the law is enacted. ASC 740 requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. During 2018, we completed the assessment of the impact of accounting for certain effects of the TCJA. At the date of enactment in 2017, we re-measured deferred income taxes based upon the new corporate tax rate. See Note 19, Rates and Other Regulatory Activities, for further discussion of the TCJA's impact on our regulated businesses. The following tables provide: (a) the components of income tax expense in 2021, 2020, and 2019; (b) the reconciliation between the statutory federal income tax rate and the effective income tax rate for 2021, 2020, and 2019 from continuing operations; and (c) the components of accumulated deferred income tax assets and liabilities at December 31, 2021 and 2020. For the Year Ended December 31, 2021 2020 2019 (in thousands) Current Income Tax Expense Federal $ 2,775 $ (2,777) $ (2,252) State (96) 2,162 (491) Other (47) (47) (47) Total current income tax expense (benefit) 2,632 (662) (2,790) Deferred Income Tax Expense (1) Property, plant and equipment 24,074 23,224 25,907 Deferred gas costs 1,857 (714) 79 Pensions and other employee benefits (655) (75) (454) FPU merger-related premium cost and deferred gain (351) 156 (278) Net operating loss carryforwards 97 5,107 (3,772) Other 1,577 (3,498) 2,422 Total deferred income tax expense 26,599 24,200 23,904 Income Tax Expense from Continuing Operations 29,231 23,538 21,114 Income Tax Expense from Discontinued Operations — 153 1,416 Total Income Tax $ 29,231 $ 23,691 $ 22,530 (1) Includes $8.2 million, $4.9 million, and $4.7 million of deferred state income taxes for the years 2021, 2020 and 2019, respectively. For the Year Ended December 31, 2021 2020 2019 (in thousands) Reconciliation of Effective Income Tax Rates from Continuing Operations Federal income tax expense (1) $ 23,666 $ 19,778 $ 17,264 State income taxes, net of federal benefit 6,371 5,051 5,093 ESOP dividend deduction (180) (218) (173) CARES Act Tax Benefit (919) (1,841) — Depreciation (15) — — Other 308 768 (1,070) Total Income Tax Expense from Continuing Operations $ 29,231 $ 23,538 $ 21,114 Effective Income Tax Rate from Continuing Operations 25.94 % 24.99 % 25.65 % (1) Federal income taxes were calculated at 21 percent for 2021, 2020, and 2019. As of December 31, 2021 2020 (in thousands) Deferred Income Taxes Deferred income tax liabilities: Property, plant and equipment $ 224,034 $ 199,287 Acquisition adjustment 6,266 6,618 Loss on reacquired debt 183 201 Deferred gas costs 2,366 509 Natural gas conversion costs 5,529 5,379 Storm reserve liability 5,783 7,073 Other 6,301 5,587 Total deferred income tax liabilities 250,462 224,654 Deferred income tax assets: Pension and other employee benefits 5,354 4,636 Environmental costs 996 1,064 Net operating loss carryforwards 1,490 1,587 Storm reserve liability 448 409 Accrued expenses 4,843 6,153 Other 3,781 5,417 Total deferred income tax assets 16,912 19,266 Deferred Income Taxes Per Consolidated Balance Sheets $ 233,550 $ 205,388 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
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Long-Term Debt | L ONG - TERM D EBT Our outstanding long-term debt is shown below: As of December 31, (in thousands) 2021 2020 Uncollateralized Senior Notes: 5.93% note, due October 31, 2023 $ 6,000 $ 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 14,000 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 2.49% notes Due January 25, 2037 50,000 — Equipment security note 2.46% note, due September 24, 2031 9,378 — Less: debt issuance costs (913) (901) Total long-term debt 567,865 522,099 Less: current maturities (17,962) (13,600) Total long-term debt, net of current maturities $ 549,903 $ 508,499 Notes Purchase Agreement On December 16, 2021, we agreed to issue and MetLife agreed to purchase 2.95 percent Senior Notes due March 15, 2042 in the aggregate principal amount of $50 million. We expect to issue the Notes on or before March 15, 2022. The Company anticipates using the proceeds received from the issuances of the Notes to reduce short-term borrowings under the Company’s revolving credit facility and/or to fund capital expenditures. 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 eleventh year after the issuance. 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 associated with the purchase of qualifying equipment by our subsidiary, Marlin Gas Services. The equipment security note bears a 2.46 percent interest rate and has a term of 10 years. Under the terms of the agreement, we granted a security interest in the equipment to the lender, to serve as collateral. Annual maturities Annual maturities and principal repayments of long-term debt are as follows: Year 2022 2023 2024 2025 2026 Thereafter Total (in thousands) Payments $ 17,962 $ 21,483 $ 18,505 $ 25,528 $ 34,551 $ 450,749 $ 568,778 Shelf Agreements We have entered into Shelf Agreements with Prudential and MetLife, whom are under no obligation to purchase any unsecured debt. The following table summarizes our shelf agreements at December 31, 2021: (in thousands) Total Borrowing Capacity Less Amount of Debt Issued Less Unfunded Commitments Remaining Borrowing Capacity Shelf Agreements (1) Prudential Shelf Agreement $ 370,000 $ (220,000) $ — $ 150,000 MetLife Shelf Agreement (2) 150,000 — (50,000) 100,000 Total $ 520,000 $ (220,000) $ (50,000) $ 250,000 (1) The Prudential and MetLife Shelf Agreements expire in April 2023 and May 2023, respectively. (2) Unfunded commitments of $50 million reflects Senior Notes expected to be issued on or before March 15, 2022.. The 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. Uncollateralized Senior Notes All of our Uncollateralized Senior Notes require periodic principal and interest payments as specified in each note. They also contain various restrictions. The most stringent restrictions state that we must maintain equity of at least 40.0 percent of total capitalization (including short-term borrowings), and the fixed charge coverage ratio must be at least 1.2 times. The most recent Senior Notes issued since September 2013 also contain a restriction that we must maintain an aggregate net book value in our regulated business assets of at least 50.0 percent of our consolidated total assets. Failure to comply with those covenants could result in accelerated due dates and/or termination of the Senior Note agreements. Certain Uncollateralized Senior Notes contain a “restricted payments” covenant as defined in the respective note agreements. The most restrictive covenants of this type are included within the 5.93 percent Senior Note, due October 31, 2023. The covenant provides that we cannot pay or declare any dividends or make any other restricted payments in excess of the sum of $10.0 million, plus our consolidated net income accrued on and after January 1, 2003. As of December 31, 2021, the cumulative consolidated net income base was $664.5 million, offset by restricted payments of $289.4 million, leaving $375.1 million of cumulative net income free of restrictions. As of December 31, 2021, we were in compliance with all of our debt covenants. |
Short-Term Borrowing
Short-Term Borrowing | 12 Months Ended |
Dec. 31, 2021 | |
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Short-Term Borrowing | S HORT - TERM B ORROWINGS We are authorized by our Board of Directors to borrow up to $400.0 million of short-term debt, as required. At December 31, 2021 and 2020, we had $221.6 million and $175.6 million, respectively, of short-term borrowings outstanding at a weighted average interest rate of 0.83 percent and 1.28 percent, respectively. 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 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 December 31, 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 tranches 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 December 31, 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 December 31, 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 December 31, 2021 was $173.1 million. As of December 31, 2021, we had issued $5.3 million in letters of credit to various counterparties under the syndicated Revolver. These letters of credit are not included in the outstanding short-term borrowings and we do not anticipate they will be drawn upon by the counterparties. The letters of credit reduce the available borrowings under our syndicated Revolver. 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 December 2021 with pricing of 0.20 percent and 0.205 percent 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. At December 31, 2021, all of our interest rate swaps had expired and we have not entered into any new derivative contracts associated with our outstanding short-term borrowings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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Leases | LEASES We have entered into lease arrangements for office space, land, equipment, pipeline facilities and warehouses. These lease arrangements enable us to better conduct business operations in the regions in which we operate. Office space is leased to provide adequate workspace for all our employees in several locations throughout our service territories. 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 December 31, 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 which preclude our ability to pay dividends, obtain financing or enter into additional leases. As of December 31, 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: Year Ended December 31, ( in thousands) Classification 2021 2020 Operating lease cost (1) Operations expense $ 2,064 $ 2,029 (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 consolidated balance sheet at December 31, 2021 and 2020: (in thousands) Balance sheet classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 10,139 $ 11,194 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,996 $ 1,747 Noncurrent Operating lease liabilities Operating lease - liabilities 8,571 9,872 Total lease liabilities $ 10,567 $ 11,619 The following table presents our weighted-average remaining lease term and weighted-average discount rate for our operating leases at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 8.10 8.70 Weighted-average discount rate Operating leases 3.6 % 3.8 % The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our consolidated statements of cash flows at December 31, 2021 and 2020: Year Ended December 31, (in thousands) 2021 2020 Operating cash flows from operating leases $ 1,996 $ 1,956 The following table presents the future undiscounted maturities of our operating leases at December 31, 2021 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) 2022 $ 2,019 2023 1,902 2024 1,672 2025 1,341 2026 885 Thereafter 3,668 Total lease payments 11,487 Less: Interest (920) Present value of lease liabilities $ 10,567 (1) Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | S TOCKHOLDERS' E QUITY Common Stock Issuances In June 2020, we filed a shelf registration statement with the SEC to facilitate the issuance of our common stock. 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 2021, we issued just over 0.1 million shares at an average price per share of $125.71 and received net proceeds of $15.2 million under 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. 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 Income (Loss) Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements and natural gas swaps and futures contracts, designated as commodity contracts cash flow hedges, and the unrealized gains (losses) of our interest rate swap agreements, designated as cash flow hedges, are the components of our accumulated other comprehensive loss. The following table presents the changes in the balance of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020. All amounts in the following tables are presented net of tax. Defined Benefit Pension and Postretirement Plan Items Commodity Contract Cash Flow Hedges Interest Rate Swap Cash Flow Hedges Total (in thousands) As of December 31, 2019 $ (4,933) $ (1,334) $ — $ (6,267) Other comprehensive income (loss) before reclassifications (578) 5,400 16 4,838 Amounts reclassified from accumulated other comprehensive income (loss) 365 (1,757) (44) (1,436) Net current-period other comprehensive income (loss) (213) 3,643 (28) 3,402 As of December 31, 2020 (5,146) 2,309 (28) (2,865) Other comprehensive income before reclassifications 262 7,075 — 7,337 Amounts reclassified from accumulated other comprehensive income (loss) 1,616 (4,813) 28 (3,169) Net current-period other comprehensive income 1,878 2,262 28 4,168 As of December 31, 2021 $ (3,268) $ 4,571 $ — $ 1,303 The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019. Deferred gains and losses of our commodity contracts cash flow hedges are recognized in earnings upon settlement. For the Year Ended December 31, (in thousands) 2021 2020 2019 Amortization of defined benefit pension and postretirement plan items: Prior service cost (1) $ 77 $ 77 $ 77 Net gain (1) (2,243) (592) (2,600) Total before income taxes (2,166) (515) (2,523) Income tax benefit (4) 550 150 656 Net of tax $ (1,616) $ (365) $ (1,867) Gains on commodity contracts cash flow hedges Propane swap agreements (2) $ 6,651 $ 2,428 $ 1,520 Natural gas swaps (2)(3) — — 7 Natural gas futures (2)(3) — — 2,096 Total before income taxes 6,651 2,428 3,623 Income tax expense (4) (1,838) (671) (1,028) Net of tax $ 4,813 $ 1,757 $ 2,595 Gains and (losses) on interest rate swap cash flow hedges: Interest rate swap agreements $ (28) $ 60 $ — Total before income taxes (28) 60 — Income tax expense (4) — (16) — Net of tax $ (28) $ 44 $ — Total reclassifications for the period $ 3,169 $ 1,436 $ 728 (1) These amounts are included in the computation of net periodic benefits. See Note 17 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 8, Derivative Instruments , for additional details. (3) PESCO's results are reflected as discontinued operations in our consolidated statements of income. (4) The income tax benefit is included in income tax expense in the accompanying consolidated statements of income. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
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Employee Benefit Plans | E MPLOYEE B ENEFIT P LANS We measure the assets and obligations of the defined benefit pension plans and other postretirement benefits plans to determine the plans’ funded status as of the end of the year. We record as a component of other comprehensive income/loss or a regulatory asset the changes in funded status that occurred during the year that are not recognized as part of net periodic benefit costs. Defined Benefit Pension Plans At December 31, 2021 we sponsored two defined benefit pension plans: the FPU Pension Plan and the Chesapeake SERP. During the fourth quarter of 2021, we formally terminated the Chesapeake Pension Plan. Accordingly, a portion of the pension settlement expense associated with the termination was allocated to our Regulated Energy operations and was recorded as regulatory assets, previously approved in all of the impacted jurisdictions. The remaining portion of the pension settlement expense totaling $0.6 million was recorded in other expense in our consolidated statement of income which reflected the amount allocated to our Unregulated Energy operations or was deemed not recoverable through the regulatory process. The FPU Pension Plan, a qualified plan, covers eligible FPU non-union employees hired before January 1, 2005 and union employees hired before the respective union contract expiration dates in 2005 and 2006. Prior to the FPU merger, the FPU Pension Plan was frozen with respect to additional years of service and additional compensation, effective December 31, 2009. The Chesapeake SERP, a nonqualified plan, is comprised of two sub-plans. The first sub-plan was frozen with respect to additional years of service and additional compensation as of December 31, 2004. Benefits under the Chesapeake SERP for the first sub-plan were based on each participant’s years of service and highest average compensation, prior to the freezing of the plan. Active participants on the date the Chesapeake SERP was frozen were credited with two additional years of service. The second sub-plan provides fixed payments for several executives who joined the Company as a result of an acquisition and whose agreements with the Company provided for this benefit. The unfunded liability for all three plans at both December 31, 2021 and 2020, is included in the other pension and benefit costs liability in our consolidated balance sheets. The following schedules set forth the funded status at December 31, 2021 and 2020 and the net periodic cost for the years ended December 31, 2021, 2020 and 2019 for the Chesapeake and FPU Pension Plans as well as the Chesapeake SERP: Chesapeake FPU Chesapeake At December 31, 2021 2020 2021 2020 2021 2020 (in thousands) Change in benefit obligation: Benefit obligation — beginning of year $ 6,146 $ 6,214 $ 70,366 $ 65,304 $ 2,212 $ 2,157 Interest cost 141 176 1,714 2,085 48 63 Actuarial (gain) loss (371) 450 (1,953) 6,069 (12) 144 Effect of settlement (5,884) (612) — — — — Benefits paid (32) (82) (3,097) (3,092) (152) (152) Benefit obligation — end of year — 6,146 67,030 70,366 2,096 2,212 Change in plan assets: Fair value of plan assets — beginning of year 4,609 4,630 55,966 49,703 — — Actual return on plan assets (237) 369 4,246 6,581 — — Employer contributions 1,544 304 1,597 2,774 152 152 Effect of settlement (5,884) (612) — — — — Benefits paid (32) (82) (3,097) (3,092) (152) (152) Fair value of plan assets — end of year — 4,609 58,712 55,966 — — Reconciliation: Funded status — (1,537) (8,318) (14,400) (2,096) (2,212) Accrued pension cost $ — $ (1,537) $ (8,318) $ (14,400) $ (2,096) $ (2,212) Assumptions: Discount rate 2.50 % 2.25 % 2.75 % 2.50 % 2.50 % 2.25 % Expected return on plan assets 3.50 % 3.50 % 6.00 % 6.00 % — % — % Chesapeake FPU Chesapeake For the Years Ended December 31, 2021 (2) 2020 2019 (1) 2021 2020 2019 2021 2020 2019 (in thousands) Components of net periodic pension cost: Interest cost $ 141 $ 176 $ 375 $ 1,714 $ 2,085 $ 2,452 $ 48 $ 63 $ 74 Expected return on assets (166) (157) (487) (3,306) (2,967) (2,770) — — — Amortization of actuarial loss 257 243 391 612 552 505 28 20 85 Settlement expense 1,810 203 1,982 — — — — — 58 Net periodic pension cost 2,042 465 2,261 (980) (330) 187 76 83 217 Amortization of pre-merger regulatory asset — — — — — 543 — — — Total periodic cost $ 2,042 $ 465 $ 2,261 $ (980) $ (330) $ 730 $ 76 $ 83 $ 217 Assumptions: Discount rate 2.25 % 3.00 % 3.00 % 2.50 % 3.25 % 4.25 % 2.25 % 3.00 % 4.00 % Expected return on plan assets 3.50 % 3.50 % 6.00 % 6.00 % 6.00 % 6.50 % — % — % — % (1) As a result of annuity purchases and lump sum payments associated with the de-risking of the Chesapeake Pension Plan, the discount rate for Chesapeake Pension Plan was re-measured which triggered settlement accounting expense in the fourth quarter of 2019. We recorded an estimated $0.7 million for the settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . (2) As a result of the termination of the Chesapeake Pension Plan in 2021, we recorded $0.6 million as the final settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . Included in the net periodic costs for the FPU Pension Plan for the year ended December 31, 2019 is amortization of the FPU pension regulatory asset, which represents the portion attributable to FPU's regulated operations for the changes in funded status that occurred, but were not recognized as part of net periodic cost, prior to the merger with Chesapeake Utilities in October 2009. This was previously deferred as a regulatory asset to be recovered through rates pursuant to an order by the Florida PSC. As of December 31, 2019, this regulatory asset was fully amortized. Excluding the service cost component, the other components of the net periodic costs have been recorded or reclassified to other expense, net of tax, in the consolidated statements of income. Our funding policy provides that payments to the trust of each qualified plan shall be equal to at least the minimum funding requirements of the Employee Retirement Income Security Act of 1974. At December 31, 2021, there are no remaining assets in the Chesapeake Pension Plan. The following schedule summarizes the assets of the FPU Pension Plan, by investment type, at December 31, 2021, 2020 and 2019: FPU Pension Plan At December 31, 2021 2020 2019 Asset Category Equity securities 52 % 54 % 53 % Debt securities 38 % 37 % 37 % Other 10 % 9 % 10 % Total 100 % 100 % 100 % The investment policy of the FPU Pension Plan is designed to provide the capital assets necessary to meet the financial obligations of the plans. The investment goals and objectives are to achieve investment returns that, together with contributions, will provide funds adequate to pay promised benefits to present and future beneficiaries of the plan, earn a competitive return to increasingly fund a large portion of the plan’s retirement liabilities, minimize pension expense and cumulative contributions resulting from liability measurement and asset performance, and maintain the appropriate mix of investments to reduce the risk of large losses over the expected remaining life of the plan. The following allocation range of asset classes is intended to produce a rate of return sufficient to meet the FPU Pension Plan’s goals and objectives (this allocation range applied to the Chesapeake Pension Plan prior to the de-risking strategy executed during the fourth quarter of 2019): Asset Allocation Strategy Asset Class Minimum Allocation Percentage Maximum Allocation Percentage Domestic Equities (Large Cap, Mid Cap and Small Cap) 14 % 32 % Foreign Equities (Developed and Emerging Markets) 13 % 25 % Fixed Income (Inflation Bond and Taxable Fixed) 26 % 40 % Diversifying Assets (High Yield Fixed Income, Commodities, and Real Estate) 7 % 19 % Alternative Strategies (Long/Short Equity and Hedge Fund of Funds) 4 % 10 % Cash 0 % 5 % Due to periodic contributions and different asset classes producing varying returns, the actual asset values may temporarily move outside of the intended ranges. The investments are monitored on a quarterly basis, at a minimum, for asset allocation and performance. At December 31, 2021 and 2020, the assets of the Chesapeake Pension Plan and the FPU Pension Plan were comprised of the following investments: Fair Value Measurement Hierarchy At December 31, 2021 At December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Mutual Funds - Equity securities U.S. Large Cap (1) $ 4,302 $ — $ — $ 4,302 $ 3,615 $ — $ — $ 3,615 U.S. Mid Cap (1) 1,835 — — 1,835 1,672 — — 1,672 U.S. Small Cap (1) 954 — — 954 891 — — 891 International (2) 10,863 — — 10,863 11,307 — — 11,307 Alternative Strategies (3) 5,888 — — 5,888 5,586 — — 5,586 23,842 — — 23,842 23,071 — — 23,071 Mutual Funds - Debt securities Fixed income (4) 19,551 — — 19,551 21,563 — — 21,563 High Yield (4) 3,014 — — 3,014 2,606 — — 2,606 22,565 — — 22,565 24,169 — — 24,169 Mutual Funds - Other Commodities (5) 2,297 — — 2,297 2,246 — — 2,246 Real Estate (6) 2,729 — — 2,729 1,954 — — 1,954 Guaranteed deposit (7) — — 497 497 — — 1,019 1,019 5,026 — 497 5,523 4,200 — 1,019 5,219 Total Pension Plan Assets in fair value hierarchy $ 51,433 $ — $ 497 51,930 $ 51,440 $ — $ 1,019 52,459 Investments measured at net asset value (8) 6,782 8,116 Total Pension Plan Assets $ 58,712 $ 60,575 (1) Includes funds that invest primarily in United States common stocks. (2) Includes funds that invest primarily in foreign equities and emerging markets equities. (3) Includes funds that actively invest in both equity and debt securities, funds that sell short securities and funds that provide long-term capital appreciation. The funds may invest in debt securities below investment grade. (4) Includes funds that invest in investment grade and fixed income securities. (5) Includes funds that invest primarily in commodity-linked derivative instruments and fixed income securities. (6) Includes funds that invest primarily in real estate. (7) Includes investment in a group annuity product issued by an insurance company. (8) Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. These amounts are presented to reconcile to total pension plan assets. At December 31, 2021 and 2020, our pension plans investments were classified under the same fair value measurement hierarchy (Level 1 through Level 3) described under Note 9, Fair Value of Financial Instruments. The Level 3 investments were recorded at fair value based on the contract value of annuity products underlying guaranteed deposit accounts, which was calculated using discounted cash flow models. The contract value of these products represented deposits made to the contract, plus earnings at guaranteed crediting rates, less withdrawals and fees. Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy and are presented in the table above to reconcile to total pension plan assets. The following table sets forth the summary of the changes in the fair value of Level 3 investments for the years ended December 31, 2021 and 2020: For the Year Ended December 31, 2021 2020 (in thousands) Balance, beginning of year $ 1,019 $ 1,147 Purchases 3,160 3,190 Transfers in 5,914 921 Disbursements (9,587) (4,290) Investment income (9) 51 Balance, end of year $ 497 $ 1,019 Other Postretirement Benefits Plans We sponsor two defined benefit postretirement health plans: the Chesapeake Utilities Postretirement Plan ("Chesapeake Postretirement Plan") and the FPU Medical Plan. The following table sets forth the funded status at December 31, 2021 and 2020: Chesapeake FPU At December 31, 2021 2020 2021 2020 (in thousands) Change in benefit obligation: Benefit obligation — beginning of year $ 1,033 $ 1,100 $ 1,009 $ 1,224 Interest cost 22 26 24 30 Plan participants contributions 190 166 29 37 Actuarial loss (gain) 159 (34) 71 (181) Benefits paid (470) (225) (129) (101) Benefit obligation — end of year 934 1,033 1,004 1,009 Change in plan assets: Fair value of plan assets — beginning of year — — — — Employer contributions 280 59 100 64 Plan participants contributions 190 166 29 37 Benefits paid (470) (225) (129) (101) Fair value of plan assets — end of year — — — — Reconciliation: Funded status (934) (1,033) (1,004) (1,009) Accrued postretirement cost $ (934) $ (1,033) $ (1,004) $ (1,009) Assumptions: Discount rate 2.83 % 2.25 % 2.51 % 2.50 % Net periodic postretirement benefit costs for 2021, 2020, and 2019 include the following components: Chesapeake FPU For the Years Ended December 31, 2021 2020 2019 2021 2020 2019 (in thousands) Components of net periodic postretirement cost: Interest cost $ 22 $ 26 $ 39 $ 24 $ 30 $ 48 Amortization of actuarial loss (gain) 34 24 46 (9) (19) — Amortization of prior service cost (77) (77) (77) — — — Net periodic cost (21) (27) 8 15 11 48 Amortization of pre-merger regulatory asset — — — — 6 8 Total periodic cost $ (21) $ (27) $ 8 $ 15 $ 17 $ 56 Assumptions Discount rate 2.25 % 3.00 % 4.00 % 2.50 % 3.25 % 4.25 % The following table presents the amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss or as a regulatory asset as of December 31, 2021: (in thousands) FPU Chesapeake Chesapeake FPU Total Prior service (credit) $ — $ — $ (293) $ — $ (293) Net loss (gain) 17,737 659 671 (114) 18,953 Total $ 17,737 $ 659 $ 378 $ (114) $ 18,660 Accumulated other comprehensive loss (gain) pre-tax (1) $ 3,370 $ 659 $ 378 $ (22) $ 4,385 Post-merger regulatory asset 14,367 — — (92) 14,275 Total unrecognized cost $ 17,737 $ 659 $ 378 $ (114) $ 18,660 (1) The total amount of accumulated other comprehensive loss recorded on our consolidated balance sheet as of December 31, 2021 is net of income tax benefits of $1.1 million. Pursuant to a Florida PSC order, FPU continues to record as a regulatory asset a portion of the unrecognized pension and postretirement benefit costs after the merger with Chesapeake Utilities related to its regulated operations, which is included in the above table as a post-merger regulatory asset. As of December 31, 2021, the pre-merger regulatory asset related to the FPU Pension and FPU Medical Plan was fully amortized. Assumptions The assumptions used for the discount rate to calculate the benefit obligations were based on the interest rates of high-quality bonds in 2021, considering the expected lives of each of the plans. In determining the average expected return on plan assets for each applicable plan, various factors, such as historical long-term return experience, investment policy and current and expected allocation, were considered. Due to the termination of the Chesapeake Pension Plan during the fourth quarter of 2021, different assumptions regarding discount rate and expected return on plan assets were selected for Chesapeake Utilities' and FPU’s plans. Since the FPU Pension Plan is frozen with respect to additional years of service and compensation, the rate of assumed compensation increases is not applicable. The health care inflation rate for 2021 used to calculate the benefit obligation is 5 percent for medical and 6 percent for prescription drugs for the Chesapeake Postretirement Plan; and 5 percent for both medical and prescription drugs for the FPU Medical Plan. Estimated Future Benefit Payments In 2022, we expect to contribute $0.3 million to the FPU Pension Plan and $0.2 million to the Chesapeake SERP. We also expect to contribute less than $0.1 million to both the Chesapeake Postretirement Plan and FPU Medical Plan, in 2022. The schedule below shows the estimated future benefit payments for each of the plans previously described: FPU Pension Plan (1) Chesapeake SERP (2) Chesapeake Postretirement Plan (2) FPU Medical Plan (2) (in thousands) 2022 $ 3,451 $ 151 $ 73 $ 71 2023 $ 3,537 $ 149 $ 68 $ 70 2024 $ 3,592 $ 147 $ 63 $ 71 2025 $ 3,690 $ 160 $ 59 $ 70 2026 $ 3,720 $ 157 $ 54 $ 69 Years 2027 through 2031 $ 18,588 $ 723 $ 218 $ 324 (1) The pension plan is funded; therefore, benefit payments are expected to be paid out of the plan assets. (2) Benefit payments are expected to be paid out of our general funds. Retirement Savings Plan For the years ended December 31, 2021, 2020 and 2019, we sponsored a 401(k) Retirement Savings Plan. This plan is offered to all eligible employees who have completed three months of service. We match 100 percent of eligible participants’ pre-tax contributions to the Retirement Savings Plan up to a maximum of six percent of eligible compensation. The employer matching contribution is made in cash and is invested based on a participant’s investment directions. In addition, we may make a discretionary supplemental contribution to participants in the plan, without regard to whether or not they make pre-tax contributions. Any supplemental employer contribution is generally made in our common stock. With respect to the employer match and supplemental employer contribution, employees are 100 percent vested after two years of service or upon reaching 55 years of age while still employed by us. New employees who do not make an election to contribute and do not opt out of the Retirement Savings Plan will be automatically enrolled at a deferral rate of three percent, and the automatic deferral rate will increase by one percent per year up to a maximum of ten percent. All contributions and matched funds can be invested among the mutual funds available for investment. Employer contributions to our Retirement Savings Plan totaled $5.9 million, $5.9 million, and $5.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, there were 798,586 shares of our common stock reserved to fund future contributions to the Retirement Savings Plan. Non-Qualified Deferred Compensation Plan Members of our Board of Directors and officers of the Company are eligible to participate in the Non-Qualified Deferred Compensation Plan. Directors can elect to defer any portion of their cash or stock compensation and officers can defer up to 80 percent of their base compensation, cash bonuses or any amount of their stock bonuses (net of required withholdings). Officers may receive a matching contribution on their cash compensation deferrals up to six percent of their compensation, provided it does not duplicate a match they receive in the Retirement Savings Plan. Stock bonuses are not eligible for matching contributions. Participants are able to elect the payment of deferred compensation to begin on a specified future date or upon separation from service. Additionally, participants can elect to receive payments upon the earlier or later of a fixed date or separation from service. The payments can be made in one lump sum or annual installments for up to 15 years. All obligations arising under the Non-Qualified Deferred Compensation Plan are payable from our general assets, although we have established a Rabbi Trust to informally fund the plan. Deferrals of cash compensation may be invested by the participants in various mutual funds (the same options that are available in the Retirement Savings Plan). The participants are credited with gains or losses on those investments. Deferred stock compensation may not be diversified. The participants are credited with dividends on our common stock in the same amount that is received by all other stockholders. Such dividends are reinvested into our common stock. Assets held in the Rabbi Trust, recorded as Investments on the consolidated balance sheet, had a fair value of $12.1 million and $10.8 million at December 31, 2021 and 2020, respectively. (See Note 10, Investments , for further details). The assets of the Rabbi Trust are at all times subject to the claims of our general creditors. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
