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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2012
Outstanding Trading Contracts | As of December 31, 2012, we had the following outstanding trading contracts, which we accounted for as derivatives:
|  | Quantity in |  |  | Estimated Market |  |  | Weighted Average |
At December 31, 2012 |  | Gallons |  |  | Prices |  |  | Contract Prices |
Forward Contracts |  |  |  |  |  |  |  |  |  |  |  |
Sale |  |  | 1,262,000 |  |  | $ | 0.7550 — $1.3650 |  |  | $ | 0.9214 |
Purchase |  |  | 2,648,000 |  |  | $ | 0.7550 — $1.3300 |  |  | $ | 0.9291 |
Fair Values of Derivative Contracts Recorded in Consolidated Balance Sheets | Fair values of the derivative contracts recorded in the consolidated balance sheets as of December 31, 2012 and 2011, are as follows:
|  | Asset Derivatives |
|  |  |  | Fair Value |
(in thousands) |  | Balance Sheet Location |  | December 31, 2012 |  |  | December 31, 2011 |
Derivatives not designated as hedging instruments |  |  |  |  |
Forward contracts |  | Mark-to-market energy assets |  | $ | 182 |  |  | $ | 1,686 |
Derivatives designated as fair value hedges |  |  |  |  |  |  |  |  |  |
Put option (1) |  | Mark-to-market energy assets |  |  | — |  |  |  | 68 |
Call option (2) |  | Mark-to-market energy assets |  |  | 28 |  |  |  | — |
Total asset derivatives |  |  |  | $ | 210 |  |  | $ | 1,754 |
|  | Liability Derivatives |
|  |  |  | Fair Value |
(in thousands) |  | Balance Sheet Location |  | December 31, 2012 |  |  | December 31, 2011 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Forward contracts |  | Mark-to-market energy liabilities |  | $ | 331 |  |  | $ | 1,496 |
Total liability derivatives |  |  |  | $ | 331 |  |  | $ | 1,496 |
(1) | We purchased a put option for the propane price cap program in August 2011. The put option was exercised in January through March of 2012 as the propane prices fell below the strike price of $1.445 per gallon during this period.
(2) | As a fair value hedge with no ineffective portion, the unrealized gains and losses associated with this call option are recorded in cost of sales, offset by the corresponding change in the value of propane inventory (hedged item), which is also recorded in cost of sales. The amounts in cost of sales offset to zero and the unrealized gains and losses of this call option effectively changed the value of propane inventory.
Effects of Gains and Losses from Derivative Instruments | The effects of gains and losses from derivative instruments are as follows:
|  | Amount of Gain (Loss) on Derivatives: |
|  | Location of Gain (Loss) on Derivatives |  | For the Years Ended December 31, |
(in thousands) |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Derivatives designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Put Option |  | Cost of Sales |  | $ | 27 |  |  | $ | — |  |  | $ | — |
Put/Call Option (1) |  | Propane Inventory |  |  | (40 | ) |  |  | (23 | ) |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Put Option |  | Cost of Sales |  |  | — |  |  |  | — |  |  |  | (168 | )
Unrealized gain (loss) on forward contracts |  | Revenue |  |  | (339 | ) |  |  | 41 |  |  |  | 284 |
Total |  |  |  |  | ($352 | ) |  | $ | 18 |  |  | $ | 116 |
(1) | As a fair value hedge with no ineffective portion, the unrealized gains and losses associated with this put option are recorded in cost of sales, offset by the corresponding change in the value of propane inventory (hedged item), which is also recorded in cost of sales. The amounts in cost of sales offset to zero and the unrealized gains and losses of this put option effectively changed the value of propane inventory.
Effects of Trading Activities on Consolidated Statements of Income | The effects of trading activities on the consolidated statements of income are as follows:
|  | Amount of Trading Revenue |
|  | Location of Gain |  | For the Years Ended December 31, |
(in thousands) |  | (Loss) on Derivatives |  | 2012 |  |  | 2011 |  |  | 2010 |
Realized gain on forward contracts/put option |  | Revenue |  | $ | 2,695 |  |  | $ | 2,215 |  |  | $ | 1,540 |
Unrealized gain (loss) on forward contracts |  | Revenue |  |  | (339 | ) |  |  | 41 |  |  |  | 284 |
Total |  |  |  | $ | 2,356 |  |  | $ | 2,256 |  |  | $ | 1,824 |

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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