Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 | 500 Energy Lane | |
Entity Address, City or Town | Dover | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19901 | |
City Area Code | 302 | |
Local Phone Number | 734-6799 | |
Title of 12(b) Security | Common Stock - par value per share $0.4867 | |
Trading Symbol | CPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,741,034 | |
Entity Central Index Key | 0000019745 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenues | ||||
Regulated Energy | $ 90,980 | $ 80,396 | $ 311,064 | $ 282,503 |
Unregulated Energy and other | 40,073 | 26,939 | 182,339 | 127,101 |
Total Operating Revenues | 131,053 | 107,335 | 493,403 | 409,604 |
Operating Expenses | ||||
Regulated natural gas and electric costs | 21,248 | 15,294 | 88,264 | 72,785 |
Unregulated propane and natural gas costs | 22,958 | 12,072 | 100,236 | 55,578 |
Operations | 40,182 | 34,075 | 120,981 | 109,886 |
Maintenance | 4,501 | 4,267 | 13,273 | 12,568 |
Depreciation and amortization | 17,339 | 15,798 | 51,532 | 46,460 |
Other taxes | 6,177 | 5,716 | 19,136 | 18,039 |
Total Operating Expenses | 112,405 | 87,222 | 393,422 | 315,316 |
Total operating income | 18,648 | 20,113 | 99,981 | 94,288 |
Other income, net | 957 | 327 | 4,454 | 2,155 |
Interest charges | 6,240 | 4,975 | 17,404 | 15,134 |
Income Before Income Taxes | 13,365 | 15,465 | 87,031 | 81,309 |
Income Taxes | 3,703 | 2,990 | 23,385 | 20,555 |
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Weighted Average Common Shares Outstanding: | ||||
Basic (shares) | 17,737,984 | 17,582,115 | 17,715,845 | 17,538,461 |
Diluted (shares) | 17,819,373 | 17,659,643 | 17,797,001 | 17,610,158 |
Earnings Per Share of Common Stock: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.54 | $ 0.71 | $ 3.59 | $ 3.46 |
Basic (in dollars per share) | 0.54 | 0.71 | 3.59 | 3.46 |
Earnings Per Share, Diluted [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.54 | 0.71 | 3.58 | 3.45 |
Diluted (in dollars per share) | $ 0.54 | $ 0.71 | $ 3.58 | $ 3.45 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively | (14) | (14) | (42) | (42) |
Net gain, net of tax of $28, $28, $53 and $55, respectively | (32) | (78) | (95) | (234) |
Unrealized gain (loss) on commodity contract cash flow hedges, net of tax of $(1,111), $688, $(1,115) and $1,945, respectively | (2,939) | 1,803 | (2,907) | 5,094 |
Unrealized gain/(loss) on interest rate swap cash flow hedges, net of tax of $2, $(14), $1 and $(14), respectively | 153 | 14 | 153 | 18 |
Other comprehensive income (loss) | (2,768) | 1,881 | (2,701) | 5,304 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 6,894 | $ 14,356 | $ 60,945 | $ 66,058 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Amortization of prior service cost, tax | $ (5) | $ (5) | $ (15) | $ (15) |
Net gain, tax | 11 | 28 | 34 | 83 |
Unrealized (loss)/gain on commodity contract cash flow hedges, tax | (1,111) | 688 | (1,115) | 1,945 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Interest Rate Swaps During Period, Tax | $ 54 | $ 5 | $ 54 | $ 6 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment | |||
Regulated Energy | $ 1,784,939 | $ 1,720,287 | |
Unregulated Energy | 385,067 | 357,259 | |
Other businesses and eliminations | 30,701 | 35,418 | |
Total property, plant and equipment | 2,200,707 | 2,112,964 | |
Less: Accumulated depreciation and amortization | (449,026) | (417,479) | |
Net property, plant and equipment | 1,794,040 | 1,744,878 | |
Current Assets | |||
Cash and cash equivalents | 2,480 | 4,976 | |
Trade and other receivables | 34,325 | 58,482 | |
Accounts Receivable, Allowance for Credit Loss, Current | (2,953) | (3,141) | |
Accounts Receivable, before Allowance for Credit Loss, Current | 37,278 | 61,623 | |
Accrued revenue | 15,883 | 22,513 | |
Propane inventory, at average cost | 8,797 | 11,644 | |
Other inventory, at average cost | 11,828 | 9,345 | |
Regulatory assets | 45,624 | 19,794 | |
Storage gas prepayments | 7,443 | 3,691 | |
Income taxes receivable | 18,859 | 17,460 | |
Prepaid expenses | 17,823 | 17,121 | |
Derivative assets, at fair value | 4,552 | 7,076 | |
Other current assets | 1,589 | 1,033 | |
Total current assets | 169,203 | 173,135 | |
Deferred Charges and Other Assets | |||
Goodwill | 45,158 | 44,708 | |
Other intangible assets, net | 13,751 | 13,192 | |
Investments, at fair value | 9,895 | 12,095 | |
Operating Lease, Right-of-Use Asset | 14,916 | 10,139 | |
Regulatory assets | 97,283 | 104,173 | |
Receivables and other deferred charges | 13,176 | 12,549 | |
Total deferred charges and other assets | 194,179 | 196,856 | |
Total Assets | 2,157,422 | 2,114,869 | |
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) | 8,634 | 8,593 | |
Additional paid-in capital | 378,261 | 371,162 | |
Retained earnings | 428,941 | 393,072 | |
Accumulated other comprehensive income | (1,398) | 1,303 | |
Deferred compensation obligation | 7,003 | 7,240 | |
Treasury stock | (7,003) | (7,240) | |
Total stockholders’ equity | 814,438 | [1] | 774,130 |
Total capitalization | 1,398,271 | 1,324,033 | |
Current Liabilities | |||
Less: current maturities | 21,478 | 17,962 | |
Short-term borrowing | 167,332 | 221,634 | |
Accounts payable | 46,811 | 52,628 | |
Customer deposits and refunds | 37,825 | 36,488 | |
Accrued interest | 4,898 | 2,775 | |
Dividends payable | 9,490 | 8,466 | |
Accrued compensation | 10,355 | 15,505 | |
Regulatory liabilities | 3,506 | 2,312 | |
Derivative liabilities, at fair value | 2,051 | 743 | |
Other accrued liabilities | 25,105 | 17,920 | |
Total current liabilities | 328,851 | 376,433 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes | 248,702 | 233,550 | |
Regulatory liabilities | 143,645 | 142,488 | |
Environmental liabilities | 2,901 | 3,538 | |
Other pension and benefit costs | 20,228 | 24,120 | |
Operating Lease, Liability, Noncurrent | 12,975 | 8,571 | |
Deferred investment tax credits and other liabilities | 1,849 | 2,136 | |
Total deferred credits and other liabilities | 430,300 | 414,403 | |
Environmental and other commitments and contingencies (Notes 5 and 6) | |||
Total Capitalization and Liabilities | 2,157,422 | 2,114,869 | |
Other businesses and eliminations | 30,701 | 35,418 | |
Property, Plant and Equipment, Gross | 2,200,707 | 2,112,964 | |
Construction Work in Progress | 42,359 | 49,393 | |
Property, Plant and Equipment, Net | 1,794,040 | 1,744,878 | |
Trade and other receivables | 34,325 | 58,482 | |
Income taxes receivable | 18,859 | 17,460 | |
Other current assets | 1,589 | 1,033 | |
Assets, Current | 169,203 | 173,135 | |
Receivables and other deferred charges | 13,176 | 12,549 | |
Deferred Charges And Other Assets | 194,179 | 196,856 | |
Total identifiable assets | 2,157,422 | 2,114,869 | |
Regulated Energy | 1,784,939 | 1,720,287 | |
Unregulated Energy | 385,067 | 357,259 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 449,026 | 417,479 | |
Cash and cash equivalents | 2,480 | 4,976 | |
Accounts Receivable, before Allowance for Credit Loss, Current | 37,278 | 61,623 | |
Allowance for uncollectible accounts | 2,953 | 3,141 | |
Accrued revenue | 15,883 | 22,513 | |
Propane inventory, at average cost | 8,797 | 11,644 | |
Other inventory, at average cost | 11,828 | 9,345 | |
Regulatory assets | 45,624 | 19,794 | |
Storage gas prepayments | 7,443 | 3,691 | |
Prepaid expenses | 17,823 | 17,121 | |
Derivative assets, at fair value | 4,552 | 7,076 | |
Goodwill | 45,158 | 44,708 | |
Other intangible assets, net | 13,751 | 13,192 | |
Investments, at fair value | 9,895 | 12,095 | |
Operating Lease, Right-of-Use Asset | 14,916 | 10,139 | |
Regulatory assets | 97,283 | 104,173 | |
Preferred stock, par value $0.01 per share (authorized 2,000,000 shares), no shares issued and outstanding | 0 | 0 | |
Stockholders' Equity Attributable to Parent | 814,438 | [1] | 774,130 |
Capitalization, Long-term Debt and Equity | 1,398,271 | 1,324,033 | |
Accounts payable | 46,811 | 52,628 | |
Other accrued liabilities | 25,105 | 17,920 | |
Liabilities, Current | 328,851 | 376,433 | |
Regulatory liabilities | 143,645 | 142,488 | |
Operating Lease, Liability, Noncurrent | 12,975 | 8,571 | |
Deferred investment tax credits and other liabilities | 1,849 | 2,136 | |
Deferred Credits and Other Liabilities | 430,300 | 414,403 | |
Environmental and other commitments and contingencies (Notes 5 and 6) | |||
Liabilities and Equity | 2,157,422 | 2,114,869 | |
Common stock, par value $0.4867 per share (authorized 50,000,000 shares) | 8,634 | 8,593 | |
Additional paid-in capital | 378,261 | 371,162 | |
Retained earnings | 428,941 | 393,072 | |
Accumulated other comprehensive income | (1,398) | 1,303 | |
Deferred compensation obligation | 7,003 | 7,240 | |
Treasury Stock, Value | 7,003 | 7,240 | |
Long-term Debt and Capital Lease Obligations, Net of Current Maturities | 583,833 | 549,903 | |
Less: current maturities | 21,478 | 17,962 | |
Short-term borrowing | 167,332 | 221,634 | |
Customer deposits and refunds | 37,825 | 36,488 | |
Accrued interest | 4,898 | 2,775 | |
Dividends payable | 9,490 | 8,466 | |
Accrued compensation | 10,355 | 15,505 | |
Regulatory liabilities | 3,506 | 2,312 | |
Energy Marketing Contract Liabilities, Current | 2,051 | 743 | |
Deferred income taxes | 248,702 | 233,550 | |
Environmental liabilities | 2,901 | 3,538 | |
Other pension and benefit costs | $ 20,228 | $ 24,120 | |
[1]2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for uncollectible accounts | $ 2,953 | $ 3,141 |
Common stock, par value (in dollars per share) | $ 0.4867 | $ 0.4867 |
Common stock, shares authorized (shares) | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net Income | $ 63,646 | $ 60,754 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 51,532 | 46,460 |
Depreciation and accretion included in other costs | 8,280 | 7,668 |
Deferred income taxes | 16,216 | 18,059 |
Realized gain on commodity contracts and sale of assets | (7,247) | (6,255) |
Unrealized loss (gain) on investments/commodity contracts | 2,358 | (949) |
Employee benefits and compensation | (780) | (519) |
Share-based compensation | 4,705 | 4,620 |
Changes in assets and liabilities: | ||
Accounts receivable and accrued revenue | 30,692 | 22,439 |
Propane inventory, storage gas and other inventory | (3,338) | (4,396) |
Regulatory assets/liabilities, net | (27,454) | (6,562) |
Prepaid expenses and other current assets | 5,528 | (6,813) |
Accounts payable and other accrued liabilities | (809) | 18,325 |
Income taxes receivable | (1,399) | 183 |
Customer deposits and refunds | 1,337 | 2,480 |
Accrued compensation | (5,445) | (740) |
Other assets and liabilities, net | (1,812) | (1,970) |
Net cash provided by operating activities | 136,010 | 152,784 |
Investing Activities | ||
Property, plant and equipment expenditures | (98,028) | (148,213) |
Proceeds from sale of assets | 3,544 | 727 |
Environmental expenditures | 637 | 590 |
Net cash used in investing activities | (97,127) | (148,076) |
Financing Activities | ||
Common stock dividends | (25,867) | (23,287) |
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees | 4,438 | 7,069 |
Tax withholding payments related to net settled stock compensation | (2,838) | (1,478) |
Change in cash overdrafts due to outstanding checks | (189) | (508) |
Net advances (repayments) under line of credit agreements | (54,289) | 16,392 |
Proceeds from long-term debt, net of offering fees | 49,859 | 9,590 |
Repayment of long-term debt | (12,493) | (10,099) |
Net cash used in financing activities | (41,379) | (2,321) |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,496) | 2,387 |
Cash and Cash Equivalents—Beginning of Period | 4,976 | 3,499 |
Cash and Cash Equivalents—End of Period | 2,480 | 5,886 |
Payments to Acquire Businesses, Gross | $ (2,006) | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Deferred Compensation [Member] | Treasury Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 105,087 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.4 | ||||||||||
Beginning Balances (shares) at Dec. 31, 2020 | [1],[2] | 17,461,841 | |||||||||
Beginning Balances at Dec. 31, 2020 | $ 697,085 | [1],[2] | $ 8,499 | [1],[2] | $ 348,482 | $ 342,969 | $ (2,865) | $ 5,679 | $ (5,679) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 60,754 | 60,754 | |||||||||
Other comprehensive income (loss) | 5,304 | 5,304 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 5,304 | ||||||||||
Dividend declared | (24,826) | (24,826) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 80,022 | ||||||||||
Dividend reinvestment plan | 9,286 | $ 39 | 9,247 | ||||||||
Share-based compensation (shares) | [3],[4] | 45,971 | |||||||||
Share-based compensation and tax benefit | 3,359 | $ 22 | [3],[4] | 3,337 | [3],[4] | ||||||
Treasury stock activities | 0 | 1,507 | (1,507) | ||||||||
Ending Balances (shares) at Sep. 30, 2021 | [1] | 17,587,834 | |||||||||
Ending Balances at Sep. 30, 2021 | $ 750,962 | [1] | $ 8,560 | [1] | 361,066 | 378,897 | 2,439 | 7,186 | (7,186) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 14,020 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4800 | ||||||||||
Beginning Balances (shares) at Jun. 30, 2021 | 17,567,928 | ||||||||||
Beginning Balances at Jun. 30, 2021 | $ 741,564 | $ 8,550 | 357,520 | 374,936 | 558 | 7,203 | (7,203) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 12,475 | 12,475 | |||||||||
Other comprehensive income (loss) | 1,881 | 1,881 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,881 | ||||||||||
Dividend declared | (8,514) | (8,514) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 19,906 | ||||||||||
Dividend reinvestment plan | 2,451 | $ 10 | 2,441 | ||||||||
Share-based compensation (shares) | 0 | ||||||||||
Share-based compensation and tax benefit | 1,105 | $ 0 | 1,105 | ||||||||
Treasury stock activities | 0 | (17) | 17 | ||||||||
Ending Balances (shares) at Sep. 30, 2021 | [1] | 17,587,834 | |||||||||
Ending Balances at Sep. 30, 2021 | $ 750,962 | [1] | $ 8,560 | [1] | 361,066 | 378,897 | 2,439 | 7,186 | (7,186) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 114,016 | ||||||||||
Preferred Stock, Shares Authorized | 2,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||
Shares Held In Trust For Deferred Compensation Plan | 116,238 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.550 | ||||||||||
Beginning Balances (shares) at Dec. 31, 2021 | [1],[2] | 17,655,410 | |||||||||
Beginning Balances at Dec. 31, 2021 | $ 774,130 | $ 8,593 | [1],[2] | 371,162 | 393,072 | 1,303 | 7,240 | (7,240) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 63,646 | 63,646 | |||||||||
Other comprehensive income (loss) | (2,701) | (2,701) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,701) | ||||||||||
Dividend declared | (27,777) | (27,777) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 36,785 | ||||||||||
Dividend reinvestment plan | 4,995 | $ 18 | 4,977 | ||||||||
Share-based compensation (shares) | [3],[4] | 46,590 | |||||||||
Share-based compensation and tax benefit | [3],[4] | 2,145 | $ 23 | 2,122 | |||||||
Treasury stock activities | 0 | (237) | 237 | ||||||||
Ending Balances (shares) at Sep. 30, 2022 | [1] | 17,738,785 | |||||||||
Ending Balances at Sep. 30, 2022 | $ 814,438 | [1] | $ 8,634 | [1] | 378,261 | 428,941 | (1,398) | 7,003 | (7,003) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 21,832 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.5350 | ||||||||||
Beginning Balances (shares) at Jun. 30, 2022 | 17,734,794 | ||||||||||
Beginning Balances at Jun. 30, 2022 | $ 815,701 | $ 8,632 | 376,866 | 428,833 | 1,370 | 7,018 | (7,018) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 9,662 | 9,662 | |||||||||
Other comprehensive income (loss) | (2,768) | (2,768) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,768) | ||||||||||
Dividend declared | (9,554) | (9,554) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 2,939 | ||||||||||
Dividend reinvestment plan | 365 | $ 1 | 364 | ||||||||
Share-based compensation (shares) | 1,052 | ||||||||||
Share-based compensation and tax benefit | 1,032 | $ 1 | 1,031 | ||||||||
Treasury stock activities | 0 | (15) | 15 | ||||||||
Ending Balances (shares) at Sep. 30, 2022 | [1] | 17,738,785 | |||||||||
Ending Balances at Sep. 30, 2022 | $ 814,438 | [1] | $ 8,634 | [1] | $ 378,261 | $ 428,941 | $ (1,398) | $ 7,003 | $ (7,003) | ||
Preferred Stock, Shares Authorized | 2,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 107,659 | ||||||||||
[1]2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity. [2]Includes 107,659, 116,238, 114,016, and 105,087 shares at September 30, 2022, December 31, 2021, September 30, 2021 and December 31, 2020, respectively, held in a Rabbi Trust related to our Non-Qualified Deferred Compensation Plan.[3]Includes amounts for shares issued for directors’ compensation.[4]The shares issued under the SICP are net of shares withheld for employee taxes. For the nine months ended September 30, 2022 and 2021, we withheld 21,832 and 14,020 shares, respectively, for employee taxes. (5) Can include shares issued under the Retirement Savings Plan, DRIP and ATM equity issuances. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.5350 | $ 0.4800 | $ 1.550 | $ 1.4 | ||
Deferred compensation plan held Rabbi Trust (shares) | 107,659 | 114,016 | 107,659 | 114,016 | 116,238 | 105,087 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||
Shares issued under the performance incentive plan withheld for employee taxes (shares) | 21,832 | 14,020 |
Summary of Accounting Policies
Summary of Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Basis of Presentation References in this document to the “Company,” “Chesapeake Utilities,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure. The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures. Effects of COVID-19 In March 2020, the CDC declared a national emergency due to the rapidly growing outbreak of COVID-19. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These restrictions significantly impacted economic conditions in the United States beginning in 2020 and to a lesser extent have continued into 2022. Chesapeake Utilities is considered an “essential business,” which allowed us to continue operational activities and construction projects while social distancing restrictions were in place. At this time, restrictions have predominantly been lifted as vaccines have become widely available in the United States. Previously existing states of emergency in all of our service territories expired during the second and third quarters of 2021 eliminating a majority of restrictions initially implemented to slow the spread of the virus. The expiration of the states of emergency along with the settlement of our limited proceeding in Florida concluded our ability to defer incremental pandemic related costs for consideration through the applicable regulatory process. We adjusted our operating practices accordingly to ensure the safety of our operations and will take the necessary actions to comply with the CDC, and the Occupational and Safety and Health Administration, as new developments occur. Refer to Note 5, Rates and Other Regulatory Activities , for further information on the regulated assets established as a result of the incremental expenses associated with COVID-19. FASB Statements and Other Authoritative Pronouncements Recently Adopted Accounting Standards Reference Rate Reform - (ASC 848) - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for the discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The amendments included in this ASU are to be applied prospectively, and are not expected to have a material impact on our financial position or results of operations. Refer to Note 16, Short-Term Borrowings, for further information related to our implementation of this update. Recent Accounting Standards Yet to be Adopted There are no new accounting pronouncements that are applicable to us. |
Calculation of Earnings Per Sha