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Share-Based Compensation Plans | S HARE -B ASED C OMPENSATION P LANS Our non-employee directors and key employees have been granted share-based awards through our SICP. We record these share-based awards as compensation costs over the respective service period for which services are received in exchange for an award of equity or equity-based compensation. The compensation cost is based primarily on the fair value of the shares awarded, using the estimated fair value of each share on the date it was granted, and the number of shares to be issued at the end of the service period. We have 369,099 shares of common stock reserved for issuance under the SICP. The table below presents the amounts included in net income related to share-based compensation expense for the awards granted under the SICP for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 (in thousands) Awards to non-employee directors $ 782 $ 733 $ 620 Awards to key employees 5,163 4,096 3,659 Total compensation expense 5,945 4,829 4,279 Less: tax benefit (1,535) (1,254) (1,117) Share-based compensation amounts included in net income $ 4,410 $ 3,575 $ 3,162 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 December 31, 2021, there was $0.3 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 2022. In October 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. In May 2020, after the most recent election of directors, each of our non-employee directors received an annual retainer of 887 shares of common stock under the SICP for board service through the 2021 Annual Meeting of Stockholders; accordingly, 8,870 shares, with a weighted average fair value of $84.47 per share, were issued and vested in 2020. Our Compensation Committee is authorized to grant our key employees the right to receive awards of shares of our common stock, contingent upon the achievement of established performance goals and subject to SEC transfer restrictions once awarded. Our President and CEO has the right to issue awards of shares of our common stock, to other officers of the Company, contingent upon various performance goals and subject to SEC transfer restrictions. We currently have several outstanding multi-year performance plans, which are based upon the successful achievement of long-term goals, growth and financial results and comprise both market-based and performance-based conditions and targets. The fair value per share, tied to a performance-based condition or target, is equal to the market price per share on the grant date. For the market-based conditions, we used the Monte Carlo valuation to estimate the fair value of each share granted. The table below presents the summary of the stock activity for awards to all officers: Number of Weighted Average Outstanding — December 31, 2019 157,817 $ 80.28 Granted 70,014 91.89 Vested (35,651) 66.48 Expired (5,302) 65.32 Outstanding — December 31, 2020 186,878 87.06 Granted 69,903 100.76 Vested (53,147) 76.31 Expired (852) 74.85 Forfeited (1) (5,384) $ 93.39 Outstanding — December 31, 2021 197,398 $ 94.15 (1) In conjunction with the retirement of one key employee during 2020, these shares were forfeited for the remainder of the service periods associated with awards granted during their employment with the Company. For the year ended December 31, 2021, we granted awards of 69,903 shares of common stock to officers 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. The intrinsic value of these awards was $28.8 million, $20.2 million and $15.1 million in 2021, 2020 and 2019, respectively. At December 31, 2021, there was $4.1 million of unrecognized compensation cost related to these awards, which is expected to be recognized through 2023. In 2021, 2020 and 2019, we withheld shares with a value at least equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities with the executives electing to receive the net shares. The below table presents the number of shares withheld /and amounts remitted to taxing authorities: For the Year Ended December 31, 2021 2020 2019 (amounts except shares, in thousands) Shares withheld to satisfy tax obligations 14,020 10,319 7,635 Amounts remitted to tax authorities to satisfy obligations $ 1,478 $ 977 $ 692 |
Rates and Other Regulatory Acti
Rates and Other Regulatory Activities | 12 Months Ended |
Dec. 31, 2021 | |
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Rates and Other Regulatory Activities | R ATES AND O THER R EGULATORY A CTIVITIES 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 2021. Florida West Palm Beach Expansion Project: In August 2019, the Florida PSC approved Peninsula Pipeline’s Transportation Service Agreement with FPU. Peninsula Pipeline constructed 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 is now providing 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 completed 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. Construction commenced in February 2021 and the expected in-service date is March 2022. 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 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 also 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 provides 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 to slow the spread of the illness. These restrictions significantly impacted economic conditions in the United States in 2020 and continued through the fourth 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. In 2021, restrictions were gradually lifted as vaccines became widely available in the United States. The state of emergency in Florida was terminated in May 2021 followed by Delaware and Maryland in July 2021. However, in light of the winter surge of COVID-19 cases, in January 2022, another state of emergency was declared in Delaware and Maryland. Considering 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 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. However, in light of the winter surge of COVID-19 cases, a new state of emergency was declared in January 2022. 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. The Company’s Florida regulated business units reached a settlement with the Florida OPC in June 2021 related to incremental expenses incurred due to COVID-19. 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 December 31, 2021 and 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 business were adjusted as approved by the regulators, prior to 2020 except for Elkton Gas, which implemented a one-time bill credit in May 2020. The following table summarized the regulatory liabilities related to accumulated deferred taxes ("ADIT") associated with TCJA for our regulated businesses as of December 31, 2021 and 2020: Amount (in thousands) Operation and Regulatory Jurisdiction December 31, 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) $12,591 $12,728 PSC approved amortization of ADIT in January 2019. Maryland Division (Maryland PSC) $3,840 $3,970 PSC approved amortization of ADIT in May 2018. Sandpiper Energy (Maryland PSC) $3,656 $3,713 PSC approved amortization of ADIT in May 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,032 $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) $19,189 $19,257 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $271 $309 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Electric (Florida PSC) $5,237 $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) $1,091 $1,124 PSC approved amortization of ADIT in March 2018. Regulatory Assets and Liabilities At December 31, 2021 and 2020, our regulated utility operations recorded the following regulatory assets and liabilities included in our consolidated balance sheets. These assets and liabilities will be recognized as revenues and expenses in future periods as they are reflected in customers’ rates. As of December 31, 2021 2020 (in thousands) Regulatory Assets Under-recovered purchased fuel and conservation cost recovery (1) $ 9,199 $ 2,078 Under-recovered GRIP revenue (2) 2,101 278 Deferred postretirement benefits (3) 16,749 17,716 Deferred conversion and development costs (1) 23,383 23,054 Environmental regulatory assets and expenditures (4) 1,258 1,743 Acquisition adjustment (5) 27,182 28,756 Loss on reacquired debt (6) 721 795 Deferred costs associated with COVID-19 (7) 2,289 1,925 Deferred storm costs (8) 36,004 44,320 Other 5,081 3,927 Total Regulatory Assets $ 123,967 $ 124,592 Regulatory Liabilities Self-insurance (9) $ 563 $ 533 Over-recovered purchased fuel and conservation cost recovery (1) 1,073 4,422 Over-recovered GRIP revenue (2) 11 338 Storm reserve (9) 2,829 2,673 Accrued asset removal cost (10) 47,887 45,315 Deferred income taxes due to rate change (11) 88,804 90,845 Interest related to storm recovery (8) 2,146 3,353 Other 1,487 1,541 Total Regulatory Liabilities $ 144,800 $ 149,020 (1) We are allowed to recover the asset or are required to pay the liability in rates. We do not earn an overall rate of return on these assets. (2) The Florida PSC allowed us to recover through a surcharge, capital and other program-related-costs, inclusive of an appropriate return on investment, associated with accelerating the replacement of qualifying distribution mains and services (defined as any material other than coated steel or plastic) in FPU’s natural gas distribution, Fort Meade division and Chesapeake Utilities’ Central Florida Gas division. We are allowed to recover the asset or are required to pay the liability in rates related to GRIP. (3) The Florida PSC allowed FPU to treat as a regulatory asset the portion of the unrecognized costs pursuant to ASC Topic 715 , Compensation - Retirement Benefits , related to its regulated operations. This balance also includes the portion of pension settlement expense associated with the termination of the Chesapeake Pension Plan pursuant to an order from the FERC and the respective PSCs that allowed us to defer Eastern Shore, Delaware and Maryland Divisions' portion. See Note 17 , Employee Benefit Plans, for additional information. (4) All of our environmental expenditures incurred to date and our current estimate of future environmental expenditures have been approved by various PSCs for recovery. See Note 20 , Environmental Commitments and Contingencies , for additional information on our environmental contingencies. (5) We are allowed to include the premiums paid in various natural gas utility acquisitions in Florida in our rate bases and recover them over a specific time period pursuant to the Florida PSC approvals. We paid $34.2 million of the premium in 2009, including a gross up for income tax, because it is not tax deductible, and $0.7 million of the premium paid by FPU in 2010. (6) Gains and losses resulting from the reacquisition of long-term debt are amortized over future periods as adjustments to interest expense in accordance with established regulatory practice. (7) We deferred as regulatory assets the net incremental expense impact associated with the net expense impact of COVID-19 as authorized by the stated PSCs. (8) The Florida PSC authorized us to recover regulatory assets (including interest) associated with the recovery of Hurricanes Michael and Dorian storm costs which will be amortized between 6 and 10 years. Recovery of these costs includes a component of an overall return on capital additions and regulatory assets. (9) We have storm reserves in our Florida regulated energy operations and self-insurance for our regulated energy operations that allow us to collect through rates amounts to be used against general claims, storm restoration costs and other losses as they are incurred. (10) See Note 1 , Summary of Significant Accounting Policies, for additional information on our asset removal cost policies. (11) We recorded a regulatory liability for our regulated businesses related to the revaluation of accumulated deferred tax assets/liabilities as a result of the TCJA. The liability will be amortized over a period between 5 to 80 years based on the remaining life of the associated property. Based upon the regulatory proceedings, we will pass back the respective portion of the excess accumulated deferred taxes to rate payers. See Note 12, Income Taxes , for additional information. |
Environmental Commitments and C
Environmental Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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Environmental Commitments and Contingencies | E NVIRONMENTAL C OMMITMENTS AND C ONTINGENCIES 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 December 31, 2021 and 2020, we had approximately $5.2 million and $5.9 million, respectively, in environmental liabilities, related to the former MGP sites. As of December 31, 2021 and 2020, we have cumulative regulatory assets of $1.3 million and $1.7 million, respectively, in regulatory assets for future recovery of environmental costs for customers. Specific to FPU's four MGP sites in Key West, Pensacola, Sanford and West Palm Beach, FPU has approval to recover, from insurance and from customers through rates, up to $14.0 million of its environmental costs related to its MGP sites. As of December 31, 2021 and 2020, we have recovered approximately $12.9 million and $12.4 million, respectively, leaving approximately $1.1 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 MGP's 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 Cost to Clean Up 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 | 12 Months Ended |
Dec. 31, 2021 | |
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Other Commitments and Contingencies | O THER C OMMITMENTS AND C ONTINGENCIES Natural Gas, Electric and Propane Supply 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 2 times), and (b) total debt to total capital (maximum of 65 percent). If FPU fails to meet the requirements, it has to provide the supplier a written explanation of actions taken, or proposed to be taken, to become compliant. Failure to comply with the ratios specified in the Gulf Power agreement could also result in FPU having to provide an irrevocable letter of credit. As of December 31, 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. The total purchase obligations for natural gas, electric and propane supplies are as follows: Year 2022 2023-2024 2025-2026 Beyond 2026 Total (in thousands) Purchase Obligations $ 89,557 $ 82,412 $ 70,114 $ 174,203 $ 416,286 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 December 31, 2021 was $20.0 million. The aggregate amount guaranteed at December 31, 2021 was approximately $13.1 million with the guarantees expiring on various dates through December 1, 2022. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Quarterly Financial Data (Unaudited) | Q UARTERLY F INANCIAL D ATA (U NAUDITED ) In our opinion, the quarterly financial information shown below includes all adjustments necessary for a fair presentation of the operations for such periods. Due to the seasonal nature of our business, there are substantial variations in operations reported on a quarterly basis. For the Quarters Ended March 31 June 30 September 30 December 31 (in thousands except per share amounts) 2020 (1) Operating Revenues $ 152,690 $ 97,051 $ 101,419 $ 137,038 Operating Income $ 42,134 $ 17,977 $ 17,406 $ 35,206 Net Income: Income from Continuing Operations $ 29,041 $ 10,661 $ 9,280 $ 21,661 Earnings/(Loss) from Discontinued Operations, Net of Tax (111) 125 (19) 691 Gain on sale of Discontinued Operations, Net of Tax — 170 — — Net Income $ 28,930 $ 10,956 $ 9,261 $ 22,352 Basic Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.77 $ 0.65 $ 0.56 $ 1.23 Earnings/(Loss) Per Share from Discontinued Operations (0.01) 0.02 — 0.04 Basic Earnings Per Share of Common Stock $ 1.76 $ 0.67 $ 0.56 $ 1.27 Diluted Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.77 $ 0.64 $ 0.56 $ 1.22 Earnings/(Loss) Per Share from Discontinued Operations (0.01) 0.02 — 0.04 Diluted Earnings Per Share of Common Stock $ 1.76 $ 0.66 $ 0.56 $ 1.26 2019 (1) Operating Revenues $ 160,464 $ 94,542 $ 92,626 $ 131,974 Operating Income $ 44,122 $ 18,165 $ 14,357 $ 29,641 Net Income: Income from Continuing Operations $ 28,811 $ 8,914 $ 6,251 $ 17,123 Earnings/(Loss) from Discontinued Operations, Net of Tax (148) (610) (630) 39 Gain on sale of Discontinued Operations, Net of Tax — — — 5,402 Net Income $ 28,663 $ 8,304 $ 5,621 $ 22,564 Basic Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.76 $ 0.54 $ 0.38 $ 1.05 Earnings/(Loss) Per Share from Discontinued Operations (0.01) (0.03) (0.04) 0.33 Basic Earnings Per Share of Common Stock $ 1.75 $ 0.51 $ 0.34 $ 1.38 Diluted Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.75 $ 0.54 $ 0.38 $ 1.04 Earnings/(Loss) Per Share from Discontinued Operations (0.01) (0.04) (0.04) 0.33 Diluted Earnings Per Share of Common Stock $ 1.74 $ 0.50 $ 0.34 $ 1.37 (1) The sum of the four quarters does not equal the total for the year due to rounding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of EstimatesThe preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates in measuring assets and liabilities and related revenues and expenses. These estimates involve judgments about various future economic factors that are difficult to predict and are beyond our control; therefore, actual results could differ from these estimates. As additional information becomes available, or actual amounts are determined, recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at original cost less accumulated depreciation or fair value, if impaired. Costs include direct labor, materials and third-party construction contractor costs, allowance for funds used during construction ("AFUDC"), and certain indirect costs related to equipment and employees engaged in construction. The costs of repairs and minor replacements are charged to expense as incurred, and the costs of major renewals and betterments are capitalized. Upon retirement or disposition of property within the regulated businesses, the gain or loss, net of salvage value, is charged to accumulated depreciation. Upon retirement or disposition of property owned by the unregulated businesses, the gain or loss, net of salvage value, is charged to income. A summary of property, plant and equipment for continuing operations by classification as of December 31, 2021 and 2020 is provided in the following table: As of December 31, (in thousands) 2021 2020 Property, plant and equipment Regulated Energy Natural gas distribution - Delmarva Peninsula and Florida $ 859,627 $ 782,329 Natural gas transmission - Delmarva Peninsula, Pennsylvania and Florida 727,277 667,538 Electric distribution 133,383 127,710 Unregulated Energy Propane operations – Mid-Atlantic, North Carolina, South Carolina and Florida 176,095 151,258 Natural gas transmission and supply – Ohio 112,050 87,962 Electricity and steam generation 36,740 36,521 Mobile CNG and pipeline solutions 32,374 24,905 Other 35,418 30,769 Total property, plant and equipment 2,112,964 1,908,992 Less: Accumulated depreciation and amortization (417,479) (368,743) Plus: Construction work in progress 49,393 60,929 Net property, plant and equipment $ 1,744,878 $ 1,601,178 Contributions or Advances in Aid of Construction Customer contributions or advances in aid of construction reduce property, plant and equipment, unless the amounts are refundable to customers. Contributions or advances may be refundable to customers after a number of years based on the amount of revenues generated from the customers or the duration of the service provided to the customers. Refundable contributions or advances are recorded initially as liabilities. Non-refundable contributions reduce property, plant and equipment at the time of such determination. As of December 31, 2021 and 2020, the non-refundable contributions totaled $6.3 million and $3.7 million, respectively. AFUDC Some of the additions to our regulated property, plant and equipment include AFUDC, which represents the estimated cost of funds, from both debt and equity sources, used to finance the construction of major projects. AFUDC is capitalized in the applicable rate base for ratemaking purposes when the completed projects are placed in service. During the years ended December 31, 2021, 2020 and 2019 AFUDC totaled $0.4 million, $0.7 million and $0.7 million, respectively, which was reflected as a reduction of interest charges. Leases We have entered into lease arrangements for office space, land, equipment, pipeline facilities and warehouses. These leases enable us to conduct our business operations in the regions in which we operate. Our operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease - liabilities in our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on our balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Our leases do not provide an implicit lease rate, therefore, we utilize our incremental borrowing rate, as the basis to calculate the present value of future lease payments, at lease commencement. Our incremental borrowing rate represents the rate that we would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. We have lease agreements with lease and non-lease components. At the adoption of ASC 842, we elected not to separate non-lease components from all classes of our existing leases. The non-lease components have been accounted for as part of the single lease component to which they are related. See Note 15, Leases, for additional information. Jointly-owned Pipelines Property, plant and equipment for our Florida natural gas transmission operation included $27.6 million of assets at December 31, 2021, which consist of the 26-mile Callahan intrastate transmission pipeline in Nassau County, Florida jointly-owned with Seacoast Gas Transmission. Peninsula Pipeline's ownership is 50 percent. The pipeline was placed in-service during the second quarter of 2020. Peninsula Pipeline's share of direct expenses for the jointly-owned pipeline are included in operating expenses of our consolidated statements of income. Accumulated depreciation for this pipeline totaled $0.9 million at December 31, 2021. Property, plant and equipment for our Florida natural gas transmission operation also included $6.7 million of assets, at December 31, 2021 and 2020, which consisted of the 16-mile pipeline from the Duval/Nassau County line to Amelia Island in Nassau County, Florida, previously jointly owned with Peoples Gas. Effective October 2020, the parties agreed to terminate the pre-existing ownership and capacity agreement and rescind their ownership interests in exchange for defined sections of the pipeline. This resulted in Peninsula Pipeline taking a 100% ownership in the northern end of the pipeline. Accumulated depreciation for this pipeline totaled $1.8 million and $1.7 million at December 31, 2021 and 2020, respectively. Impairment of Long-lived Assets |
Depreciation and Accretion Included in Operations Expenses | Depreciation and Accretion Included in Operations Expenses We compute depreciation expense for our regulated operations by applying composite, annual rates, as approved by the respective regulatory bodies. The following table shows the average depreciation rates used for regulated operations during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Natural gas distribution – Delmarva Peninsula 2.5% 2.5% 2.5% Natural gas distribution – Florida 2.5% 2.5% 2.6% Natural gas transmission – Delmarva Peninsula 2.7% 2.7% 2.6% Natural gas transmission – Florida 2.3% 2.3% 2.4% Electric distribution 2.8% 2.9% 3.4% For our unregulated operations, we compute depreciation expense on a straight-line basis over the following estimated useful lives of the assets: Asset Description Useful Life Propane distribution mains 10-37 years Propane bulk plants and tanks 10-40 years Propane equipment, meters and meter installations 5-33 years Measuring and regulating station equipment 5-37 years Natural gas pipelines 45 years Natural gas right of ways Perpetual CHP plant 30 years Natural gas processing equipment 20-25 years Office furniture and equipment 3-10 years Transportation equipment 4-20 years Structures and improvements 5-45 years Other Various We report certain depreciation and accretion in operations expense, rather than as a depreciation and amortization expense, in the accompanying consolidated statements of income in accordance with industry practice and regulatory requirements. Depreciation and accretion included in operations expense consists of the accretion of the costs of removal for future retirements of utility assets, vehicle depreciation, computer software and hardware depreciation, and other minor amounts of depreciation expense. For the years ended December 31, 2021, 2020 and 2019, we reported $10.2 million, $9.6 million and $8.8 million, respectively, of depreciation and accretion in operations expenses. |
Regulated Operations | Regulated Operations We account for our regulated operations in accordance with ASC Topic 980, Regulated Operations, which includes accounting principles for companies whose rates are determined by independent third-party regulators. When setting rates, regulators often make decisions, the economics of which require companies to defer costs or revenues in different periods than may be appropriate for unregulated enterprises. When this situation occurs, a regulated company defers the associated costs as regulatory assets on the balance sheet and records them as expense on the income statement as it collects revenues. Further, regulators can also impose liabilities upon a regulated company, for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future, as regulatory liabilities. If we were required to terminate the application of these regulatory provisions to our regulated operations, all such deferred amounts would be recognized in the statement of income at that time, which could have a material impact on our financial position, results of operations and cash flows. We monitor our regulatory and competitive environments to determine whether the recovery of our regulatory assets continues to be probable. If we determined that recovery of these assets is no longer probable, we would write off the assets against earnings. We believe that the provisions of ASC Topic 980, Regulated Operations, continue to apply to our regulated operations and that the recovery of our regulatory assets is probable. |
