XML 30 R18.htm IDEA: XBRL DOCUMENT v3.23.2
Other Comprehensive Income
 6 Months Ended
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income
(9)
Other Comprehensive Income

 

We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized.

 

The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Consolidated Statements of Income for the period, net of tax (in thousands):

 

 

 

Amount Reclassified from AOCI

 

Amount Reclassified from AOCI

 

 

Location on the Consolidated Statements of Income

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2023

 

2022

 

2023

 

2022

 

Gains and (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

Interest rate swaps

Interest expense

$

(713

)

$

(713

)

$

(1,426

)

$

(1,426

)

Commodity contracts

Fuel, purchased power and cost of natural gas sold

 

(489

)

 

1,323

 

 

(2,439

)

 

3,577

 

 

$

(1,202

)

$

610

 

$

(3,865

)

$

2,151

 

Income tax

Income tax expense

 

295

 

 

(81

)

 

911

 

 

(456

)

Total reclassification adjustments related to cash flow hedges, net of tax

 

$

(907

)

$

529

 

$

(2,954

)

$

1,695

 

 

 

 

 

 

 

 

 

 

Amortization of components of defined benefit plans:

 

 

 

 

 

 

 

 

 

Prior service cost

Operations and maintenance

$

-

 

$

22

 

$

-

 

$

46

 

Actuarial gain (loss)

Operations and maintenance

 

(43

)

 

(187

)

 

(87

)

 

(375

)

 

$

(43

)

$

(165

)

$

(87

)

$

(329

)

Income tax

Income tax expense

 

27

 

 

60

 

 

43

 

 

99

 

Total reclassification adjustments related to defined benefit plans, net of tax

 

$

(16

)

$

(105

)

$

(44

)

$

(230

)

Total reclassifications

 

$

(923

)

$

424

 

$

(2,998

)

$

1,465

 

 

Balances by classification included within AOCI, net of tax on the accompanying Consolidated Balance Sheets were as follows (in thousands):

 

 

Derivatives Designated as Cash Flow Hedges

 

 

 

 

 

 

Interest Rate Swaps

 

Commodity Derivatives

 

Employee Benefit Plans

 

Total

 

As of December 31, 2022

$

(8,255

)

$

(1,200

)

$

(6,112

)

$

(15,567

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

before reclassifications

 

-

 

 

(743

)

 

-

 

 

(743

)

Amounts reclassified from AOCI

 

1,099

 

 

1,855

 

 

44

 

 

2,998

 

As of June 30, 2023

$

(7,156

)

$

(88

)

$

(6,068

)

$

(13,312

)

 

 

Derivatives Designated as Cash Flow Hedges

 

 

 

 

 

 

Interest Rate Swaps

 

Commodity Derivatives

 

Employee Benefit Plans

 

Total

 

As of December 31, 2021

$

(10,384

)

$

1,476

 

$

(11,176

)

$

(20,084

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

before reclassifications

 

-

 

 

(1,267

)

 

-

 

 

(1,267

)

Amounts reclassified from AOCI

 

1,011

 

 

(2,706

)

 

230

 

 

(1,465

)

As of June 30, 2022

$

(9,373

)

$

(2,497

)

$

(10,946

)

$

(22,816

)