Calculation of Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | Calculation of Earnings Per Share Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Net Income $ 9,662 $ 12,475 $ 63,646 $ 60,754 Weighted average shares outstanding 17,737,984 17,582,115 17,715,845 17,538,461 Basic Earnings Per Share $ 0.54 $ 0.71 $ 3.59 $ 3.46 Calculation of Diluted Earnings Per Share: Net Income $ 9,662 $ 12,475 $ 63,646 $ 60,754 Reconciliation of Denominator: Weighted shares outstanding—Basic 17,737,984 17,582,115 17,715,845 17,538,461 Effect of dilutive securities—Share-based compensation 81,389 77,528 81,156 71,697 Adjusted denominator—Diluted 17,819,373 17,659,643 17,797,001 17,610,158 Diluted Earnings Per Share $ 0.54 $ 0.71 $ 3.58 $ 3.45 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Acquisitions Acquisition of Davenport Energy On June 13, 2022, Sharp acquired the propane operating assets of Davenport Energy's Siler City propane division for approximately $2.0 million. In connection with this acquisition, we recorded a $0.1 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 less than $0.1 million of working capital from the Seller consisting predominantly of accounts receivable and propane inventory. Through this acquisition, the Company expands its operating footprint further into North Carolina, where customers will be served by Sharp Energy’s Diversified Energy division. Sharp added approximately 850 customers, along with expected distribution of approximately 0.4 million gallons of propane annually. We recorded $1.5 million in property plant and equipment, $0.5 million in goodwill, and immaterial amounts associated with customer relationships and non-compete agreements, all of which are deductible for income tax purposes. The amounts recorded in conjunction with the acquisition are preliminary, and subject to adjustment based on contractual provisions and finalization prior to the first anniversary of the transaction closing. The financial results associated with this acquisition will be included within Sharp's Diversified Energy division, primarily as a result of their geographic proximity, as well as other synergies they generate due to their service territory. 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. In January 2022, we recorded a post-closing true-up of $0.8 million related to the provision for working capital valuation at the time of closing. There were multiple strategic benefits to this acquisition including it: (i) expands our propane service territory into North Carolina and South Carolina (ii) builds upon our existing propane presence in Virginia and Pennsylvania, and (iii) includes an established customer base with opportunities for future growth. Through this acquisition, the Company added approximately 19,000 residential, commercial and agricultural customers, along with expected 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 and finalization prior to the first anniversary of the transaction closing. These acquisitions generated operating revenue and operating loss of $3.8 million and $0.8 million, respectively, for the three months ended September 30, 2022 . For the nine months ended September 30, 2022, the acquisitions generated operating revenue and operating loss of $18.1 million and $0.2 million, respectively. Acquisition of Planet Found Energy Development |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue RecognitionWe recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The following table displays our revenue by major source based on product and service type for the three months ended September 30, 2022 and 2021: Three months ended September 30, 2022 Three months ended September 30, 2021 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 8,741 $ — $ — $ 8,741 $ 7,849 $ — $ — $ 7,849 Florida natural gas division 9,207 — — 9,207 8,015 — — 8,015 FPU electric distribution 25,199 — — 25,199 23,121 — — 23,121 FPU natural gas distribution 26,627 — — 26,627 22,012 — — 22,012 Maryland natural gas division 2,881 — — 2,881 2,432 — — 2,432 Sandpiper natural gas/propane operations 3,893 — — 3,893 3,553 — — 3,553 Elkton Gas 1,168 — — 1,168 915 — — 915 Total energy distribution 77,716 — — 77,716 67,897 — — 67,897 Energy transmission Aspire Energy — 10,022 — 10,022 — 5,255 — 5,255 Aspire Energy Express 373 — — 373 47 — — 47 Eastern Shore 18,804 — — 18,804 18,558 — — 18,558 Peninsula Pipeline 6,813 — — 6,813 6,776 — — 6,776 Total energy transmission 25,990 10,022 — 36,012 25,381 5,255 — 30,636 Energy generation Eight Flags — 7,414 — 7,414 — 4,583 — 4,583 Propane operations Propane delivery operations — 27,923 — 27,923 — 20,680 — 20,680 Compressed Natural Gas Services Marlin Gas Services — 2,642 — 2,642 — 1,678 — 1,678 Other and eliminations Eliminations (12,726) (87) (7,886) (20,699) (12,882) (87) (5,302) (18,271) Other — — 45 45 — — 132 132 Total other and eliminations (12,726) (87) (7,841) (20,654) (12,882) (87) (5,170) (18,139) Total operating revenues (1) $ 90,980 $ 47,914 $ (7,841) $ 131,053 $ 80,396 $ 32,109 $ (5,170) $ 107,335 (1) Total operating revenues include other revenue (revenues from sources other than contracts with customers) of $0.1 million for both of our Regulated and Unregulated Energy segments, respectively for all periods presented above. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. The following table displays our revenue by major source based on product and service type for the nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 56,308 $ — $ — $ 56,308 $ 51,188 $ — $ — $ 51,188 Florida natural gas division 29,093 — — 29,093 25,417 — — 25,417 FPU electric distribution 64,593 — — 64,593 60,569 — — 60,569 FPU natural gas distribution 82,463 — — 82,463 72,032 — — 72,032 Maryland natural gas division 17,717 — — 17,717 16,122 — — 16,122 Sandpiper natural gas/propane operations 15,777 — — 15,777 15,438 — — 15,438 Elkton Gas 6,239 — — 6,239 4,745 — — 4,745 Total energy distribution 272,190 — — 272,190 245,511 — — 245,511 Energy transmission Aspire Energy — 38,866 — 38,866 — 23,738 — 23,738 Aspire Energy Express 1,004 — — 1,004 140 — — 140 Eastern Shore 58,000 — — 58,000 57,147 — — 57,147 Peninsula Pipeline 20,361 — — 20,361 19,853 — — 19,853 Total energy transmission 79,365 38,866 — 118,231 77,140 23,738 — 100,878 Energy generation Eight Flags — 18,868 — 18,868 — 13,086 — 13,086 Propane operations Propane delivery operations — 137,997 — 137,997 — 99,041 — 99,041 Compressed Natural Gas Services Marlin Gas Services — 7,231 — 7,231 — 6,019 — 6,019 Other and eliminations Eliminations (40,491) (293) (20,592) (61,376) (40,148) (242) (14,937) (55,327) Other — — 262 262 — — 396 396 Total other and eliminations (40,491) (293) (20,330) (61,114) (40,148) (242) (14,541) (54,931) Total operating revenues (1) $ 311,064 $ 202,669 $ (20,330) $ 493,403 $ 282,503 $ 141,642 $ (14,541) $ 409,604 (1) Total operating revenues for the nine months ended September 30, 2022, include other revenue (revenues from sources other than contracts with customers) of $0.2 million for Regulated and $0.3 million Unregulated Energy segments, respectively, and $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2021. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. Contract balances The timing of revenue recognition, customer billings and cash collections results in trade receivables, unbilled receivables (contract assets), and customer advances (contract liabilities) in our condensed consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of September 30, 2022 and December 31, 2021 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2021 $ 56,277 $ 18 $ 4,806 $ 747 Balance at 9/30/2022 36,384 18 4,700 1,139 Decrease $ (19,893) $ — $ (106) $ 392 Our trade receivables are included in trade and other receivables in the condensed consolidated balance sheets. Our current contract assets are included in other current assets in the condensed consolidated balance sheet. Our non-current contract assets are included in other assets in the condensed consolidated balance sheet and primarily relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement. At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the condensed consolidated balance sheets and relate to non-refundable prepaid fixed fees for our Mid-Atlantic and North Carolina propane delivery operation's retail offerings. Our performance obligation is satisfied over the term of the respective customer retail program on a ratable basis. For the three months ended September 30, 2022 and 2021, we recognized revenue of $0.3 million and $0.2 million, respectively. For the nine months ended September 30, 2022 and 2021, we recognized revenue of $1.0 million and $0.8 million, respectively. Remaining Performance Obligations Our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. Revenue for these businesses for the remaining performance obligations, at September 30, 2022, are expected to be recognized as follows: (in thousands) 2022 2023 2024 2025 2026 2027 2028 and thereafter Eastern Shore and Peninsula Pipeline $ 10,366 $ 36,011 $ 32,755 $ 26,516 $ 23,071 $ 20,163 $ 159,782 Natural gas distribution operations 1,678 6,285 6,105 5,747 5,516 5,100 33,113 FPU electric distribution 163 652 652 275 275 275 275 Total revenue contracts with remaining performance obligations $ 12,207 $ 42,948 $ 39,512 $ 32,538 $ 28,862 $ 25,538 $ 193,170 |
Rates and Other Regulatory Acti
Rates and Other Regulatory Activities | 9 Months Ended |
Sep. 30, 2022 | |
Regulated Operations [Abstract] | |
Public Utilities Disclosure [Text Block] | Rates and Other Regulatory Activities Our natural gas and electric distribution operations in Delaware, Maryland and Florida are subject to regulation by their respective PSC; Eastern Shore, our natural gas transmission subsidiary, is subject to regulation by the FERC; and Peninsula Pipeline and Aspire Energy Express, our intrastate pipeline subsidiaries, are subject to regulation (excluding cost of service) by the Florida PSC and Public Utilities Commission of Ohio, respectively. Delaware See the discussion below under COVID-19 impact . Maryland Customer Information System Regulatory Asset Petition: In July 2022, we filed a joint petition for our natural gas divisions in Maryland (Maryland Division, Sandpiper, and Elkton Gas) for the approval to establish a regulatory asset for non-capitalizable expenses related to the set-up and implementation of the Company’s new Customer Information System ("CIS") system. The petition was approved by the Maryland PSC in August 2022. A similar petition for our Florida Regulated Energy business units was filed during the same time frame and has not yet been scheduled on the Florida PSC Agenda. The Delaware Division has previously received approval for this accounting treatment. We have evaluated and selected the CIS with implementation which is anticipated to begin during the first quarter of 2023 and is expected to be completed in the first quarter of 2025. Ocean City Maryland Reinforcement: In March 2022, we filed a Section 7(f) - Request for Service Area Determination with the FERC regarding plans to extend our natural gas facilities across the Delaware/Maryland state line from Sussex County, Delaware, to Worcester County, Maryland, to provide a secondary feed to Sandpiper Energy. The FERC approved the Section 7(f) request on August 29, 2022. The project will increase the reliability of the existing distribution system in those areas while also expanding infrastructure to serve new customers. Construction has been initiated with estimated completion in late 2022 or early 2023. Strategic Infrastructure Development and Enhancement (“STRIDE”) Plan: In March 2021, Elkton Gas filed a STRIDE 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 the Elkton Gas STRIDE plan, the Aldyl-A pipelines will be fully replaced by the end of 2023. In July 2021, Elkton Gas reached a settlement with the Maryland PSC Staff and the Maryland Office of Public Counsel that approved the Elkton Gas STRIDE plan. This plan allows for recovery of the associated revenue requirement through a monthly surcharge, which was implemented effective September 2021. We filed the annual STRIDE plan update with the Maryland PSC on November 1, 2021, which was approved for new rates effective January 1, 2022. Florida Wildlight Expansion: In August 2022, Peninsula Pipeline and FPU filed a joint petition with the Florida PSC for approval of the Transportation Service Agreement between the parties associated with the Wildlight Expansion project. The Wildlight Expansion project will further enable us to meet the significant growing demand for service in Yulee, Florida. The Agreement and project have been structured to allow us to build the project alongside the construction and development of the area, and charge the reservation rate as each phase of the project goes into service. The Agreement reflects the construction of pipeline facilities in two separate phases. Phase one will consist of three extensions with associated facilities, and a gas injection interconnect with associated facilities. Phase two will consist of two additional pipeline extensions. The various phases of the project are anticipated to be placed in service beginning in the first quarter of 2023, with construction on the overall project continuing through 2025. We anticipate that the Agreement will be included on the November 2022 Florida PSC agenda. Natural Gas Rate Case: In May 2022, our natural gas distribution businesses in Florida, FPU, FPU-Indiantown division, FPU-Fort Meade division and Chesapeake Utilities CFG division (collectively, “Florida natural gas distribution businesses”) filed a consolidated natural gas rate case with the Florida PSC. In connection with the application, we are seeking approval of the following: (i) interim rate relief of approximately $7.2 million, subject to refund, pending the outcome of the rate case proceeding; (ii) permanent rate relief of approximately $24.1 million, effective January 1, 2023, (iii) a depreciation study also submitted with filing; (iv) authorization to make certain changes to tariffs to include the consolidation of rates and rate structure across the businesses and to unify the Florida natural gas distribution businesses under FPU; (v) authorization to retain the acquisition adjustment recorded at the time of the FPU merger in our revenue requirement; and (vi) authorization to establish an environmental remediation surcharge for the purposes of addressing future expected remediation costs for FPU MGP sites. In August 2022, interim rates were approved by the Florida PSC in the amount of approximately $7.7 million on an annualized basis, effective for all meter readings in September 2022. The interim rates are subject to refund pending the final outcome of the rate case proceeding. The discovery process concluded in early October 2022 and the hearings for the proceeding were held later in the month. Briefs for the proceeding will be due in late November 2022. The outcome of the application is subject to review and approval by the Florida PSC. 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 constructed a new interconnect with FGT and a new regulator station for CFG. This additional firm service is supporting new incremental load due to growth, including providing service to a new can manufacturing facility, as well as providing reliability and operational benefits to CFG’s existing distribution system in the area. In connection with Peninsula Pipeline’s new regulator station, CFG also extended its distribution system to connect to the new station. The Transportation Service Agreement was approved by the Florida PSC in September 2021 and the project was placed in service during the third quarter of 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 11.3 miles of pipeline from its existing pipeline in the Sebastian, Florida area, which will travel east under the Intercoastal Waterway ("ICW") and southward on the barrier island. As required by Peninsula Pipeline’s tariff and Florida Statutes, Peninsula Pipeline filed the required company and customer affidavits with the Florida PSC in June 2021. Construction commenced in June 2021 and the expected in-service date is during the first quarter of 2023. St.Cloud / Twin Lakes Expansion: In July 2022, Peninsula Pipeline filed a petition with the Florida PSC for approval of its Transportation Service Agreement with our Florida natural gas division, FPU, for an additional 2,400 Dt/d of firm service in the St. Cloud, Florida area. As part of this agreement, Peninsula Pipeline will construct a pipeline extension and regulator station for FPU. The extension will be used to support new incremental load due to growth in the area, including providing service, most immediately, to the residential development, Twin Lakes. The expansion will also improve reliability and provide operational benefits to FPU's existing distribution system in the area, supporting future growth. The petition was approved by the Florida PSC on October 4, 2022. We expect this expansion to be in service by the second quarter of 2023. Storm Protection Plan: In 2020, the Florida PSC implemented the Storm Protection Plan ("SPP") and Storm Protection Plan Cost Recovery Clause ("SPPCRC") rules, which require electric utilities to petition the Florida PSC for approval of a Transmission and Distribution Storm Protection Plan that covers the utility’s immediate 10-year planning period with updates to the plan at least every 3 years. The SPPCRC rules allow the utility to file for recovery of associated costs related to its SPP. Our Florida electric distribution operation’s SPP plan was filed in April 2022, and hearings were held in August 2022. The SPP was approved with modifications by the Florida PSC on October 4, 2 022. The SPPCRC was filed in May 2022 with requested rates effective January 1, 2023. The SPPCRC hearing is scheduled for November 2022. Eastern Shore Southern Expansion Project: In January 2022, Eastern Shore submitted a prior notice filing with the FERC pursuant to blanket certificate procedures, regarding its proposal to install an additional compressor unit and related facilities at Eastern Shore's existing compressor station in Bridgeville, Sussex County, Delaware. The project will enable Eastern Shore to provide additional firm natural gas transportation service to an existing shipper on Eastern Shore's pipeline system, with a projected in-service date in the fourth quarter of 2023. We are currently awaiting an order from the FERC on this filing. 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 relocation projects that required the replacement of existing Eastern Shore facilities. The capital cost surcharge was an approved item in Eastern Shore’s last rate case. In conjunction with the filing of this surcharge, pursuant to the settlement agreement, a cumulative adjustment to the existing surcharge to reflect additional depreciation was included in this filing. The FERC issued an order approving the surcharge as filed on July 7, 2021. The combined revised surcharge became effective July 15, 2021. COVID-19 Impact In March 2020, the CDC declared a national emergency due to the rapidly growing outbreak of COVID-19. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These restrictions significantly impacted economic conditions in the United States in 2020 and continued to impact economic conditions, to a lesser extent, through 2021 and 2022. Chesapeake Utilities is considered an “essential business,” which 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 supported the ongoing delivery of our essential services during these unprecedented times. In April and May 2020, we were authorized by the Maryland and Delaware PSCs, respectively, to record regulatory assets for COVID-19 related costs which offered us the ability to seek recovery of those costs. In July 2021, the Florida PSC issued an order that approved incremental expenses we incurred due to COVID-19. The order allowed us to establish a regulatory asset in a total amount of $2.1 million as of June 30, 2021 for natural gas and electric distribution operations. The regulatory asset is being amortized over two years and is recovered through the Purchased Gas Adjustment and Swing Service mechanisms for our natural gas distribution businesses and through the Fuel Purchased Power Cost Recovery clause for our electric division. As of September 30, 2022 and December 31, 2021, our total COVID-19 regulatory asset balance was $1.5 million and $2.3 million, respectively. In 2021 and 2022, restrictions were gradually lifted as vaccines became widely available in the United States. The various state of emergencies associated with the COVID-19 pandemic that were previously declared in our service territories have been terminated and we have adjusted our operating practices accordingly to ensure the safety of our operations and will take the necessary actions to comply with the CDC, and the Occupational Safety and Health Administration, as new developments occur. Summary TCJA Table Customer rates for our regulated businesses were adjusted as approved by the regulators, prior to 2020 with the exception of Elkton Gas; which implemented a one-time bill credit in May 2020. The following table summarizes the regulatory liabilities related to accumulated deferred taxes ("ADIT") associated with TCJA for our regulated businesses as of September 30, 2022 and December 31, 2021: Amount (in thousands) Operation and Regulatory Jurisdiction September 30, 2022 December 31, 2021 Status Eastern Shore (FERC) $34,190 $34,190 Will be addressed in Eastern Shore's next rate case filing. Chesapeake Delaware natural gas division (Delaware PSC) $12,469 $12,591 PSC approved amortization of ADIT in January 2019. Chesapeake Maryland natural gas division (Maryland PSC) $3,737 $3,840 PSC approved amortization of ADIT in May 2018. Sandpiper Energy (Maryland PSC) $3,612 $3,656 PSC approved amortization of ADIT in May 2018. Chesapeake Florida natural gas division/CFG (Florida PSC) $7,892 $8,032 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) $19,029 $19,189 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown natural gas divisions (Florida PSC) $262 $271 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU electric division (Florida PSC) $5,054 $5,237 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. Elkton Gas (Maryland PSC) $1,066 $1,091 PSC approved amortization of ADIT in March 2018. |