Operating Revenues | Revenue Recognition Revenues for our natural gas and electric distribution operations are based on rates approved by the PSC in each state in which they operate. Customers’ base rates may not be changed without formal approval by these commissions. The PSCs, however, have authorized our regulated operations to negotiate rates, based on approved methodologies, with customers that have competitive alternatives. Eastern Shore’s revenues are based on rates approved by the FERC. The FERC has also authorized Eastern Shore to negotiate rates above or below the FERC-approved maximum rates, which customers can elect as an alternative to FERC-approved maximum rates. For regulated deliveries of natural gas and electricity, we read meters and bill customers on monthly cycles that do not coincide with the accounting periods used for financial reporting purposes. We accrue unbilled revenues for natural gas and electricity delivered, but not yet billed, at the end of an accounting period to the extent that they do not coincide. We estimate the amount of the unbilled revenue by jurisdiction and customer class. All of our regulated natural gas and electric distribution operations have fuel cost recovery mechanisms, except for two utilities that provide only unbundled delivery service (Chesapeake Utilities' Central Florida Gas division and FPU's Indiantown division). These mechanisms allow us to adjust billing rates, without further regulatory approvals, to reflect changes in the cost of purchased fuel. Differences between the cost of fuel purchased and delivered are deferred and accounted for as either unrecovered fuel cost or amounts payable to customers. Generally, these deferred amounts are recovered or refunded within one year. We charge flexible rates to our natural gas distribution industrial interruptible customers who can use alternative fuels. Interruptible service imposes no contractual obligation to deliver or receive natural gas on a firm service basis. Our unregulated propane delivery businesses record revenue in the period the products are delivered and/or services are rendered for their bulk delivery customers. For propane customers with meters whose billing cycles do not coincide with our accounting periods, we accrue unbilled revenue for product delivered but not yet billed and bill customers at the end of an accounting period, as we do in our regulated energy businesses. Our Ohio natural gas transmission/supply operation recognizes revenues based on actual volumes of natural gas shipped using contractual rates based upon index prices that are published monthly. Eight Flags records revenues based on the amount of electricity and steam generated and sold to its customers. Our mobile compressed natural gas operation recognizes revenue for CNG services at the end of each calendar month for services provided during the month based on agreed upon rates for labor, equipment utilized, costs incurred for natural gas compression, miles driven, mobilization and demobilization fees. We report revenue taxes, such as gross receipts taxes, franchise taxes, and sales taxes, on a net basis. |
Cost of Sales | Natural gas, electric and propane costs include the direct costs attributable to the products sold or services provided to our customers. These costs include primarily the variable commodity cost of natural gas, electricity and propane, costs of pipeline capacity needed to transport and store natural gas, transmission costs for electricity, costs to gather and process natural gas, costs to transport propane to/from our storage facilities or our mobile CNG equipment to customer locations, and steam and electricity generation costs. Depreciation expense is not included in natural gas, electric and propane costs. |
Operations and Maintenance Expenses | Operations and Maintenance Expenses Operations and maintenance expenses include operations and maintenance salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, customer service, professional fees and other outside services, insurance expense, minor amounts of depreciation, accretion of removal costs for future retirements of utility assets and other administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents Our policy is to invest cash in excess of operating requirements in overnight income-producing accounts. Such amounts are stated at cost, which approximates fair value. Investments with an original maturity of three months or less when purchased are considered cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Credit Losses Accounts receivable consist primarily of amounts due for sales of natural gas, electricity and propane and transportation and distribution services to customers. An allowance for doubtful accounts is recorded against amounts due based upon our collections experiences and an assessment of our customers’ inability or reluctance to pay. If circumstances change, our estimates of recoverable accounts receivable may also change. Circumstances which could affect such estimates include, but are not limited to, customer credit issues, natural gas, electricity and propane prices and impacts from pandemics and general economic conditions. Accounts receivable are written off when they are deemed to be uncollectible. Our estimate for expected credit losses has been developed by analyzing our portfolio of financial assets that present potential credit exposure risk. These assets consist solely of our trade receivables from customers and contract assets. The estimate is based on five years of historical collections experience, a review of current economic and operating conditions in our service territories, and an examination of economic indicators which provide a reasonable and supportable basis of potential future activity. Those indicators include metrics which we believe provide insight into the future collectability of our trade receivables such as unemployment rates and economic growth statistics in our service territories. When determining estimated credit losses, we analyze the balance of our trade receivables based on the underlying line of business. This resulted in an examination of trade receivables from our energy distribution, energy transmission, energy delivery services and propane operations businesses. Our energy distribution business consists of all our regulated distribution utility (natural gas and electric) operations on the Delmarva Peninsula and in Florida. These business units have the ability to recover their costs through the rate making process, which can include consideration for amounts historically written off to be included in rate base. Therefore, they possess a mechanism to recover credit losses which we believe reduces their exposure to credit risk. Our energy transmission and energy delivery services business units consist of our natural gas pipelines and our mobile CNG delivery operations. The majority of customers served by these business units are regulated distribution utilities who also have the ability to recover their costs. We believe this cost recovery mechanism significantly reduces the amount of credit risk. Our propane operations are unregulated and do not have the same ability to recover their costs as our regulated operations. However, historically our propane operations have not had material write offs relative to the amount of revenues generated. Our estimate of expected credit losses reflects our anticipated losses associated with our trade receivables as a result of non-payment from our customers beginning the day the trade receivable is established. We believe the risk of loss associated with trade receivables classified as current presents the least amount of credit exposure risk and therefore, we assign a lower estimate to our current trade receivables. As our trade receivables age outside of their expected due date, our estimate increases. Our allowance for credit losses relative to the balance of our trade receivables has historically been immaterial as a result of on time payment activity from our customers. During the first quarter of 2020, COVID-19 began to rapidly spread within the United States. Federal, state and local governments throughout the country imposed restrictions to promote social distancing to slow the spread of the virus, which has also had the effect of limiting commercial activity. These measures resulted in significant job losses and a slowing of economic activity across the United States and in the areas that we serve. We have considered the impact of COVID-19 on our receivables for the twelve months ended December 31, 2021, monitored developments that impact our customers’ ability to pay and have revised our estimates of expected credit losses to reflect these impacts. (in thousands) Balance at December 31, 2020 $ 4,785 Additions: Provision for credit losses 134 Recoveries (125) Deductions: Write offs (1,653) Balance at December 31, 2021 $ 3,141 |
Inventories | Inventories We use the average cost method to value propane, materials and supplies, and other merchandise inventory. If market prices drop below cost, inventory balances that are subject to price risk are adjusted to their net realizable value. There was no lower-of-cost-or-net realizable value adjustment for the years ended December 31, 2021, 2020 or 2019. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible AssetsGoodwill is not amortized but is tested for impairment at least annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We use a present value technique based on discounted cash flows to estimate the fair value of our reporting units. An impairment charge is recognized if the carrying value of a reporting unit’s goodwill exceeds its implied fair value. The testing of goodwill for the years ended December 31, 2021, 2020 and 2019 indicated no goodwill impairment. Other intangible assets are amortized on a straight-line basis over their estimated economic useful lives. |
Other Deferred Charges | Other Deferred ChargesOther deferred charges include issuance costs associated with short-term borrowings. These charges are amortized over the life of the related short-term debt borrowings. |
Asset Retirement Obligation [Policy Text Block] | Asset Removal CostAs authorized by the appropriate regulatory body (state PSC or FERC), we accrue future asset removal costs associated with utility property, plant and equipment even if a legal obligation does not exist. Such accruals are provided for through depreciation expense and are recorded with corresponding credits to regulatory liabilities or assets. When we retire depreciable utility plant and equipment, we charge the associated original costs to accumulated depreciation and amortization, and any related removal costs incurred are charged to regulatory liabilities or assets. The difference between removal costs recognized in depreciation rates and the accretion and depreciation expense recognized for financial reporting purposes is a timing difference between recovery of these costs in rates and their recognition for financial reporting purposes. Accordingly, these differences are deferred as regulatory liabilities or assets. In the rate setting process, the regulatory liability or asset is excluded from the rate base upon which those utilities have the opportunity to earn their allowed rates of return. The costs associated with our asset retirement obligations are either currently being recovered in rates or are probable of recovery in future rates |
Pension and Other Postretirement Plans | Pension and Other Postretirement Plans Pension and other postretirement plan costs and liabilities are determined on an actuarial basis and are affected by numerous assumptions and estimates, including the fair value of plan assets, estimates of the expected returns on plan assets, assumed discount rates, the level of contributions made to the plans, and current demographic and actuarial mortality data. We review annually the estimates and assumptions underlying our pension and other postretirement plan costs and liabilities with the assistance of third-party actuarial firms. The assumed discount rates, expected returns on plan assets and the mortality assumption are the factors that generally have the most significant impact on our pension costs and liabilities. The assumed discount rates, health care cost trend rates and rates of retirement generally have the most significant impact on our postretirement plan costs and liabilities. The discount rates are utilized principally in calculating the actuarial present value of our pension and postretirement obligations and net pension and postretirement costs. When estimating our discount rates, we consider high-quality corporate bond rates, such as the Prudential curve index and the FTSE Index, changes in those rates from the prior year and other pertinent factors, including the expected life of each of our plans and their respective payment options. The expected long-term rates of return on assets are utilized in calculating the expected returns on the plan assets component of our annual pension plan costs. We estimate the expected returns on plan assets by evaluating expected bond returns, asset allocations, the effects of active plan management, the impact of periodic plan asset rebalancing and historical performance. We also consider the guidance from our investment advisors in making a final determination of our expected rates of return on assets. We estimate the health care cost trend rates used in determining our postretirement net expense based upon actual health care cost experience, the effects of recently enacted legislation and general economic conditions. Our assumed rate of retirement is estimated based upon our annual reviews of participant census information as of the measurement date. |
Income Taxes and Investment Tax Credit Adjustments | Income Taxes, Investment Tax Credit Adjustments and Tax-Related Contingency Deferred tax assets and liabilities are recorded for the income tax effect of temporary differences between the financial statement basis and tax basis of assets and liabilities and are measured using the enacted income tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are recorded net of any valuation allowance when it is more likely than not that such income tax benefits will be realized. Investment tax credits on utility property have been deferred and are allocated to income ratably over the lives of the subject property. We account for uncertainty in income taxes in our consolidated financial statements only if it is more likely than not that an uncertain tax position is sustainable based on technical merits. Recognizable tax positions are then measured to determine the amount of benefit recognized in the consolidated financial statements. We recognize penalties and interest related to unrecognized tax benefits as a component of other income. We account for contingencies associated with taxes other than income when the likelihood of a loss is both probable and estimable. In assessing the likelihood of a loss, we do not consider the existence of current inquiries, or the likelihood of future inquiries, by tax authorities as a factor. Our assessment is based solely on our application of the appropriate statutes and the likelihood of a loss, assuming the proper inquiries are made by tax authorities. |
Financial Instruments | Financial Instruments We utilize financial instruments to mitigate commodity price risk associated with fluctuations of natural gas, electricity and propane and to mitigate interest rate risk. Our propane operations enter into derivative transactions, such as swaps, put options and call options in order to mitigate the impact of wholesale price fluctuations on inventory valuation and future purchase commitments. These transactions may be designated as fair value hedges or cash flow hedges, if they meet all of the accounting requirements pursuant to ASC Topic 815, Derivatives and Hedging, and we elect to designate the instruments as hedges. If designated as a fair value hedge, the value of the hedging instrument, such as a swap, future, or put option, is recorded at fair value, with the effective portion of the gain or loss of the hedging instrument effectively reducing or increasing the value of the hedged item. If designated as a cash flow hedge, the value of the hedging instrument, such as a swap or call option, is recorded at fair value with the effective portion of the gain or loss of the hedging instrument being recorded in comprehensive income. The ineffective portion of the gain or loss of a hedge is recorded in earnings. If the instrument is not designated as a fair value or cash flow hedge, or it does not meet the accounting requirements of a hedge under ASC Topic 815, Derivatives and Hedging , it is recorded at fair value with all gains or losses being recorded directly in earnings. Our natural gas, electric and propane operations enter into agreements with suppliers to purchase natural gas, electricity, and propane for resale to our respective customers. Purchases under these contracts, as well as distribution and sales agreements with counterparties or customers, either do not meet the definition of a derivative, or qualify for “normal purchases and sales” treatment under ASC Topic 815 Derivatives and Hedging , and are accounted for on an accrual basis. |
Recently Adopted Accounting Standards | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | Recently Adopted Accounting Standards There are no new accounting pronouncements issued that are applicable to us. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment [Table Text Block] | A summary of property, plant and equipment for continuing operations by classification as of December 31, 2021 and 2020 is provided in the following table: As of December 31, (in thousands) 2021 2020 Property, plant and equipment Regulated Energy Natural gas distribution - Delmarva Peninsula and Florida $ 859,627 $ 782,329 Natural gas transmission - Delmarva Peninsula, Pennsylvania and Florida 727,277 667,538 Electric distribution 133,383 127,710 Unregulated Energy Propane operations – Mid-Atlantic, North Carolina, South Carolina and Florida 176,095 151,258 Natural gas transmission and supply – Ohio 112,050 87,962 Electricity and steam generation 36,740 36,521 Mobile CNG and pipeline solutions 32,374 24,905 Other 35,418 30,769 Total property, plant and equipment 2,112,964 1,908,992 Less: Accumulated depreciation and amortization (417,479) (368,743) Plus: Construction work in progress 49,393 60,929 Net property, plant and equipment $ 1,744,878 $ 1,601,178 |
Annual Depreciation Rates Table [Table Text Block] | Depreciation and Accretion Included in Operations Expenses We compute depreciation expense for our regulated operations by applying composite, annual rates, as approved by the respective regulatory bodies. The following table shows the average depreciation rates used for regulated operations during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Natural gas distribution – Delmarva Peninsula 2.5% 2.5% 2.5% Natural gas distribution – Florida 2.5% 2.5% 2.6% Natural gas transmission – Delmarva Peninsula 2.7% 2.7% 2.6% Natural gas transmission – Florida 2.3% 2.3% 2.4% Electric distribution 2.8% 2.9% 3.4% |
Estimated Useful Life Of Assets Table [Table Text Block] | For our unregulated operations, we compute depreciation expense on a straight-line basis over the following estimated useful lives of the assets: Asset Description Useful Life Propane distribution mains 10-37 years Propane bulk plants and tanks 10-40 years Propane equipment, meters and meter installations 5-33 years Measuring and regulating station equipment 5-37 years Natural gas pipelines 45 years Natural gas right of ways Perpetual CHP plant 30 years Natural gas processing equipment 20-25 years Office furniture and equipment 3-10 years Transportation equipment 4-20 years Structures and improvements 5-45 years Other Various |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Calculations of Basic and Diluted Earnings Per Share | The following table presents the calculation of our basic and diluted earnings per share: For the Year Ended December 31, 2021 2020 2019 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Income from Continuing Operations $ 83,467 $ 70,642 $ 61,100 Income/(Loss) from Discontinued Operations (1) 856 4,053 Net Income $ 83,466 $ 71,498 $ 65,153 Weighted average shares outstanding 17,558,078 16,711,579 16,398,443 Earnings Per Share from Continuing Operations $ 4.75 $ 4.23 $ 3.73 Earnings Per Share from Discontinued Operations — 0.05 0.24 Basic Earnings Per Share $ 4.75 $ 4.28 $ 3.97 Calculation of Diluted Earnings Per Share: Reconciliation of Denominator: Weighted average shares outstanding — Basic 17,558,078 16,711,579 16,398,443 Effect of dilutive securities — Share-based compensation 74,951 59,156 50,043 Adjusted denominator — Diluted 17,633,029 16,770,735 16,448,486 Earnings Per Share from Continuing Operations $ 4.73 $ 4.21 $ 3.72 Earnings Per Share from Discontinued Operations — 0.05 0.24 Diluted Earnings Per Share $ 4.73 $ 4.26 $ 3.96 |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Tables) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Disaggregation of Revenue [Table Text Block] | for the years ended December 31, 2021, 2020 and 2019: For the year ended December 31, 2021 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 71,195 $ — $ — $ 71,195 Florida natural gas division 34,074 — — 34,074 FPU electric distribution 78,300 — — 78,300 FPU natural gas distribution 100,535 — — 100,535 Maryland natural gas division 22,449 — — 22,449 Sandpiper natural gas/propane operations 20,746 — — 20,746 Elkton Gas 7,105 — — 7,105 Total energy distribution 334,404 — — 334,404 Energy transmission Aspire Energy — 38,163 — 38,163 Aspire Energy Express 187 — — 187 Eastern Shore 76,911 — — 76,911 Peninsula Pipeline 26,630 — — 26,630 Total energy transmission 103,728 38,163 — 141,891 Energy generation Eight Flags — 18,652 — 18,652 Propane operations Propane delivery operations — 142,082 — 142,082 Energy delivery services Marlin Gas Services — 8,315 — 8,315 Other and eliminations Eliminations (54,212) (343) (21,348) (75,903) Other — — 527 527 Total other and eliminations (54,212) (343) (20,821) (75,376) Total operating revenues (1) $ 383,920 $ 206,869 $ (20,821) $ 569,968 (1) Total operating revenues for the year ended December 31, 2021, include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.4 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees. | For the year ended December 31, 2020 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 63,389 $ — $ — $ 63,389 Florida natural gas division 30,850 — — 30,850 FPU electric distribution 76,863 — — 76,863 FPU natural gas distribution 90,150 — — 90,150 Maryland natural gas division 21,853 — — 21,853 Sandpiper natural gas/propane operations 17,214 — — 17,214 Elkton Gas 2,399 — — 2,399 Total energy distribution 302,718 — — 302,718 Energy transmission Aspire Energy — 27,951 — 27,951 Aspire Energy Express 16 — — 16 Eastern Shore 75,117 — — 75,117 Peninsula Pipeline 23,080 — — 23,080 Total energy transmission 98,213 27,951 — 126,164 Energy generation Eight Flags — 16,147 — 16,147 Propane operations Propane delivery operations — 100,744 — 100,744 Energy delivery services Marlin Gas Services — 7,818 — 7,818 Other and eliminations Eliminations (48,185) (134) (17,602) (65,921) Other — — 528 528 Total other and eliminations (48,185) (134) (17,074) (65,393) Total operating revenues (1) $ 352,746 $ 152,526 $ (17,074) $ 488,198 | For the years ended December 31, 2019 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 62,659 $ — $ — $ 62,659 Florida natural gas division 28,485 — — 28,485 FPU electric distribution 77,416 — — 77,416 FPU natural gas distribution 82,418 — — 82,418 Maryland natural gas division 22,517 — — 22,517 Sandpiper natural gas/propane operations 19,068 — — 19,068 Total energy distribution 292,563 — — 292,563 Energy transmission Aspire Energy — 32,493 — 32,493 Aspire Energy Express — — — — Eastern Shore 72,924 — — 72,924 Peninsula Pipeline 16,453 — — 16,453 Total energy transmission 89,377 32,493 — 121,870 Energy generation Eight Flags — 16,749 — 16,749 Propane operations Propane delivery operations — 109,614 — 109,614 Energy delivery services Marlin Gas Services — 5,702 — 5,702 Other and eliminations Eliminations (38,934) (10,407) (18,081) (67,422) Other — — 529 529 Total other and eliminations (38,934) (10,407) (17,552) (66,893) Total operating revenues (1) $ 343,006 $ 154,151 $ (17,552) $ 479,605 (1) Total operating revenues for the year ended December 31, 2019, 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. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees. |
Contract with Customer, Asset and Liability [Table Text Block] | The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2021 and 2020 were as follows: Trade Receivables Contract Assets (Noncurrent) Contract Liabilities (Current) (in thousands) Balance at 12/31/2020 $ 55,600 $ 4,816 $ 644 Balance at 12/31/2021 56,277 4,806 747 Increase (decrease) $ 677 $ (10) $ 103 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations at December 31, 2021 are expected to be recognized as follows: (in thousands) 2022 2023 2024 2025 2026 2027 and thereafter Eastern Shore and Peninsula Pipeline $ 33,925 $ 26,334 $ 24,103 $ 23,231 $ 21,964 $ 179,866 Natural gas distribution operations 6,747 6,174 5,946 5,410 5,179 33,543 FPU electric distribution 652 652 652 275 275 550 Total revenue contracts with remaining performance obligations $ 41,324 $ 33,160 $ 30,701 $ 28,916 $ 27,418 $ 213,959 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents information about our reportable segments. For the Year Ended December 31, 2021 2020 2019 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 381,879 $ 350,853 $ 340,857 Unregulated Energy 188,089 137,345 138,748 Total operating revenues, unaffiliated customers $ 569,968 $ 488,198 $ 479,605 Intersegment Revenues (1) Regulated Energy $ 2,041 $ 1,893 $ 2,149 Unregulated Energy 18,780 15,181 15,403 Other businesses 527 528 529 Total intersegment revenues $ 21,348 $ 17,602 $ 18,081 Operating Income (Loss) Regulated Energy $ 106,064 $ 92,124 $ 86,584 Unregulated Energy 24,382 20,664 19,938 Other businesses and eliminations 666 (65) (237) Operating Income 131,112 112,723 106,285 Other income (expense), net 1,721 3,222 (1,847) Interest charges 20,135 21,765 22,224 Income from Continuing Operations before Income Taxes 112,698 94,180 82,214 Income Taxes on Continuing Operations 29,231 23,538 21,114 Income from Continuing Operations 83,467 70,642 61,100 Income (loss) from Discontinued Operations, Net of Tax (1) 686 (1,349) Gain on sale of Discontinued Operations, Net of tax — 170 5,402 Net Income $ 83,466 $ 71,498 $ 65,153 Depreciation and Amortization Regulated Energy $ 48,748 $ 46,079 $ 35,227 Unregulated Energy 13,869 11,988 10,130 Other businesses and eliminations 44 50 67 Total depreciation and amortization $ 62,661 $ 58,117 $ 45,424 Capital Expenditures Regulated Energy $ 139,733 147,100 $ 130,604 Unregulated Energy 81,651 46,295 60,034 Other businesses 6,425 2,480 8,348 Total capital expenditures $ 227,809 $ 195,875 $ 198,986 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated revenues. As of December 31, 2021 2020 Identifiable Assets Regulated Energy segment $ 1,629,191 $ 1,547,619 Unregulated Energy segment 439,114 347,665 Other businesses and eliminations 46,564 37,203 Total identifiable assets $ 2,114,869 $ 1,932,487 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Cash Paid for Interest and Income Taxes | Cash paid for interest and income taxes during the years ended December 31, 2021, 2020 and 2019 were as follows: For the Year Ended December 31, 2021 2020 2019 (in thousands) Cash paid for interest $ 20,809 $ 22,884 $ 23,856 Cash (received) paid for income taxes, net of refunds $ 8,395 $ (8,135) $ 3,221 |
Non-Cash Investing and Financing Activities | Non-cash investing and financing activities during the years ended December 31, 2021, 2020, and 2019 were as follows: For the Year Ended December 31, 2021 2020 2019 (in thousands) Capital property and equipment acquired on account, but not paid for as of December 31 $ 16,164 $ 23,625 $ 13,470 Common stock issued for the Retirement Savings Plan $ 1,712 $ 1,605 $ — Common stock issued under the SICP $ 2,834 $ 1,971 $ 1,691 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2021, the volume of our open 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 21.2 Cash flow hedges June, 2024 Sharp Propane (gallons) Sales 4.4 Cash flow hedges December, 2022 Sharp Propane (gallons) Purchases 0.3 N/A March 2022 |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | (in thousands) Balance Sheet Location December 31, 2021 December 31, 2020 Sharp Other Current Liabilities $ 4,081 $ 1,505 |
Fair Values of Derivative Contracts Recorded in Consolidated Balance Sheets | Fair values of the derivative contracts recorded in the consolidated balance sheets as of December 31, 2021 and 2020 are as follows: Derivative Assets Fair Value as of (in thousands) Balance Sheet Location December 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments Propane swap agreements Derivative assets, at fair value $ 16 $ — 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 7,060 3,255 Total Derivative Assets $ 7,076 $ 3,269 Derivative Liabilities Fair Value as of (in thousands) Balance Sheet Location December 31, 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 743 64 Interest rate swap agreements Derivative liabilities, at fair value — 40 Total Derivative Liabilities $ 743 $ 127 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The effects of gains and losses from derivative instruments are as follows: Amount of Gain (Loss) on Derivatives: Location of Gain For the Year Ended December 31, (in thousands) 2021 2020 2019 Derivatives not designated as hedging instruments Propane swap agreements Propane and natural gas costs $ (1) $ — $ — Derivatives designated as fair value hedges Put/Call option Propane and natural gas costs (24) (12) — Put/Call option Propane inventory — 34 — Derivatives designated as cash flow hedges Propane swap agreements Revenues (536) — — Propane swap agreements Propane and natural gas costs 7,187 2,428 1,520 Propane swap agreements Other comprehensive income (loss) 3,126 5,035 (253) Interest rate swap agreements Interest expense (28) 60 — Interest rate swap agreements Other comprehensive income (loss) — (40) — Natural gas swap contracts Other comprehensive income (loss) — — (63) Natural gas futures contracts Other comprehensive income (loss) — — (294) Total $ 9,724 $ 7,505 $ 910 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [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 December 31, 2021 and 2020, respectively: Fair Value Measurements Using: As of December 31, 2021 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 26 $ 26 $ — $ — Investments—guaranteed income fund 2,036 — — 2,036 Investments—mutual funds and other 10,033 10,033 — — Total investments 12,095 10,059 — 2,036 Derivative assets 7,076 — 7,076 — Total assets $ 19,171 $ 10,059 $ 7,076 $ 2,036 Liabilities: Derivative liabilities $ 743 $ — $ 743 $ — Fair Value Measurements Using: As of December 31, 2020 Fair Value Quoted Prices in Active Markets (Level 1) 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 $ — |
