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Risk Management And Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Contract or notional amounts and terms of marketing activities and derivative commodity instruments

The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our utilities are comprised of both short and long positions. We had the following net long positions as of:

			December 31, 2020						December 31, 2019
			Notional (MMBtus)			Maximum Term (months) (a)			Notional (MMBtus)			Maximum Term (months) (a)
Natural gas futures purchased			620,000			3			1,450,000			12
Natural gas options purchased, net			3,160,000			3			3,240,000			3
Natural gas basis swaps purchased			900,000			3			1,290,000			12
Natural gas over-the-counter swaps, net (b)			3,850,000			17			4,600,000			24
Natural gas physical commitments, net (c)			17,513,061			22			13,548,235			12
Electric wholesale contracts (c)			219,000			12			—			0

__________

(a)    Term reflects the maximum forward period hedged.

(b)    As of December 31, 2020, 914,600 of natural gas over-the-counter swaps purchased were designated as cash flow hedges.

(c)    Volumes exclude derivative contracts that qualify for the normal purchase, normal sales exception permitted by GAAP.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31, (in thousands):

			Balance Sheet Location			2020			2019
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivatives			Derivative assets - current			$	181		$	1
Noncurrent commodity derivatives			Other assets, non-current			43			3
Liability derivative instruments:
Current commodity derivatives			Derivative liabilities - current			(108)			(490)
Noncurrent commodity derivatives			Other deferred credits and other liabilities			—			(29)
Total derivatives designated as hedges						$	116		$	(515)
Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivatives			Derivative assets - current			$	1,667		$	341
Noncurrent commodity derivatives			Other assets, non-current			151			2
Liability derivative instruments:
Current commodity derivatives			Derivative liabilities - current			(1,936)			(1,764)
Noncurrent commodity derivatives			Other deferred credits and other liabilities			—			(63)
Total derivatives not designated as hedges						$	(118)		$	(1,484)

Derivative Instruments, Gain (Loss)

The impact of cash flow hedges on our Consolidated Statements of Income is presented below for the years ended December 31, 2020, 2019 and 2018. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.

			2020			2019			2018						2020			2019			2018
Derivatives in Cash Flow Hedging Relationships			Amount of Gain/(Loss) Recognized in OCI									Income Statement Location			Amount of Gain/(Loss) Reclassified from AOCI into Income
			(in thousands)												(in thousands)
Interest rate swaps			$	2,851		$	2,851		$	2,851		Interest expense			$	(2,851)		$	(2,851)		$	(2,851)
Commodity derivatives			540			(965)			1,113			Fuel, purchased power and cost of natural gas sold			(601)			417			(130)
Total			$	3,391		$	1,886		$	3,964					$	(3,452)		$	(2,434)		$	(2,981)

As of December 31, 2020, $2.8 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods.

Derivatives Not Designated as Hedge Instruments

The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled.

						2020			2019			2018
Derivatives Not Designated as Hedging Instruments			Income Statement Location			Amount of Gain/(Loss) on Derivatives Recognized in Income
						(in thousands)
Commodity derivatives - Electric			Fuel, purchased power and cost of natural gas sold			$	144		$	—		$	—
Commodity derivatives - Natural Gas			Fuel, purchased power and cost of natural gas sold			1,640			(1,100)			1,101
						$	1,784		$	(1,100)		$	1,101

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