Environmental Commitments and C
Environmental Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Commitments and Contingencies | Environmental Commitments and Contingencies We are subject to federal, state and local laws and regulations governing environmental quality and pollution control. These laws and regulations require us to remove or remediate, at current and former operating sites, the effect on the environment of the disposal or release of specified substances. MGP Sites We have participated in the investigation, assessment or remediation of, and have exposures at, seven former MGP sites. We have received approval for recovery of clean-up costs in rates for sites located in Salisbury, Maryland; Seaford, Delaware; and Winter Haven, Key West, Pensacola, Sanford and West Palm Beach, Florida. As of September 30, 2022 and December 31, 2021, we had approximately $4.6 million and $5.2 million, respectively, in environmental liabilities related to the former MGP sites. As of September 30, 2022 and December 31, 2021, we have cumulative regulatory assets of $0.9 million and $1.3 million, respectively, 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 through customer rates, up to $14.0 million of its environmental costs related to its MGP sites. As of September 30, 2022 and December 31, 2021, we had recovered approximately $13.2 million and $12.9 million, respectively, leaving approximately $0.8 million and $1.1 million, respectively, in regulatory assets for future recovery of environmental costs from FPU’s customers. Environmental liabilities for our MGP sites are recorded on an undiscounted basis based on the estimate of future costs provided by independent consultants. We continue to expect that all costs related to environmental remediation and related activities, including any potential future remediation costs for which we do not currently have approval for regulatory recovery, will be recoverable from customers through rates. Remediation is ongoing for the MGPs in Winter Haven and Key West in Florida and in Seaford, Delaware and the remaining clean-up costs are estimated to be between $0.3 million to $0.9 million for these three sites. The Environmental Protection Agency has approved a "site-wide ready for anticipated use" status for the Sanford, Florida MGP site, which is the final step before delisting a site. The remaining remediation expenses for the Sanford MGP site are immaterial. |
Other Commitments and Contingen
Other Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | Other Commitments and Contingencies 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' natural gas division, CFG has firm transportation service contracts with FGT and Gulfstream. Pursuant to a capacity release program approved by the Florida PSC, all of the capacity under these agreements has been released to various third parties. Under the terms of these capacity release agreements, Chesapeake Utilities is contingently liable to FGT and Gulfstream should any party, that acquired the capacity through release, fail to pay the capacity charge. To date, Chesapeake Utilities has not been required to make a payment resulting from this contingency. FPU’s electric supply contracts require FPU to maintain an acceptable standard of creditworthiness based on specific financial ratios. FPU’s agreement with Florida Power & Light Company requires FPU to meet or exceed a debt service coverage ratio of 1.25 times based on the results of the prior 12 months. If FPU fails to meet this ratio, it must provide an irrevocable letter of credit or pay all amounts outstanding under the agreement within five business days. FPU’s electric supply agreement with Gulf Power requires FPU to meet the following ratios based on the average of the prior six quarters: (a) funds from operations interest coverage ratio (minimum of two times), and (b) total debt to total capital (maximum of 65 percent). If FPU fails to meet the requirements, it has to provide the supplier a written explanation of actions taken, or proposed to be taken, to become compliant. Failure to comply with the ratios specified in the Gulf Power agreement could also result in FPU having to provide an irrevocable letter of credit. As of September 30, 2022, FPU was in compliance with all of the requirements of its fuel supply contracts. Eight Flags provides electricity and steam generation services through its CHP plant located on Amelia Island, Florida. In June 2016, Eight Flags began selling power generated from the CHP plant to FPU pursuant to a 20-year power purchase agreement for distribution to our electric customers. In July 2016, Eight Flags also started selling steam, pursuant to a separate 20-year contract, to the landowner on which the CHP plant is located. The CHP plant is powered by natural gas transported by FPU through its distribution system and Peninsula Pipeline through its intrastate pipeline. Corporate Guarantees The Board of Directors has authorized us to issue corporate guarantees securing obligations of our subsidiaries and to obtain letters of credit securing our subsidiaries' obligations. The maximum authorized liability under such guarantees and letters of credit as of September 30, 2022 was $20.0 million. The aggregate amount guaranteed related to our subsidiaries at September 30, 2022 was approximately $12.0 million with the guarantees expiring on various dates through August 9, 2023. In addition, the Board has authorized us to issue specific purpose corporate guarantees. The amount of specific purpose guarantees outstanding at September 30, 2022 was $11.1 million, including a guarantee issued in July 2022 in the amount of $7.1 million associated with the Florida natural gas rate case. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We use the management approach to identify operating segments. We organize our business around differences in regulatory environment and the operating results of each segment are regularly reviewed by the chief operating decision maker, our Chief Executive Officer, in order to make decisions about resources and to assess performance. Our operations are entirely domestic and are comprised of two reportable segments: • Regulated Energy . Includes energy distribution and transmission services (natural gas distribution, natural gas transmission and electric distribution operations). All operations in this segment are regulated, as to their rates and services, by the PSC having jurisdiction in each operating territory or by the FERC in the case of Eastern Shore. • Unregulated Energy. Includes energy transmission, energy generation (the operations of our Eight Flags' CHP plant), propane operations, and mobile compressed natural gas delivery and virtual pipeline solutions subsidiary. Also included in this segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, plumbing and electrical services. These operations are unregulated as to their rates and services. The remainder of our operations is presented as “Other businesses and eliminations,” which consists of unregulated subsidiaries that own real estate leased to Chesapeake Utilities, as well as certain corporate costs not allocated to other operations. The following table presents financial information about our reportable segments: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 90,270 $ 79,892 $ 306,159 $ 280,987 Unregulated Energy 40,783 27,443 187,244 128,617 Total operating revenues, unaffiliated customers $ 131,053 $ 107,335 $ 493,403 $ 409,604 Intersegment Revenues (1) Regulated Energy $ 710 $ 504 $ 4,905 $ 1,516 Unregulated Energy 7,131 4,666 14,950 13,024 Other businesses 45 132 737 397 Total intersegment revenues $ 7,886 $ 5,302 $ 20,592 $ 14,937 Operating Income/(Loss) Regulated Energy $ 23,663 $ 23,370 $ 84,202 $ 78,835 Unregulated Energy (5,056) (2,952) 15,557 15,624 Other businesses and eliminations 41 (305) 222 (171) Operating income 18,648 20,113 99,981 94,288 Other income, net 957 327 4,454 2,155 Interest charges 6,240 4,975 17,404 15,134 Income before Income Taxes 13,365 15,465 87,031 81,309 Income Taxes 3,703 2,990 23,385 20,555 Net Income $ 9,662 $ 12,475 $ 63,646 $ 60,754 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) September 30, 2022 December 31, 2021 Identifiable Assets Regulated Energy segment $ 1,665,205 $ 1,629,191 Unregulated Energy segment 441,843 439,114 Other businesses and eliminations 50,374 46,564 Total identifiable assets $ 2,157,422 $ 2,114,869 |
Stockholder's Equity - Accumula
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity Common Stock Issuances In June 2020, we filed a shelf registration statement with the SEC to facilitate the issuance of our common stock from time to time. In August 2020, we filed a prospectus supplement under the shelf registration statement for an ATM equity program under which we may issue and sell shares of our common stock up to an aggregate offering price of $75.0 million. 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 first nine months of 2022, we issued less than 0.1 million shares at an average price per share of $136.87 and received net proceeds of $4.4 million under the DRIP. We used the net proceeds from our share issuances, after fees, for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes. Accumulated Other Comprehensive Gain (Loss) Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements designated as commodity contracts cash flow hedges, and the unrealized gains (losses) of our interest rate swap agreements designated as cash flow hedges are the components of our accumulated other comprehensive income (loss). The following tables present the changes in the balance of accumulated other comprehensive gain (loss) as of September 30, 2022 and 2021. All amounts in the following tables are presented net of tax. Defined Benefit Commodity Interest Rate Pension and Contracts Swap Postretirement Cash Flow Cash Flow Plan Items Hedges Hedges Total (in thousands) As of December 31, 2021 $ (3,268) $ 4,571 $ — $ 1,303 Other comprehensive income/(loss) before reclassifications — (613) 153 (460) Amounts reclassified from accumulated other comprehensive income/(loss) 53 (2,294) — (2,241) Net current-period other comprehensive income/(loss) 53 (2,907) 153 (2,701) As of September 30, 2022 $ (3,215) $ 1,664 $ 153 $ (1,398) (in thousands) As of December 31, 2020 $ (5,146) $ 2,309 $ (28) $ (2,865) Other comprehensive income before reclassifications — 8,121 55 8,176 Amounts reclassified from accumulated other comprehensive income/(loss) 192 (3,027) (37) (2,872) Net prior-period other comprehensive income 192 5,094 18 5,304 As of September 30, 2021 $ (4,954) $ 7,403 $ (10) $ 2,439 The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021. Deferred gains or losses for our commodity contracts and interest rate swap cash flow hedges are recognized in earnings upon settlement. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 57 $ 57 Net loss (1) (43) (106) (129) (317) Total before income taxes (24) (87) (72) (260) Income tax benefit 6 23 19 68 Net of tax $ (18) $ (64) $ (53) $ (192) Gains on commodity contracts cash flow hedges: Propane swap agreements (2) $ 102 $ 681 $ 3,162 $ 4,183 Income tax expense (28) (188) (868) (1,156) Net of tax $ 74 $ 493 $ 2,294 $ 3,027 Gains on interest rate swap cash flow hedges: Interest rate swap agreements $ — $ 24 $ — $ 50 Income tax expense — (6) — (13) Net of tax $ — $ 18 $ — $ 37 Total reclassifications for the period $ 56 $ 447 $ 2,241 $ 2,872 (1) These amounts are included in the computation of net periodic costs (benefits). See Note 10 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments , for additional details. Amortization of defined benefit pension and postretirement plan items are included in other expense, net gains and losses on propane swap agreements contracts are included in revenue and unregulated propane and natural gas, the realized gain or loss on interest rate swap agreements is recognized as a component of interest charges in the accompanying condensed consolidated statements of income. The income tax benefit is included in income tax expense in the accompanying condensed consolidated statements of income. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for our pension and post-retirement benefits plans for the three and nine months ended September 30, 2022 and 2021 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 (in thousands) Interest cost $ — $ 34 $ 449 $ 429 $ 13 $ 12 $ 6 $ 6 $ 6 $ 6 Expected return on plan assets — (40) (857) (830) — — — — — — Amortization of prior service credit — — — — — — (19) (19) — — Amortization of net (gain) loss — 60 124 155 7 7 12 10 — (2) Total periodic cost (benefit) $ — $ 54 $ (284) $ (246) $ 20 $ 19 $ (1) $ (3) $ 6 $ 4 Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 (in thousands) Interest cost $ — $ 102 $ 1,347 $ 1,287 $ 39 $ 36 $ 18 $ 18 $ 18 $ 18 Expected return on plan assets — (120) (2,571) (2,490) — — — — — — Amortization of prior service credit — — — — — — (57) (57) — — Amortization of net (gain) loss — 180 372 465 21 21 36 30 — (6) Total periodic cost (benefit) $ — $ 162 $ (852) $ (738) $ 60 $ 57 $ (3) $ (9) $ 18 $ 12 In 2019, we began executing a de-risking strategy for the Chesapeake Pension Plan. In line with this strategy, we fully terminated the Chesapeake Pension Plan during the fourth quarter of 2021, and as of December 31, 2021, there were no remaining assets in 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 in the fourth quarter 2021 which reflected the amount allocated to our Unregulated Energy operations or was deemed not recoverable through the regulatory process. The components of our net periodic costs have been recorded or reclassified to other expense, net in the condensed consolidated statements of income. Pursuant to their respective regulatory orders, FPU and Chesapeake Utilities continue to record, as a regulatory asset, a portion of their unrecognized postretirement benefit costs related to their regulated operations. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake Utilities' operations is recorded to accumulated other comprehensive income. The following tables present the amounts included in the regulatory asset and accumulated other comprehensive income that were recognized as components of net periodic benefit cost during the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss — 124 7 12 — 143 Total recognized in net periodic benefit cost — 124 7 (7) — 124 Recognized from accumulated other comprehensive (income)/loss (1) — 24 7 (7) — 24 Recognized from regulatory asset — 100 — — — 100 Total $ — $ 124 $ 7 $ (7) $ — $ 124 For the Three Months Ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 60 155 7 10 (2) 230 Total recognized in net periodic benefit cost 60 155 7 (9) (2) 211 Recognized from accumulated other comprehensive (income)/loss (1) 60 29 7 (9) — 87 Recognized from regulatory asset — 126 — — (2) 124 Total $ 60 $ 155 $ 7 $ (9) $ (2) $ 211 . For the Nine months ended September 30, 2022 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss — 372 21 36 — 429 Total recognized in net periodic benefit cost — 372 21 (21) — 372 Recognized from accumulated other comprehensive (income)/loss (1) — 72 21 (21) — 72 Recognized from regulatory asset — 300 — — — 300 Total $ — $ 372 $ 21 $ (21) $ — $ 372 For the Nine months ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss 180 465 21 30 (6) 690 Total recognized in net periodic benefit cost 180 465 21 (27) (6) 633 Recognized from accumulated other comprehensive (income)/loss (1) 180 87 21 (27) (1) 260 Recognized from regulatory asset — 378 — — (5) 373 Total $ 180 $ 465 $ 21 $ (27) $ (6) $ 633 (1) See Note 9 , Stockholders' Equity . During the three and nine months ended September 30, 2022, we contributed $0.1 million to the FPU Pension Plan. We expect to contribute approximately $0.3 million to the FPU Pension Plan during 2022, which represents the minimum annual contribution payments required. The Chesapeake SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake SERP for the three and nine months ended September 30, 2022 were immaterial and $0.1 million, respectively. We expect to pay total cash benefits of approximately $0.2 million under the Chesapeake SERP in 2022. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three and nine months ended September 30, 2022 were $0.1 million and $0.2 million, respectively. We estimate that approximately $0.2 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2022. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three and nine months ended September 30, 2022, were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2022. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The investment balances at September 30, 2022 and December 31, 2021, consisted of the following: (in thousands) September 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 9,874 $ 12,069 Investments in equity securities 21 26 Total $ 9,895 $ 12,095 We classify these investments as trading securities and report them at their fair value. For the three months ended September 30, 2022 and 2021, we recorded a net unrealized loss of $0.4 million and a net unrealized loss of less than $0.1 million, respectively, in other income, net in the condensed consolidated statements of income related to these investments. For the nine months ended September 30, 2022 and 2021, we recorded a net unrealized loss of approximately $2.4 million and a net unrealized gain of approximately $1.0 million, respectively, in other expense, net in the condensed consolidated statements of income related to these investments. For the investment in the Rabbi Trust, we also have recorded an associated liability, which is included in other pension and benefit costs in the consolidated balance sheets and is adjusted each period for the gains and losses incurred by the investments in the Rabbi Trust. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Our non-employee directors and key employees are granted share-based awards through our SICP. We record these share-based awards as compensation costs over the respective service period for which services are received in exchange for an award of equity or equity-based compensation. The compensation cost is based primarily on the fair value of the shares awarded, using the estimated fair value of each share on the date it was granted and the number of shares to be issued at the end of the service period. The table below presents the amounts included in net income related to share-based compensation expense for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands) Awards to non-employee directors $ 252 $ 201 $ 706 $ 581 Awards to key employees 898 1,105 3,999 4,039 Total compensation expense 1,150 1,306 4,705 4,620 Less: tax benefit (297) (339) (1,214) (1,200) Share-based compensation amounts included in net income $ 853 $ 967 $ 3,491 $ 3,420 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 2022, after the most recent election of directors, each of our non-employee directors received an annual retainer of 652 shares of common stock under the SICP for service as a director through the 2023 Annual Meeting of Stockholders; accordingly, 6,520 shares, with a weighted average fair value of $130.36 per share, were issued and vested in 2022. In July, 2022, we announced the appointment of two new non-employee directors to our current Board. These newly appointed directors were each granted a pro-rated share-based award of 526 shares through the SICP in accordance with the beginning of their service period. The associated expense is being recognized in the same manner utilized for our pre-existing non-employee directors. At September 30, 2022, there was approximately $0.6 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 2023. Key Employees The table below presents the summary of the stock activity for awards to key employees for the nine months ended September 30, 2022: Number of Shares Weighted Average Outstanding—December 31, 2021 197,398 $ 94.15 Granted 67,458 $ 118.85 Vested (60,850) $ 90.60 Expired 557 $ 91.42 Outstanding—September 30, 2022 204,563 $ 103.01 During the nine months ended September 30, 2022, we granted awards of 67,458 shares of common stock to key employees under the SICP, including awards granted in February 2022 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, 2024. All of these stock awards are earned based upon the successful achievement of long-term financial results, which are comprised of market-based and performance-based conditions or targets. The fair value of each performance-based condition or target is equal to the market price of our common stock on the grant date of each award. For the market-based conditions, we used the Monte Carlo valuation to estimate the fair value of each market-based award granted. In March 2022, upon the election by certain of our executive officers, we withheld shares with a value at least equivalent to each such executive officer’s minimum statutory obligation for applicable income and other employment taxes related to shares that vested and were paid in February 2022 for the performance period ended December 31, 2021, and paid the balance of such awarded shares to each such executive officer net cash remitted to the appropriate taxing authorities. We withheld 21,832 shares, based on the value of the shares on their award date. Total combined payments for the employees’ tax obligations to the taxing authorities were approximately $2.8 million. At September 30, 2022, the aggregate intrinsic value of the SICP awards granted to key employees was approximately $23.6 million. At September 30, 2022, there was approximately $7.7 million of unrecognized compensation cost related to these awards, which will be recognized through 2024. Stock Options There were no stock options outstanding or issued during the nine months ended September 30, 2022 and 2021. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments We use derivative and non-derivative contracts to manage risks related to obtaining adequate supplies and the price fluctuations of natural gas, electricity and propane and to mitigate interest rate risk. Our natural gas, electric and propane distribution operations have entered into agreements with suppliers to purchase natural gas, electricity and propane for resale to our customers. Our natural gas gathering and transmission company has entered into contracts with producers to secure natural gas to meet its obligations. Purchases under these contracts typically either do not meet the definition of derivatives or are considered “normal purchases and normal sales” and are accounted for on an accrual basis. Our propane distribution operations may also enter into fair value hedges of their inventory or cash flow hedges of their future purchase commitments in order to mitigate the impact of wholesale price fluctuations. Occasionally, we may enter into interest rate swap agreements to mitigate risk associated with changes in short-term borrowing rates. As of September 30, 2022, our natural gas and electric distribution operations did not have any outstanding derivative contracts. Volume of Derivative Activity As of September 30, 2022, the volume of our commodity derivative contracts were as follows: Business unit Commodity Contract Type Quantity hedged (in millions) Designation Longest Expiration date of hedge Sharp Propane (gallons) Purchases 23.5 Cash flows hedges August 2025 Sharp Propane (gallons) Sales 3.8 Cash flows hedges March 2023 Sharp entered into futures and swap agreements to mitigate the risk of fluctuations in wholesale propane index prices associated with the propane volumes that are expected to be purchased and/or sold during the heating season. Under the futures and swap agreements, Sharp will receive the difference between (i) the index prices (Mont Belvieu prices in September 2022 through August 2025) and (ii) the per gallon propane swap prices, to the extent the index prices exceed the contracted prices. If the index prices are lower than the 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 $1.2 million from accumulated other comprehensive income to earnings during the next 12-month period ended September 30, 2023. Interest Rate Swap Activities We manage interest rate risk by entering into derivative contracts to hedge the variability in cash flows attributable to changes in the short-term borrowing rates. In the fourth quarter of 2020, we entered into two $30.0 million interest rate swaps with a total notional amount of $60.0 million through September and December 2021 with pricing of 0.205 and 0.20 percent, respectively, for the period associated with our outstanding borrowing under the Revolver. In February 2021, we entered into an additional interest rate swap with a notional amount of $40.0 million through December 2021 with pricing of 0.17 percent. In September 2022, we entered into an interest rate swap with a notional amount of $50.0 million through September 2025, with pricing of 3.98 percent. Prior to August 2022, our short-term borrowing was based on the 30-day LIBOR rate. In August 2022, we amended and restated our revolver and transitioned the benchmark interest rate to the 30-day SOFR as a result of the impending expiration of LIBOR. Our prior interest rate swaps were cash settled monthly as the counter-party paid us the 30-day LIBOR rate less the fixed rate. Our current interest rate swap is cash settled monthly as the counter-party pays us the 30-day SOFR rate less the fixed rate. We designate and account for interest rate swaps as cash flows hedges. Accordingly, unrealized gains and losses associated with the interest rate swaps are recorded as a component of accumulated other comprehensive income (loss). When the interest rate swaps settle, the realized gain or loss is recorded in the income statement and is recognized as a component of interest charges. Broker Margin Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily mark-to-market relative to maintenance margin requirements. We currently maintain a broker margin account for Sharp as follows: (in thousands) Balance Sheet Location September 30, 2022 December 31, 2021 Sharp Other Accrued Liabilities $ 1,493 $ 4,081 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 September 30, 2022 and December 31, 2021, are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location September 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments Propane swap agreements Derivative assets, at fair value $ — $ 16 Derivatives designated as cash flow hedges Propane swap agreements Derivative assets, at fair value 4,175 7,060 Interest rate swap agreements Derivative assets, at fair value 377 — Total Derivative Assets $ 4,552 $ 7,076 Derivative Liabilities Fair Value As Of (in thousands) Balance Sheet Location September 30, 2022 December 31, 2021 Derivatives designated as cash flow hedges Propane swap agreements Derivative liabilities, at fair value $ 1,881 $ 743 Interest rate swap agreements Derivative liabilities, at fair value 170 — Total Derivative Liabilities $ 2,051 $ 743 The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows: Amount of Gain (Loss) on Derivatives: Location of Gain For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) (Loss) on Derivatives 2022 2021 2022 2021 Derivatives not designated as hedging instruments Propane swap agreements Unregulated propane and natural gas costs $ — $ — $ 56 $ — Derivatives designated as fair value hedges Propane put options Unregulated propane and natural gas costs — — — (24) Derivatives designated as cash flow hedges Propane swap agreements Revenues — — (826) — Propane swap agreements Unregulated propane and natural gas costs 102 681 3,932 4,183 Propane swap agreements Other comprehensive income (loss) (4,050) 2,491 (4,022) 7,039 Interest rate swap agreements Interest expense — 24 — 50 Interest rate swap agreements Other comprehensive income (loss) 207 19 207 24 Total $ (3,741) $ 3,215 $ (653) $ 11,272 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The three levels of the fair value hierarchy are the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Utilized Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Investments - equity securities - The fair values of these trading securities are recorded at fair value based on unadjusted quoted prices in active markets for identical securities. Investments - mutual funds and other - The fair values of these investments, comprised of money market and mutual funds, are recorded at fair value based on quoted net asset values of the shares. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability Derivative assets and liabilities - The fair value of the propane put/call options, propane and interest rate swap agreements are measured using market transactions for similar assets and liabilities in either the listed or over-the-counter markets. Level 3 Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity) Investments - guaranteed income fund - The fair values of these investments are recorded at the contract value, which approximates their fair value. Financial Assets and Liabilities Measured at Fair Value The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of September 30, 2022 and December 31, 2021: Fair Value Measurements Using: As of September 30, 2022 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 21 $ 21 $ — $ — Investments—guaranteed income fund 1,846 — — 1,846 Investments—mutual funds and other 8,028 8,028 — — Total investments 9,895 8,049 — 1,846 Derivative assets 4,552 — 4,552 — Total assets $ 14,447 $ 8,049 $ 4,552 $ 1,846 Liabilities: Derivative liabilities $ 2,051 $ — $ 2,051 $ — 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 $ — The following table sets forth the summary of the changes in the fair value of Level 3 investments for the nine months ended September 30, 2022 and 2021: Nine months ended September 30, 2022 2021 (in thousands) Beginning Balance $ 2,036 $ 2,156 Purchases and adjustments 133 77 Transfers — — Distribution (347) (241) Investment income 24 24 Ending Balance $ 1,846 $ 2,016 Investment income from the Level 3 investments is reflected in other income, (net) in the condensed consolidated statements of income. At September 30, 2022, there were no non-financial assets or liabilities required to be reported at fair value. We review our non-financial assets for impairment at least on an annual basis, as required. Other Financial Assets and Liabilities Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other accrued liabilities and short-term debt. The fair value of cash and cash equivalents is measured using the comparable value in the active market and approximates its carrying value (Level 1 measurement). The fair value of short-term debt approximates the carrying value due to its near-term maturities and because interest rates approximate current market rates (Level 3 measurement). At September 30, 2022, long-term debt, which includes current maturities but excludes debt issuance costs, had a carrying value of approximately $606.3 million, compared to the estimated fair value of $504.9 million. At December 31, 2021, long-term debt, which includes the current maturities but excludes debt issuance costs, had a carrying value of approximately $568.8 million, compared to a fair value of approximately $597.2 million. The fair value was calculated using a discounted cash flow methodology that incorporates a market interest rate based on published corporate borrowing rates for debt instruments with similar terms and average maturities, and with adjustments for duration, optionality, and risk profile. The valuation technique used to estimate the fair value of long-term debt would be considered a Level 3 measurement. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our outstanding long-term debt is shown below: September 30, December 31, (in thousands) 2022 2021 Uncollateralized senior notes: 5.93% note, due October 31, 2023 $ 4,500 $ 6,000 5.68% note, due June 30, 2026 11,600 14,500 6.43% note, due May 2, 2028 4,200 4,900 3.73% note, due December 16, 2028 14,000 14,000 3.88% note, due May 15, 2029 35,000 40,000 3.25% note, due April 30, 2032 68,250 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 50,000 2.95% notes Due March 15, 2042 50,000 — Equipment security note 2.46% note, due September 24, 2031 8,734 9,378 Less: debt issuance costs (973) (913) Total long-term debt 605,311 567,865 Less: current maturities (21,478) (17,962) Total long-term debt, net of current maturities $ 583,833 $ 549,903 Note Purchase Agreements On March 15, 2022 we issued 2.95 percent Senior Notes due March 15, 2042 to MetLife in the aggregate principal amount of $50.0 million. We used the proceeds received from the issuances of the Senior Notes to reduce short-term borrowings under the Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have an annual principal payment beginning in the eleventh year after the issuance. On September 28, 2022, we agreed to issue and Prudential agreed to purchase 5.43 percent Senior Notes due March 14, 2038 in the aggregate principal amount of $80.0 million. We expect to issue the Notes on or before March 14, 2023. We anticipate using the proceeds received from the issuance of the Notes to reduce short-term borrowings under our revolving credit facility and to fund capital expenditures. Equipment Security Note On September 24, 2021, we entered into an Equipment Financing Agreement with Banc of America Leasing & Capital, LLC to issue $9.6 million in sustainable financing to finance the purchase of equipment by our subsidiary, Marlin Gas Services. The equipment security note bears a 2.46 percent interest rate and has a term of ten years. Under the terms of the agreement, we granted a security interest in the equipment to the lender, to serve as collateral. Shelf Agreements We have entered into Shelf Agreements with Prudential and MetLife, whom are under no obligation to purchase any unsecured debt. The following table summarizes our Shelf Agreements at September 30, 2022: (in thousands) Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity Shelf Agreement Prudential Shelf Agreement (1) (2) $ 370,000 $ (220,000) $ (80,000) $ 70,000 MetLife Shelf Agreement (1) 150,000 (50,000) — 100,000 Total Shelf Agreements as of September 30, 2022 $ 520,000 $ (270,000) $ (80,000) $ 170,000 (1) The Prudential and MetLife Shelf Agreements expire in April 2023 and May 2023, respectively. (2) Unfunded commitments of $80.0 million reflects Senior Notes expected to be issued on or before March 14, 2023. The Uncollateralized Senior Notes, Shelf Agreements or Shelf Notes set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries. |
Short-Term Borrowings (Notes)
Short-Term Borrowings (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Borrowing [Abstract] | |
Short-term Debt [Text Block] | 16. Short-Term Borrowings We are authorized by our Board of Directors to borrow up to $400.0 million of short-term debt, as required. At September 30, 2022 and December 31, 2021, we had $167.3 million and $221.6 million, respectively, of short-term borrowings outstanding at a weighted average interest rate of 4.13 percent and 0.83 percent, respectively. Included in the September 30, 2022 balance, is $50.0 million in short-term debt for which we have entered into an interest rate swap agreement. 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 Revolver consist of a $200.0 million 364-day short-term debt tranche and a $200.0 million five-year tranche, both of which have three (3) one-year extension options, which can be authorized by our Chief Financial Officer. We are eligible to establish the repayment term for individual borrowings under the five year tranche of the Revolver 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. In August 2022, we amended both tranches of the Revolver, which now bear interest using SOFR as the benchmark interest rate, plus a 10-basis point SOFR adjustment, in lieu of LIBOR which is being retired by financial institutions. In addition, the 364-day tranche was extended for the upcoming year, expiring in August 2023. Furthermore, the previous covenant capping the aggregate investments at $150.0 million where we maintain a less than 50 percent ownership interest has been eliminated and the 364 day tranche of the facility now offers a reduced interest margin similar to the five-year tranche for amounts borrowed in connection to certain sustainable investments. All other terms and conditions remained unchanged. The availability of funds under the Revolver is subject to conditions specified in the credit agreement, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in the Revolver's loan documents. We are required by the financial covenants in the Revolver to maintain, at the end of each fiscal year, a funded indebtedness ratio of no greater than 65 percent. As of September 30, 2022, we are in compliance with this covenant. The 364-day tranche of the Revolver expires in August 2023 and the five-year tranche expires in August 2026 both of which are available to fund 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 based upon our total indebtedness to total capitalization ratio for the prior quarter. As of September 30, 2022, the pricing under the 364-day tranche of the Revolver does not include an unused commitment fee and maintains an interest rate of 70 basis points over SOFR plus a 10 basis point SOFR adjustment. As of September 30, 2022, the pricing under the five-year tranche of the Revolver included an unused commitment fee of 9 basis points and an interest rate of 95 basis points over SOFR plus a 10 basis point SOFR adjustment. The total available credit under the Revolver at September 30, 2022 was $227.4 million. As of September 30, 2022, we had issued $5.3 million in letters of credit to various counterparties under the Revolver. These letters of credit are not included in the outstanding short-term borrowings and we do not anticipate that they will be drawn upon by the counterparties. The letters of credit reduce the available borrowings under the Revolver. In the fourth quarter of 2020, we entered into two $30.0 million interest rate swaps with a notional amount of $60.0 million through September and December 2021 at a price of 0.205 and 0.20 over LIBOR, respectively. In February 2021, we entered into an additional interest rate swap with a notional amount of $40.0 million through December 2021 with a price of 0.17 over LIBOR. In the third quarter of 2022, we entered into an interest rate swap with a notional amount of $50.0 million through September 30, 2025 at a price of 3.98 percent. |
Leases Leases
Leases Leases | 9 Months Ended |
Sep. 30, 2022 | |
