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Risk Management And Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021						December 31, 2020
			Notional (MMBtus)			Maximum Term (months) (a)			Notional (MMBtus)			Maximum Term (months) (a)
Natural gas futures purchased			590,000			3			620,000			3
Natural gas options purchased, net			3,100,000			3			3,160,000			3
Natural gas basis swaps purchased			870,000			3			900,000			3
Natural gas over-the-counter swaps, net (b)			4,570,000			34			3,850,000			17
Natural gas physical commitments, net (c)			16,416,677			24			17,513,061			22
Electric wholesale contracts (c)			—			0			219,000			12

____________________

(a)    Term reflects the maximum forward period hedged.

(b)    As of December 31, 2021, 1,830,000 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			2021			2020
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivatives			Derivative assets - current			$	2,017		$	181
Noncurrent commodity derivatives			Other assets, non-current			18			43
Liability derivative instruments:
Current commodity derivatives			Derivative liabilities - current			—			(108)
Total derivatives designated as hedges						$	2,035		$	116
Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivatives			Derivative assets - current			$	2,356		$	1,667
Noncurrent commodity derivatives			Other assets, non-current			804			151
Liability derivative instruments:
Current commodity derivatives			Derivative liabilities - current			(1,439)			(1,936)
Noncurrent commodity derivatives			Other deferred credits and other liabilities			(20)			—
Total derivatives not designated as hedges						$	1,701		$	(118)

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, 2021, 2020 and 2019. 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.

			2021			2020			2019						2021			2020			2019
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			1,952			540			(965)			Fuel, purchased power and cost of natural gas sold			2,051			(601)			417
Total			$	4,803		$	3,391		$	1,886					$	(800)		$	(3,452)		$	(2,434)

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, 2021, 2020 and 2019. 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.

						2021			2020			2019
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)		$	144		$	—
Commodity derivatives - Natural Gas			Fuel, purchased power and cost of natural gas sold			2,599			1,640			(1,100)
						$	2,455		$	1,784		$	(1,100)

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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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