Schedule of Changes in Fair Value of Plan Assets | The following table sets forth the summary of the changes in the fair value of Level 3 investments for the years ended December 31, 2021 and 2020: For the Year Ended December 31, 2021 2020 (in thousands) Beginning Balance $ 2,156 $ 803 Purchases and adjustments 88 261 Transfers/disbursements (241) 1,065 Investment income 33 27 Ending Balance $ 2,036 $ 2,156 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments schedule [Table Text Block] | As of December 31, (in thousands) 2021 2020 Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 12,069 $ 10,755 Investments in equity securities 26 21 Total $ 12,095 $ 10,776 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Carrying Value of Goodwill | The carrying value of goodwill from continuing operations as of December 31, 2021 and 2020 was as follows: (in thousands) Regulated Energy Unregulated Energy Total Goodwill Balance at December 31, 2020 $ 7,617 $ 31,114 $ 38,731 Additions (1) 72 5,905 5,977 Balance at December 31, 2021 $ 7,689 $ 37,019 $ 44,708 (1) Includes goodwill from the purchase of operating assets of Diversified Energy in December 2021 and Elkton Gas in the third quarter of 2020. |
Schedule of Carrying Value and Accumulated Amortization of Intangible Assets | The carrying value and accumulated amortization of intangible assets subject to amortization as of December 31, 2021 and 2020 are as follows: As of December 31, 2021 2020 (in thousands) Gross Accumulated Gross Accumulated Customer relationships (1) $ 16,814 $ 5,125 $ 10,680 $ 4,269 Non-Compete agreements (1) 2,431 1,078 2,375 768 Patents 452 354 452 236 Other 270 218 270 212 Total $ 19,967 $ 6,775 $ 13,777 $ 5,485 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | The following tables provide: (a) the components of income tax expense in 2021, 2020, and 2019; (b) the reconciliation between the statutory federal income tax rate and the effective income tax rate for 2021, 2020, and 2019 from continuing operations; and (c) the components of accumulated deferred income tax assets and liabilities at December 31, 2021 and 2020. For the Year Ended December 31, 2021 2020 2019 (in thousands) Current Income Tax Expense Federal $ 2,775 $ (2,777) $ (2,252) State (96) 2,162 (491) Other (47) (47) (47) Total current income tax expense (benefit) 2,632 (662) (2,790) Deferred Income Tax Expense (1) Property, plant and equipment 24,074 23,224 25,907 Deferred gas costs 1,857 (714) 79 Pensions and other employee benefits (655) (75) (454) FPU merger-related premium cost and deferred gain (351) 156 (278) Net operating loss carryforwards 97 5,107 (3,772) Other 1,577 (3,498) 2,422 Total deferred income tax expense 26,599 24,200 23,904 Income Tax Expense from Continuing Operations 29,231 23,538 21,114 Income Tax Expense from Discontinued Operations — 153 1,416 Total Income Tax $ 29,231 $ 23,691 $ 22,530 (1) Includes $8.2 million, $4.9 million, and $4.7 million of deferred state income taxes for the years 2021, 2020 and 2019, respectively. |
Summary of Reconciliation of Statutory Federal Tax and Effective Income Tax Rates | For the Year Ended December 31, 2021 2020 2019 (in thousands) Reconciliation of Effective Income Tax Rates from Continuing Operations Federal income tax expense (1) $ 23,666 $ 19,778 $ 17,264 State income taxes, net of federal benefit 6,371 5,051 5,093 ESOP dividend deduction (180) (218) (173) CARES Act Tax Benefit (919) (1,841) — Depreciation (15) — — Other 308 768 (1,070) Total Income Tax Expense from Continuing Operations $ 29,231 $ 23,538 $ 21,114 Effective Income Tax Rate from Continuing Operations 25.94 % 24.99 % 25.65 % (1) Federal income taxes were calculated at 21 percent for 2021, 2020, and 2019. |
Schedule of Accumulated Deferred Income Tax Assets and Liabilities | As of December 31, 2021 2020 (in thousands) Deferred Income Taxes Deferred income tax liabilities: Property, plant and equipment $ 224,034 $ 199,287 Acquisition adjustment 6,266 6,618 Loss on reacquired debt 183 201 Deferred gas costs 2,366 509 Natural gas conversion costs 5,529 5,379 Storm reserve liability 5,783 7,073 Other 6,301 5,587 Total deferred income tax liabilities 250,462 224,654 Deferred income tax assets: Pension and other employee benefits 5,354 4,636 Environmental costs 996 1,064 Net operating loss carryforwards 1,490 1,587 Storm reserve liability 448 409 Accrued expenses 4,843 6,153 Other 3,781 5,417 Total deferred income tax assets 16,912 19,266 Deferred Income Taxes Per Consolidated Balance Sheets $ 233,550 $ 205,388 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Outstanding Long-Term Debt | Our outstanding long-term debt is shown below: As of December 31, (in thousands) 2021 2020 Uncollateralized Senior Notes: 5.93% note, due October 31, 2023 $ 6,000 $ 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 14,000 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 2.49% notes Due January 25, 2037 50,000 — Equipment security note 2.46% note, due September 24, 2031 9,378 — Less: debt issuance costs (913) (901) Total long-term debt 567,865 522,099 Less: current maturities (17,962) (13,600) Total long-term debt, net of current maturities $ 549,903 $ 508,499 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Annual maturities and principal repayments of long-term debt are as follows: Year 2022 2023 2024 2025 2026 Thereafter Total (in thousands) Payments $ 17,962 $ 21,483 $ 18,505 $ 25,528 $ 34,551 $ 450,749 $ 568,778 |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The following table summarizes our shelf agreements at December 31, 2021: (in thousands) Total Borrowing Capacity Less Amount of Debt Issued Less Unfunded Commitments Remaining Borrowing Capacity Shelf Agreements (1) Prudential Shelf Agreement $ 370,000 $ (220,000) $ — $ 150,000 MetLife Shelf Agreement (2) 150,000 — (50,000) 100,000 Total $ 520,000 $ (220,000) $ (50,000) $ 250,000 (1) The Prudential and MetLife Shelf Agreements expire in April 2023 and May 2023, respectively. (2) Unfunded commitments of $50 million reflects Senior Notes expected to be issued on or before March 15, 2022.. |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table presents information related to our total lease cost included in our consolidated statements of income: Year Ended December 31, ( in thousands) Classification 2021 2020 Operating lease cost (1) Operations expense $ 2,064 $ 2,029 (1) Includes short-term leases and variable lease costs, which are immaterial. |
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 consolidated balance sheet at December 31, 2021 and 2020: (in thousands) Balance sheet classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 10,139 $ 11,194 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,996 $ 1,747 Noncurrent Operating lease liabilities Operating lease - liabilities 8,571 9,872 Total lease liabilities $ 10,567 $ 11,619 |
Leases, Weighted Average Remaining Lease Term [Table Text Block] | The following table presents our weighted-average remaining lease term and weighted-average discount rate for our operating leases at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 8.10 8.70 Weighted-average discount rate Operating leases 3.6 % 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 consolidated statements of cash flows at December 31, 2021 and 2020: Year Ended December 31, (in thousands) 2021 2020 Operating cash flows from operating leases $ 1,996 $ 1,956 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following table presents the future undiscounted maturities of our operating leases at December 31, 2021 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) 2022 $ 2,019 2023 1,902 2024 1,672 2025 1,341 2026 885 Thereafter 3,668 Total lease payments 11,487 Less: Interest (920) Present value of lease liabilities $ 10,567 (1) Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the balance of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020. All amounts in the following tables are presented net of tax. Defined Benefit Pension and Postretirement Plan Items Commodity Contract Cash Flow Hedges Interest Rate Swap Cash Flow Hedges Total (in thousands) As of December 31, 2019 $ (4,933) $ (1,334) $ — $ (6,267) Other comprehensive income (loss) before reclassifications (578) 5,400 16 4,838 Amounts reclassified from accumulated other comprehensive income (loss) 365 (1,757) (44) (1,436) Net current-period other comprehensive income (loss) (213) 3,643 (28) 3,402 As of December 31, 2020 (5,146) 2,309 (28) (2,865) Other comprehensive income before reclassifications 262 7,075 — 7,337 Amounts reclassified from accumulated other comprehensive income (loss) 1,616 (4,813) 28 (3,169) Net current-period other comprehensive income 1,878 2,262 28 4,168 As of December 31, 2021 $ (3,268) $ 4,571 $ — $ 1,303 |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019. Deferred gains and losses of our commodity contracts cash flow hedges are recognized in earnings upon settlement. For the Year Ended December 31, (in thousands) 2021 2020 2019 Amortization of defined benefit pension and postretirement plan items: Prior service cost (1) $ 77 $ 77 $ 77 Net gain (1) (2,243) (592) (2,600) Total before income taxes (2,166) (515) (2,523) Income tax benefit (4) 550 150 656 Net of tax $ (1,616) $ (365) $ (1,867) Gains on commodity contracts cash flow hedges Propane swap agreements (2) $ 6,651 $ 2,428 $ 1,520 Natural gas swaps (2)(3) — — 7 Natural gas futures (2)(3) — — 2,096 Total before income taxes 6,651 2,428 3,623 Income tax expense (4) (1,838) (671) (1,028) Net of tax $ 4,813 $ 1,757 $ 2,595 Gains and (losses) on interest rate swap cash flow hedges: Interest rate swap agreements $ (28) $ 60 $ — Total before income taxes (28) 60 — Income tax expense (4) — (16) — Net of tax $ (28) $ 44 $ — Total reclassifications for the period $ 3,169 $ 1,436 $ 728 (1) These amounts are included in the computation of net periodic benefits. See Note 17 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 8, Derivative Instruments , for additional details. (3) PESCO's results are reflected as discontinued operations in our consolidated statements of income. (4) The income tax benefit is included in income tax expense in the accompanying consolidated statements of income. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Assets by Investment Type | The following schedule summarizes the assets of the FPU Pension Plan, by investment type, at December 31, 2021, 2020 and 2019: FPU Pension Plan At December 31, 2021 2020 2019 Asset Category Equity securities 52 % 54 % 53 % Debt securities 38 % 37 % 37 % Other 10 % 9 % 10 % Total 100 % 100 % 100 % |
Schedule of Asset Allocation Strategy | The following allocation range of asset classes is intended to produce a rate of return sufficient to meet the FPU Pension Plan’s goals and objectives (this allocation range applied to the Chesapeake Pension Plan prior to the de-risking strategy executed during the fourth quarter of 2019): Asset Allocation Strategy Asset Class Minimum Allocation Percentage Maximum Allocation Percentage Domestic Equities (Large Cap, Mid Cap and Small Cap) 14 % 32 % Foreign Equities (Developed and Emerging Markets) 13 % 25 % Fixed Income (Inflation Bond and Taxable Fixed) 26 % 40 % Diversifying Assets (High Yield Fixed Income, Commodities, and Real Estate) 7 % 19 % Alternative Strategies (Long/Short Equity and Hedge Fund of Funds) 4 % 10 % Cash 0 % 5 % |
Summary of Pension Plan Assets | At December 31, 2021 and 2020, the assets of the Chesapeake Pension Plan and the FPU Pension Plan were comprised of the following investments: Fair Value Measurement Hierarchy At December 31, 2021 At December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Mutual Funds - Equity securities U.S. Large Cap (1) $ 4,302 $ — $ — $ 4,302 $ 3,615 $ — $ — $ 3,615 U.S. Mid Cap (1) 1,835 — — 1,835 1,672 — — 1,672 U.S. Small Cap (1) 954 — — 954 891 — — 891 International (2) 10,863 — — 10,863 11,307 — — 11,307 Alternative Strategies (3) 5,888 — — 5,888 5,586 — — 5,586 23,842 — — 23,842 23,071 — — 23,071 Mutual Funds - Debt securities Fixed income (4) 19,551 — — 19,551 21,563 — — 21,563 High Yield (4) 3,014 — — 3,014 2,606 — — 2,606 22,565 — — 22,565 24,169 — — 24,169 Mutual Funds - Other Commodities (5) 2,297 — — 2,297 2,246 — — 2,246 Real Estate (6) 2,729 — — 2,729 1,954 — — 1,954 Guaranteed deposit (7) — — 497 497 — — 1,019 1,019 5,026 — 497 5,523 4,200 — 1,019 5,219 Total Pension Plan Assets in fair value hierarchy $ 51,433 $ — $ 497 51,930 $ 51,440 $ — $ 1,019 52,459 Investments measured at net asset value (8) 6,782 8,116 Total Pension Plan Assets $ 58,712 $ 60,575 |
Schedule of Level Three Defined Benefit Plan Assets Roll Forward | The following table sets forth the summary of the changes in the fair value of Level 3 investments for the years ended December 31, 2021 and 2020: For the Year Ended December 31, 2021 2020 (in thousands) Balance, beginning of year $ 1,019 $ 1,147 Purchases 3,160 3,190 Transfers in 5,914 921 Disbursements (9,587) (4,290) Investment income (9) 51 Balance, end of year $ 497 $ 1,019 |
Schedule of Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Income Loss or Regulatory Assets | The following table presents the amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss or as a regulatory asset as of December 31, 2021: (in thousands) FPU Chesapeake Chesapeake FPU Total Prior service (credit) $ — $ — $ (293) $ — $ (293) Net loss (gain) 17,737 659 671 (114) 18,953 Total $ 17,737 $ 659 $ 378 $ (114) $ 18,660 Accumulated other comprehensive loss (gain) pre-tax (1) $ 3,370 $ 659 $ 378 $ (22) $ 4,385 Post-merger regulatory asset 14,367 — — (92) 14,275 Total unrecognized cost $ 17,737 $ 659 $ 378 $ (114) $ 18,660 (1) The total amount of accumulated other comprehensive loss recorded on our consolidated balance sheet as of December 31, 2021 is net of income tax benefits of $1.1 million. |
Schedule of Estimated Future Benefit Payments | The schedule below shows the estimated future benefit payments for each of the plans previously described: FPU Pension Plan (1) Chesapeake SERP (2) Chesapeake Postretirement Plan (2) FPU Medical Plan (2) (in thousands) 2022 $ 3,451 $ 151 $ 73 $ 71 2023 $ 3,537 $ 149 $ 68 $ 70 2024 $ 3,592 $ 147 $ 63 $ 71 2025 $ 3,690 $ 160 $ 59 $ 70 2026 $ 3,720 $ 157 $ 54 $ 69 Years 2027 through 2031 $ 18,588 $ 723 $ 218 $ 324 (1) The pension plan is funded; therefore, benefit payments are expected to be paid out of the plan assets. (2) Benefit payments are expected to be paid out of our general funds. |
Pension benefit | |
Schedule of Funded Status of Benefit Obligation and Plan Assets | The following schedules set forth the funded status at December 31, 2021 and 2020 and the net periodic cost for the years ended December 31, 2021, 2020 and 2019 for the Chesapeake and FPU Pension Plans as well as the Chesapeake SERP: Chesapeake FPU Chesapeake At December 31, 2021 2020 2021 2020 2021 2020 (in thousands) Change in benefit obligation: Benefit obligation — beginning of year $ 6,146 $ 6,214 $ 70,366 $ 65,304 $ 2,212 $ 2,157 Interest cost 141 176 1,714 2,085 48 63 Actuarial (gain) loss (371) 450 (1,953) 6,069 (12) 144 Effect of settlement (5,884) (612) — — — — Benefits paid (32) (82) (3,097) (3,092) (152) (152) Benefit obligation — end of year — 6,146 67,030 70,366 2,096 2,212 Change in plan assets: Fair value of plan assets — beginning of year 4,609 4,630 55,966 49,703 — — Actual return on plan assets (237) 369 4,246 6,581 — — Employer contributions 1,544 304 1,597 2,774 152 152 Effect of settlement (5,884) (612) — — — — Benefits paid (32) (82) (3,097) (3,092) (152) (152) Fair value of plan assets — end of year — 4,609 58,712 55,966 — — Reconciliation: Funded status — (1,537) (8,318) (14,400) (2,096) (2,212) Accrued pension cost $ — $ (1,537) $ (8,318) $ (14,400) $ (2,096) $ (2,212) Assumptions: Discount rate 2.50 % 2.25 % 2.75 % 2.50 % 2.50 % 2.25 % Expected return on plan assets 3.50 % 3.50 % 6.00 % 6.00 % — % — % |
Component of Net Periodic Pension Cost (Benefit) | Chesapeake FPU Chesapeake For the Years Ended December 31, 2021 (2) 2020 2019 (1) 2021 2020 2019 2021 2020 2019 (in thousands) Components of net periodic pension cost: Interest cost $ 141 $ 176 $ 375 $ 1,714 $ 2,085 $ 2,452 $ 48 $ 63 $ 74 Expected return on assets (166) (157) (487) (3,306) (2,967) (2,770) — — — Amortization of actuarial loss 257 243 391 612 552 505 28 20 85 Settlement expense 1,810 203 1,982 — — — — — 58 Net periodic pension cost 2,042 465 2,261 (980) (330) 187 76 83 217 Amortization of pre-merger regulatory asset — — — — — 543 — — — Total periodic cost $ 2,042 $ 465 $ 2,261 $ (980) $ (330) $ 730 $ 76 $ 83 $ 217 Assumptions: Discount rate 2.25 % 3.00 % 3.00 % 2.50 % 3.25 % 4.25 % 2.25 % 3.00 % 4.00 % Expected return on plan assets 3.50 % 3.50 % 6.00 % 6.00 % 6.00 % 6.50 % — % — % — % |
Other Postretirement Benefit Plans | |
Schedule of Funded Status of Benefit Obligation and Plan Assets | The following table sets forth the funded status at December 31, 2021 and 2020: Chesapeake FPU At December 31, 2021 2020 2021 2020 (in thousands) Change in benefit obligation: Benefit obligation — beginning of year $ 1,033 $ 1,100 $ 1,009 $ 1,224 Interest cost 22 26 24 30 Plan participants contributions 190 166 29 37 Actuarial loss (gain) 159 (34) 71 (181) Benefits paid (470) (225) (129) (101) Benefit obligation — end of year 934 1,033 1,004 1,009 Change in plan assets: Fair value of plan assets — beginning of year — — — — Employer contributions 280 59 100 64 Plan participants contributions 190 166 29 37 Benefits paid (470) (225) (129) (101) Fair value of plan assets — end of year — — — — Reconciliation: Funded status (934) (1,033) (1,004) (1,009) Accrued postretirement cost $ (934) $ (1,033) $ (1,004) $ (1,009) Assumptions: Discount rate 2.83 % 2.25 % 2.51 % 2.50 % |
Component of Net Periodic Pension Cost (Benefit) | Net periodic postretirement benefit costs for 2021, 2020, and 2019 include the following components: Chesapeake FPU For the Years Ended December 31, 2021 2020 2019 2021 2020 2019 (in thousands) Components of net periodic postretirement cost: Interest cost $ 22 $ 26 $ 39 $ 24 $ 30 $ 48 Amortization of actuarial loss (gain) 34 24 46 (9) (19) — Amortization of prior service cost (77) (77) (77) — — — Net periodic cost (21) (27) 8 15 11 48 Amortization of pre-merger regulatory asset — — — — 6 8 Total periodic cost $ (21) $ (27) $ 8 $ 15 $ 17 $ 56 Assumptions Discount rate 2.25 % 3.00 % 4.00 % 2.50 % 3.25 % 4.25 % |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation Amounts Included in Net Income | The table below presents the amounts included in net income related to share-based compensation expense for the awards granted under the SICP for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 (in thousands) Awards to non-employee directors $ 782 $ 733 $ 620 Awards to key employees 5,163 4,096 3,659 Total compensation expense 5,945 4,829 4,279 Less: tax benefit (1,535) (1,254) (1,117) Share-based compensation amounts included in net income $ 4,410 $ 3,575 $ 3,162 |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] | The below table presents the number of shares withheld /and amounts remitted to taxing authorities: For the Year Ended December 31, 2021 2020 2019 (amounts except shares, in thousands) Shares withheld to satisfy tax obligations 14,020 10,319 7,635 Amounts remitted to tax authorities to satisfy obligations $ 1,478 $ 977 $ 692 |
SICP Awards to Key Employees | |
Summary of Stock Activity Non-employee directors | The table below presents the summary of the stock activity for awards to all officers: Number of Weighted Average Outstanding — December 31, 2019 157,817 $ 80.28 Granted 70,014 91.89 Vested (35,651) 66.48 Expired (5,302) 65.32 Outstanding — December 31, 2020 186,878 87.06 Granted 69,903 100.76 Vested (53,147) 76.31 Expired (852) 74.85 Forfeited (1) (5,384) $ 93.39 Outstanding — December 31, 2021 197,398 $ 94.15 |
Rates and Other Regulatory Ac_2
Rates and Other Regulatory Activities Summary of Effects of Tax Reform Impact on Regulated Businesses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Effects of Federal Tax Reform on Regulated Businesses [Abstract] | |
Summary of Effects of Federal Tax Reform on Regulated Businesses [Table Text Block] | Amount (in thousands) Operation and Regulatory Jurisdiction December 31, 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) $12,591 $12,728 PSC approved amortization of ADIT in January 2019. Maryland Division (Maryland PSC) $3,840 $3,970 PSC approved amortization of ADIT in May 2018. Sandpiper Energy (Maryland PSC) $3,656 $3,713 PSC approved amortization of ADIT in May 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,032 $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) $19,189 $19,257 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $271 $309 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Electric (Florida PSC) $5,237 $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) $1,091 $1,124 PSC approved amortization of ADIT in March 2018. |
Schedule of Regulatory Assets [Table Text Block] | At December 31, 2021 and 2020, our regulated utility operations recorded the following regulatory assets and liabilities included in our consolidated balance sheets. These assets and liabilities will be recognized as revenues and expenses in future periods as they are reflected in customers’ rates. As of December 31, 2021 2020 (in thousands) Regulatory Assets Under-recovered purchased fuel and conservation cost recovery (1) $ 9,199 $ 2,078 Under-recovered GRIP revenue (2) 2,101 278 Deferred postretirement benefits (3) 16,749 17,716 Deferred conversion and development costs (1) 23,383 23,054 Environmental regulatory assets and expenditures (4) 1,258 1,743 Acquisition adjustment (5) 27,182 28,756 Loss on reacquired debt (6) 721 795 Deferred costs associated with COVID-19 (7) 2,289 1,925 Deferred storm costs (8) 36,004 44,320 Other 5,081 3,927 Total Regulatory Assets $ 123,967 $ 124,592 Regulatory Liabilities Self-insurance (9) $ 563 $ 533 Over-recovered purchased fuel and conservation cost recovery (1) 1,073 4,422 Over-recovered GRIP revenue (2) 11 338 Storm reserve (9) 2,829 2,673 Accrued asset removal cost (10) 47,887 45,315 Deferred income taxes due to rate change (11) 88,804 90,845 Interest related to storm recovery (8) 2,146 3,353 Other 1,487 1,541 Total Regulatory Liabilities $ 144,800 $ 149,020 (1) We are allowed to recover the asset or are required to pay the liability in rates. We do not earn an overall rate of return on these assets. (2) The Florida PSC allowed us to recover through a surcharge, capital and other program-related-costs, inclusive of an appropriate return on investment, associated with accelerating the replacement of qualifying distribution mains and services (defined as any material other than coated steel or plastic) in FPU’s natural gas distribution, Fort Meade division and Chesapeake Utilities’ Central Florida Gas division. We are allowed to recover the asset or are required to pay the liability in rates related to GRIP. (3) The Florida PSC allowed FPU to treat as a regulatory asset the portion of the unrecognized costs pursuant to ASC Topic 715 , Compensation - Retirement Benefits , related to its regulated operations. This balance also includes the portion of pension settlement expense associated with the termination of the Chesapeake Pension Plan pursuant to an order from the FERC and the respective PSCs that allowed us to defer Eastern Shore, Delaware and Maryland Divisions' portion. See Note 17 , Employee Benefit Plans, for additional information. (4) All of our environmental expenditures incurred to date and our current estimate of future environmental expenditures have been approved by various PSCs for recovery. See Note 20 , Environmental Commitments and Contingencies , for additional information on our environmental contingencies. (5) We are allowed to include the premiums paid in various natural gas utility acquisitions in Florida in our rate bases and recover them over a specific time period pursuant to the Florida PSC approvals. We paid $34.2 million of the premium in 2009, including a gross up for income tax, because it is not tax deductible, and $0.7 million of the premium paid by FPU in 2010. (6) Gains and losses resulting from the reacquisition of long-term debt are amortized over future periods as adjustments to interest expense in accordance with established regulatory practice. (7) We deferred as regulatory assets the net incremental expense impact associated with the net expense impact of COVID-19 as authorized by the stated PSCs. (8) The Florida PSC authorized us to recover regulatory assets (including interest) associated with the recovery of Hurricanes Michael and Dorian storm costs which will be amortized between 6 and 10 years. Recovery of these costs includes a component of an overall return on capital additions and regulatory assets. (9) We have storm reserves in our Florida regulated energy operations and self-insurance for our regulated energy operations that allow us to collect through rates amounts to be used against general claims, storm restoration costs and other losses as they are incurred. (10) See Note 1 , Summary of Significant Accounting Policies, for additional information on our asset removal cost policies. (11) We recorded a regulatory liability for our regulated businesses related to the revaluation of accumulated deferred tax assets/liabilities as a result of the TCJA. The liability will be amortized over a period between 5 to 80 years based on the remaining life of the associated property. Based upon the regulatory proceedings, we will pass back the respective portion of the excess accumulated deferred taxes to rate payers. See Note 12, Income Taxes , for additional information. |
Environmental Commitments and_2
Environmental Commitments and Contingencies Environmental Remediation Status (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | 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 Cost to Clean Up 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 Conting_2
Other Commitments and Contingencies Other Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Purchase Commitment [Line Items] | |
Long-term Purchase Commitment [Table Text Block] | The total purchase obligations for natural gas, electric and propane supplies are as follows: Year 2022 2023-2024 2025-2026 Beyond 2026 Total (in thousands) Purchase Obligations $ 89,557 $ 82,412 $ 70,114 $ 174,203 $ 416,286 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Quarterly Financial Information | Due to the seasonal nature of our business, there are substantial variations in operations reported on a quarterly basis. For the Quarters Ended March 31 June 30 September 30 December 31 (in thousands except per share amounts) 2020 (1) Operating Revenues $ 152,690 $ 97,051 $ 101,419 $ 137,038 Operating Income $ 42,134 $ 17,977 $ 17,406 $ 35,206 Net Income: Income from Continuing Operations $ 29,041 $ 10,661 $ 9,280 $ 21,661 Earnings/(Loss) from Discontinued Operations, Net of Tax (111) 125 (19) 691 Gain on sale of Discontinued Operations, Net of Tax — 170 — — Net Income $ 28,930 $ 10,956 $ 9,261 $ 22,352 Basic Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.77 $ 0.65 $ 0.56 $ 1.23 Earnings/(Loss) Per Share from Discontinued Operations (0.01) 0.02 — 0.04 Basic Earnings Per Share of Common Stock $ 1.76 $ 0.67 $ 0.56 $ 1.27 Diluted Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.77 $ 0.64 $ 0.56 $ 1.22 Earnings/(Loss) Per Share from Discontinued Operations (0.01) 0.02 — 0.04 Diluted Earnings Per Share of Common Stock $ 1.76 $ 0.66 $ 0.56 $ 1.26 2019 (1) Operating Revenues $ 160,464 $ 94,542 $ 92,626 $ 131,974 Operating Income $ 44,122 $ 18,165 $ 14,357 $ 29,641 Net Income: Income from Continuing Operations $ 28,811 $ 8,914 $ 6,251 $ 17,123 Earnings/(Loss) from Discontinued Operations, Net of Tax (148) (610) (630) 39 Gain on sale of Discontinued Operations, Net of Tax — — — 5,402 Net Income $ 28,663 $ 8,304 $ 5,621 $ 22,564 Basic Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.76 $ 0.54 $ 0.38 $ 1.05 Earnings/(Loss) Per Share from Discontinued Operations (0.01) (0.03) (0.04) 0.33 Basic Earnings Per Share of Common Stock $ 1.75 $ 0.51 $ 0.34 $ 1.38 Diluted Earnings Per Share of Common Stock Earnings Per Share from Continuing Operations $ 1.75 $ 0.54 $ 0.38 $ 1.04 Earnings/(Loss) Per Share from Discontinued Operations (0.01) (0.04) (0.04) 0.33 Diluted Earnings Per Share of Common Stock $ 1.74 $ 0.50 $ 0.34 $ 1.37 (1) The sum of the four quarters does not equal the total for the year due to rounding. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment by Classification (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)mi | Dec. 31, 2020USD ($)mi | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Contributions in Aid of Construction | $ 6,300 | $ 3,700 | |
Public Utilities, Allowance for Funds Used During Construction, Description | $ 400 | 700 | $ 700 |
Number of Months to Establish ROU Asset and Liability | 12 months | ||
Property, plant and equipment | |||
Total property, plant and equipment | $ 2,112,964 | 1,908,992 | |
Less: Accumulated depreciation and amortization | (417,479) | (368,743) | |
Net property, plant and equipment | 1,744,878 | 1,601,178 | |
Construction Work in Progress | 49,393 | 60,929 | |
Jointly Owned Pipeline [Member] | |||
Property, plant and equipment | |||
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | 900 | ||
Natural Gas | |||
Property, plant and equipment | |||
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | 1,800 | 1,700 | |
Natural Gas Distribution [Member] | Delmarva and Florida [Member] | |||
Property, plant and equipment | |||
Total property, plant and equipment | 859,627 | 782,329 | |
Natural Gas Transmission [Member] | Delmarva Peninsula, Pennsylvania and Florida [Member] | |||
Property, plant and equipment | |||
Total property, plant and equipment | 727,277 | 667,538 | |
Natural Gas Transmission [Member] | OHIO | |||
Property, plant and equipment | |||
Total property, plant and equipment | 112,050 | 87,962 | |
Electric distribution | Florida | |||
Property, plant and equipment | |||
Total property, plant and equipment | 133,383 | 127,710 | |