Lease Disclosure [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases We have entered into lease arrangements for office space, land, equipment, pipeline facilities and warehouses. These lease arrangements enable us to better conduct business operations in the regions in which we operate. Office space is leased to provide adequate workspace for our employees in several locations throughout 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 September 30, 2022, pertaining to the right-of-use assets and lease liabilities, are measured based on our current expectations of exercising our available renewal options. Our existing leases are not subject to any restrictions or covenants that would preclude our ability to pay dividends, obtain financing or enter into additional leases. As of September 30, 2022, we have not entered into any leases, which have not yet commenced, that would entitle us to significant rights or create additional obligations. The following table presents information related to our total lease cost included in our consolidated statements of income: Three Months Ended Nine Months Ended September 30, September 30, ( in thousands) Classification 2022 2021 2022 2021 Operating lease cost (1) Operations expense $743 $515 $2,121 $1,553 (1) Includes short-term leases and variable lease costs, which are immaterial. The following table presents the balance and classifications of our right of use assets and lease liabilities included in our condensed consolidated balance sheet at September 30, 2022 and December 31, 2021: (in thousands) Balance sheet classification September 30, 2022 December 31, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 14,916 $ 10,139 Liabilities Current Operating lease liabilities Other accrued liabilities $ 2,526 $ 1,996 Noncurrent Operating lease liabilities Operating lease - liabilities 12,975 8,571 Total lease liabilities $ 15,501 $ 10,567 The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Weighted-average remaining lease term ( in years ) Operating leases 8.44 8.10 Weighted-average discount rate Operating leases 3.4 % 3.6 % The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our condensed consolidated statements of cash flows as of September 30, 2022 and 2021: Nine Months Ended September 30, (in thousands) 2022 2021 Operating cash flows from operating leases $ 2,124 $ 1,399 The following table presents the future undiscounted maturities of our operating and financing leases at September 30, 2022 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Remainder of 2022 $ 830 2023 2,820 2024 2,540 2025 2,155 2026 1,678 2027 1,523 Thereafter 5,994 Total lease payments 17,540 Less: Interest (2,039) Present value of lease liabilities $ 15,501 (1) Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
COVID-19 Effect [Policy Text Block] | Effects of COVID-19 In March 2020, the CDC declared a national emergency due to the rapidly growing outbreak of COVID-19. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These restrictions significantly impacted economic conditions in the United States beginning in 2020 and to a lesser extent have continued into 2022. Chesapeake Utilities is considered an “essential business,” which allowed us to continue operational activities and construction projects while social distancing restrictions were in place. At this time, restrictions have predominantly been lifted as vaccines have become widely available in the United States. Previously existing states of emergency in all of our service territories expired during the second and third quarters of 2021 eliminating a majority of restrictions initially implemented to slow the spread of the virus. The expiration of the states of emergency along with the settlement of our limited proceeding in Florida concluded our ability to defer incremental pandemic related costs for consideration through the applicable regulatory process. We adjusted our operating practices accordingly to ensure the safety of our operations and will take the necessary actions to comply with the CDC, and the Occupational and Safety and Health Administration, as new developments occur. Refer to Note 5, Rates and Other Regulatory Activities , for further information on the regulated assets established as a result of the incremental expenses associated with COVID-19. |
Basis of Presentation | Basis of Presentation References in this document to the “Company,” “Chesapeake Utilities,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure. The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures. |
FASB Statements and Other Authoritative Pronouncements | Recently Adopted Accounting Standards Reference Rate Reform - (ASC 848) - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for the discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The amendments included in this ASU are to be applied prospectively, and are not expected to have a material impact on our financial position or results of operations. Refer to Note 16, Short-Term Borrowings, for further information related to our implementation of this update. Recent Accounting Standards Yet to be Adopted There are no new accounting pronouncements that are applicable to us. |
Calculation of Earnings Per S_2
Calculation of Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Net Income $ 9,662 $ 12,475 $ 63,646 $ 60,754 Weighted average shares outstanding 17,737,984 17,582,115 17,715,845 17,538,461 Basic Earnings Per Share $ 0.54 $ 0.71 $ 3.59 $ 3.46 Calculation of Diluted Earnings Per Share: Net Income $ 9,662 $ 12,475 $ 63,646 $ 60,754 Reconciliation of Denominator: Weighted shares outstanding—Basic 17,737,984 17,582,115 17,715,845 17,538,461 Effect of dilutive securities—Share-based compensation 81,389 77,528 81,156 71,697 Adjusted denominator—Diluted 17,819,373 17,659,643 17,797,001 17,610,158 Diluted Earnings Per Share $ 0.54 $ 0.71 $ 3.58 $ 3.45 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table displays our revenue by major source based on product and service type for the three months ended September 30, 2022 and 2021: Three months ended September 30, 2022 Three months ended September 30, 2021 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 8,741 $ — $ — $ 8,741 $ 7,849 $ — $ — $ 7,849 Florida natural gas division 9,207 — — 9,207 8,015 — — 8,015 FPU electric distribution 25,199 — — 25,199 23,121 — — 23,121 FPU natural gas distribution 26,627 — — 26,627 22,012 — — 22,012 Maryland natural gas division 2,881 — — 2,881 2,432 — — 2,432 Sandpiper natural gas/propane operations 3,893 — — 3,893 3,553 — — 3,553 Elkton Gas 1,168 — — 1,168 915 — — 915 Total energy distribution 77,716 — — 77,716 67,897 — — 67,897 Energy transmission Aspire Energy — 10,022 — 10,022 — 5,255 — 5,255 Aspire Energy Express 373 — — 373 47 — — 47 Eastern Shore 18,804 — — 18,804 18,558 — — 18,558 Peninsula Pipeline 6,813 — — 6,813 6,776 — — 6,776 Total energy transmission 25,990 10,022 — 36,012 25,381 5,255 — 30,636 Energy generation Eight Flags — 7,414 — 7,414 — 4,583 — 4,583 Propane operations Propane delivery operations — 27,923 — 27,923 — 20,680 — 20,680 Compressed Natural Gas Services Marlin Gas Services — 2,642 — 2,642 — 1,678 — 1,678 Other and eliminations Eliminations (12,726) (87) (7,886) (20,699) (12,882) (87) (5,302) (18,271) Other — — 45 45 — — 132 132 Total other and eliminations (12,726) (87) (7,841) (20,654) (12,882) (87) (5,170) (18,139) Total operating revenues (1) $ 90,980 $ 47,914 $ (7,841) $ 131,053 $ 80,396 $ 32,109 $ (5,170) $ 107,335 (1) Total operating revenues include other revenue (revenues from sources other than contracts with customers) of $0.1 million for both of our Regulated and Unregulated Energy segments, respectively for all periods presented above. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. The following table displays our revenue by major source based on product and service type for the nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 56,308 $ — $ — $ 56,308 $ 51,188 $ — $ — $ 51,188 Florida natural gas division 29,093 — — 29,093 25,417 — — 25,417 FPU electric distribution 64,593 — — 64,593 60,569 — — 60,569 FPU natural gas distribution 82,463 — — 82,463 72,032 — — 72,032 Maryland natural gas division 17,717 — — 17,717 16,122 — — 16,122 Sandpiper natural gas/propane operations 15,777 — — 15,777 15,438 — — 15,438 Elkton Gas 6,239 — — 6,239 4,745 — — 4,745 Total energy distribution 272,190 — — 272,190 245,511 — — 245,511 Energy transmission Aspire Energy — 38,866 — 38,866 — 23,738 — 23,738 Aspire Energy Express 1,004 — — 1,004 140 — — 140 Eastern Shore 58,000 — — 58,000 57,147 — — 57,147 Peninsula Pipeline 20,361 — — 20,361 19,853 — — 19,853 Total energy transmission 79,365 38,866 — 118,231 77,140 23,738 — 100,878 Energy generation Eight Flags — 18,868 — 18,868 — 13,086 — 13,086 Propane operations Propane delivery operations — 137,997 — 137,997 — 99,041 — 99,041 Compressed Natural Gas Services Marlin Gas Services — 7,231 — 7,231 — 6,019 — 6,019 Other and eliminations Eliminations (40,491) (293) (20,592) (61,376) (40,148) (242) (14,937) (55,327) Other — — 262 262 — — 396 396 Total other and eliminations (40,491) (293) (20,330) (61,114) (40,148) (242) (14,541) (54,931) Total operating revenues (1) $ 311,064 $ 202,669 $ (20,330) $ 493,403 $ 282,503 $ 141,642 $ (14,541) $ 409,604 (1) Total operating revenues for the nine months ended September 30, 2022, include other revenue (revenues from sources other than contracts with customers) of $0.2 million for Regulated and $0.3 million Unregulated Energy segments, respectively, and $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2021. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. |
Contract with Customer, Asset and Liability [Table Text Block] | The balances of our trade receivables, contract assets, and contract liabilities as of September 30, 2022 and December 31, 2021 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2021 $ 56,277 $ 18 $ 4,806 $ 747 Balance at 9/30/2022 36,384 18 4,700 1,139 Decrease $ (19,893) $ — $ (106) $ 392 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations, at September 30, 2022, are expected to be recognized as follows: (in thousands) 2022 2023 2024 2025 2026 2027 2028 and thereafter Eastern Shore and Peninsula Pipeline $ 10,366 $ 36,011 $ 32,755 $ 26,516 $ 23,071 $ 20,163 $ 159,782 Natural gas distribution operations 1,678 6,285 6,105 5,747 5,516 5,100 33,113 FPU electric distribution 163 652 652 275 275 275 275 Total revenue contracts with remaining performance obligations $ 12,207 $ 42,948 $ 39,512 $ 32,538 $ 28,862 $ 25,538 $ 193,170 |
Rates and Other Regulatory Ac_2
Rates and Other Regulatory Activities Rates and Regulatory Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Rates and Regulatory Activities [Abstract] | |
Summary of Effects of Federal Tax Reform on Regulated Businesses [Table Text Block] | The following table summarizes the regulatory liabilities related to accumulated deferred taxes ("ADIT") associated with TCJA for our regulated businesses as of September 30, 2022 and December 31, 2021: Amount (in thousands) Operation and Regulatory Jurisdiction September 30, 2022 December 31, 2021 Status Eastern Shore (FERC) $34,190 $34,190 Will be addressed in Eastern Shore's next rate case filing. Chesapeake Delaware natural gas division (Delaware PSC) $12,469 $12,591 PSC approved amortization of ADIT in January 2019. Chesapeake Maryland natural gas division (Maryland PSC) $3,737 $3,840 PSC approved amortization of ADIT in May 2018. Sandpiper Energy (Maryland PSC) $3,612 $3,656 PSC approved amortization of ADIT in May 2018. Chesapeake Florida natural gas division/CFG (Florida PSC) $7,892 $8,032 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) $19,029 $19,189 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown natural gas divisions (Florida PSC) $262 $271 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU electric division (Florida PSC) $5,054 $5,237 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. Elkton Gas (Maryland PSC) $1,066 $1,091 PSC approved amortization of ADIT in March 2018. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following table presents financial information about our reportable segments: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 90,270 $ 79,892 $ 306,159 $ 280,987 Unregulated Energy 40,783 27,443 187,244 128,617 Total operating revenues, unaffiliated customers $ 131,053 $ 107,335 $ 493,403 $ 409,604 Intersegment Revenues (1) Regulated Energy $ 710 $ 504 $ 4,905 $ 1,516 Unregulated Energy 7,131 4,666 14,950 13,024 Other businesses 45 132 737 397 Total intersegment revenues $ 7,886 $ 5,302 $ 20,592 $ 14,937 Operating Income/(Loss) Regulated Energy $ 23,663 $ 23,370 $ 84,202 $ 78,835 Unregulated Energy (5,056) (2,952) 15,557 15,624 Other businesses and eliminations 41 (305) 222 (171) Operating income 18,648 20,113 99,981 94,288 Other income, net 957 327 4,454 2,155 Interest charges 6,240 4,975 17,404 15,134 Income before Income Taxes 13,365 15,465 87,031 81,309 Income Taxes 3,703 2,990 23,385 20,555 Net Income $ 9,662 $ 12,475 $ 63,646 $ 60,754 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) September 30, 2022 December 31, 2021 Identifiable Assets Regulated Energy segment $ 1,665,205 $ 1,629,191 Unregulated Energy segment 441,843 439,114 Other businesses and eliminations 50,374 46,564 Total identifiable assets $ 2,157,422 $ 2,114,869 |
Stockholder's Equity - Accumu_2
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Defined Benefit Commodity Interest Rate Pension and Contracts Swap Postretirement Cash Flow Cash Flow Plan Items Hedges Hedges Total (in thousands) As of December 31, 2021 $ (3,268) $ 4,571 $ — $ 1,303 Other comprehensive income/(loss) before reclassifications — (613) 153 (460) Amounts reclassified from accumulated other comprehensive income/(loss) 53 (2,294) — (2,241) Net current-period other comprehensive income/(loss) 53 (2,907) 153 (2,701) As of September 30, 2022 $ (3,215) $ 1,664 $ 153 $ (1,398) (in thousands) As of December 31, 2020 $ (5,146) $ 2,309 $ (28) $ (2,865) Other comprehensive income before reclassifications — 8,121 55 8,176 Amounts reclassified from accumulated other comprehensive income/(loss) 192 (3,027) (37) (2,872) Net prior-period other comprehensive income 192 5,094 18 5,304 As of September 30, 2021 $ (4,954) $ 7,403 $ (10) $ 2,439 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021. Deferred gains or losses for our commodity contracts and interest rate swap cash flow hedges are recognized in earnings upon settlement. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 57 $ 57 Net loss (1) (43) (106) (129) (317) Total before income taxes (24) (87) (72) (260) Income tax benefit 6 23 19 68 Net of tax $ (18) $ (64) $ (53) $ (192) Gains on commodity contracts cash flow hedges: Propane swap agreements (2) $ 102 $ 681 $ 3,162 $ 4,183 Income tax expense (28) (188) (868) (1,156) Net of tax $ 74 $ 493 $ 2,294 $ 3,027 Gains on interest rate swap cash flow hedges: Interest rate swap agreements $ — $ 24 $ — $ 50 Income tax expense — (6) — (13) Net of tax $ — $ 18 $ — $ 37 Total reclassifications for the period $ 56 $ 447 $ 2,241 $ 2,872 (1) These amounts are included in the computation of net periodic costs (benefits). See Note 10 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments , for additional details. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit costs for our pension and post-retirement benefits plans for the three and nine months ended September 30, 2022 and 2021 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 (in thousands) Interest cost $ — $ 34 $ 449 $ 429 $ 13 $ 12 $ 6 $ 6 $ 6 $ 6 Expected return on plan assets — (40) (857) (830) — — — — — — Amortization of prior service credit — — — — — — (19) (19) — — Amortization of net (gain) loss — 60 124 155 7 7 12 10 — (2) Total periodic cost (benefit) $ — $ 54 $ (284) $ (246) $ 20 $ 19 $ (1) $ (3) $ 6 $ 4 Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 (in thousands) Interest cost $ — $ 102 $ 1,347 $ 1,287 $ 39 $ 36 $ 18 $ 18 $ 18 $ 18 Expected return on plan assets — (120) (2,571) (2,490) — — — — — — Amortization of prior service credit — — — — — — (57) (57) — — Amortization of net (gain) loss — 180 372 465 21 21 36 30 — (6) Total periodic cost (benefit) $ — $ 162 $ (852) $ (738) $ 60 $ 57 $ (3) $ (9) $ 18 $ 12 |
Amounts Included in Regulatory asset and AOCI [Table Text Block] | The following tables present the amounts included in the regulatory asset and accumulated other comprehensive income that were recognized as components of net periodic benefit cost during the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss — 124 7 12 — 143 Total recognized in net periodic benefit cost — 124 7 (7) — 124 Recognized from accumulated other comprehensive (income)/loss (1) — 24 7 (7) — 24 Recognized from regulatory asset — 100 — — — 100 Total $ — $ 124 $ 7 $ (7) $ — $ 124 For the Three Months Ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 60 155 7 10 (2) 230 Total recognized in net periodic benefit cost 60 155 7 (9) (2) 211 Recognized from accumulated other comprehensive (income)/loss (1) 60 29 7 (9) — 87 Recognized from regulatory asset — 126 — — (2) 124 Total $ 60 $ 155 $ 7 $ (9) $ (2) $ 211 . For the Nine months ended September 30, 2022 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss — 372 21 36 — 429 Total recognized in net periodic benefit cost — 372 21 (21) — 372 Recognized from accumulated other comprehensive (income)/loss (1) — 72 21 (21) — 72 Recognized from regulatory asset — 300 — — — 300 Total $ — $ 372 $ 21 $ (21) $ — $ 372 For the Nine months ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss 180 465 21 30 (6) 690 Total recognized in net periodic benefit cost 180 465 21 (27) (6) 633 Recognized from accumulated other comprehensive (income)/loss (1) 180 87 21 (27) (1) 260 Recognized from regulatory asset — 378 — — (5) 373 Total $ 180 $ 465 $ 21 $ (27) $ (6) $ 633 (1) See Note 9 , Stockholders' Equity . |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments schedule [Table Text Block] | The investment balances at September 30, 2022 and December 31, 2021, consisted of the following: (in thousands) September 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 9,874 $ 12,069 Investments in equity securities 21 26 Total $ 9,895 $ 12,095 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Shares awarded to non-employee directors [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The table below presents the amounts included in net income related to share-based compensation expense for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (in thousands) Awards to non-employee directors $ 252 $ 201 $ 706 $ 581 Awards to key employees 898 1,105 3,999 4,039 Total compensation expense 1,150 1,306 4,705 4,620 Less: tax benefit (297) (339) (1,214) (1,200) Share-based compensation amounts included in net income $ 853 $ 967 $ 3,491 $ 3,420 |
Award to key employees [Member] | |
Shares awarded to non-employee directors [Line Items] | |
Schedule of Share-based Compensation, Activity | The table below presents the summary of the stock activity for awards to key employees for the nine months ended September 30, 2022: Number of Shares Weighted Average Outstanding—December 31, 2021 197,398 $ 94.15 Granted 67,458 $ 118.85 Vested (60,850) $ 90.60 Expired 557 $ 91.42 Outstanding—September 30, 2022 204,563 $ 103.01 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2022, the volume of our commodity derivative contracts were as follows: Business unit Commodity Contract Type Quantity hedged (in millions) Designation Longest Expiration date of hedge Sharp Propane (gallons) Purchases 23.5 Cash flows hedges August 2025 Sharp Propane (gallons) Sales 3.8 Cash flows hedges March 2023 |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | (in thousands) Balance Sheet Location September 30, 2022 December 31, 2021 Sharp Other Accrued Liabilities $ 1,493 $ 4,081 |
Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet | September 30, 2022 and December 31, 2021, are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location September 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments Propane swap agreements Derivative assets, at fair value $ — $ 16 Derivatives designated as cash flow hedges Propane swap agreements Derivative assets, at fair value 4,175 7,060 Interest rate swap agreements Derivative assets, at fair value 377 — Total Derivative Assets $ 4,552 $ 7,076 Derivative Liabilities Fair Value As Of (in thousands) Balance Sheet Location September 30, 2022 December 31, 2021 Derivatives designated as cash flow hedges Propane swap agreements Derivative liabilities, at fair value $ 1,881 $ 743 Interest rate swap agreements Derivative liabilities, at fair value 170 — Total Derivative Liabilities $ 2,051 $ 743 |
Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements | The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows: Amount of Gain (Loss) on Derivatives: Location of Gain For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) (Loss) on Derivatives 2022 2021 2022 2021 Derivatives not designated as hedging instruments Propane swap agreements Unregulated propane and natural gas costs $ — $ — $ 56 $ — Derivatives designated as fair value hedges Propane put options Unregulated propane and natural gas costs — — — (24) Derivatives designated as cash flow hedges Propane swap agreements Revenues — — (826) — Propane swap agreements Unregulated propane and natural gas costs 102 681 3,932 4,183 Propane swap agreements Other comprehensive income (loss) (4,050) 2,491 (4,022) 7,039 Interest rate swap agreements Interest expense — 24 — 50 Interest rate swap agreements Other comprehensive income (loss) 207 19 207 24 Total $ (3,741) $ 3,215 $ (653) $ 11,272 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of September 30, 2022 and December 31, 2021: Fair Value Measurements Using: As of September 30, 2022 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 21 $ 21 $ — $ — Investments—guaranteed income fund 1,846 — — 1,846 Investments—mutual funds and other 8,028 8,028 — — Total investments 9,895 8,049 — 1,846 Derivative assets 4,552 — 4,552 — Total assets $ 14,447 $ 8,049 $ 4,552 $ 1,846 Liabilities: Derivative liabilities $ 2,051 $ — $ 2,051 $ — 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 $ — |
Summary of Changes in Fair Value of Investments | The following table sets forth the summary of the changes in the fair value of Level 3 investments for the nine months ended September 30, 2022 and 2021: Nine months ended September 30, 2022 2021 (in thousands) Beginning Balance $ 2,036 $ 2,156 Purchases and adjustments 133 77 Transfers — — Distribution (347) (241) Investment income 24 24 Ending Balance $ 1,846 $ 2,016 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding Long-Term Debt | Our outstanding long-term debt is shown below: September 30, December 31, (in thousands) 2022 2021 Uncollateralized senior notes: 5.93% note, due October 31, 2023 $ 4,500 $ 6,000 5.68% note, due June 30, 2026 11,600 14,500 6.43% note, due May 2, 2028 4,200 4,900 3.73% note, due December 16, 2028 14,000 14,000 3.88% note, due May 15, 2029 35,000 40,000 3.25% note, due April 30, 2032 68,250 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 50,000 2.95% notes Due March 15, 2042 50,000 — Equipment security note 2.46% note, due September 24, 2031 8,734 9,378 Less: debt issuance costs (973) (913) Total long-term debt 605,311 567,865 Less: current maturities (21,478) (17,962) Total long-term debt, net of current maturities $ 583,833 $ 549,903 |
Schedule of Line of Credit Facilities [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | (in thousands) Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity Shelf Agreement Prudential Shelf Agreement (1) (2) $ 370,000 $ (220,000) $ (80,000) $ 70,000 MetLife Shelf Agreement (1) 150,000 (50,000) — 100,000 Total Shelf Agreements as of September 30, 2022 $ 520,000 $ (270,000) $ (80,000) $ 170,000 |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lease Disclosure [Abstract] | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, ( in thousands) Classification 2022 2021 2022 2021 Operating lease cost (1) Operations expense $743 $515 $2,121 $1,553 |
Schedule of Leases Reported on Consolidated Statement of Financial Position [Table Text Block] | The following table presents the balance and classifications of our right of use assets and lease liabilities included in our condensed consolidated balance sheet at September 30, 2022 and December 31, 2021: (in thousands) Balance sheet classification September 30, 2022 December 31, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 14,916 $ 10,139 Liabilities Current Operating lease liabilities Other accrued liabilities $ 2,526 $ 1,996 Noncurrent Operating lease liabilities Operating lease - liabilities 12,975 8,571 Total lease liabilities $ 15,501 $ 10,567 |
Leases, Weighted Average Remaining Lease Term [Table Text Block] | The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Weighted-average remaining lease term ( in years ) Operating leases 8.44 8.10 Weighted-average discount rate Operating leases 3.4 % 3.6 % |
Lease, Cash Flow [Table Text Block] | The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our condensed consolidated statements of cash flows as of September 30, 2022 and 2021: Nine Months Ended September 30, (in thousands) 2022 2021 Operating cash flows from operating leases $ 2,124 $ 1,399 |
Schedule of Maturities of Leases [Table Text Block] | The following table presents the future undiscounted maturities of our operating and financing leases at September 30, 2022 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Remainder of 2022 $ 830 2023 2,820 2024 2,540 2025 2,155 2026 1,678 2027 1,523 Thereafter 5,994 Total lease payments 17,540 Less: Interest (2,039) Present value of lease liabilities $ 15,501 (1) Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |
Calculation of Earnings Per S_3
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.54 | $ 0.71 | $ 3.59 | $ 3.46 |
Calculation of Basic Earnings Per Share: | ||||
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Weighted shares outstanding (shares) | 17,737,984 | 17,582,115 | 17,715,845 | 17,538,461 |
Basic Earnings Per Share (in dollars per share) | $ 0.54 | $ 0.71 | $ 3.59 | $ 3.46 |
Reconciliation of Numerator: | ||||
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Reconciliation of Denominator: | ||||
Weighted shares outstanding - Basic (shares) | 17,737,984 | 17,582,115 | 17,715,845 | 17,538,461 |
Effect of dilutive securities: | ||||
Share-based compensation (shares) | 81,389 | 77,528 | 81,156 | 71,697 |
Adjusted denominator-Diluted (shares) | 17,819,373 | 17,659,643 | 17,797,001 | 17,610,158 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.54 | $ 0.71 | $ 3.58 | $ 3.45 |
Diluted Earnings Per Share (in dollars per share) | $ 0.54 | $ 0.71 | $ 3.58 | $ 3.45 |
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Basic (shares) | 17,737,984 | 17,582,115 | 17,715,845 | 17,538,461 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.54 | $ 0.71 | $ 3.59 | $ 3.46 |
Basic (in dollars per share) | $ 0.54 | $ 0.71 | $ 3.59 | $ 3.46 |
Share-based compensation (shares) | 81,389 | 77,528 | 81,156 | 71,697 |
Diluted (shares) | 17,819,373 | 17,659,643 | 17,797,001 | 17,610,158 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.54 | $ 0.71 | $ 3.58 | $ 3.45 |
Diluted (in dollars per share) | $ 0.54 | $ 0.71 | $ 3.58 | $ 3.45 |
Retained Earnings [Member] | ||||
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Calculation of Basic Earnings Per Share: | ||||
Net Income | 9,662 | 12,475 | 63,646 | 60,754 |
Reconciliation of Numerator: | ||||
Net Income | 9,662 | 12,475 | 63,646 | 60,754 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 9,662 | 12,475 | 63,646 | 60,754 |
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 131,053 | $ 107,335 | $ 493,403 | $ 409,604 |
Operating Income (Loss) | 18,648 | 20,113 | 99,981 | 94,288 |
Unregulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating Income (Loss) | (5,056) | (2,952) | 15,557 | 15,624 |
Regulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating Income (Loss) | 23,663 | $ 23,370 | 84,202 | $ 78,835 |
Diversified Energy | Unregulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 23,100 | 23,100 | ||
Revenues | 3,800 | 18,100 | ||
Operating Income (Loss) | (800) | $ (200) | ||
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 | ||
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 | ||
Gallons acquired through acquisition | 10,000,000 | |||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 800 | $ 800 | ||
Davenport Energy | Unregulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,500 | $ 1,500 | ||
Number of customers acquired through acquisition | 850 | |||
Business Combination, Consideration Transferred | $ 2,000 | |||
Business Combination, Working Capital | 100 | 100 | ||
Business Combination, Contingent Consideration, Liability | 100 | 100 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 500 | $ 500 | ||
Gallons acquired through acquisition | 400,000 | |||
Planet Found | Unregulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business Combination, Consideration Transferred | $ 9,500 |
Revenue Recognition Additional
Revenue Recognition Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 0.3 | $ 0.2 | $ 1 | $ 0.8 |
Revenue Recognition Disegragati
Revenue Recognition Disegragation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 131,053,000 | $ 107,335,000 | $ 493,403,000 | $ 409,604,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 131,053,000 | [1] | 107,335,000 | [1] | 493,403,000 | [2] | 409,604,000 | [2] |
Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 90,980,000 | [1] | 80,396,000 | [1] | 311,064,000 | [2] | 282,503,000 | [2] |
Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 47,914,000 | [1] | 32,109,000 | [1] | 202,669,000 | [2] | 141,642,000 | [2] |
Other Segments And Intersegments Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (7,841,000) | (5,170,000) | (20,330,000) | (14,541,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (7,841,000) | [1] | (5,170,000) | [1] | (20,330,000) | [2] | (14,541,000) | [2] |
Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,654,000) | (18,139,000) | (61,114,000) | (54,931,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12,726,000) | (12,882,000) | (40,491,000) | (40,148,000) | ||||
Other [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 100,000 | 200,000 | (100,000) | |||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 300,000 | 300,000 | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (87,000) | (87,000) | (293,000) | (242,000) | ||||
Energy Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 77,716,000 | 67,897,000 | 272,190,000 | 245,511,000 | ||||
Energy Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 77,716,000 | 67,897,000 | 272,190,000 | 245,511,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,741,000 | 7,849,000 | 56,308,000 | 51,188,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,741,000 | 7,849,000 | 56,308,000 | 51,188,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,207,000 | 8,015,000 | 29,093,000 | 25,417,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,207,000 | 8,015,000 | 29,093,000 | 25,417,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,199,000 | 23,121,000 | 64,593,000 | 60,569,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,199,000 | 23,121,000 | 64,593,000 | 60,569,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,627,000 | 22,012,000 | 82,463,000 | 72,032,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,627,000 | 22,012,000 | 82,463,000 | 72,032,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,881,000 | 2,432,000 | 17,717,000 | 16,122,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,881,000 | 2,432,000 | 17,717,000 | 16,122,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,893,000 | 3,553,000 | 15,777,000 | 15,438,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,893,000 | 3,553,000 | 15,777,000 | 15,438,000 | ||||
Energy Distribution [Member] | Elkton Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,168,000 | 6,239,000 | ||||||
Energy Distribution [Member] | Elkton Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,168,000 | 915,000 | 6,239,000 | 4,745,000 | ||||
Energy Transmission [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 36,012,000 | 30,636,000 | 118,231,000 | 100,878,000 | ||||
Energy Transmission [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,990,000 | 25,381,000 | 79,365,000 | 77,140,000 | ||||
Energy Transmission [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,022,000 | 5,255,000 | 38,866,000 | 23,738,000 | ||||
Energy Transmission [Member] | Aspire [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,022,000 | 5,255,000 | 38,866,000 | 23,738,000 | ||||
Energy Transmission [Member] | Aspire [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,022,000 | 5,255,000 | 38,866,000 | 23,738,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,804,000 | 18,558,000 | 58,000,000 | 57,147,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,804,000 | 18,558,000 | 58,000,000 | 57,147,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,813,000 | 6,776,000 | 20,361,000 | 19,853,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,813,000 | 6,776,000 | 20,361,000 | 19,853,000 | ||||
Energy Transmission [Member] | Aspire Energy Express | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 373,000 | 47,000 | 1,004,000 | 140,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,414,000 | 4,583,000 | 18,868,000 | 13,086,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,414,000 | 4,583,000 | 18,868,000 | 13,086,000 | ||||
Propane Delivery [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,923,000 | 20,680,000 | 137,997,000 | 99,041,000 | ||||
Propane Delivery [Member] | Florida Propane | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,923,000 | 20,680,000 | 137,997,000 | 99,041,000 | ||||
Energy Services [Member] | Marlin Gas Services [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,642,000 | 7,231,000 | ||||||
Energy Services [Member] | Marlin Gas Services [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,642,000 | 1,678,000 | 7,231,000 | 6,019,000 | ||||
Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,699,000) | (18,271,000) | (61,376,000) | (55,327,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12,726,000) | (12,882,000) | (40,491,000) | (40,148,000) | ||||
Eliminations [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (87,000) | (87,000) | (293,000) | (242,000) | ||||
Eliminations [Member] | Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (7,886,000) | (5,302,000) | (20,592,000) | (14,937,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 45,000 | 132,000 | 262,000 | 396,000 | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||||
Other [Member] | Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 45,000 | $ 132,000 | $ 262,000 | $ 396,000 | ||||
[1] (1) Total operating revenues include other revenue (revenues from sources other than contracts with customers) of $0.1 million for both of our Regulated and Unregulated Energy segments, respectively for all periods presented above. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. |
Revenue Recognition Contract Ba
Revenue Recognition Contract Balances with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Receivables from Customers | $ 36,384 | $ 36,384 | $ 56,277 | ||
Contract with Customer, Asset, Net, Current | 18 | 18 | 18 | ||
Contract with Customer, Asset, Net, Noncurrent | 4,700 | 4,700 | 4,806 | ||
Customer deposits and refunds | 1,139 | 1,139 | $ 747 | ||
Increase (Decrease) in Receivables | (19,893) | ||||
Increase (Decrease) in Other Current Assets | 0 | ||||
Increase (Decrease) in Other Noncurrent Assets | (106) | ||||
Increase (Decrease) in Other Current Liabilities | 392 | ||||
Contract with Customer, Liability, Revenue Recognized | $ 300 | $ 200 | $ 1,000 | $ 800 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 163 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 652 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 652 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 275 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 275 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 275 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 275 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,678 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 6,285 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 6,105 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 5,747 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 5,516 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 5,100 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 33,113 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 10,366 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 36,011 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 32,755 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 26,516 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 23,071 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 20,163 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 159,782 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 12,207 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 42,948 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 39,512 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 32,538 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 28,862 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 25,538 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 193,170 |
Rates and Other Regulatory Ac_3
Rates and Other Regulatory Activities - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) Dekatherm mi | Dec. 31, 2021 USD ($) | |
Rates and Other Regulatory Activities [Line Items] | ||
COVID-19 Regulatory Asset | $ 1,500 | $ 2,300 |
Interim Rates | 7,700 | |
Permanent Rates | 24,100 | |
Requested Interim Rates | 7,200 | |
Florida Public Utilities Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
COVID-19 Settlement Amount | 2,100 | |
Delaware natural gas division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 12,469 | 12,591 |
Maryland Division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 3,737 | 3,840 |
Sandpiper [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 3,612 | 3,656 |
Central Florida Gas Division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 7,892 | 8,032 |
Florida Public Utilities Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 19,029 | 19,189 |
Fort Meade and Indiantown Divisions [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 262 | 271 |
FPU electric division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 5,054 | 5,237 |
Eastern Shore Gas Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 34,190 | 34,190 |
Elkton Gas [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | $ 1,066 | $ 1,091 |
Beachside Expansion | Peninsula Pipeline Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Number of Mainline Pipeline Miles | mi | 11.3 | |
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 10,176 | |
Winter Haven Expansion | Peninsula Pipeline Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 6,800 | |
Twin Lakes Expansion | Peninsula Pipeline Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 2,400 |
Environmental Commitments and_2
Environmental Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) site | Dec. 31, 2021 USD ($) | |
Environmental Commitments And Contingencies [Line Items] | ||
Company's exposure in number of former Manufactured Gas Plant Sites | site | 7 | |
Environmental liabilities | $ 2,901,000 | $ 3,538,000 |
West Palm Beach Florida [Member] | Minimum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 3,300,000 | |
West Palm Beach Florida [Member] | Maximum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 14,200,000 | |
Seaford [Member] | Minimum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 300,000 | |
Seaford [Member] | Maximum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 900,000 | |
Manufactured Gas Plant [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Regulatory Assets for future recovery of environmental costs | 900,000 | 1,300,000 |
FPU [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental liabilities | 4,600,000 | 5,200,000 |
Approval of recovery of environmental costs | 14,000,000 | |
Environmental costs recovered | 13,200,000 | 12,900,000 |
FPU [Member] | Manufactured Gas Plant [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Regulatory Assets for future recovery of environmental costs | $ 800,000 | $ 1,100,000 |
Other Commitments and Conting_2
Other Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Other Commitments [Line Items] | |
Debt Service Coverage Ratio | 1.25 |
Debt Service Coverage Ratio Measurement Period | 12 |
