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Risk Management and Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

We had the following net long positions as of:

						March 31, 2021												December 31, 2020
			Units			Notional Amounts						Maximum Term (months) (a)						Notional Amounts						Maximum Term (months) (a)
Natural gas futures purchased			MMBtus			—						0						620,000						3
Natural gas options purchased, net			MMBtus			—						0						3,160,000						3
Natural gas basis swaps purchased			MMBtus			—						0						900,000						3
Natural gas over-the-counter swaps, net (b)			MMBtus			3,590,000						29						3,850,000						17
Natural gas physical contracts, net (c)			MMBtus			3,107,817						12						17,513,061						22
Electric wholesale contracts (c)			MWh			183,025						9						219,000						12

__________

(a)    Term reflects the maximum forward period hedged.

(b)    As of March 31, 2021, 442,900 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges.

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

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

The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of:

			Balance Sheet Location						March 31, 2021			December 31, 2020
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivatives			Derivative assets, current						$	285		$	181
Noncurrent commodity derivatives			Other assets, non-current						4			43
Liability derivative instruments:
Current commodity derivatives			Derivative liabilities, current						—			(108)
Noncurrent commodity derivatives			Other deferred credits and other liabilities						—			—
Total derivatives designated as hedges									$	289		$	116
Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivatives			Derivative assets, current						$	1,632		$	1,667
Noncurrent commodity derivatives			Other assets, non-current						32			151
Liability derivative instruments:
Current commodity derivatives			Derivative liabilities, current						(2,526)			(1,936)
Noncurrent commodity derivatives			Other deferred credits and other liabilities						(43)			—
Total derivatives not designated as hedges									$	(905)		$	(118)

Derivative Instruments, Gain (Loss)

The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three months ended March 31, 2021 and 2020. Note that this presentation does not reflect 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.

			Three Months Ended March 31,									Three Months Ended March 31,
			2021			2020						2021			2020
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			$	713		$	713		Interest expense			$	(713)		$	(713)
Commodity derivatives			173			257			Fuel, purchased power and cost of natural gas sold			(31)			(486)
Total			$	886		$	970					$	(744)		$	(1,199)

The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020. Note that this presentation does not reflect 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.

						Three Months Ended March 31,
						2021			2020
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			$	(1,524)		$	1,362
Commodity derivatives - Natural Gas			Fuel, purchased power and cost of natural gas sold			366			766
						$	(1,158)		$	2,128

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
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-SubTopic 10
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