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Derivative Instruments | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments: | DERIVATIVE INSTRUMENTS: CONSOL Energy enters into financial derivative instruments to manage its exposure to commodity price volatility. These natural gas and NGL commodity hedges are accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings. CONSOL Energy is exposed to credit risk in the event of non-performance by counterparties. The creditworthiness of counterparties is subject to continuing review. The Company has not experienced any issues of non-performance by derivative counterparties. None of the Company's counterparty master agreements currently require CONSOL Energy to post collateral for any of its positions. However, as stated in the counterparty master agreements, if CONSOL Energy's obligations with one of its counterparties cease to be secured on the same basis as similar obligations with the other lenders under the credit facility, CONSOL Energy would have to post collateral for instruments in a liability position in excess of defined thresholds. All of the Company's derivative instruments are subject to master netting arrangements with our counterparties. CONSOL Energy recognizes all financial derivative instruments as either assets or liabilities at fair value on the Consolidated Balance Sheets on a gross basis. Each of CONSOL Energy's counterparty master agreements allows, in the event of default, the ability to elect early termination of outstanding contracts. If early termination is elected, CONSOL Energy and the applicable counterparty would net settle all open hedge positions. The total notional amounts of production of CONSOL Energy's derivative instruments at March 31, 2017 and December 31, 2016 were as follows:
| March 31, |  | December 31, |  | Forecasted to
| 2017 |  | 2016 |  | Settle Through
Natural Gas Commodity Swaps (Bcf) | 819.1 |  | 744.7 |  |  | 2021
Natural Gas Basis Swaps (Bcf) | 476.8 |  | 482.0 |  |  | 2021
Propane Commodity Swaps (Mbbls) | — |  |  | 126.0 |  |  | —
The gross fair value of CONSOL Energy's derivative instruments at March 31, 2017 and December 31, 2016 was as follows:
Asset Derivative Instruments |  | Liability Derivative Instruments
| March 31, |  | December 31, |  |  | March 31, |  | December 31,
| 2017 |  | 2016 |  |  | 2017 |  | 2016
Commodity Swaps: |  |  |  |  |  |  |  |
Prepaid Expense | $ | 6,408 |  |  | $ | 16 |  |  | Other Accrued Liabilities | $ | 122,747 |  |  | $ | 209,980 |
Other Assets | 58,422 |  |  | 29,596 |  |  | Other Liabilities | 25,838 |  |  | 67,139 |
Total Asset | $ | 64,830 |  |  | $ | 29,612 |  |  | Total Liability | $ | 148,585 |  |  | $ | 277,119 |
Basis Only Swaps: |  |  |  |  |  |  |  |
Prepaid Expense | $ | 2,745 |  |  | $ | 56,916 |  |  | Other Accrued Liabilities | $ | 70,281 |  |  | $ | 21,593 |
Other Assets | 12,722 |  |  | 35,603 |  |  | Other Liabilities | 24,946 |  |  | 11,575 |
Total Asset | $ | 15,467 |  |  | $ | 92,519 |  |  | Total Liability | $ | 95,227 |  |  | $ | 33,168 |
The effect of derivative instruments on CONSOL Energy's Consolidated Statements of Income was as follows:
| For the Three Months Ended
| March 31,
| 2017 |  | 2016
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: |  |  |
Commodity Swaps: |  |  |
Natural Gas | $ | (24,607 | ) |  | $ | 82,146 |
Propane | (1,216 | ) |  | — |
Natural Gas Basis Swaps | (21,280 | ) |  | 2,185 |
Total Cash (Paid) Received in Settlement of Commodity Derivative Instruments | (47,103 | ) |  | 84,331 |
Unrealized Gain (Loss) on Commodity Derivative Instruments: |  |  |
Commodity Swaps: |  |  |
Natural Gas | 162,604 |  |  | (38,023 | )
Propane | 1,147 |  |  | (265 | )
Natural Gas Basis Swaps | (139,111 | ) |  | (6,421 | )
Reclassified from Accumulated OCI | — |  |  | 15,438 |
Total Unrealized Gain (Loss) on Commodity Derivative Instruments | 24,640 |  |  | (29,271 | )
(Loss) Gain on Commodity Derivative Instruments: |  |  |
Commodity Swaps: |  |  |
Natural Gas | 137,997 |  |  | 44,123 |
Propane | (69 | ) |  | (265 | )
Natural Gas Basis Swaps | (160,391 | ) |  | (4,236 | )
Reclassified from Accumulated OCI | — |  |  | 15,438 |
Total (Loss) Gain on Commodity Derivative Instruments | $ | (22,463 | ) |  | $ | 55,060 |
Changes in Accumulated OCI, net of tax, attributable to cash flow hedges that were de-designated at December 31, 2014 were as follows:
| For the Three Months Ended
| March 31,
| 2017 |  | 2016
Beginning Balance – Accumulated OCI | $ | — |  |  | $ | 43,470 |
Less: Gain Reclassified from Accumulated OCI (Net of tax: $5,624) | — |  |  | (9,814 | )
Ending Balance – Accumulated OCI | $ | — |  |  | $ | 33,656 |
The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and sales exception and are not subject to derivative instrument accounting.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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