Maximum Days To Make Default Good | 5 days |
Ratio based on average number of prior quarters | 6 |
Ratios based on average of the prior quarters | 1 year 6 months |
Funds from operations interest coverage ratio minimum times | 2 |
Total debt to capital maximum | 0.65 |
Number Of Years For Power Purchase Agreement | 20 years |
Contract Duration | 20 years |
Aggregate guaranteed amount | $ 20 |
Guarantor Obligations, Current Carrying Value | 12 |
Draws on letters of credit | 5.3 |
Specific Purpose | |
Other Commitments [Line Items] | |
Guarantor Obligations, Current Carrying Value | 11.1 |
Rate Case | |
Other Commitments [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 7.1 |
Florida Natural Gas Distribution and Eight Flags [Member] | |
Other Commitments [Line Items] | |
Number of Years for Asset Management Agreement | 10 years |
Delmarva [Member] | |
Other Commitments [Line Items] | |
Number of Years for Asset Management Agreement | 3 years |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Number of Reportable Segments | 2 | |||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | $ 131,053 | $ 107,335 | $ 493,403 | $ 409,604 | ||
Operating Income | ||||||
Total operating income | 18,648 | 20,113 | 99,981 | 94,288 | ||
Other expense, net | 957 | 327 | 4,454 | 2,155 | ||
Interest | 6,240 | 4,975 | 17,404 | 15,134 | ||
Income Before Income Taxes | 13,365 | 15,465 | 87,031 | 81,309 | ||
Income Taxes | 3,703 | 2,990 | 23,385 | 20,555 | ||
Net Income | 9,662 | 12,475 | 63,646 | 60,754 | ||
Identifiable Assets | ||||||
Total identifiable assets | 2,157,422 | 2,157,422 | $ 2,114,869 | |||
Regulated Energy [Member] | ||||||
Operating Income | ||||||
Total operating income | 23,663 | 23,370 | 84,202 | 78,835 | ||
Identifiable Assets | ||||||
Total identifiable assets | 1,665,205 | 1,665,205 | 1,629,191 | |||
Unregulated Energy [Member] | ||||||
Operating Income | ||||||
Total operating income | (5,056) | (2,952) | 15,557 | 15,624 | ||
Identifiable Assets | ||||||
Total identifiable assets | 441,843 | 441,843 | 439,114 | |||
Other [Member] | ||||||
Identifiable Assets | ||||||
Total identifiable assets | 50,374 | 50,374 | $ 46,564 | |||
Other and eliminations [Member] | ||||||
Operating Income | ||||||
Total operating income | 41 | (305) | 222 | (171) | ||
Operating Revenues, Unaffiliated Customers [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 131,053 | 107,335 | 493,403 | 409,604 | ||
Operating Revenues, Unaffiliated Customers [Member] | Regulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 90,270 | 79,892 | 306,159 | 280,987 | ||
Operating Revenues, Unaffiliated Customers [Member] | Unregulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 40,783 | 27,443 | 187,244 | 128,617 | ||
Intersegment Revenues [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 7,886 | 5,302 | 20,592 | 14,937 | |
Intersegment Revenues [Member] | Regulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 710 | 504 | 4,905 | 1,516 | |
Intersegment Revenues [Member] | Unregulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 7,131 | 4,666 | 14,950 | 13,024 | |
Intersegment Revenues [Member] | Other [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 45 | 132 | 737 | 397 | |
Retained Earnings [Member] | ||||||
Operating Income | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 9,662 | 12,475 | 63,646 | 60,754 | ||
Net Income | $ 9,662 | $ 12,475 | $ 63,646 | $ 60,754 | ||
[1]All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. |
Stockholder's Equity - Accumu_3
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ 1,303,000 | $ (2,865,000) | $ (2,865,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (460,000) | 8,176,000 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,241,000) | (2,872,000) | |||
Net current-period other comprehensive income (loss) | $ (2,768,000) | $ 1,881,000 | (2,701,000) | 5,304,000 | |
Ending balance | (1,398,000) | 2,439,000 | $ (1,398,000) | 2,439,000 | $ 1,303,000 |
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0.1 | 0.1 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 136.87 | $ 125.71 | |||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 4,400,000 | $ 15,200,000 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0.1 | 0.1 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 136.87 | $ 125.71 | |||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 4,400,000 | 15,200,000 | |||
Maximum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Proceeds from Stock Plans | 75,000,000 | ||||
Proceeds from Stock Plans | 75,000,000 | ||||
UnrealizedGainsLossesFromDefinedBenefitPensionAndPostretirementPlanItems [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (3,268,000) | (5,146,000) | (5,146,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 53,000 | 192,000 | |||
Net current-period other comprehensive income (loss) | 53,000 | 192,000 | |||
Ending balance | (3,215,000) | (4,954,000) | (3,215,000) | (4,954,000) | (3,268,000) |
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 4,571,000 | 2,309,000 | 2,309,000 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (613,000) | 8,121,000 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,294,000) | (3,027,000) | |||
Net current-period other comprehensive income (loss) | (2,907,000) | 5,094,000 | |||
Ending balance | 1,664,000 | 7,403,000 | 1,664,000 | 7,403,000 | 4,571,000 |
Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 0 | (28,000) | (28,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 153,000 | 55,000 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (37,000) | |||
Net current-period other comprehensive income (loss) | 153,000 | 18,000 | |||
Ending balance | $ 153,000 | $ (10,000) | $ 153,000 | $ (10,000) | $ 0 |
Stockholder's Equity - Accumu_4
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Amortization of pension and postretirement items: | ||||||
Tax benefit | $ (3,703,000) | $ (2,990,000) | $ (23,385,000) | $ (20,555,000) | ||
Derivative, Gain (Loss) on Derivative, Net | (3,741,000) | 3,215,000 | $ (653,000) | 11,272,000 | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0.1 | 0.1 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 136.87 | $ 125.71 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 4,400,000 | $ 15,200,000 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Amortization of pension and postretirement items: | ||||||
Net of tax | 56,000 | 447,000 | 2,241,000 | 2,872,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Amortization of pension and postretirement items: | ||||||
Prior service cost | [1] | 19,000 | 19,000 | 57,000 | 57,000 | |
Net loss | [1] | (43,000) | (106,000) | (129,000) | (317,000) | |
Total before tax | (24,000) | (87,000) | (72,000) | (260,000) | ||
Tax benefit | 6,000 | 23,000 | 19,000 | 68,000 | ||
Net of tax | (18,000) | (64,000) | (53,000) | (192,000) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of pension and postretirement items: | ||||||
Tax benefit | (28,000) | (188,000) | (868,000) | (1,156,000) | ||
Net of tax | 74,000 | 493,000 | 2,294,000 | 3,027,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges [Member] | ||||||
Amortization of pension and postretirement items: | ||||||
Other Comprehensive Income Loss Adjustments AOCI Swap Agreements | 24,000 | 50,000 | ||||
Tax benefit | 0 | (6,000) | 0 | (13,000) | ||
Net of tax | 0 | 18,000 | 0 | 37,000 | ||
Propane Swap Agreement [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||
Amortization of pension and postretirement items: | ||||||
Other Comprehensive Income Loss Adjustments AOCI Swap Agreements | [2] | 102,000 | 681,000 | 3,162,000 | 4,183,000 | |
Interest Rate Swap [Member] | Derivatives designated as hedging instrument [Member] | Interest Expense [Member] | ||||||
Amortization of pension and postretirement items: | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 24,000 | $ 0 | $ 50,000 | ||
[1] These amounts are included in the computation of net periodic costs (benefits). See Note 10 , Employee Benefit Plans , for additional details. These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments , for additional details. |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Amortization of prior service cost | $ (19) | $ (19) | $ (57) | $ (57) | |||||
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 211 | 633 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 143 | 230 | 429 | 690 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 124 | 211 | 372 | 633 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 24 | [1] | 87 | [1] | 72 | [2] | 260 | [2] | |
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 100 | 124 | 300 | 373 | |||||
Deferred Pension Settlement Expense | 600 | ||||||||
Chesapeake Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Interest cost | 0 | 34 | 0 | 102 | |||||
Expected return on plan assets | 0 | (40) | 0 | (120) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 0 | 60 | 0 | 180 | |||||
Total periodic cost | 0 | 54 | 0 | 162 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 0 | 60 | 0 | 180 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 0 | [1] | 60 | [1] | 0 | [2] | 180 | [2] | |
Florida Public Utilities Company Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | ||||||||
Interest cost | 449 | 429 | 1,347 | 1,287 | |||||
Expected return on plan assets | (857) | (830) | (2,571) | (2,490) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 124 | 155 | 372 | 465 | |||||
Total periodic cost | (284) | (246) | (852) | (738) | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 124 | 155 | 372 | 465 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 24 | [1] | 29 | [1] | 72 | [2] | 87 | [2] | |
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 100 | 126 | 300 | 378 | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 300 | 300 | |||||||
Chesapeake Pension SERP [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | ||||||||
Interest cost | 13 | 12 | 39 | 36 | |||||
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 7 | 21 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | 7 | 21 | 21 | |||||
Total periodic cost | 20 | 19 | 60 | 57 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 7 | 7 | 21 | 21 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 7 | [1] | 7 | [1] | 21 | [2] | 21 | [2] | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||||||
Chesapeake Postretirement Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | 200 | |||||||
Interest cost | 6 | 6 | 18 | 18 | |||||
Amortization of prior service cost | (19) | (19) | (57) | (57) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 10 | 36 | 30 | |||||
Total periodic cost | (1) | (3) | (3) | (9) | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (7) | (9) | (21) | (27) | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (7) | [1] | (9) | [1] | (21) | [2] | (27) | [2] | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||||||
Florida Public Utilities Company Medical Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Interest cost | 6 | 6 | 18 | 18 | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (6) | |||||||
Total periodic cost | 6 | 4 | 18 | 12 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (2) | (6) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [2] | (1) | |||||||
Defined Benefit Plan Amounts Recognized From Regulatory Asset | $ (2) | $ (5) | |||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 100 | $ 100 | |||||||
[1].[2]1) See Note 9 , Stockholders' Equity . |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Amortization of prior service cost | $ (19) | $ (19) | $ (57) | $ (57) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 143 | 230 | 429 | 690 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 124 | 211 | 372 | 633 | |||||
Recognized from accumulated other comprehensive loss | 24 | [1] | 87 | [1] | 72 | [2] | 260 | [2] | |
Recognized from regulatory asset | 100 | 124 | 300 | 373 | |||||
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 211 | 633 | |||||||
Florida Public Utilities Company Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Contribution to pension plan | 100 | ||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 300 | 300 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 124 | 155 | 372 | 465 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 124 | 155 | 372 | 465 | |||||
Recognized from accumulated other comprehensive loss | 24 | [1] | 29 | [1] | 72 | [2] | 87 | [2] | |
Recognized from regulatory asset | 100 | 126 | 300 | 378 | |||||
Chesapeake Pension Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 0 | 60 | 0 | 180 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 0 | 60 | 0 | 180 | |||||
Recognized from accumulated other comprehensive loss | 0 | [1] | 60 | [1] | 0 | [2] | 180 | [2] | |
Chesapeake Pension SERP [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Contribution to pension plan | 100 | ||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | 7 | 21 | 21 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 7 | 7 | 21 | 21 | |||||
Recognized from accumulated other comprehensive loss | 7 | [1] | 7 | [1] | 21 | [2] | 21 | [2] | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 7 | 21 | |||||||
Chesapeake Postretirement Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Contribution to pension plan | 100 | 200 | |||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||||||
Amortization of prior service cost | (19) | (19) | (57) | (57) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 10 | 36 | 30 | |||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (7) | (9) | (21) | (27) | |||||
Recognized from accumulated other comprehensive loss | (7) | [1] | (9) | [1] | (21) | [2] | (27) | [2] | |
Florida Public Utilities Company Medical Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 100 | $ 100 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (6) | |||||||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (2) | (6) | |||||||
Recognized from accumulated other comprehensive loss | [2] | (1) | |||||||
Recognized from regulatory asset | $ (2) | $ (5) | |||||||
[1].[2]1) See Note 9 , Stockholders' Equity . |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Included in Regulatory Asset and Accumulated Other Comprehensive Income/Loss Recognized as Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Prior service cost (credit) | $ (19) | $ (19) | $ (57) | $ (57) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 143 | 230 | 429 | 690 | |||||
Recognized from accumulated other comprehensive loss | 24 | [1] | 87 | [1] | 72 | [2] | 260 | [2] | |
Recognized from regulatory asset | 100 | 124 | 300 | 373 | |||||
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 211 | 633 | |||||||
Total recognized in net periodic benefit cost | 124 | 211 | 372 | 633 | |||||
Chesapeake Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 0 | 60 | 0 | 180 | |||||
Recognized from accumulated other comprehensive loss | 0 | [1] | 60 | [1] | 0 | [2] | 180 | [2] | |
Total recognized in net periodic benefit cost | 0 | 60 | 0 | 180 | |||||
Florida Public Utilities Company Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 124 | 155 | 372 | 465 | |||||
Recognized from accumulated other comprehensive loss | 24 | [1] | 29 | [1] | 72 | [2] | 87 | [2] | |
Recognized from regulatory asset | 100 | 126 | 300 | 378 | |||||
Total recognized in net periodic benefit cost | 124 | 155 | 372 | 465 | |||||
Chesapeake Pension SERP [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | 7 | 21 | 21 | |||||
Recognized from accumulated other comprehensive loss | 7 | [1] | 7 | [1] | 21 | [2] | 21 | [2] | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 7 | 21 | |||||||
Total recognized in net periodic benefit cost | 7 | 7 | 21 | 21 | |||||
Chesapeake Postretirement Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Prior service cost (credit) | (19) | (19) | (57) | (57) | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 10 | 36 | 30 | |||||
Recognized from accumulated other comprehensive loss | (7) | [1] | (9) | [1] | (21) | [2] | (27) | [2] | |
Total recognized in net periodic benefit cost | $ (7) | (9) | $ (21) | (27) | |||||
Florida Public Utilities Company Medical Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (6) | |||||||
Recognized from accumulated other comprehensive loss | [2] | (1) | |||||||
Recognized from regulatory asset | (2) | (5) | |||||||
Total recognized in net periodic benefit cost | $ (2) | $ (6) | |||||||
[1].[2]1) See Note 9 , Stockholders' Equity . |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investments schedule [Line Items] | ||
Investments, at fair value | $ 9,895 | $ 12,095 |
Rabbi Trust Associated With Deferred Compensation Plan [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | 9,874 | 12,069 |
Equity Securities [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | $ 21 | $ 26 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized gain (loss), net of other expenses | $ (0.4) | $ 0.1 | $ (2.4) | $ 1 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Amounts Included in Net Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation expense | $ 1,150 | $ 1,306 | $ 4,705 | $ 4,620 | |
Less: tax benefit | (297) | (339) | (1,214) | (1,200) | |
Share-Based Compensation amounts included in net income | $ 853 | 967 | $ 3,491 | 3,420 | |
Awards to non-employee directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 526 | 652 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 130.36 | ||||
Total compensation expense | $ 252 | 201 | $ 706 | 581 | |
Award to key employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 204,563 | 204,563 | 197,398 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,458 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 60,850 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | 557 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 103.01 | $ 103.01 | $ 94.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 118.85 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 90.60 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expirations Weighted Average Grant Date Fair Value | $ 91.42 | ||||
Total compensation expense | $ 898 | $ 1,105 | $ 3,999 | $ 4,039 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Activity under the SICP (Detail) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Award to key employees [Member] | ||
Number of Shares | ||
Outstanding - December 31, 2020 (shares) | 197,398 | |
Granted awards (shares) | 67,458 | |
Vested (shares) | (60,850) | |
Expired (shares) | (557) | |
Outstanding - June 30, 2021 (shares) | 204,563 | 204,563 |
Weighted Average Fair Value | ||
Outstanding - December 31, 2020 (in dollars per share) | $ 94.15 | |
Granted (in dollars per share) | 118.85 | |
Vested (in dollars per share) | 90.60 | |
Expired (in dollars per share) | 91.42 | |
Outstanding - June 30, 2021 (in dollars per share) | $ 103.01 | $ 103.01 |
Awards to non-employee directors [Member] | ||
Number of Shares | ||
Granted awards (shares) | 526 | 652 |
Weighted Average Fair Value | ||
Granted (in dollars per share) | $ 130.36 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 21,832 | 14,020 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 2,838 | $ 1,478 | |
Unrecognized compensation cost | $ 7,700 | $ 7,700 | |
Awards to non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 130.36 | ||
Granted awards (shares) | 526 | 652 | |
Unrecognized compensation expense related to the awards to non-employee directors | $ 600 | $ 600 | |
Shares awarded to non-employee directors [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 130.36 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 526 | 652 | |
Total [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted awards (shares) | 6,520 | ||
Shares awarded to non-employee directors [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,520 | ||
Award to key employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | 557 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 118.85 | ||
Granted awards (shares) | 67,458 | ||
Vesting period | 3 years | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 2,800 | ||
Intrinsic value of the SICP awards | $ 23,600 | $ 23,600 | |
Shares awarded to non-employee directors [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 118.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,458 | ||