Propane Operations [Member] | Mid-Atlantic and Florida [Member] | |||
Property, plant and equipment | |||
Total property, plant and equipment | 176,095 | 151,258 | |
Electricity and Steam Generation [Member] | Florida | |||
Property, plant and equipment | |||
Total property, plant and equipment | 36,740 | 36,521 | |
Mobile CNG Utility and Pipeline Solutions [Member] | Florida | |||
Property, plant and equipment | |||
Total property, plant and equipment | 32,374 | 24,905 | |
Other | |||
Property, plant and equipment | |||
Total property, plant and equipment | $ 35,418 | $ 30,769 | |
Natural Gas Operations | |||
Property, plant and equipment | |||
Miles Of Natural Gas Pipeline | mi | 26 | 16 | |
Jointly Owned Pipeline [Member] | |||
Property, plant and equipment | |||
Net property, plant and equipment | $ 27,600 | ||
Natural gas distribution operations [Member] | |||
Property, plant and equipment | |||
Net property, plant and equipment | $ 6,700 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)utilitymi | Dec. 31, 2020USD ($)mi | Dec. 31, 2019USD ($) | |
Summary Of Accounting Policies [Line Items] | |||
Number of Months to Establish ROU Asset and Liability | 12 months | ||
Operating Lease, Liability | $ 10,567 | ||
Number of Utilities that do not have cost recovery mechanism | 1 | ||
Delay of Revenue Recognition Due To Implementation of New Standard | utility | 2 | ||
Maturity Period To Be Considered Cash Equivalents | 3 months | ||
Contributions or Advances in Aid of Construction | $ 6,300 | $ 3,700 | |
Net property, plant and equipment | 1,744,878 | 1,601,178 | |
Accumulated depreciation | 417,479 | 368,743 | |
Depreciation and accretion reported in operations expenses | 10,200 | 9,600 | $ 8,800 |
Operating Lease, Right-of-Use Asset | $ 10,139 | $ 11,194 | |
Natural Gas Operations | |||
Summary Of Accounting Policies [Line Items] | |||
Length of pipeline | mi | 26 | 16 | |
Minimum [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Operating Lease, Liability | $ 11,000 | ||
Maximum | |||
Summary Of Accounting Policies [Line Items] | |||
Operating Lease, Liability | $ 13,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Average Depreciation Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Natural gas distribution | Delmarva | |||
Property, Plant and Equipment [Line Items] | |||
Average depreciation rates | 2.50% | 2.50% | 2.50% |
Natural gas distribution | Florida | |||
Property, Plant and Equipment [Line Items] | |||
Average depreciation rates | 2.50% | 2.50% | 2.60% |
Natural gas transmission | Delmarva | |||
Property, Plant and Equipment [Line Items] | |||
Average depreciation rates | 2.70% | 2.70% | 2.60% |
Natural gas transmission | Florida | |||
Property, Plant and Equipment [Line Items] | |||
Average depreciation rates | 2.30% | 2.30% | 2.40% |
Electric distribution | Florida | |||
Property, Plant and Equipment [Line Items] | |||
Average depreciation rates | 2.80% | 2.90% | 3.40% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Propane Distribution Mains [Member] | Minimum | |
Useful Life of Assets | 10 years |
Propane Distribution Mains [Member] | Maximum | |
Useful Life of Assets | 37 years |
Propane Bulk Plants And Tanks [Member] | Minimum | |
Useful Life of Assets | 10 years |
Propane Bulk Plants And Tanks [Member] | Maximum | |
Useful Life of Assets | 40 years |
Liquefied Petroleum Gas Equipment [Member] | Minimum | |
Useful Life of Assets | 5 years |
Liquefied Petroleum Gas Equipment [Member] | Maximum | |
Useful Life of Assets | 33 years |
Meters And Meter Installations [Member] | Minimum | |
Useful Life of Assets | 5 years |
Meters And Meter Installations [Member] | Maximum | |
Useful Life of Assets | 33 years |
Measuring And Regulating Station Equipment [Member] | Minimum | |
Useful Life of Assets | 5 years |
Measuring And Regulating Station Equipment [Member] | Maximum | |
Useful Life of Assets | 37 years |
Natural gas pipelines [Member] | Maximum | |
Useful Life of Assets | 45 years |
Natural gas processing equipment [Member] | Minimum | |
Useful Life of Assets | 20 years |
Natural gas processing equipment [Member] | Maximum | |
Useful Life of Assets | 25 years |
Office Furniture And Equipment [Member] | Minimum | |
Useful Life of Assets | 3 years |
Office Furniture And Equipment [Member] | Maximum | |
Useful Life of Assets | 10 years |
Transportation Equipment [Member] | Minimum | |
Useful Life of Assets | 4 years |
Transportation Equipment [Member] | Maximum | |
Useful Life of Assets | 20 years |
Structures And Improvements [Member] | Minimum | |
Useful Life of Assets | 5 years |
Structures And Improvements [Member] | Maximum | |
Useful Life of Assets | 45 years |
CHP plant | Maximum | |
Useful Life of Assets | 30 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Effects of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Additions, Charged to Income | $ 134 | |
Additions, Other Accounts | (125) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (1,653) | |
Accounts Receivable, Allowance for Credit Losses, Current, Disclosure | $ 3,141 | $ 4,785 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Earnings Per Share Calculations Of Basic And Diluted Earnings Per Share [Abstract] | |||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 83,467 | $ 70,642 | $ 61,100 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 856 | $ 4,053 | |||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.75 | $ 4.23 | $ 3.73 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0 | $ 0.05 | $ 0.24 | ||||||||
Calculation of Basic Earnings Per Share: | |||||||||||
Net Income | $ 22,352 | $ 9,261 | $ 10,956 | $ 28,930 | $ 22,564 | $ 5,621 | $ 8,304 | $ 28,663 | $ 83,466 | $ 71,498 | $ 65,153 |
Weighted shares outstanding - Basic (in shares) | 17,558,078 | 16,711,579 | 16,398,443 | ||||||||
Basic Earnings Per Share (in usd per share) | $ 1.27 | $ 0.56 | $ 0.67 | $ 1.76 | $ 1.38 | $ 0.34 | $ 0.51 | $ 1.75 | $ 4.75 | $ 4.28 | $ 3.97 |
Calculation of Diluted Earnings Per Share: | |||||||||||
Net Income | $ 22,352 | $ 9,261 | $ 10,956 | $ 28,930 | $ 22,564 | $ 5,621 | $ 8,304 | $ 28,663 | $ 83,466 | $ 71,498 | $ 65,153 |
Reconciliation of Denominator: | |||||||||||
Weighted shares outstanding - Basic (in shares) | 17,558,078 | 16,711,579 | 16,398,443 | ||||||||
Share-based Compensation | 74,951 | 59,156 | 50,043 | ||||||||
Adjusted denominator — Diluted | 17,633,029 | 16,770,735 | 16,448,486 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 4.73 | $ 4.21 | $ 3.72 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0.05 | 0.24 | ||||||||
Diluted (in usd per share) | $ 1.26 | $ 0.56 | $ 0.66 | $ 1.76 | $ 1.37 | $ 0.34 | $ 0.50 | $ 1.74 | $ 4.73 | $ 4.26 | $ 3.96 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)Dekatherm | Dec. 31, 2019USD ($) | |
Cash paid for acquisition | $ 36,371 | $ 22,231 | $ 23,988 | ||||||||
Revenues | 569,968 | 488,198 | 479,605 | ||||||||
Operating Income (Loss) | 131,112 | 112,723 | 106,285 | ||||||||
Net Income | $ 22,352 | $ 9,261 | $ 10,956 | $ 28,930 | $ 22,564 | $ 5,621 | $ 8,304 | $ 28,663 | 83,466 | 71,498 | 65,153 |
Elkton Gas [Member] | |||||||||||
Revenues | 7,105 | $ 2,399 | |||||||||
Marlin Gas Services [Member] | |||||||||||
Additional Compressed Natural Gas Deliverability | Dekatherm | 7,000 | ||||||||||
Regulated Energy [Member] | |||||||||||
Operating Income (Loss) | 106,064 | $ 92,124 | 86,584 | ||||||||
Regulated Energy [Member] | Elkton Gas [Member] | |||||||||||
Operating Income (Loss) | $ 1,000 | 418 | |||||||||
Number of customers acquired through acquisition | 7,000 | ||||||||||
Business Combination, Consideration Transferred | $ 15,600 | ||||||||||
Business Combination, Working Capital | 600 | 600 | |||||||||
Property, Plant and Equipment, Acquired During Period | 15,900 | 15,900 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,600 | 2,600 | |||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Regulatory Liabilities | 2,600 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 4,300 | 4,300 | |||||||||
Unregulated Energy | |||||||||||
Operating Income (Loss) | 24,382 | 20,664 | $ 19,938 | ||||||||
Unregulated Energy | Western Natural Gas [Member] | |||||||||||
Revenues | 2,594 | 555 | |||||||||
Operating Income (Loss) | 550 | $ 120 | |||||||||
Business Combination, Consideration Transferred | 6,700 | ||||||||||
Business Combination, Working Capital | 300 | 300 | |||||||||
Property, Plant and Equipment, Acquired During Period | 3,500 | 3,500 | |||||||||
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 | |||||||||
Unregulated Energy | Diversified Energy | |||||||||||
Revenues | 1,423 | ||||||||||
Operating Income (Loss) | $ 300 | ||||||||||
Number of customers acquired through acquisition | 19,000 | ||||||||||
Business Combination, Consideration Transferred | $ 37,500 | ||||||||||
Business Combination, Working Capital | 1,700 | 1,700 | |||||||||
Business Combination, Contingent Consideration, Liability | 2,100 | 2,100 | |||||||||
Property, Plant and Equipment, Acquired During Period | 23,100 | 23,100 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 5,900 | 5,900 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 6,200 | 6,200 | |||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | $ 800 | $ 800 | |||||||||
Gallons acquired through acquisition | 10,000,000 |
Acquisitions Divestitures (Deta
Acquisitions Divestitures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 61,623 | $ 61,675 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (417,479) | (368,743) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | (153) | $ (1,416) | |
Disposal Group, Including Discontinued Operation, Assets, Current | 173,135 | 136,431 | ||
Deferred Income Tax Expense (Benefit) | [1] | 26,599 | 24,200 | 23,904 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | $ 170 | $ 5,402 | |
[1] | (1) Includes $8.2 million, $4.9 million, and $4.7 million of deferred state income taxes for the years 2021, 2020 and 2019, respectively. |
Revenue Recognition Contract Ba
Revenue Recognition Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Receivables from Customers | $ 56,277 | $ 55,600 |
Contract with Customer, Asset, Net, Noncurrent | 4,806 | 4,816 |
Contract with Customer, Liability, Current | 747 | 644 |
Increase (Decrease) in Receivables | 677 | |
Increase (Decrease) in Other Noncurrent Assets | (10) | |
Increase (Decrease) in Other Current Liabilities | 103 | |
Contract with Customer, Liability, Revenue Recognized | $ 1,100 | $ 1,300 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 569,968 | $ 488,198 | $ 479,605 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 569,968 | [1] | 488,198 | [2] | 479,605 | [3] |
Contract with Customer, Liability, Revenue Recognized | 1,100 | 1,300 | ||||
Other And Intersegment Eliminations | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,821) | [1] | (17,074) | [2] | (17,552) | [3] |
Other [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 527 | 528 | 529 | |||
Other [Member] | Corporate, Non-Segment | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 527 | 528 | 529 | |||
Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 141,891 | 126,164 | 121,870 | |||
Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (75,903) | (65,921) | (67,422) | |||
Eliminations [Member] | Consolidation, Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (21,348) | (17,602) | (18,081) | |||
Regulated Energy | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 383,920 | [1] | 352,746 | [2] | 343,006 | [3] |
Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 334,404 | 302,718 | 292,563 | |||
Regulated Energy | Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 103,728 | 98,213 | 89,377 | |||
Regulated Energy | Eliminations [Member] | Consolidation, Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (54,212) | (48,185) | (38,934) | |||
Unregulated Energy | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 206,869 | [1] | 152,526 | [2] | 154,151 | [3] |
Unregulated Energy | Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 38,163 | 27,951 | 32,493 | |||
Unregulated Energy | Eliminations [Member] | Consolidation, Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (343) | (134) | (10,407) | |||
Other [Member] | Regulated Energy | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 200 | 1,400 | (100) | |||
Other [Member] | Unregulated Energy | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 400 | 200 | 300 | |||
Florida Natural Gas Distribution [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,074 | 30,850 | 62,659 | |||
Delaware natural gas division [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 71,195 | 63,389 | 28,485 | |||
FPU Electric Distribution [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 78,300 | 76,863 | 77,416 | |||
Florida Public Utilities Company [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 100,535 | 90,150 | 82,418 | |||
Maryland Natural Gas [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,449 | 21,853 | 22,517 | |||
Sandpiper [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,746 | 17,214 | 19,068 | |||
Aspire [Member] | Unregulated Energy | Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 38,163 | 27,951 | 32,493 | |||
Eastern Shore Gas Company [Member] | Regulated Energy | Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 76,911 | 75,117 | 72,924 | |||
Peninsula Pipeline [Member] | Regulated Energy | Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,630 | 23,080 | 16,453 | |||
Eight Flags [Member] | Unregulated Energy | Energy Generation [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,652 | 16,147 | 16,749 | |||
Florida Propane [Member] | Unregulated Energy | Propane Delivery [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 142,082 | 100,744 | 109,614 | |||
Marlin Gas Services [Member] | Unregulated Energy | Energy Services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,315 | 7,818 | 5,702 | |||
Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (75,376) | (65,393) | (66,893) | |||
Eliminations [Member] | Other And Intersegment Eliminations | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,821) | (17,074) | (17,552) | |||
Eliminations [Member] | Regulated Energy | Other And Intersegment Eliminations | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (54,212) | (48,185) | (38,934) | |||
Eliminations [Member] | Unregulated Energy | Other And Intersegment Eliminations | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (343) | (134) | $ (10,407) | |||
Aspire Energy Express | Regulated Energy | Energy Transmission [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 187 | 16 | ||||
Elkton Gas [Member] | Regulated Energy | Energy Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,105 | $ 2,399 | ||||
[1] | 1) Total operating revenues for the year ended December 31, 2021, include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.4 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees | |||||
[2] | (1) Total operating revenues for the year ended December 31, 2020, include other revenue (revenues from sources other than contracts with customers of $1.4 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees | |||||
[3] | (1) Total operating revenues for the year ended December 31, 2019, 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. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees |
Revenue Recognition Remaining p
Revenue Recognition Remaining performance obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Eastern Shore and Peninsula Pipeline [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 33,925 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Natural gas distribution operations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 6,747 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | FPU Electric Distribution [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 652 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Total for Segments [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 41,324 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Eastern Shore and Peninsula Pipeline [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 26,334 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Natural gas distribution operations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 6,174 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | FPU Electric Distribution [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 652 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Total for Segments [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 33,160 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Eastern Shore and Peninsula Pipeline [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 24,103 |
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 | Natural gas distribution operations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 5,946 |
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 | FPU Electric Distribution [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 652 |
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 | Total for Segments [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 30,701 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Eastern Shore and Peninsula Pipeline [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 23,231 |
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 | Natural gas distribution operations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 5,410 |
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 | FPU Electric Distribution [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 275 |
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 | Total for Segments [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 28,916 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Eastern Shore and Peninsula Pipeline [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 21,964 |
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 | Natural gas distribution operations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 5,179 |
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 | FPU Electric Distribution [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 275 |
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 | Total for Segments [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 27,418 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Eastern Shore and Peninsula Pipeline [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 179,866 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Natural gas distribution operations [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 33,543 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | FPU Electric Distribution [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 550 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Total for Segments [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 213,959 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | $ 569,968 | $ 488,198 | $ 479,605 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 569,968 | 488,198 | 479,605 | |||||||||
Operating Income | ||||||||||||
Operating Income | 131,112 | 112,723 | 106,285 | |||||||||
Other income | 1,721 | 3,222 | (1,847) | |||||||||
Interest charges | 20,135 | 21,765 | 22,224 | |||||||||
Income Before Income taxes | 112,698 | 94,180 | 82,214 | |||||||||
Income Taxes on Continuing Operations | 29,231 | 23,538 | 21,114 | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 83,467 | 70,642 | 61,100 | |||||||||
Net Income | $ 22,352 | $ 9,261 | $ 10,956 | $ 28,930 | $ 22,564 | $ 5,621 | $ 8,304 | $ 28,663 | 83,466 | 71,498 | 65,153 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1) | 686 | (1,349) | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 170 | 5,402 | |||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 62,661 | 58,117 | 45,424 | |||||||||
Identifiable Assets | ||||||||||||
Total identifiable assets | 2,114,869 | 1,932,487 | 2,114,869 | 1,932,487 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (1) | 686 | (1,349) | |||||||||
Regulated Energy | ||||||||||||
Operating Income | ||||||||||||
Operating Income | 106,064 | 92,124 | 86,584 | |||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 48,748 | 46,079 | 35,227 | |||||||||
Payments to Acquire Productive Assets | 139,733 | 147,100 | 130,604 | |||||||||
Unregulated Energy | ||||||||||||
Operating Income | ||||||||||||
Operating Income | 24,382 | 20,664 | 19,938 | |||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 13,869 | 11,988 | 10,130 | |||||||||
Payments to Acquire Productive Assets | 81,651 | 46,295 | 60,034 | |||||||||
Other | ||||||||||||
Operating Income | ||||||||||||
Operating Income | 666 | (65) | (237) | |||||||||
Depreciation and Amortization | ||||||||||||
Payments to Acquire Productive Assets | 6,425 | 2,480 | 8,348 | |||||||||
Other and eliminations | ||||||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 44 | 50 | 67 | |||||||||
Total for Segments [Member] | ||||||||||||
Depreciation and Amortization | ||||||||||||
Payments to Acquire Productive Assets | 227,809 | 195,875 | 198,986 | |||||||||
Operating Segments | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | 569,968 | 488,198 | 479,605 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 569,968 | 488,198 | 479,605 | |||||||||
Operating Segments | Regulated Energy | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | 381,879 | 350,853 | 340,857 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 381,879 | 350,853 | 340,857 | |||||||||
Identifiable Assets | ||||||||||||
Total identifiable assets | 1,629,191 | 1,547,619 | 1,629,191 | 1,547,619 | ||||||||
Operating Segments | Unregulated Energy | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | 188,089 | 137,345 | 138,748 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 188,089 | 137,345 | 138,748 | |||||||||
Identifiable Assets | ||||||||||||
Total identifiable assets | 439,114 | 347,665 | 439,114 | 347,665 | ||||||||
Intersegment Eliminations | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | [1] | 21,348 | 17,602 | 18,081 | ||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | [1] | 21,348 | 17,602 | 18,081 | ||||||||
Intersegment Eliminations | Regulated Energy | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | 2,041 | 1,893 | 2,149 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 2,041 | 1,893 | 2,149 | |||||||||
Intersegment Eliminations | Unregulated Energy | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | 18,780 | 15,181 | 15,403 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 18,780 | 15,181 | 15,403 | |||||||||
Intersegment Eliminations | Other | ||||||||||||
Operating Revenues, Unaffiliated Customers | ||||||||||||
Total intersegment revenues | 527 | 528 | 529 | |||||||||
Intersegment Revenues (1) | ||||||||||||
Total intersegment revenues | 527 | 528 | $ 529 | |||||||||
Other And Intersegment Eliminations | ||||||||||||
Identifiable Assets | ||||||||||||
Total identifiable assets | $ 46,564 | $ 37,203 | $ 46,564 | $ 37,203 | ||||||||
[1] | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated revenues. |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Cash Paid for Interest and Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Supplemental Cash Flow Disclosures Cash Paid For Interest And Income Taxes [Abstract] | |||
Cash paid for interest | $ 20,809 | $ 22,884 | $ 23,856 |
Cash paid for income taxes | $ 8,395 | $ (8,135) | $ 3,221 |
Supplemental Cash Flow Disclo_4
Supplemental Cash Flow Disclosures - Non-Cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Supplemental Cash Flow Disclosures Noncash Investing And Financing Activities [Abstract] | |||
Capital property and equipment acquired on account, but not paid as of December 31 | $ 16,164 | $ 23,625 | $ 13,470 |
Non Cash Performance Incentive Plan DRP | 1,712 | 1,605 | 0 |
Performance Incentive Plan | $ 2,834 | $ 1,971 | $ 1,691 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Thousands, gal in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)gal | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||||
Energy Marketing Contract Liabilities, Current | $ 743 | $ 743 | $ 127 | ||
Unrealized Gain (Loss) on Derivatives | 9,724 | 7,505 | $ 910 | ||
Notional Amount of Nonderivative Instruments | $ 60,000 | $ 30,000 | 100,000 | ||
Number of short-term lines of Credit, rate swap | 3 | ||||
Subsequent Event | |||||
Derivative [Line Items] | |||||
Notional Amount of Nonderivative Instruments | $ 40,000 | ||||
Fixed Swap Rate | 0.17% | ||||
Interest Rate Swap Rate, Low Range [Member] | |||||
Derivative [Line Items] | |||||
Fixed Swap Rate | 0.20% | 0.2615% | |||
Interest Rate Swap Rate, High Range [Member] | |||||
Derivative [Line Items] | |||||
Fixed Swap Rate | 0.205% | 0.3875% | |||
Derivatives designated as fair value hedges | Mark To Market Energy Assets | Put Option | |||||
Derivative [Line Items] | |||||
Energy Marketing Contract Liabilities, Current | 23 | ||||
Derivatives designated as fair value hedges | Mark-to-market energy liabilities | Propane Swap Agreement | |||||
Derivative [Line Items] | |||||
Energy Marketing Contract Liabilities, Current | $ 743 | $ 743 | 64 | ||
Derivatives designated as fair value hedges | Mark-to-market energy liabilities | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Energy Marketing Contract Liabilities, Current | 0 | 0 | 40 | ||
Sharp Energy Inc [Member] | |||||
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 3,600 | ||||
Other Payables to Broker-Dealers and Clearing Organizations | $ 4,081 | $ 4,081 | 1,505 | ||
Derivative, Nonmonetary Notional Amount, Volume | gal | 0.3 | ||||
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Natural Gas Futures [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Derivatives | $ 0 | 0 | (294) | ||
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Natural Gas Swaps [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Derivatives | 0 | 0 | (63) | ||
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Propane Swap Agreement | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Derivatives | 3,126 | 5,035 | (253) | ||
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Derivatives | 0 | (40) | |||
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Propane Swap Agreement | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (1) | 0 | 0 | ||
Cost of Sales [Member] | Derivatives designated as fair value hedges | Propane Swap Agreement | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 7,187 | 2,428 | 1,520 | ||
Cost of Sales [Member] | Derivatives designated as fair value hedges | Put Or Call Option [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | (24) | (12) | $ 0 | ||
Inventories [Member] | Derivatives designated as fair value hedges | Put Or Call Option [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | 34 | |||
Interest Expense | Derivatives designated as fair value hedges | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 60 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Contracts Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 7,076 | $ 3,269 |
Energy Marketing Contract Liabilities, Current | 743 | 127 |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities | Propane Swap Agreement | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | 743 | 64 |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | 0 | 40 |
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets | Propane Swap Agreement | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 7,060 | 3,255 |
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets | Put Option | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 16 | 14 |
Energy Marketing Contract Liabilities, Current | $ 23 |
Derivative Instruments - Effect
Derivative Instruments - Effects of Gains and Losses from Derivative Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Energy Marketing Contract Liabilities, Current | $ 743 | $ 127 | |
Gain (Loss) on derivatives | 9,724 | 7,505 | $ 910 |
Cost of Sales | Derivatives not designated as hedging instruments | Propane Swap Agreement | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1) | 0 | 0 |
Cost of Sales | Derivatives designated as fair value hedges | Put Or Call Option [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (24) | (12) | 0 |
Cost of Sales | Derivatives designated as fair value hedges | Propane Swap Agreement | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 7,187 | 2,428 | 1,520 |
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Natural Gas Futures [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivatives | 0 | 0 | (294) |
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Propane Swap Agreement | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivatives | 3,126 | 5,035 | (253) |
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Natural Gas Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivatives | 0 | 0 | $ (63) |
Other Comprehensive Income (Loss) | Derivatives designated as fair value hedges | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivatives | 0 | (40) | |
Interest Expense | Derivatives designated as fair value hedges | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 60 | ||
Inventories [Member] | Derivatives designated as fair value hedges | Put Or Call Option [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 34 | |
Revenues | Derivatives designated as fair value hedges | Propane Swap Agreement | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (536) | ||
Mark To Market Energy Liabilities [Member] | Derivatives designated as fair value hedges | Propane Swap Agreement | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Energy Marketing Contract Liabilities, Current | 743 | 64 | |
Mark To Market Energy Liabilities [Member] | Derivatives designated as fair value hedges | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Energy Marketing Contract Liabilities, Current | $ 0 | $ 40 |
Derivative Instruments Volume o
Derivative Instruments Volume of Derivative Activity (Details) - Sharp Energy Inc [Member] | 12 Months Ended |
Dec. 31, 2021gal | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 300,000 |
Swap [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 21,200,000 |
Swap Sales | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 4,400,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Fair Value Of Financial Instruments Additional Information [Abstract] | ||
Long-term debt including current maturities | $ 568.8 | $ 523 |
Fair value of long-term debt | $ 597.2 | $ 548.5 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Investments | $ 12,095 | $ 10,776 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 10,059 | 8,620 |
Fair Value, Inputs, Level 1 [Member] | Mark-to-market energy liabilities | ||
Liabilities: | ||
Mark-to-market energy liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Assets, Fair Value Disclosure | 7,076 | 3,269 |
Significant Other Observable Inputs (Level 2) | Mark-to-market energy liabilities | ||
Liabilities: | ||
Mark-to-market energy liabilities | 743 | 127 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Assets, Fair Value Disclosure | 2,036 | 2,156 |
Significant Unobservable Inputs (Level 3) | Mark-to-market energy liabilities | ||
Liabilities: | ||
Mark-to-market energy liabilities | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 26 | 21 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments | 0 | 0 |
Guaranteed Income Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 0 | 0 |
Guaranteed Income Fund [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments | 0 | 0 |
Guaranteed Income Fund [Member] | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments | 2,036 | 2,156 |
Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 10,033 | 8,599 |
Other Investments [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments | 0 | 0 |
Other Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments | 0 | 0 |
Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments | 10,059 | 8,620 |
Investments [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments | 0 | 0 |
Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments | 2,036 | 2,156 |
Mark-to-market energy assets, including put option | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Mark-to-market energy assets, including put option | 0 | 0 |
Mark-to-market energy assets, including put option | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Mark-to-market energy assets, including put option | 7,076 | 3,269 |
Mark-to-market energy assets, including put option | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Mark-to-market energy assets, including put option | 0 | 0 |
Fair Value | ||
Assets: | ||
Assets, Fair Value Disclosure | 19,171 | 14,045 |
Fair Value | Mark-to-market energy liabilities | ||
Liabilities: | ||
Mark-to-market energy liabilities | 743 | 127 |
Fair Value | Equity Securities [Member] | ||
Assets: | ||
Investments | 26 | 21 |
Fair Value | Guaranteed Income Fund [Member] | ||
Assets: | ||
Investments | 2,036 | 2,156 |
Fair Value | Other Investments [Member] | ||
Assets: | ||
Investments | 10,033 | 8,599 |
Fair Value | Investments [Member] | ||
Assets: | ||
Investments | 12,095 | 10,776 |
Fair Value | Mark-to-market energy assets, including put option | ||
Assets: | ||
Mark-to-market energy assets, including put option | $ 7,076 | $ 3,269 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments Fair Value of Financial Instruments - Summary of Changes in Fair Value of Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 2,156 | $ 803 |
Purchases and adjustments | 88 | 261 |
Transfers/disbursements | 241 | (1,065) |
Investment income | 33 | 27 |
Ending Balance | $ 2,036 | $ 2,156 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments [Abstract] | |||
Unrealized gain, net of other expenses | $ 1.5 | $ 1.5 | $ 1.6 |
Investments - Schedule of Inves
Investments - Schedule of Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment [Line Items] | ||
Investments, Fair Value Disclosure | $ 12,095 | $ 10,776 |
Rabbi Trust Associated With Deferred Compensation [Member] | ||
Investment [Line Items] | ||
Investments, Fair Value Disclosure | 12,069 | 10,755 |
Fair Value, Inputs, Level 1 [Member] | Investments in equity securities | ||
Investment [Line Items] | ||
Investments, Fair Value Disclosure | $ 26 | $ 21 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 19,967 | $ 13,777 | ||
Acquired finite-lived intangible assets, weighted average useful life | 12 years | |||
Goodwill | $ 44,708 | 38,731 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,400 | |||
Amortization of intangible assets | 1,300 | 1,200 | $ 800 | |
Amortization of intangible assets, 2020 | 1,100 | |||
Amortization of intangible assets, 2019 | 1,300 | |||
Regulated Energy | ||||
Goodwill [Line Items] | ||||
Goodwill | 7,689 | 7,617 | ||
Unregulated Energy | ||||
Goodwill [Line Items] | ||||
Goodwill | 37,019 | 31,114 | ||
Customer list | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [1] | $ 16,814 | 10,680 | |
Customer list | Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Amortized period of acquired intangible assets | 5 years | |||
Customer list | Western Natural Gas [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 1,300 | |||
Noncompete Agreements [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [1] | 2,431 | $ 2,375 | |
Noncompete Agreements [Member] | Western Natural Gas [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 100 | |||
[1] | 1) The customer relationship and non-compete agreements amounts include $6.1 million and less than $0.1 million, respectively, as a result of the purchase of the operating assets of Diversified Energy in December 2021 and $1.3 million and $0.1 million, respectively, recorded as a result of the purchase of the operating assets of Western Natural Gas in October 2020. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 19,967 | $ 13,777 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 6,775 | 5,485 | |
Goodwill | 44,708 | 38,731 | |
Goodwill, Transfers | [1] | 5,977 | |
Regulated Energy | |||
Goodwill [Line Items] | |||
Goodwill | 7,689 | 7,617 | |
Goodwill, Transfers | [1] | 72 | |
Unregulated Energy | |||
Goodwill [Line Items] | |||
Goodwill | 37,019 | 31,114 | |
Goodwill, Transfers | [1] | 5,905 | |
Customer Lists [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | [2] | 16,814 | 10,680 |
Finite-Lived Intangible Assets, Accumulated Amortization | [2] | 5,125 | 4,269 |
Customer Lists [Member] | Diversified Energy | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 6,100 | ||
Noncompete Agreements [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | [2] | 2,431 | 2,375 |
Finite-Lived Intangible Assets, Accumulated Amortization | [2] | 1,078 | 768 |
Noncompete Agreements [Member] | Diversified Energy | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 100 | ||
Patents [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 452 | 452 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 354 | 236 | |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 270 | 270 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 218 | $ 212 | |
[1] | (1) Includes goodwill from the purchase of operating assets of Diversified Energy in December 2021 and Elkton Gas in the third quarter of 2020. | ||
[2] | 1) The customer relationship and non-compete agreements amounts include $6.1 million and less than $0.1 million, respectively, as a result of the purchase of the operating assets of Diversified Energy in December 2021 and $1.3 million and $0.1 million, respectively, recorded as a result of the purchase of the operating assets of Western Natural Gas in October 2020. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Carrying Value and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 19,967 | $ 13,777 | |
Accumulated Amortization | 6,775 | 5,485 | |
Customer Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | [1] | 16,814 | 10,680 |
Accumulated Amortization | [1] | 5,125 | 4,269 |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | [1] | 2,431 | 2,375 |
Accumulated Amortization | [1] | 1,078 | 768 |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 452 | 452 | |
Accumulated Amortization | 354 | 236 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 270 | 270 | |
Accumulated Amortization | $ 218 | $ 212 | |
[1] | 1) The customer relationship and non-compete agreements amounts include $6.1 million and less than $0.1 million, respectively, as a result of the purchase of the operating assets of Diversified Energy in December 2021 and $1.3 million and $0.1 million, respectively, recorded as a result of the purchase of the operating assets of Western Natural Gas in October 2020. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Federal net operating losses for income tax | $ 6,300 | $ (12,200) | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,490 | $ 1,587 | ||
Net Operating Losses and Tax Carryback | (919) | (1,841) | ||
Deferred State and Local Income Tax Expense (Benefit) | 8,200 | 4,900 | $ 4,700 | |
Deferred Tax Assets, Operating Loss Carryforwards, Total | 1,500 | 1,600 | ||
Net Operating Losses and Tax Carryback, Total | (900) | (1,800) | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,490 | 1,587 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Federal net operating losses for income tax | $ 14,600 | $ 40,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Current Income Tax Expense | ||||
Federal | $ 2,775 | $ (2,777) | $ (2,252) | |
State | (96) | 2,162 | (491) | |
Other | (47) | (47) | (47) | |
Total current income tax expense (benefit) | 2,632 | (662) | (2,790) | |
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | [1] | 26,599 | 24,200 | 23,904 |
Income Tax Expense from Continuing Operations | 29,231 | 23,538 | 21,114 | |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 0 | 153 | 1,416 | |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | 29,231 | 23,691 | 22,530 | |
Deferred State and Local Income Tax Expense (Benefit) | 8,200 | 4,900 | 4,700 | |
Property, plant and equipment | ||||
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | 24,074 | 23,224 | 25,907 | |
Deferred gas costs | ||||
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | 1,857 | (714) | 79 | |
Pensions and other employee benefits | ||||
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | (655) | (75) | (454) | |
FPU merger related premium cost and deferred gain | ||||
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | (351) | 156 | (278) | |
Net operating loss carryforwards | ||||
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | 97 | 5,107 | (3,772) | |
Other | ||||
Deferred Income Tax Expense (1) | ||||
Total deferred income tax expense | $ 1,577 | $ (3,498) | $ 2,422 | |
[1] | (1) Includes $8.2 million, $4.9 million, and $4.7 million of deferred state income taxes for the years 2021, 2020 and 2019, respectively. |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Statutory Federal Tax and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Income Taxes Summary Of Reconciliation Of Statutory Federal Tax And Effective Income Tax Rates [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Reconciliation of Effective Income Tax Rates Continuing Operations | ||||
Federal income tax expense (1) | [1] | $ 23,666 | $ 19,778 | $ 17,264 |
State income taxes, net of federal benefit | 6,371 | 5,051 | 5,093 | |
ESOP dividend deduction | (180) | (218) | (173) | |
Other | 308 | 768 | (1,070) | |
Income Tax Expense from Continuing Operations | $ 29,231 | $ 23,538 | $ 21,114 | |
Effective Income Tax Rate from Continuing Operations | 25.94% | 24.99% | 25.65% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation, Amount | $ (15) | |||
Net Operating Losses and Tax Carryback | $ (919) | $ (1,841) | ||
[1] | Federal income taxes were calculated at 21 percent for 2021, 2020, and 2019. |
Income Taxes - Schedule of Accu
Income Taxes - Schedule of Accumulated Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Income Taxes Schedule Of Accumulated Deferred Income Tax Assets And Liabilities [Abstract] | |||
Deferred State and Local Income Tax Expense (Benefit) | $ 8,200 | $ 4,900 | $ 4,700 |
Deferred income tax liabilities: | |||
Property, plant and equipment | 224,034 | 199,287 | |
Acquisition adjustment | 6,266 | 6,618 | |
Deferred Tax Liabilities Loss On Reacquired Debt | 183 | 201 | |
Deferred Income Tax Liability - Deferred Gas Costs | 2,366 | 509 | |
Deferred Income Tax Liability, Natural Gas Conversion Costs | 5,529 | 5,379 | |
Deferred Income Tax Liability, Storm Reserve | 5,783 | 7,073 | |
Other | 6,301 | 5,587 | |
Total deferred income tax liabilities | 250,462 | 224,654 | |
Deferred income tax assets: | |||
Pension and other employee benefits | 5,354 | 4,636 | |
Environmental costs | 996 | 1,064 | |
Net operating loss carryforwards | 1,490 | 1,587 | |
Storm reserve liability | 448 | 409 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 4,843 | 6,153 | |
Other | 3,781 | 5,417 | |
Total deferred income tax assets | 16,912 | 19,266 | |
Deferred income taxes | $ 233,550 | $ 205,388 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Phantoms) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Income Taxes Schedule Of Income Tax Expense [Abstract] | |||
Deferred state income taxes | $ 8.2 | $ 4.9 | $ 4.7 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Statutory Federal Tax and Effective Income Tax Rates (Phantoms) (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Disclosure Income Taxes Summary Of Reconciliation Of Statutory Federal Tax And Effective Income Tax Rates [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Income Taxes Federal Tax Reform
Income Taxes Federal Tax Reform (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Federal Tax Reform | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 250,000 | |
Percentage of equity of total capitalization | 40.00% | |
Fixed charge coverage ratio | 1.2 | |
Required net book value of regulated business assets, minimum percentage of consolidated total assets | 50.00% | |
Maximum limit on payment of dividends | $ 10,000 | |
Cumulative consolidated net income base | 664,500 | |
Cumulative net income with restrictions | 289,400 | |
Long-term debt including current maturities | 568,800 | $ 523,000 |
Long-term Debt and Lease Obligation | 567,865 | 522,099 |
Total long-term debt, net of current maturities | 549,903 | 508,499 |
Unamortized Debt Issuance Expense | (913) | (901) |
Long-term Debt and Lease Obligation, Current | $ (17,962) | (13,600) |
Uncollateralized Senior Note Due On Two Thousand Twenty Six [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 5.68% | |
Long-term debt including current maturities | $ 14,500 | 17,400 |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 2.98% | |
Long-term debt including current maturities | $ 70,000 | |
Uncollateralized Senior Note Due On May 2 Two Thousand Twenty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 6.43% | |
Long-term debt including current maturities | $ 4,900 | 5,600 |
Uncollateralized Senior Note Two Due on December Two Thousand Twenty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.73% | |
Long-term debt including current maturities | $ 14,000 | 16,000 |
Uncollateralized Senior Notes Due On Two Thousand Twenty Nine [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.88% | |
Long-term debt including current maturities | $ 40,000 | 45,000 |
Uncollateralized Senior Note Due On Two Thousand Twenty Three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 5.93% | |
Long-term debt including current maturities | $ 6,000 | 9,000 |
Uncollateralized Senior Note Due April Two Thousand Thirty Two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.25% | |
Long-term debt including current maturities | $ 70,000 | 70,000 |
Uncollateralized Senior Note Due May Two Thousand Thirty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.48% | |
Long-term debt including current maturities | $ 50,000 | 50,000 |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.58% | |
Long-term debt including current maturities | $ 50,000 | 50,000 |
Uncollateralized Senior Note Due November Two Thousand Thirty Nine | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | $ 100,000 | 100,000 |
Uncollateralized Senior Note Due November Two Thousand Thirty Four | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | 70,000 | |
Uncollateralized Senior Note Due July Two Thousand Thirty Five | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.00% | |
Long-term debt including current maturities | $ 50,000 | 50,000 |
Uncollateralized Senior Note Due August Two Thousand Thirty Five | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 2.96% | |
Long-term debt including current maturities | $ 40,000 | $ 40,000 |
Uncollateralized Senior Note Due January Two Thousand Thirty Seven | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 2.49% | |
Long-term debt including current maturities | $ 50,000 | |
Equipment Security Note | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 2.46% | |
Long-term debt including current maturities | $ 9,378 | |
Uncollateralized Senior Note Due March 15, 2042 | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 2.95% | |
Long-term debt including current maturities | $ 50,000 | |
Marlin Gas Services [Member] | Equipment Security Note | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | $ 9,600 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Restricted Payment | $ 289,400 | |
Long-term Debt | 568,800 | $ 523,000 |
Less: debt issuance costs | (913) | (901) |
Long-term Debt and Lease Obligation | 567,865 | 522,099 |
Less: current maturities | (17,962) | (13,600) |
Total long-term debt, net of current maturities | 549,903 | 508,499 |
Unrestricted Payment | 375,100 | |
5.93% note, due October 31, 2023 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 6,000 | 9,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.93% | |
5.68% note, due June 30, 2026 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 14,500 | 17,400 |
Debt Instrument, Interest Rate, Stated Percentage | 5.68% | |
6.43% note, due May 2, 2028 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 4,900 | 5,600 |
Debt Instrument, Interest Rate, Stated Percentage | 6.43% | |
3.73% note, due December 16, 2028 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 14,000 | 16,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.73% | |
3.88% note, due May 15, 2029 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 40,000 | 45,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | |
Uncollateralized Senior Note Due April Two Thousand Thirty Two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 70,000 | 70,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Uncollateralized Senior Note Due May Two Thousand Thirty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 50,000 | 50,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 50,000 | $ 50,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | |
Uncollateralized Senior Note Due August Two Thousand Thirty Nine [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 70,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.98% |
Long-Term Debt - Outstanding _2
Long-Term Debt - Outstanding Long-Term Debt (Phantoms) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
5.93% note, due October 31, 2023 | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 5.93% |
Debt Instrument, Maturity Date | Oct. 31, 2023 |
5.68% note, due June 30, 2026 | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 5.68% |
Debt Instrument, Maturity Date | Jun. 30, 2026 |
6.43% note, due May 2, 2028 | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 6.43% |
Debt Instrument, Maturity Date | May 2, 2028 |
3.73% note, due December 16, 2028 | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.73% |
Debt Instrument, Maturity Date | Dec. 16, 2028 |
3.88% note, due May 15, 2029 | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.88% |
Debt Instrument, Maturity Date | May 15, 2029 |
Uncollateralized Senior Note Due on Two Thousand Thirty Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Apr. 30, 2032 |
Uncollateralized Senior Note Due May Two Thousand Thirty Eight [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.48% |
Debt Instrument, Maturity Date | May 31, 2038 |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.58% |
Debt Instrument, Maturity Date | Nov. 30, 2038 |
Uncollateralized Senior Note Due August Two Thousand Thirty Nine [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.98% |
Debt Instrument, Maturity Date | Aug. 20, 2039 |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 2.98% |
Debt Instrument, Maturity Date | Dec. 20, 2034 |
Uncollateralized Senior Note Due July Two Thousand Thirty Five | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.00% |
Debt Instrument, Maturity Date | Jul. 15, 2035 |
Uncollateralized Senior Note Due August Two Thousand Thirty Five | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 2.96% |
Debt Instrument, Maturity Date | Aug. 15, 2035 |
Uncollateralized Senior Note Due April Two Thousand Thirty Two [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 3.25% |
Equipment Security Note | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 2.46% |
Debt Instrument, Maturity Date | Sep. 24, 2031 |
Uncollateralized Senior Note Due January Two Thousand Thirty Seven | |
Debt Instrument [Line Items] | |
Long-term debt, interest percentage | 2.49% |
Debt Instrument, Maturity Date | Jan. 25, 2037 |
Long-Term Debt Annual Maturitie
Long-Term Debt Annual Maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Long Term Debt Annual Maturities [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 17,962 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 21,483 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 18,505 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 25,528 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 34,551 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 450,749 |
Total Future Repayments | $ 568,778 |
Long-Term Debt Shelf Arrangemen
Long-Term Debt Shelf Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ (568,800) | $ (523,000) |
Debt Instrument, Unused Borrowing Capacity, Amount | 250,000 | |
Prudential [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | (220,000) | |
Debt Instrument, Unused Borrowing Capacity, Amount | 150,000 | |
MetLife [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Face Amount | 150,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 100,000 | |
Aggregate Shelf Agreements [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | (220,000) | |
Aggregated Unfunded Commitments [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | (50,000) | |
Aggregated Unfunded Commitments [Member] | MetLife [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | (50,000) | |
Uncollateralized Senior Note Due April Two Thousand Thirty Two [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ (70,000) | (70,000) |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Uncollateralized Senior Note Due August Two Thousand Thirty Nine [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | |
Uncollateralized Senior Note Due July Two Thousand Thirty Five | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ (50,000) | (50,000) |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Uncollateralized Senior Note Due August Two Thousand Thirty Five | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ (40,000) | $ (40,000) |
Debt Instrument, Interest Rate, Stated Percentage | 2.96% | |
Maximum [Member] | Prudential [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Face Amount | $ 370,000 | |
Maximum [Member] | Aggregate Shelf Agreements [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Face Amount | $ 520,000 |
Short-Term Borrowing - Addition
Short-Term Borrowing - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 221,634,000 | $ 221,634,000 | $ 175,644,000 | |
Line of Credit Facility, Aggregate Borrowing Capacity | $ 200,000,000 | $ 200,000,000 | ||
Number Of Unsecured Bank Credit Facilities | 3 | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.83% | 0.83% | 1.28% | |
Ratio of Indebtedness to Net Capital | 0.65 | 0.65 | ||
Long-term debt including current maturities | $ 568,800,000 | $ 568,800,000 | $ 523,000,000 | |
Line of Credit Facility, Commitment Fee Percentage | 95.00% | |||
Line of Credit Facility, Remaining Borrowing Capacity | 173,100,000 | $ 173,100,000 | ||
Letters of Credit Outstanding, Amount | 5,300,000 | 5,300,000 | ||
Notional Amount of Nonderivative Instruments | 60,000,000 | 30,000,000 | $ 100,000,000 | |
Financing Receivable, Revolving | 400,000,000 | 400,000,000 | ||
Subsequent Event | ||||
Short-term Debt [Line Items] | ||||
Notional Amount of Nonderivative Instruments | $ 40,000,000 | |||
Fixed Swap Rate | 0.17% | |||
Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Aggregate Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | ||
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 | |||
Interest Rate Swap Rate, Low Range [Member] | ||||
Short-term Debt [Line Items] | ||||
Fixed Swap Rate | 0.20% | 0.2615% | ||
Interest Rate Swap Rate, High Range [Member] | ||||
Short-term Debt [Line Items] | ||||
Fixed Swap Rate | 0.205% | 0.3875% | ||
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] | ||||
Debt Instrument, Fee | 0.09 |
Short-Term Borrowing Short-Term
Short-Term Borrowing Short-Term Borrowing - Schedule of Short-Term Debt (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 173,100 | |
Short-term borrowing | $ 221,634 | $ 175,644 |
Number Of Unsecured Bank Credit Facilities | 3 | |
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 | |
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 Two [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 0.75 percent |
Leases Schedule of Future Minim
Leases Schedule of Future Minimum Rental Payment for Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) | |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 2,019 | [1] |
Lessee Future Operating Lease Option Payments | 2,100 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,902 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,672 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,341 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 885 | [1] |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 3,668 | [1] |
Lessee, Operating Lease, Liability, Payments, Due | 11,487 | [1] |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (920) | |
Operating Lease, Liability | $ 10,567 | |
[1] | (1) |
Leases Lease Cost Additional (D
Leases Lease Cost Additional (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | |||
Operating Lease, Cost | [1] | $ 2,064 | $ 2,029 |
[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 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 10,139 | $ 11,194 |
Operating Lease, Liability, Current | 1,996 | 1,747 |
Operating Lease, Liability, Noncurrent | 8,571 | 9,872 |
Total Operating and Finance Lease Liabilities | $ 10,567 | $ 11,619 |
Leases Weighted Average Remaini
Leases Weighted Average Remaining Lease Term Additional Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 1 month 6 days | 8 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.60% | 3.80% |
Leases Lease Cash Flows Additio
Leases Lease Cash Flows Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases Cash Flows [Abstract] | ||
Operating Lease, Payments | $ 1,996 | $ 1,956 |
Stockholders' Equity Additional
Stockholders' Equity Additional Details (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Proceeds from issuance of common stock, net of expenses | $ 0 | $ 60,980,000 | $ 0 |
Common Stock Shares Issued At The Market | 700,000 | ||
Shares Issued Price Per Share - At The Market | $ 82.93 | ||
Proceeds From Issuance Of Common Stock - At The Market | $ 61,000,000 | ||
Fees on Equity Issuance - At The Market | $ 1,500,000 | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 100,000 | 300,000 | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 125.71 | $ 86.12 | |
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 15,200,000 | $ 22,000,000 | |
Maximum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Proceeds from Stock Plans | $ 75,000,000 |
Stockholders' Equity Accumulate
Stockholders' Equity Accumulated Other comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ||
Accumulated other comprehensive loss at beginning of period | $ (2,865) | $ (6,267) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 7,337 | 4,838 |
Amounts reclassified from accumulated other comprehensive income/(loss) | (3,169) | (1,436) |
Net current-period other comprehensive income/(loss) | 4,168 | 3,402 |
Accumulated other comprehensive loss at end of period | 1,303 | (2,865) |
AOCI Changes For Defined Benefit Pension And Postretirement Plans [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ||
Accumulated other comprehensive loss at beginning of period | (5,146) | (4,933) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 262 | (578) |
Amounts reclassified from accumulated other comprehensive income/(loss) | 1,616 | 365 |
Net current-period other comprehensive income/(loss) | 1,878 | (213) |
Accumulated other comprehensive loss at end of period | (3,268) | (5,146) |
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ||
Accumulated other comprehensive loss at beginning of period | 2,309 | (1,334) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 7,075 | 5,400 |
Amounts reclassified from accumulated other comprehensive income/(loss) | (4,813) | (1,757) |
Net current-period other comprehensive income/(loss) | 2,262 | 3,643 |
Accumulated other comprehensive loss at end of period | 4,571 | 2,309 |
Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ||
Accumulated other comprehensive loss at beginning of period | (28) | 0 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 16 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 28 | (44) |
Net current-period other comprehensive income/(loss) | 28 | (28) |
Accumulated other comprehensive loss at end of period | $ 0 | $ (28) |
Stockholders' Equity Accumula_2
Stockholders' Equity Accumulated Other Comprehensive Income (loss) - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Income tax benefit | $ (29,231) | $ (23,538) | $ (21,114) | |||
Accumulated other comprehensive income (loss) | 1,303 | (2,865) | (6,267) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 7,337 | 4,838 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3,169) | (1,436) | ||||
Other Comprehensive Income (Loss), Net of Tax | 4,168 | 3,402 | ||||
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Accumulated other comprehensive income (loss) | 4,571 | 2,309 | (1,334) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 7,075 | 5,400 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4,813) | (1,757) | ||||
Other Comprehensive Income (Loss), Net of Tax | 2,262 | 3,643 | ||||
Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Accumulated other comprehensive income (loss) | 0 | (28) | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 16 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 28 | (44) | ||||
Other Comprehensive Income (Loss), Net of Tax | 28 | (28) | ||||
AOCI Changes For Defined Benefit Pension And Postretirement Plans [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Accumulated other comprehensive income (loss) | (3,268) | (5,146) | (4,933) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 262 | (578) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,616 | 365 | ||||
Other Comprehensive Income (Loss), Net of Tax | 1,878 | (213) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Net of tax | 3,169 | 1,436 | 728 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Prior service cost | [1] | 77 | 77 | 77 | ||
Net gain | (2,243) | (592) | [1] | (2,600) | [1] | |
Total before income taxes | (2,166) | (515) | (2,523) | |||
Income tax benefit | [2] | 550 | 150 | 656 | ||
Net of tax | (1,616) | (365) | (1,867) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Total before income taxes | 6,651 | 2,428 | 3,623 | |||
Income tax benefit | [2] | (1,838) | (671) | (1,028) | ||
Net of tax | 4,813 | 1,757 | 2,595 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Total before income taxes | (28) | 60 | ||||
Income tax benefit | [2] | (16) | ||||
Net of tax | (28) | 44 | ||||
Other Comprehensive Income Loss Adjustments AOCI Swap Agreements | (28) | 60 | ||||
Propane Swap Agreement [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [3] | 6,651 | 2,428 | 1,520 | ||
Natural Gas Futures [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [3],[4] | 0 | 0 | 2,096 | ||
Natural Gas Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of defined benefit pension and postretirement plan items: | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [3],[4] | $ 0 | $ 0 | $ 7 | ||
[1] | 1) These amounts are included in the computation of net periodic benefits. See Note 17 , Employee Benefit Plans , for additional details. | |||||
[2] | (4) The income tax benefit is included in income tax expense in the accompanying consolidated statements of income. | |||||
[3] | 2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 8, Derivative Instruments , for additional details. | |||||
[4] | (3) PESCO's results are reflected as discontinued operations in our consolidated statements of income. |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Income tax benefits | $ 1,100 | ||||
Total unrecognized cost | 18,660 | ||||
Expected Amortization Of Pre Merger Regulatory Asset | $ 0 | ||||
Required period of service for eligibility | 3 months | ||||
Percentage of eligible participants contribution to the plan | 100.00% | ||||
Employer matching contribution vested, percentage | 100.00% | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years | ||||
Deferred Pension Settlement Expense | $ 600 | $ 700 | |||
Defined Benefit Plan, Benefit Obligation | 2 | ||||
Employee contribution age | 55 years | ||||
Deferral rate | 80.00% | ||||
Deferred Compensation Employer Matching Contribution Rate | 6.00% | ||||
Number Of Years to Collect Benefits | 20 years | ||||
Deferral rate increase, minimum | 1.00% | ||||
Employer contributions to pension plan | $ 5,900 | $ 5,900 | 5,700 | ||
Shares reserved to fund future contributions | shares | 798,586 | ||||
Investments, Fair Value Disclosure | $ 12,095 | 10,776 | |||
Deferred compensation obligation | $ 7,240 | 5,679 | |||
Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage of eligible compensation | 3.00% | ||||
Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage of eligible compensation | 6.00% | 10.00% | |||
Number Of Years to Collect Benefits | 15 years | ||||
Chesapeake Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unfunded accumulated benefit obligation | $ 0 | (1,537) | |||
FPU Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total unrecognized cost | 17,737 | ||||
Unfunded accumulated benefit obligation | (8,318) | (14,400) | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 300 | ||||
Expected contribution | [1] | 3,451 | |||
Chesapeake SERP | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total unrecognized cost | 659 | ||||
Unfunded accumulated benefit obligation | (2,096) | (2,212) | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 200 | ||||
Expected contribution | [2] | $ 151 | |||
Medical | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Health care inflation rate | 5.00% | ||||
Chesapeake Postretirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total unrecognized cost | $ 378 | ||||
Unfunded accumulated benefit obligation | $ (934) | (1,033) | |||
Expected Amortization Of Pre Merger Regulatory Asset | 0 | $ 0 | |||
Health care inflation rate | 6.00% | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 100 | ||||
Expected contribution | [2] | 73 | |||
FPU Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total unrecognized cost | 114 | ||||
Unfunded accumulated benefit obligation | $ (1,004) | (1,009) | |||
Health care inflation rate | 5.00% | ||||
Expected contribution | [2] | $ 71 | |||
Rabbi Trust Associated With Deferred Compensation [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Investments, Fair Value Disclosure | $ 12,069 | 10,755 | |||
FPU Medical Plan and Chesapeake OPRB [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Number of Plans | 2 | ||||
Rabbi Trust Associated With Deferred Compensation Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Deferred compensation obligation | $ 12,100 | 10,800 | |||
Deferred Compensation Equity | $ 7,200 | $ 5,700 | |||
[1] | The pension plan is funded; therefore, benefit payments are expected to be paid out of the plan assets. | ||||
[2] | Benefit payments are expected to be paid out of our general funds. |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Funded Status of Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Change in benefit obligation: | |||||
Interest cost | $ 48 | $ 63 | $ 74 | ||
Assumptions: | |||||
Deferred Pension Settlement Expense | 600 | 700 | |||
Chesapeake Pension Plan | |||||
Change in benefit obligation: | |||||
Benefit obligation - beginning of year | 6,146 | 6,214 | |||
Interest cost | 141 | [1] | 176 | 375 | [2] |
Actuarial loss | (371) | 450 | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | (5,884) | (612) | |||
Benefits paid | (32) | (82) | |||
Benefit obligation - end of year | 0 | 6,146 | 6,214 | ||
Change in plan assets: | |||||
Balance, beginning of year | 4,609 | 4,630 | |||
Actual return on plan assets | (237) | 369 | |||
Employer contributions | 1,544 | 304 | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | (5,884) | (612) | |||
Benefits paid | (32) | (82) | |||
Balance, end of year | 0 | 4,609 | $ 4,630 | ||
Reconciliation: | |||||
Funded status | 0 | (1,537) | |||
Accrued pension cost | $ 0 | $ (1,537) | |||
Assumptions: | |||||
Discount rate | 2.50% | 2.25% | |||
Expected return on plan assets | 3.50% | 3.50% | 6.00% | ||
FPU Pension Plan | |||||
Change in benefit obligation: | |||||
Benefit obligation - beginning of year | $ 70,366 | $ 65,304 | |||
Interest cost | 1,714 | 2,085 | $ 2,452 | ||
Actuarial loss | (1,953) | 6,069 | |||
Benefits paid | (3,097) | (3,092) | |||
Benefit obligation - end of year | 67,030 | 70,366 | 65,304 | ||
Change in plan assets: | |||||
Balance, beginning of year | 55,966 | 49,703 | |||
Actual return on plan assets | 4,246 | 6,581 | |||
Employer contributions | 1,597 | 2,774 | |||
Benefits paid | (3,097) | (3,092) | |||
Balance, end of year | 58,712 | 55,966 | $ 49,703 | ||
Reconciliation: | |||||
Funded status | (8,318) | (14,400) | |||
Accrued pension cost | $ (8,318) | $ (14,400) | |||
Assumptions: | |||||
Discount rate | 2.75% | 2.50% | |||
Expected return on plan assets | 6.00% | 6.00% | 6.50% | ||
Chesapeake SERP | |||||
Change in benefit obligation: | |||||
Benefit obligation - beginning of year | $ 2,212 | $ 2,157 | |||
Interest cost | 48 | 63 | |||
Actuarial loss | (12) | 144 | |||
Benefits paid | (152) | (152) | |||
Benefit obligation - end of year | 2,096 | 2,212 | $ 2,157 | ||
Change in plan assets: | |||||
Employer contributions | 152 | 152 | |||
Benefits paid | (152) | (152) | |||
Reconciliation: | |||||
Funded status | (2,096) | (2,212) | |||
Accrued pension cost | $ (2,096) | $ (2,212) | |||
Assumptions: | |||||
Discount rate | 2.50% | 2.25% | |||
Chesapeake Postretirement Plan | |||||
Change in benefit obligation: | |||||
Benefit obligation - beginning of year | $ 1,033 | $ 1,100 | |||
Interest cost | 22 | 26 | 39 | ||
Plan participants contributions | 190 | 166 | |||
Actuarial loss | 159 | (34) | |||
Benefits paid | (470) | (225) | |||
Benefit obligation - end of year | 934 | 1,033 | 1,100 | ||
Change in plan assets: | |||||
Balance, beginning of year | 0 | 0 | |||
Employer contributions | 280 | 59 | |||
Plan participants contributions | 190 | 166 | |||
Benefits paid | (470) | (225) | |||
Balance, end of year | 0 | 0 | 0 | ||
Reconciliation: | |||||
Funded status | (934) | (1,033) | |||
Accrued pension cost | $ (934) | $ (1,033) | |||
Assumptions: | |||||
Discount rate | 2.83% | 2.25% | |||
FPU Medical Plan | |||||
Change in benefit obligation: | |||||
Benefit obligation - beginning of year | $ 1,009 | $ 1,224 | |||
Interest cost | 24 | 30 | 48 | ||
Plan participants contributions | 29 | 37 | |||
Actuarial loss | 71 | (181) | |||
Benefits paid | (129) | (101) | |||
Benefit obligation - end of year | 1,004 | 1,009 | 1,224 | ||
Change in plan assets: | |||||
Balance, beginning of year | 0 | 0 | |||
Employer contributions | 100 | 64 | |||
Plan participants contributions | 29 | 37 | |||
Benefits paid | (129) | (101) | |||
Balance, end of year | 0 | 0 | $ 0 | ||
Reconciliation: | |||||
Funded status | (1,004) | (1,009) | |||
Accrued pension cost | $ (1,004) | $ (1,009) | |||
Assumptions: | |||||
Discount rate | 2.51% | 2.50% | |||
[1] | (2) As a result of the termination of the Chesapeake Pension Plan in 2021, we recorded $0.6 million as the final settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . | ||||
[2] | (1) As a result of annuity purchases and lump sum payments associated with the de-risking of the Chesapeake Pension Plan, the discount rate for Chesapeake Pension Plan was re-measured which triggered settlement accounting expense in the fourth quarter of 2019. We recorded an estimated $0.7 million for the settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Income Loss or Regulatory Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ 48 | $ 63 | $ 74 | |||
Prior service cost (credit) | (293) | |||||
Net loss | 18,953 | |||||
Total | 18,660 | |||||
Accumulated other comprehensive loss pre-tax | 4,385 | |||||
Post-merger regulatory asset | (14,275) | |||||
Total unrecognized cost | (18,660) | |||||
Chesapeake Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | 141 | [1] | 176 | 375 | [2] | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 166 | [1] | 157 | 487 | [2] | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (257) | [1] | (243) | (391) | [2] | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (1,810) | [1] | (203) | (1,982) | [2] | |
Net Periodic Cost Benefit | 2,042 | [1] | 465 | 2,261 | [2] | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2,042 | [1] | 465 | 2,261 | [2] | |
Amortization Of Pre Merger Regulatory Asset | $ 0 | [1] | $ 0 | $ 0 | [2] | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.25% | 3.00% | 3.00% | |||
Expected return on plan assets | 3.50% | 3.50% | 6.00% | |||
FPU Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ 1,714 | $ 2,085 | $ 2,452 | |||
Prior service cost (credit) | 0 | |||||
Net loss | 17,737 | |||||
Total | 17,737 | |||||
Accumulated other comprehensive loss pre-tax | [3] | 3,370 | ||||
Post-merger regulatory asset | (14,367) | |||||
Total unrecognized cost | (17,737) | |||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 3,306 | 2,967 | 2,770 | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (612) | (552) | (505) | |||
Net Periodic Cost Benefit | (980) | (330) | 187 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (980) | (330) | 730 | |||
Amortization Of Pre Merger Regulatory Asset | $ 0 | $ 0 | $ 543 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.50% | 3.25% | 4.25% | |||
Expected return on plan assets | 6.00% | 6.00% | 6.50% | |||
Chesapeake SERP | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ 48 | $ 63 | ||||
Prior service cost (credit) | 0 | |||||
Net loss | 659 | |||||
Total | 659 | |||||
Accumulated other comprehensive loss pre-tax | [3] | 659 | ||||
Post-merger regulatory asset | 0 | |||||
Total unrecognized cost | (659) | |||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (28) | (20) | $ (85) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | (58) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 76 | $ 83 | $ 217 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.25% | 3.00% | 4.00% | |||
Chesapeake Postretirement Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ 22 | $ 26 | $ 39 | |||
Prior service cost (credit) | (293) | |||||
Net loss | 671 | |||||
Total | 378 | |||||
Accumulated other comprehensive loss pre-tax | [3] | 378 | ||||
Post-merger regulatory asset | 0 | |||||
Total unrecognized cost | (378) | |||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (34) | (24) | (46) | |||
Net Periodic Cost Benefit | (21) | (27) | 8 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (21) | $ (27) | $ 8 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.25% | 3.00% | 4.00% | |||
FPU Medical Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ 24 | $ 30 | $ 48 | |||
Prior service cost (credit) | 0 | |||||
Net loss | (114) | |||||
Total | (114) | |||||
Accumulated other comprehensive loss pre-tax | [3] | (22) | ||||
Post-merger regulatory asset | (92) | |||||
Total unrecognized cost | (114) | |||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (9) | 19 | 0 | |||
Net Periodic Cost Benefit | 15 | 11 | 48 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 15 | 17 | 56 | |||
Amortization Of Pre Merger Regulatory Asset | $ 0 | $ 6 | $ 8 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.50% | 3.25% | 4.25% | |||
[1] | (2) As a result of the termination of the Chesapeake Pension Plan in 2021, we recorded $0.6 million as the final settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . | |||||
[2] | (1) As a result of annuity purchases and lump sum payments associated with the de-risking of the Chesapeake Pension Plan, the discount rate for Chesapeake Pension Plan was re-measured which triggered settlement accounting expense in the fourth quarter of 2019. We recorded an estimated $0.7 million for the settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . | |||||
[3] | The total amount of accumulated other comprehensive loss recorded on our consolidated balance sheet as of December 31, 2021 is net of income tax benefits of $1.1 million. |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Income Loss or Regulatory Assets (Phantoms) (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Disclosure Employee Benefit Plans Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income Loss Or Regulatory Assets [Abstract] | |
Income tax benefits | $ 1.1 |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Assets by Investment Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Asset Category | |||
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value Investments | $ 51,930 | $ 52,459 | |
FPU Pension Plan | |||
Asset Category | |||
Percentage of assets by investment type | 100.00% | 100.00% | 100.00% |
FPU Pension Plan | Investments in equity securities | |||
Asset Category | |||
Percentage of assets by investment type | 52.00% | 54.00% | 53.00% |
FPU Pension Plan | Debt securities | |||
Asset Category | |||
Percentage of assets by investment type | 38.00% | 37.00% | 37.00% |
FPU Pension Plan | Other | |||
Asset Category | |||
Percentage of assets by investment type | 10.00% | 9.00% | 10.00% |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Asset Allocation Strategy (Detail) | Dec. 31, 2021 |
Minimum | Domestic Equities | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 14.00% |
Minimum | Foreign Equities | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13.00% |
Minimum | Fixed Income | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 26.00% |
Minimum | Alternative Strategies | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 4.00% |
Minimum | Diversifying Assets | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% |
Minimum | Cash | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% |
Maximum | Domestic Equities | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 32.00% |
Maximum | Foreign Equities | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% |
Maximum | Fixed Income | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Maximum | Alternative Strategies | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Maximum | Diversifying Assets | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 19.00% |
Maximum | Cash | |
Debt and Equity Securities, FV-NI [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Pension Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt and Equity Securities, FV-NI [Line Items] | ||||
Investments measured at net asset value | [1] | $ 6,782 | $ 8,116 | |
Investments in equity securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 23,842 | 23,071 | ||
Investments in equity securities | Us Large Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 4,302 | 3,615 | |
Investments in equity securities | Us Mid Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 1,835 | 1,672 | |
Investments in equity securities | United States Equity Small Cap | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 954 | 891 | |
Investments in equity securities | International All Cap Equity | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [3] | 10,863 | 11,307 | |
Investments in equity securities | Alternative Strategies | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [4] | 5,888 | 5,586 | |
Debt securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 22,565 | 24,169 | ||
Debt securities | Fixed Income | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 19,551 | 21,563 | |
Debt securities | High Yield Asset Backed Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 3,014 | 2,606 | |
Other | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 5,523 | 5,219 | ||
Other | Commodities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [6] | 2,297 | 2,246 | |
Other | Real Estate | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [7] | 2,729 | 1,954 | |
Other | Guaranteed deposit | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [8] | 497 | 1,019 | |
Quoted Prices in Active Markets (Level 1) | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 51,433 | 51,440 | ||
Quoted Prices in Active Markets (Level 1) | Investments in equity securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 23,842 | 23,071 | ||
Quoted Prices in Active Markets (Level 1) | Investments in equity securities | Us Large Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 4,302 | 3,615 | |
Quoted Prices in Active Markets (Level 1) | Investments in equity securities | Us Mid Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 1,835 | 1,672 | |
Quoted Prices in Active Markets (Level 1) | Investments in equity securities | United States Equity Small Cap | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 954 | 891 | |
Quoted Prices in Active Markets (Level 1) | Investments in equity securities | International All Cap Equity | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [3] | 10,863 | 11,307 | |
Quoted Prices in Active Markets (Level 1) | Investments in equity securities | Alternative Strategies | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [4] | 5,888 | 5,586 | |
Quoted Prices in Active Markets (Level 1) | Debt securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 22,565 | 24,169 | ||
Quoted Prices in Active Markets (Level 1) | Debt securities | Fixed Income | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 19,551 | 21,563 | |
Quoted Prices in Active Markets (Level 1) | Debt securities | High Yield Asset Backed Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 3,014 | 2,606 | |
Quoted Prices in Active Markets (Level 1) | Other | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 5,026 | 4,200 | ||
Quoted Prices in Active Markets (Level 1) | Other | Commodities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [6] | 2,297 | 2,246 | |
Quoted Prices in Active Markets (Level 1) | Other | Real Estate | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [7] | 2,729 | 1,954 | |
Quoted Prices in Active Markets (Level 1) | Other | Guaranteed deposit | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [8] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Investments in equity securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Investments in equity securities | Us Large Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Investments in equity securities | Us Mid Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Investments in equity securities | United States Equity Small Cap | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Investments in equity securities | International All Cap Equity | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [3] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Investments in equity securities | Alternative Strategies | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [4] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Debt securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Debt securities | Fixed Income | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Debt securities | High Yield Asset Backed Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Other | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Other | Commodities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [6] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Other | Real Estate | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [7] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Other | Guaranteed deposit | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [8] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 497 | 1,019 | $ 1,147 | |
Significant Unobservable Inputs (Level 3) | Investments in equity securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Investments in equity securities | Us Large Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Investments in equity securities | Us Mid Cap Equity Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Investments in equity securities | United States Equity Small Cap | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Investments in equity securities | International All Cap Equity | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [3] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Investments in equity securities | Alternative Strategies | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [4] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Debt securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Debt securities | Fixed Income | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Debt securities | High Yield Asset Backed Securities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [5] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | 497 | 1,019 | ||
Significant Unobservable Inputs (Level 3) | Other | Commodities | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [6] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other | Real Estate | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [7] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other | Guaranteed deposit | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | [8] | 497 | 1,019 | |
Fair Value, Inputs, Level 1, 2 and 3 | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets, excluding investments measured at net asset value | 51,930 | 52,459 | ||
Fair Value Measured at Net Asset Value Per Share | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Total Pension Plan Assets | $ 58,712 | $ 60,575 | ||
[1] | Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. These amounts are presented to reconcile to total pension plan assets. | |||
[2] | Includes funds that invest primarily in United States common stocks. | |||
[3] | Includes funds that invest primarily in foreign equities and emerging markets equities. | |||
[4] | Includes funds that actively invest in both equity and debt securities, funds that sell short securities and funds that provide long-term capital appreciation. The funds may invest in debt securities below investment grade. | |||
[5] | Includes funds that invest in investment grade and fixed income securities. | |||
[6] | Includes funds that invest primarily in commodity-linked derivative instruments and fixed income securities. | |||
[7] | Includes funds that invest primarily in real estate. | |||
[8] | Includes investment in a group annuity product issued by an insurance company. |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Changes in Fair Value of Level 3 Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Alternative Investments, Fair Value of Plan Assets | [1] | $ 6,782 | $ 8,116 |
Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 51,440 | ||
Balance, end of year | 51,433 | 51,440 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Balance, end of year | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 1,019 | 1,147 | |
Purchases | 3,160 | 3,190 | |
Transfers in | 5,914 | 921 | |
Disbursements | (9,587) | (4,290) | |
Investment Income | (9) | 51 | |
Balance, end of year | 497 | 1,019 | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value Investments | 51,930 | 52,459 | |
Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 60,575 | ||
Balance, end of year | 58,712 | 60,575 | |
Investments in equity securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 23,071 | ||
Balance, end of year | 23,842 | 23,071 | |
Investments in equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 23,071 | ||
Balance, end of year | 23,842 | 23,071 | |
Investments in equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Balance, end of year | 0 | 0 | |
Investments in equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Balance, end of year | 0 | 0 | |
Debt securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 24,169 | ||
Balance, end of year | 22,565 | 24,169 | |
Debt securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 24,169 | ||
Balance, end of year | 22,565 | 24,169 | |
Debt securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Balance, end of year | 0 | 0 | |
Debt securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Balance, end of year | 0 | 0 | |
Other Investments [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 5,219 | ||
Balance, end of year | 5,523 | 5,219 | |
Other Investments [Member] | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 4,200 | ||
Balance, end of year | 5,026 | 4,200 | |
Other Investments [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 0 | ||
Balance, end of year | 0 | 0 | |
Other Investments [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | 1,019 | ||
Balance, end of year | 497 | 1,019 | |
Us Large Cap Equity Securities | Investments in equity securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 3,615 | |
Balance, end of year | [2] | 4,302 | 3,615 |
Us Large Cap Equity Securities | Investments in equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 3,615 | |
Balance, end of year | [2] | 4,302 | 3,615 |
Us Large Cap Equity Securities | Investments in equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 0 | |
Balance, end of year | [2] | 0 | 0 |
Us Large Cap Equity Securities | Investments in equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 0 | |
Balance, end of year | [2] | 0 | 0 |
Us Mid Cap Equity Securities | Investments in equity securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 1,672 | |
Balance, end of year | [2] | 1,835 | 1,672 |
Us Mid Cap Equity Securities | Investments in equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 1,672 | |
Balance, end of year | [2] | 1,835 | 1,672 |
Us Mid Cap Equity Securities | Investments in equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 0 | |
Balance, end of year | [2] | 0 | 0 |
Us Mid Cap Equity Securities | Investments in equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 0 | |
Balance, end of year | [2] | 0 | 0 |
United States Equity Small Cap | Investments in equity securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 891 | |
Balance, end of year | [2] | 954 | 891 |
United States Equity Small Cap | Investments in equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 891 | |
Balance, end of year | [2] | 954 | 891 |
United States Equity Small Cap | Investments in equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 0 | |
Balance, end of year | [2] | 0 | 0 |
United States Equity Small Cap | Investments in equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [2] | 0 | |
Balance, end of year | [2] | 0 | 0 |
International All Cap Equity | Investments in equity securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [3] | 11,307 | |
Balance, end of year | [3] | 10,863 | 11,307 |
International All Cap Equity | Investments in equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [3] | 11,307 | |
Balance, end of year | [3] | 10,863 | 11,307 |
International All Cap Equity | Investments in equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [3] | 0 | |
Balance, end of year | [3] | 0 | 0 |
International All Cap Equity | Investments in equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [3] | 0 | |
Balance, end of year | [3] | 0 | 0 |
Alternative Strategies | Investments in equity securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [4] | 5,586 | |
Balance, end of year | [4] | 5,888 | 5,586 |
Alternative Strategies | Investments in equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [4] | 5,586 | |
Balance, end of year | [4] | 5,888 | 5,586 |
Alternative Strategies | Investments in equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [4] | 0 | |
Balance, end of year | [4] | 0 | 0 |
Alternative Strategies | Investments in equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [4] | 0 | |
Balance, end of year | [4] | 0 | 0 |
Fixed Income Securities [Member] | Debt securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 21,563 | |
Balance, end of year | [5] | 19,551 | 21,563 |
Fixed Income Securities [Member] | Debt securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 21,563 | |
Balance, end of year | [5] | 19,551 | 21,563 |
Fixed Income Securities [Member] | Debt securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 0 | |
Balance, end of year | [5] | 0 | 0 |
Fixed Income Securities [Member] | Debt securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 0 | |
Balance, end of year | [5] | 0 | 0 |
High Yield Asset Backed Securities | Debt securities | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 2,606 | |
Balance, end of year | [5] | 3,014 | 2,606 |
High Yield Asset Backed Securities | Debt securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 2,606 | |
Balance, end of year | [5] | 3,014 | 2,606 |
High Yield Asset Backed Securities | Debt securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 0 | |
Balance, end of year | [5] | 0 | 0 |
High Yield Asset Backed Securities | Debt securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [5] | 0 | |
Balance, end of year | [5] | 0 | 0 |
Commodities | Other Investments [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [6] | 2,246 | |
Balance, end of year | [6] | 2,297 | 2,246 |
Commodities | Other Investments [Member] | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [6] | 2,246 | |
Balance, end of year | [6] | 2,297 | 2,246 |
Commodities | Other Investments [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [6] | 0 | |
Balance, end of year | [6] | 0 | 0 |
Commodities | Other Investments [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [6] | 0 | |
Balance, end of year | [6] | 0 | 0 |
Real Estate [Member] | Other Investments [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [7] | 1,954 | |
Balance, end of year | [7] | 2,729 | 1,954 |
Real Estate [Member] | Other Investments [Member] | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [7] | 1,954 | |
Balance, end of year | [7] | 2,729 | 1,954 |
Real Estate [Member] | Other Investments [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [7] | 0 | |
Balance, end of year | [7] | 0 | 0 |
Real Estate [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [7] | 0 | |
Balance, end of year | [7] | 0 | 0 |
Guaranteed deposit | Other Investments [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [8] | 1,019 | |
Balance, end of year | [8] | 497 | 1,019 |
Guaranteed deposit | Other Investments [Member] | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [8] | 0 | |
Balance, end of year | [8] | 0 | 0 |
Guaranteed deposit | Other Investments [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [8] | 0 | |
Balance, end of year | [8] | 0 | 0 |
Guaranteed deposit | Other Investments [Member] | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance, beginning of year | [8] | 1,019 | |
Balance, end of year | [8] | $ 497 | $ 1,019 |
[1] | Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. These amounts are presented to reconcile to total pension plan assets. | ||
[2] | Includes funds that invest primarily in United States common stocks. | ||
[3] | Includes funds that invest primarily in foreign equities and emerging markets equities. | ||
[4] | Includes funds that actively invest in both equity and debt securities, funds that sell short securities and funds that provide long-term capital appreciation. The funds may invest in debt securities below investment grade. | ||
[5] | Includes funds that invest in investment grade and fixed income securities. | ||
[6] | Includes funds that invest primarily in commodity-linked derivative instruments and fixed income securities. | ||
[7] | Includes funds that invest primarily in real estate. | ||
[8] | Includes investment in a group annuity product issued by an insurance company. |
Employee Benefit Plans - Compon
Employee Benefit Plans - Component of Net Periodic Pension Cost (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Components of net periodic cost: | |||||
Interest cost | $ 48 | $ 63 | $ 74 | ||
Expected Amortization Of Pre Merger Regulatory Asset | 0 | ||||
Chesapeake Postretirement Plan | |||||
Components of net periodic cost: | |||||
Interest cost | 22 | 26 | 39 | ||
Amortization of prior service cost | (77) | (77) | (77) | ||
Actuarial (gain) loss | 34 | 24 | 46 | ||
Net periodic pension cost | (21) | (27) | 8 | ||
Expected Amortization Of Pre Merger Regulatory Asset | 0 | 0 | |||
Net periodic postretirement cost | $ (21) | $ (27) | $ 8 | ||
Assumptions | |||||
Discount rate | 2.25% | 3.00% | 4.00% | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 190 | $ 166 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 159 | (34) | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (470) | (225) | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 280 | 59 | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 190 | 166 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (470) | (225) | |||
Funded status | (934) | (1,033) | |||
Accrued pension cost | $ (934) | $ (1,033) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.83% | 2.25% | |||
FPU Medical Plan | |||||
Components of net periodic cost: | |||||
Interest cost | $ 24 | $ 30 | 48 | ||
Amortization of prior service cost | 0 | 0 | 0 | ||
Actuarial (gain) loss | 9 | (19) | 0 | ||
Net periodic pension cost | 15 | 11 | 48 | ||
Amortization of pre-merger regulatory asset | 0 | 6 | 8 | ||
Net periodic postretirement cost | $ 15 | $ 17 | $ 56 | ||
Assumptions | |||||
Discount rate | 2.50% | 3.25% | 4.25% | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 29 | $ 37 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 71 | (181) | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (129) | (101) | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | 64 | |||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 29 | 37 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (129) | (101) | |||
Funded status | (1,004) | (1,009) | |||
Accrued pension cost | $ (1,004) | $ (1,009) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.51% | 2.50% | |||
Chesapeake SERP | |||||
Components of net periodic cost: | |||||
Interest cost | $ 48 | $ 63 | |||
Actuarial (gain) loss | 28 | 20 | 85 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 58 | ||
Net periodic postretirement cost | $ 76 | $ 83 | $ 217 | ||
Assumptions | |||||
Discount rate | 2.25% | 3.00% | 4.00% | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (12) | $ 144 | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (152) | (152) | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 152 | 152 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (152) | (152) | |||
Funded status | (2,096) | (2,212) | |||
Accrued pension cost | $ (2,096) | $ (2,212) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 2.25% | |||
Chesapeake Pension Plan | |||||
Components of net periodic cost: | |||||
Interest cost | $ 141 | [1] | $ 176 | $ 375 | [2] |
Expected return on assets | (166) | [1] | (157) | (487) | [2] |
Actuarial (gain) loss | 257 | [1] | 243 | 391 | [2] |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1,810 | [1] | 203 | 1,982 | [2] |
Net periodic pension cost | 2,042 | [1] | 465 | 2,261 | [2] |
Amortization of pre-merger regulatory asset | 0 | [1] | 0 | 0 | [2] |
Net periodic postretirement cost | $ 2,042 | [1] | $ 465 | $ 2,261 | [2] |
Assumptions | |||||
Discount rate | 2.25% | 3.00% | 3.00% | ||
Expected return on plan assets | 3.50% | 3.50% | 6.00% | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (371) | $ 450 | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (32) | (82) | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 4,609 | $ 4,630 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,544 | 304 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (32) | (82) | |||
Funded status | 0 | (1,537) | |||
Accrued pension cost | $ 0 | $ (1,537) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 2.25% | |||
FPU Pension Plan | |||||
Components of net periodic cost: | |||||
Interest cost | $ 1,714 | $ 2,085 | 2,452 | ||
Expected return on assets | (3,306) | (2,967) | (2,770) | ||
Actuarial (gain) loss | 612 | 552 | 505 | ||
Net periodic pension cost | (980) | (330) | 187 | ||
Amortization of pre-merger regulatory asset | 0 | 0 | 543 | ||
Net periodic postretirement cost | $ (980) | $ (330) | $ 730 | ||
Assumptions | |||||
Discount rate | 2.50% | 3.25% | 4.25% | ||
Expected return on plan assets | 6.00% | 6.00% | 6.50% | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (1,953) | $ 6,069 | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (3,097) | (3,092) | |||
Defined Benefit Plan, Plan Assets, Amount | 58,712 | 55,966 | $ 49,703 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,597 | 2,774 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (3,097) | (3,092) | |||
Funded status | (8,318) | (14,400) | |||
Accrued pension cost | $ (8,318) | $ (14,400) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.75% | 2.50% | |||
[1] | (2) As a result of the termination of the Chesapeake Pension Plan in 2021, we recorded $0.6 million as the final settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . | ||||
[2] | (1) As a result of annuity purchases and lump sum payments associated with the de-risking of the Chesapeake Pension Plan, the discount rate for Chesapeake Pension Plan was re-measured which triggered settlement accounting expense in the fourth quarter of 2019. We recorded an estimated $0.7 million for the settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts in Accumulated Other Comprehensive Income/Loss and Regulatory Asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Chesapeake Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of pre-merger regulatory asset | $ 0 | [1] | $ 0 | $ 0 | [2] |
FPU Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of pre-merger regulatory asset | 0 | 0 | 543 | ||
FPU Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of pre-merger regulatory asset | $ 0 | $ 6 | $ 8 | ||
[1] | (2) As a result of the termination of the Chesapeake Pension Plan in 2021, we recorded $0.6 million as the final settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . | ||||
[2] | (1) As a result of annuity purchases and lump sum payments associated with the de-risking of the Chesapeake Pension Plan, the discount rate for Chesapeake Pension Plan was re-measured which triggered settlement accounting expense in the fourth quarter of 2019. We recorded an estimated $0.7 million for the settlement expense in our consolidated statement of income which reflected a portion of the pension settlement expense that was deemed not recoverable through the regulatory process . |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2021USD ($) | |
FPU Pension Plan | ||
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ||
2017 | $ 3,451 | [1] |
2018 | 3,537 | [1] |
2019 | 3,592 | [1] |
2020 | 3,690 | [1] |
2021 | 3,720 | [1] |
Years 2022 through 2026 | 18,588 | [1] |
Chesapeake SERP | ||
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ||
2017 | 151 | [2] |
2018 | 149 | [2] |
2019 | 147 | [2] |
2020 | 160 | [2] |
2021 | 157 | [2] |
Years 2022 through 2026 | 723 | [2] |
Chesapeake Postretirement Plan | ||
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ||
2017 | 73 | [2] |
2018 | 68 | [2] |
2019 | 63 | [2] |
2020 | 59 | [2] |
2021 | 54 | [2] |
Years 2022 through 2026 | 218 | [2] |
FPU Medical Plan | ||
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ||
2017 | 71 | [2] |
2018 | 70 | [2] |
2019 | 71 | [2] |
2020 | 70 | [2] |
2021 | 69 | [2] |
Years 2022 through 2026 | $ 324 | [2] |
[1] | The pension plan is funded; therefore, benefit payments are expected to be paid out of the plan assets. | |
[2] | Benefit payments are expected to be paid out of our general funds. |
Employee Benefit Plans Employee
Employee Benefit Plans Employee benefit plans phantoms (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Chesapeake Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Funded status | $ 0 | $ (1,537) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to the awards to Non employee directors | $ 4.1 | |||
Shares reserved for issuance | 798,586 | |||
Number of Shares, Granted | 683 | 887 | ||
Number of shares withheld | 14,020 | 10,319 | 7,635 | |
SICP Awards to Non-employee directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amortization of expense equally over a service period | 1 year | |||
Number of Shares, Granted | 342 | |||
Weighted average grant-date fair value of awards granted | $ 129.09 | $ 117.11 | $ 84.47 | |
Total [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Granted | 6,830 | 8,870 | ||
Awards to non-employee director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to the awards to Non employee directors | $ 0.3 | |||
SICP Awards to Key Employees | ||||
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, Vested in Period, Weighted Average Grant Date Fair Value | $ 76.31 | $ 66.48 | ||
Number of Shares, Granted | 69,903 | 70,014 | ||
Weighted average grant-date fair value of awards granted | $ 100.76 | $ 91.89 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 28.8 | $ 20.2 | $ 15.1 | |
Stock and Incentive Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance | 369,099 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Share-Based Compensation Amounts Included in Net Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 5,945 | $ 4,829 | $ 4,279 |
Less: tax benefit | (1,535) | (1,254) | (1,117) |
Share-Based Compensation amounts included in net income | 4,410 | 3,575 | 3,162 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 4,100 | ||
SICP Awards to Non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 782 | 733 | 620 |
SICP Awards to Key Employees | |||
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, Aggregate Intrinsic Value, Nonvested | 28,800 | 20,200 | 15,100 |
Total compensation expense | $ 5,163 | $ 4,096 | $ 3,659 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Summary of Stock Activity Non-employee directors (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares, Granted | 683 | 887 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4.1 | ||
SICP Awards to Non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period For Amortization Of Share Based Expenses | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares, Granted | 342 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Granted | $ 129.09 | $ 117.11 | $ 84.47 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Summary of Stock Activity under SICP - Key employees (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares, Granted | 683 | 887 | |
SICP Awards to Key Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares, Outstanding Beginning Balance | 186,878 | 157,817 | |
Number of Shares, Granted | 69,903 | 70,014 | |
Number of Shares, Vested | (53,147) | (35,651) | |
Number of Shares, Expired | (5,302) | ||
Number of Shares, Outstanding Ending Balance | 197,398 | 186,878 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance | $ 87.06 | $ 80.28 | |
Weighted Average Grant Date Fair Value, Granted | 100.76 | 91.89 | |
Weighted Average Grant Date Fair Value, Vested | 76.31 | 66.48 | |
Weighted Average Grant Date Fair Value, Expired | 65.32 | ||
Weighted Average Grant Date Fair Value, Outstanding Ending Balance | $ 94.15 | $ 87.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | [1] | 5,384 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | [1] | $ 93.39 | |
Accelerated Vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Vested | $ 74.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 852 | ||
[1] | In conjunction with the retirement of one key employee during 2020, these shares were forfeited for the remainder of the service periods associated with awards granted during their employment with the Company. |
Share-Based Compensation Plan_5
Share-Based Compensation Plans Shares Withheld and Tax Benefits Associated With Share-Based Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 14,020 | 10,319 | 7,635 |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,478 | $ 977 | $ 692 |
Rates and Other Regulatory Ac_3
Rates and Other Regulatory Activities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)dekatherm / dDekathermmi | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Rates and Other Regulatory Activities [Line Items] | |||
Restricted Payment | $ 289,400 | ||
Regulatory Assets | 123,967 | $ 124,592 | |
Revenues | 569,968 | 488,198 | $ 479,605 |
COVID-19 Regulatory Asset | $ 2,300 | 1,900 | |
Peninsula Pipeline [Member] | Callahan Project [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Number of Pipeline Miles | mi | 26 | ||
Diameter of Pipe | mi | 16 | ||
Florida Public Utilities Company [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
COVID-19 Settlement Amount | $ 2,100 | ||
Eastern Shore Gas Company | Del-Mar Pathway Project [Domain] | |||
Rates and Other Regulatory Activities [Line Items] | |||
firm natural gas transportation deliverability | dekatherm / d | 14,300 | ||
Eastern Shore Gas Company | Del-Mar Pathway Project [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Number of Pipeline Miles | mi | 6 | ||
number of customers | 4 | ||
Number of Mainline Pipeline Miles | mi | 13 | ||
Hurricane Michael | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liability, Amortization Period, Low Range | 6 years | ||
Regulatory Liability, Amortization Period, Revised | 10 years | ||
TCJA | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liability, Amortization Period, Low Range | 5 years | ||
Regulatory Liability, Amortization Period, Revised | 80 years | ||
Peninsula Pipeline Company | Winter Haven Expansion | |||
Rates and Other Regulatory Activities [Line Items] | |||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 6,800 | ||
Peninsula Pipeline Company | Beachside Expansion | |||
Rates and Other Regulatory Activities [Line Items] | |||
Number of Mainline Pipeline Miles | mi | 11 | ||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 10,176 | ||
Delmarva | |||
Rates and Other Regulatory Activities [Line Items] | |||
COVID-19 Settlement Amount | $ 300 | ||
Florida Public Utilities Company [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Business Acquisition Premium Paid | 34,200 | ||
Eastern Shore Gas Company | |||
Rates and Other Regulatory Activities [Line Items] | |||
One time bill credit related to TCJA | 900 | ||
Maryland Division [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
One time bill credit related to TCJA | 365 | ||
Sandpiper [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
One time bill credit related to TCJA | 608 | ||
Delaware natural gas division [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
One time bill credit related to TCJA | 1,500 | ||
Elkton Gas [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
One time bill credit related to TCJA | 47 | ||
Elkton Gas [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Revenues | $ 7,105 | $ 2,399 | |
Elkton Gas [Member] | Regulated Energy [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Number of customers acquired through acquisition | 7,000 |
Rates and Other Regulatory Ac_4
Rates and Other Regulatory Activities Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | $ 123,967 | $ 124,592 | |
Regulatory Liabilities | 144,800 | 149,020 | |
Self Insured Liabilities [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | [1] | 563 | 533 |
Overrecovered Gas And Fuel Costs [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | [2] | 1,073 | 4,422 |
Storm Reserve [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | [1] | 2,829 | 2,673 |
Accrued asset removal cost | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | [3] | 47,887 | 45,315 |
Deferred Income Tax Due to Rate Change [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | [4] | 88,804 | 90,845 |
Other Regulatory Liability [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | 1,487 | 1,541 | |
Storm Cost Recovery, Interest | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Liabilities | [5] | 2,146 | 3,353 |
Underrecovered Gas And Fuel Costs [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [2] | 9,199 | 2,078 |
Under-recovered GRIP Revenue [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [6] | 2,101 | 278 |
Regulatory Liabilities | [6] | 11 | 338 |
Deferred Post Retirement Benefits [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [7] | 16,749 | 17,716 |
Deferred Conversion And Development Costs [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [2] | 23,383 | 23,054 |
Environmental Regulatory Assets And Expenditures [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [8] | 1,258 | 1,743 |
Acquisition Adjustment [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [9] | 27,182 | 28,756 |
Loss on Reacquired Debt [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [10] | 721 | 795 |
Other Regulatory Asset [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | 5,081 | 3,927 | |
COVID-19 Deferred Costs | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [11] | 2,289 | 1,925 |
Deferred Storm Costs | |||
Rates and Other Regulatory Activities [Line Items] | |||
Regulatory Assets | [5] | 36,004 | 44,320 |
Florida Public Utilities Company [Member] | |||
Rates and Other Regulatory Activities [Line Items] | |||
Business Acquisition Premium Paid | 34,200 | ||
Regulatory Liabilities | 19,189 | $ 19,257 | |
Indiantown Gas Company | |||
Rates and Other Regulatory Activities [Line Items] | |||
Business Acquisition Premium Paid | $ 700 | ||
[1] | We have storm reserves in our Florida regulated energy operations and self-insurance for our regulated energy operations that allow us to collect through rates amounts to be used against general claims, storm restoration costs and other losses as they are incurred. | ||
[2] | We are allowed to recover the asset or are required to pay the liability in rates. We do not earn an overall rate of return on these assets. | ||
[3] | See Note 1 , Summary of Significant Accounting Policies, for additional information on our asset removal cost policies. | ||
[4] | ) We recorded a regulatory liability for our regulated businesses related to the revaluation of accumulated deferred tax assets/liabilities as a result of the TCJA. The liability will be amortized over a period between 5 to 80 years based on the remaining life of the associated property. Based upon the regulatory proceedings, we will pass back the respective portion of the excess accumulated deferred taxes to rate payers. See Note 12, Income Taxes , for additional information. | ||
[5] | The Florida PSC authorized us to recover regulatory assets (including interest) associated with the recovery of Hurricanes Michael and Dorian storm costs which will be amortized between 6 and 10 years. Recovery of these costs includes a component of an overall return on capital additions and regulatory assets | ||
[6] | The Florida PSC allowed us to recover through a surcharge, capital and other program-related-costs, inclusive of an appropriate return on investment, associated with accelerating the replacement of qualifying distribution mains and services (defined as any material other than coated steel or plastic) in FPU’s natural gas distribution, Fort Meade division and Chesapeake Utilities’ Central Florida Gas division. We are allowed to recover the asset or are required to pay the liability in rates related to GRIP. | ||
[7] | The Florida PSC allowed FPU to treat as a regulatory asset the portion of the unrecognized costs pursuant to ASC Topic 715 , Compensation - Retirement Benefits , related to its regulated operations. This balance also includes the portion of pension settlement expense associated with the termination of the Chesapeake Pension Plan pursuant to an order from the FERC and the respective PSCs that allowed us to defer Eastern Shore, Delaware and Maryland Divisions' portion. See Note 17 , Employee Benefit Plans, for additional information. | ||
[8] | All of our environmental expenditures incurred to date and our current estimate of future environmental expenditures have been approved by various PSCs for recovery. See Note 20 , Environmental Commitments and Contingencies , for additional information on our environmental contingencies. | ||
[9] | We are allowed to include the premiums paid in various natural gas utility acquisitions in Florida in our rate bases and recover them over a specific time period pursuant to the Florida PSC approvals. We paid $34.2 million of the premium in 2009, including a gross up for income tax, because it is not tax deductible, and $0.7 million of the premium paid by FPU in 2010. | ||
[10] | Gains and losses resulting from the reacquisition of long-term debt are amortized over future periods as adjustments to interest expense in accordance with established regulatory practice. | ||
[11] | 7) We deferred as regulatory assets the net incremental expense impact associated with the net expense impact of COVID-19 as authorized by the stated PSCs. |
Rates and Other Regulatory Ac_5
Rates and Other Regulatory Activities Federal Tax Reform Impact for Regulated Businesses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | $ 144,800 | $ 149,020 |
Eastern Shore Gas Company [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 34,190 | 34,190 |
Delaware natural gas division [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 12,591 | 12,728 |
Maryland Division [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 3,840 | 3,970 |
Sandpiper [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 3,656 | 3,713 |
Central Florida Gas Division [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 8,032 | 8,184 |
Florida Public Utilities Company [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 19,189 | 19,257 |
Fort Meade and Indiantown Divisions [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 271 | 309 |
FPU electric division [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | 5,237 | 6,694 |
Elkton Gas [Member] | ||
Regulatory Liabilities Related to the Federal Tax Reform Impact [Line Items] | ||
Regulatory Liabilities | $ 1,091 | $ 1,124 |
Environmental Commitments and_3
Environmental Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)site | Dec. 31, 2020USD ($) | |
Environmental Commitments And Contingencies [Line Items] | ||
Companys Exposure In Number Of Former Manufactured Gas Plant Sites | site | 7 | |
Environmental liabilities | $ 3,538,000 | $ 4,299,000 |
Manufactured Gas Plant | ||
Environmental Commitments And Contingencies [Line Items] | ||
Regulatory assets for future recovery of environmental costs | 1,300,000 | 1,700,000 |
Maximum | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental Remediation Expense | 900,000 | |
Minimum | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental Exit Costs, Reasonably Possible Additional Loss | 300,000 | |
West Palm Beach Florida | Maximum | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental Exit Costs, Reasonably Possible Additional Loss | 14,200,000 | |
West Palm Beach Florida | Minimum | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental Exit Costs, Reasonably Possible Additional Loss | 3,300,000 | |
FPU | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental liabilities | 5,200,000 | 5,900,000 |
Approval of recovery of environmental costs | 14,000,000 | |
Environmental costs recovered | 12,900,000 | 12,400,000 |
FPU | Manufactured Gas Plant | ||
Environmental Commitments And Contingencies [Line Items] | ||
Regulatory assets for future recovery of environmental costs | $ 1,100,000 | $ 1,600,000 |
Other Commitments and Conting_3
Other Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Subsequent Event [Line Items] | |
Intercompany Agreements, Description | three years |
Debt Service Coverage Ratio | 1.25 |
Time to cure ratio | 5 days |
Ratio based on average number of prior quarters | 6 |
Funds from operations interest coverage ratio minimum times | 2 |
Total debt to capital maximum | 65 |
Number Of Years to Collect Benefits | 20 years |
Total purchase obligations for 2018 | $ 89,557 |
Total purchase obligations for 2019 - 2020 | 82,412 |
Total purchase obligations for 2021 - 2022 | 70,114 |
Total purchase obligations thereafter | 174,203 |
Aggregate guaranteed amount | 20,000 |
Guarantor Obligations, Current Carrying Value | 13,100 |
Amount of letter of credit to our current primary insurance company | $ 5,300 |
Florida Natural Gas Distribution and Eight Flags [Member] | |
Subsequent Event [Line Items] | |
Number of Years for Asset Management Agreement | 10 years |
Other Commitments and Conting_4
Other Commitments and Contingencies Purchase Obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | $ 89,557 |
Purchase Obligation, Due in Second and Third Year | 82,412 |
Purchase Obligation, Due in Fourth and Fifth Year | 70,114 |
Purchase Obligation, Due after Fifth Year | 174,203 |
Purchase Obligation | $ 416,286 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Quarterly Financial Data Schedule Of Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $ 569,968 | $ 488,198 | $ 479,605 | ||||||||
Operating Income | 131,112 | 112,723 | 106,285 | ||||||||
Net Income | $ 22,352 | $ 9,261 | $ 10,956 | $ 28,930 | $ 22,564 | $ 5,621 | $ 8,304 | $ 28,663 | 83,466 | 71,498 | 65,153 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 83,467 | 70,642 | 61,100 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1) | 686 | (1,349) | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | $ 170 | $ 5,402 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.75 | $ 4.23 | $ 3.73 | ||||||||
Earnings per share: | |||||||||||
Basic (in usd per share) | $ 1.27 | $ 0.56 | $ 0.67 | $ 1.76 | $ 1.38 | $ 0.34 | $ 0.51 | $ 1.75 | 4.75 | 4.28 | 3.97 |
Income (Loss) from Continuing Operations, Per Diluted Share | 4.73 | 4.21 | 3.72 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0.05 | 0.24 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0.05 | 0.24 | ||||||||
Diluted (in usd per share) | $ 1.26 | $ 0.56 | $ 0.66 | $ 1.76 | $ 1.37 | $ 0.34 | $ 0.50 | $ 1.74 | $ 4.73 | $ 4.26 | $ 3.96 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at Beginning of Year | $ 1,337 | $ 1,058 |
Additions, Charged to Income | 3,827 | 1,392 |
Additions, Other Accounts | 613 | 278 |
Deductions | (992) | (1,391) |
Balance at End of Year | $ 4,785 | $ 1,337 |