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Risk Management And Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 |  |  | December 31, 2021 |
|  | Units |  | Notional Amounts |  |  | Maximum Term (months) (a) |  |  | Notional Amounts |  |  | Maximum Term (months) (a) |
Natural gas futures purchased |  | MMBtus |  |  | 630,000 |  |  |  | 3 |  |  |  | 590,000 |  |  |  | 3 |
Natural gas options purchased, net |  | MMBtus |  |  | 1,790,000 |  |  |  | 3 |  |  |  | 3,100,000 |  |  |  | 3 |
Natural gas basis swaps purchased |  | MMBtus |  |  | 900,000 |  |  |  | 3 |  |  |  | 870,000 |  |  |  | 3 |
Natural gas over-the-counter swaps, net (b) |  | MMBtus |  |  | 4,460,000 |  |  |  | 24 |  |  |  | 4,570,000 |  |  |  | 34 |
Natural gas physical commitments, net (c) |  | MMBtus |  |  | 17,864,412 |  |  |  | 12 |  |  |  | 16,416,677 |  |  |  | 24 |
(a) Term reflects the maximum forward period hedged. (b) As of December 31, 2022, 1,646,200 MMBtus 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 |  | 2022 |  |  | 2021 |
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Asset derivative instruments: |  |  |  |  |  |  |  |
Current commodity derivatives |  | Derivative assets - current |  | $ | 118 |  |  | $ | 2,017 |
Noncurrent commodity derivatives |  | Other assets, non-current |  |  | 198 |  |  |  | 18 |
Liability derivative instruments: |  |  |  |  |  |  |  |
Current commodity derivatives |  | Derivative liabilities - current |  |  | (1,703 | ) |  |  | — |
Total derivatives designated as hedges |  |  |  | $ | (1,387 | ) |  | $ | 2,035 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Asset derivative instruments: |  |  |  |  |  |  |  |
Current commodity derivatives |  | Derivative assets - current |  | $ | 464 |  |  | $ | 2,356 |
Noncurrent commodity derivatives |  | Other assets, non-current |  |  | 337 |  |  |  | 804 |
Liability derivative instruments: |  |  |  |  |  |  |  |
Current commodity derivatives |  | Derivative liabilities - current |  |  | (4,897 | ) |  |  | (1,439 | )
Noncurrent commodity derivatives |  | Other deferred credits and other liabilities |  |  | (18 | ) |  |  | (20 | )
Total derivatives not designated as hedges |  |  |  | $ | (4,114 | ) |  | $ | 1,701 |
Derivative Instruments, Gain (Loss) | The impact of cash flow hedges on our Consolidated Statements of Comprehensive Income and Consolidated Statements of Income is presented below for the years ended December 31, 2022, 2021 and 2020. 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.
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  |  |  | 2022 |  |  | 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 |  | $ | 2,850 |  |  | $ | 2,851 |  |  | $ | 2,851 |  |  | Interest expense |  | $ | (2,850 | ) |  | $ | (2,851 | ) |  | $ | (2,851 | )
Commodity derivatives |  |  | (3,532 | ) |  |  | 1,952 |  |  |  | 540 |  |  | Fuel, purchased power and cost of natural gas sold |  |  | 2,708 |  |  |  | 2,051 |  |  |  | (601 | )
Total |  | $ | (682 | ) |  | $ | 4,803 |  |  | $ | 3,391 |  |  |  |  | $ | (142 | ) |  | $ | (800 | ) |  | $ | (3,452 | )
As of December 31, 2022, $4.5 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, 2022, 2021 and 2020. 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.
|  |  |  | 2022 |  |  | 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 |  | $ | — |  |  | $ | (144 | ) |  | $ | 144 |
Commodity derivatives - Natural Gas |  | Fuel, purchased power and cost of natural gas sold |  |  | (797 | ) |  |  | 2,599 |  |  |  | 1,640 |
|  |  |  | $ | (797 | ) |  | $ | 2,455 |  |  | $ | 1,784 |

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