Accelerated Vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 21,832 |
Derivative Instruments Volume o
Derivative Instruments Volume of Derivative Activity (Details) - Sharp Energy Inc [Member] gal in Millions, $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) gal | |
Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ | $ 1.2 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months |
Swap Purchases | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 23.5 |
Swap Sales | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 3.8 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||||
Energy Marketing Contracts Assets, Current | $ 4,552 | $ 7,076 | ||
Energy Marketing Contract Liabilities, Current | (2,051) | (743) | ||
Notional Amount of Nonderivative Instruments | $ 40,000 | $ 30,000 | 50,000 | |
Notional Amount Nonderivative Instruments, Total | $ 60,000 | |||
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contracts Assets, Current | 377 | |||
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contracts Assets, Current | 4,175 | 7,060 | ||
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contract Liabilities, Current | (170) | 0 | ||
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contract Liabilities, Current | (1,881) | (743) | ||
Sharp Energy Inc [Member] | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,200 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |||
Other Payables to Broker-Dealers and Clearing Organizations | $ 1,493 | $ 4,081 | ||
Interest Rate Swap Rate, High Range [Member] | ||||
Derivative [Line Items] | ||||
Fixed Swap Rate | 0.205% | 3.98% | 0.17% | |
Interest Rate Swap Rate, Low Range [Member] | ||||
Derivative [Line Items] | ||||
Fixed Swap Rate | 0.20% |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 4,552 | $ 7,076 |
Energy Marketing Contract Liabilities, Current | 2,051 | 743 |
Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 4,175 | 7,060 |
Mark To Market Energy Assets [Member] | Interest Rate Swap [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 377 | |
Mark To Market Energy Assets [Member] | Put Option [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 0 | 16 |
Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | 1,881 | 743 |
Mark-to-market energy liabilities [Member] | Interest Rate Swap [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | $ 170 | $ 0 |
Derivative Instruments - Effect
Derivative Instruments - Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (3,741) | $ 3,215 | $ (653) | $ 11,272 |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 102 | 681 | 3,932 | 4,183 |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Put Or Call Option | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | (24) |
Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 56 | 0 |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (4,050) | 2,491 | (4,022) | 7,039 |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 207 | 19 | 207 | 24 |
Interest Expense [Member] | Derivatives designated as hedging instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 24 | 0 | 50 |
Revenues | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ (826) | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Investments | $ 9,895 | $ 12,095 |
Energy Marketing Contracts Assets, Current | 4,552 | 7,076 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 2,051 | 743 |
Equity Securities [Member] | ||
Assets: | ||
Investments | 21 | 26 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 8,049 | 10,059 |
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 21 | 26 |
Quoted Prices in Active Markets (Level 1) [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 8,028 | 10,033 |
Quoted Prices in Active Markets (Level 1) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 8,049 | 10,059 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 4,552 | 7,076 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 1,846 | 2,036 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 1,846 | 2,036 |
Significant Unobservable Inputs (Level 3) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 1,846 | 2,036 |
Recurring [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 14,447 | 19,171 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 743 | |
Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 21 | 26 |
Recurring [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 1,846 | 2,036 |
Recurring [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 10,033 | |
Recurring [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | $ 9,895 | 12,095 |
Recurring [Member] | Mark To Market Energy Assets incl. natural gas and swap agreements[Member] | ||
Assets: | ||
Derivative assets | $ 7,076 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Investments (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | $ 9,895 | $ 12,095 | |
Derivative assets, at fair value | 4,552 | 7,076 | |
Energy Marketing Contract Liabilities, Current | 2,051 | 743 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (347) | $ (241) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 2,036 | 2,156 | |
Purchases and adjustments | 133 | 77 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |
Investment Income | 24 | 24 | |
Ending Balance | 1,846 | $ 2,016 | |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 8,049 | 10,059 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 4,552 | 7,076 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 1,846 | 2,036 | |
Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 14,447 | 19,171 | |
Energy Marketing Contract Liabilities, Current | 743 | ||
Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 21 | 26 | |
Equity Securities [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 21 | 26 | |
Equity Securities [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 21 | 26 | |
Investments in guaranteed income fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 1,846 | 2,036 | |
Investments in guaranteed income fund [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 1,846 | 2,036 | |
Investments - Mutual funds and other [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 8,028 | 10,033 | |
Investments - Mutual funds and other [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 10,033 | ||
Total Investments [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 8,049 | 10,059 | |
Total Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 1,846 | 2,036 | |
Total Investments [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | $ 9,895 | 12,095 | |
Mark To Market Energy Assets Including Put Option [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Asset | $ 7,076 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Long-term debt including current maturities | $ 606.3 | $ 568.8 |
Fair value of long-term debt | $ 504.9 | $ 597.2 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ (606,300) | $ (568,800) | |
Debt Instrument, Unused Borrowing Capacity, Amount | 170,000 | ||
Total Long-term debt | 605,311 | 567,865 | |
Less: current maturities | (21,478) | (17,962) | |
Less: debt issuance costs | 973 | 913 | |
Total long-term debt, net of current maturities | 583,833 | 549,903 | |
Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (80,000) | ||
5.93% note, due October 31, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (4,500) | (6,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 5.93% | ||
5.68% note, due June 30, 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (11,600) | (14,500) | |
Debt Instrument, Interest Rate, Stated Percentage | 5.68% | ||
6.43% note, due May 2, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (4,200) | (4,900) | |
Debt Instrument, Interest Rate, Stated Percentage | 6.43% | ||
3.73% note, due December 16, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (14,000) | (14,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 3.73% | ||
3.88% note, due May 15, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (35,000) | (40,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | ||
3.25% note, due April 30, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (68,250) | (70,000) | |
3.48% note, due May 31, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (50,000) | (50,000) | |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | (50,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | ||
Uncollateralized Senior Note Due July Two Thousand Thirty Five | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | (50,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||
Uncollateralized Senior Note Due August Two Thousand Thirty Five | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (40,000) | (40,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 2.96% | ||
Uncollateralized Senior Note Due November Two Thousand Thirty Nine | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (100,000) | (100,000) | |
Equipment Security Note | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (8,734) | (9,378) | |
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | ||
Equipment Security Note | Marlin Gas Services [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (9,600) | ||
Uncollateralized Senior Note Due January Two Thousand Thirty Seven | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | $ (50,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 2.49% | ||
Uncollateralized Senior Note Due March 15, 2042 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | ||
Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (270,000) | ||
Aggregate Shelf Agreements [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 520,000 | ||
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1],[2] | (220,000) | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1],[2] | 70,000 | |
Prudential [Member] | Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1],[2] | (80,000) | |
Prudential [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [1],[2] | 370,000 | |
MetLife [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [1] | 150,000 | |
Total long-term debt | [1] | (50,000) | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | 100,000 | |
MetLife [Member] | Uncollateralized Senior Note Due March 15, 2042 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | ||
[1] (1) The Prudential and MetLife Shelf Agreements expire in April 2023 and May 2023, respectively. (2) Unfunded commitments of $80.0 million reflects Senior Notes expected to be issued on or before March 14, 2023. |
Long-Term Debt - Outstanding _2
Long-Term Debt - Outstanding Long-Term Debt- Supplemental Information (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
5.93% note, due October 31, 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 31, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 5.93% |
5.68% note, due June 30, 2026 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jun. 30, 2026 |
Debt Instrument, Interest Rate, Stated Percentage | 5.68% |
6.43% note, due May 2, 2028 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | May 02, 2028 |
Debt Instrument, Interest Rate, Stated Percentage | 6.43% |
3.73% note, due December 16, 2028 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Dec. 16, 2028 |
Debt Instrument, Interest Rate, Stated Percentage | 3.73% |
3.88% note, due May 15, 2029 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | May 15, 2029 |
Debt Instrument, Interest Rate, Stated Percentage | 3.88% |
3.25% due April 30, 2032 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Apr. 30, 2032 |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
3.48% note, due May 31, 2038 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | May 31, 2038 |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 30, 2038 |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% |
Uncollateralized Senior Note Due August Two Thousand Thirty Nine [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Aug. 20, 2039 |
Debt Instrument, Interest Rate, Stated Percentage | 3.98% |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Dec. 20, 2034 |
Debt Instrument, Interest Rate, Stated Percentage | 2.98% |
Uncollateralized Senior Note Due July Two Thousand Thirty Five | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jul. 15, 2035 |
Debt Instrument, Interest Rate, Stated Percentage | 3% |
Uncollateralized Senior Note Due August Two Thousand Thirty Five | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Aug. 15, 2035 |
Debt Instrument, Interest Rate, Stated Percentage | 2.96% |
Equipment Security Note | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Sep. 24, 2031 |
Debt Instrument, Interest Rate, Stated Percentage | 2.46% |
Uncollateralized Senior Note Due January Two Thousand Thirty Seven | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jan. 25, 2037 |
Debt Instrument, Interest Rate, Stated Percentage | 2.49% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||
Document Period End Date | Sep. 30, 2022 | ||
Long-term debt including current maturities | $ 606,300 | $ 568,800 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 170,000 | ||
Short-term borrowing | $ 167,332 | 221,634 | |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.98% | ||
Term Note Due January Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 70,000 | 70,000 | |
3.48% note, due May 31, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 50,000 | 50,000 | |
3.25% note, due April 30, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 68,250 | 70,000 | |
Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 80,000 | ||
Equipment Security Note | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 8,734 | $ 9,378 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | ||
Equipment Security Note | Marlin Gas Services [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 9,600 | ||
Uncollateralized Senior Note Due March 15, 2042 | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 50,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | ||
Uncollateralized Senior Note Due March 14, 2038 | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 80,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.43% | ||
Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 270,000 | ||
MetLife [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [1] | 150,000 | |
Long-term debt including current maturities | [1] | 50,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | 100,000 | |
MetLife [Member] | Uncollateralized Senior Note Due March 15, 2042 | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 50,000 | ||
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | [1],[2] | 220,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1],[2] | 70,000 | |
Prudential [Member] | Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | [1],[2] | 80,000 | |
Prudential [Member] | Uncollateralized Senior Note Due March 14, 2038 | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 80,000 | ||
Maximum [Member] | Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 520,000 | ||
Maximum [Member] | Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [1],[2] | $ 370,000 | |
[1] (1) The Prudential and MetLife Shelf Agreements expire in April 2023 and May 2023, respectively. (2) Unfunded commitments of $80.0 million reflects Senior Notes expected to be issued on or before March 14, 2023. |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.65 | |||
Notional Amount of Nonderivative Instruments | $ 40,000,000 | $ 30,000,000 | $ 50,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 227,400,000 | |||
Short-term borrowing | $ 167,332,000 | $ 221,634,000 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% | 0.83% | ||
Draws on letters of credit | $ 5,300,000 | |||
Financing Receivable, Revolving | 400,000,000 | |||
Revolving Line of Credit, Short-term | ||||
Short-term Debt [Line Items] | ||||
Financing Receivable, Revolving | $ 200,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7,000% | |||
Aggregate Investment, Maximum | $ 150,000,000 | |||
Ownership Interest | 0.50 | |||
Interest Rate Credit Adjustment | 10 | |||
Revolving Line of Credit, Long-term | ||||
Short-term Debt [Line Items] | ||||
Financing Receivable, Revolving | $ 200,000,000 | |||
Debt Instrument, Fee | 9 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9,500% | |||
Interest Rate Credit Adjustment | 10 | |||
3.48% note, due May 31, 2038 [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | |||
Committed Line of Credit Facility Two [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 0.75 percent | |||
Committed Line of Credit Facility Three [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | Lender's base rate, plus 0.75 percent | |||
Committed Line of Credit Facility Five [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | Lender's base rate, plus 0.85 percent | |||
Committed Line of Credit Facility Four [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.125 percent | |||
Committed Line of Credit Facility Six [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |||
Committed Line of Credit Facility Seven [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |||
Committed Line of Credit Facility Eight [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |||
Committed Line of Credit Facility Nine [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |||
Committed Line of Credit Facility One [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 0.75 percent | |||
Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||
Interest Rate Swap Rate, Low Range [Member] | ||||
Short-term Debt [Line Items] | ||||
Fixed Swap Rate | 0.20% | |||
Interest Rate Swap Rate, High Range [Member] | ||||
Short-term Debt [Line Items] | ||||
Fixed Swap Rate | 0.205% | 3.98% | 0.17% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lease Disclosure [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 14,916 | $ 10,139 |
Operating Lease, Liability, Current | 2,526 | 1,996 |
Operating Lease, Liability, Noncurrent | 12,975 | 8,571 |
Total Operating and Finance Lease Liabilities | $ 15,501 | $ 10,567 |
Leases Leases - Lease Cost Addi
Leases Leases - Lease Cost Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Lease, Cost [Abstract] | |||||
Operating Lease, Cost | [1] | $ 743 | $ 515 | $ 2,121 | $ 1,553 |
[1](1) Includes short-term leases and variable lease costs, which are immaterial |
Leases Leases - Right of Use As
Leases Leases - Right of Use Asset and Lease Liability Balance Sheet Classification Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases - Right of Use Asset and Lease Liability Balance Sheet Classification [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 14,916 | $ 10,139 |
Operating Lease, Liability, Current | 2,526 | 1,996 |
Operating Lease, Liability, Noncurrent | 12,975 | 8,571 |
Total Operating and Finance Lease Liabilities | $ 15,501 | $ 10,567 |
Leases Leases - Weighted Averag
Leases Leases - Weighted Average Remaining Lease Term Additional Information (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Leases - Weighted Average Remaining Lease term Additional Information [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | 3.60% |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 5 months 8 days | 8 years 1 month 6 days |
Leases Leases - Cash Flow Addit
Leases Leases - Cash Flow Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases - Cash Flow Additional Information [Abstract] | ||
Operating Cash Flow from Operating Leases | $ 2,124 | $ 1,399 |
Leases Leases - Schedule of Fut
Leases Leases - Schedule of Future Maturities Additional Information (Details) $ in Thousands | Sep. 30, 2022 USD ($) | |
Leases - Schedule of Future Maturities Additional Information [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 830 | [1] |
Lessee, Operating Lease, Liability, to be Paid, Year One | 2,820 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,540 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,155 | [1] |
Lessee, Operating Lease, Liability, Payments, Due | 17,540 | [1] |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (2,039) | |
Operating Lease, Liability | 15,501 | [1] |
Lessee Future Operating Lease Option Payments | 2,100 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,678 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,523 | [1] |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | $ 5,994 | [1] |
[1]Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |