XML 46 R34.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Offsetting Assets and Liabilities [Table Text Block] | Balance sheet offsetting PESCO has entered into master netting agreements with counterparties that enable it to net the counterparties' outstanding accounts receivable and payable, which are presented on a net basis in the consolidated balance sheets. The following table summarizes the accounts receivable and payables on a gross and net basis at March 31, 2018 and December 31, 2017:
|  | At March 31, 2018
(in thousands) |  | Gross amounts |  | Amounts offset |  | Net amounts
Accounts receivable |  | $ | 6,555 |  |  | $ | 2,092 |  |  | $ | 4,463 |
Accounts payable |  | $ | 13,912 |  |  | $ | 2,092 |  |  | $ | 11,820 |
|  | At December 31, 2017
(in thousands) |  | Gross amounts |  | Amounts offset |  | Net amounts
Accounts receivable |  | $ | 8,283 |  |  | $ | 2,391 |  |  | $ | 5,892 |
Accounts payable |  | $ | 16,643 |  |  | $ | 2,391 |  |  | $ | 14,252 |
The following tables present information about the fair value and related gains and losses of our derivative contracts. We did not have any derivative contracts with a credit risk-related contingency.
Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet | The fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, are as follows:
|  | Asset Derivatives
|  |  |  | Fair Value As Of
(in thousands) |  | Balance Sheet Location |  | March 31, 2018 |  | December 31, 2017
Derivatives not designated as hedging instruments |  |  |  |  |  |
Propane swap agreements |  | Derivative assets, at fair value |  | $ | 4 |  |  | $ | 13 |
Derivatives designated as cash flow hedges |  |  |  |  |  |
Natural gas futures contracts |  | Derivative assets, at fair value |  | — |  |  | 92 |
Propane swap agreements |  | Derivative assets, at fair value |  | 204 |  |  | 1,181 |
Total asset derivatives |  |  |  | $ | 208 |  |  | $ | 1,286 |
|  | Liability Derivatives
|  |  |  | Fair Value As Of
(in thousands) |  | Balance Sheet Location |  | March 31, 2018 |  | December 31, 2017
Derivatives not designated as hedging instruments |  |  |  |  |  |
Natural gas futures contracts |  | Derivative liabilities, at fair value |  | $ | 300 |  |  | $5,776
Derivatives designated as cash flow hedges |  |  |  |  |  |
Natural gas futures contracts |  | Derivative liabilities, at fair value |  | 1,639 |  |  | 469 |
Natural gas swap contracts |  | Derivative liabilities, at fair value |  | 404 |  |  | 2 |
Propane swap agreements |  | Derivative liabilities, at fair value |  | 16 |  |  | — |
Total liability derivatives |  |  |  | $ | 2,359 |  |  | $ | 6,247 |
Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements | The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows:
|  |  |  | Amount of Gain (Loss) on Derivatives:
|  | Location of Gain |  | For the Three Months Ended March 31,
(in thousands) |  | (Loss) on Derivatives |  | 2018 |  | 2017
Derivatives not designated as hedging instruments |  |  |  |  |  |
Realized gain on forward contracts and options (1) |  | Revenue |  | $ | — |  |  | $ | 112 |
Natural gas futures contracts |  | Cost of sales |  | (2,835 | ) |  | 124 |
Propane swap agreements |  | Cost of sales |  | (9 | ) |  | (4 | )
Derivatives designated as fair value hedges |  |  |  |  |  |
Put /Call option (2) |  | Cost of sales |  | — |  |  | (9 | )
Derivatives designated as cash flow hedges |  |  |  |  |  |
Propane swap agreements |  | Cost of sales |  | (464 | ) |  | 388 |
Propane swap agreements |  | Other comprehensive loss |  | (992 | ) |  | (557 | )
Natural gas futures contracts |  | Cost of sales |  | 298 |  |  | 1,150 |
Natural gas swap contracts |  | Cost of sales |  | (450 | ) |  | 1,087 |
Natural gas futures agreements |  | Other comprehensive income |  | 65 |  |  | — |
Natural gas swap agreements |  | Other comprehensive loss |  | (1,732 | ) |  | — |
Total |  |  |  | $ | (6,119 | ) |  | $ | 2,291 |
(1) | All of the realized and unrealized gain (loss) on forward contracts represents the effect of trading activities on our condensed consolidated statements of income.
(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 put option effectively changed the value of propane inventory on the condensed consolidated balance sheets.

X
- Definition [Table Text Block] for Offsetting Assets and Liabilities [Table] + References No definition available. + Details
Name: | cpk_OffsettingAssetsandLiabilitiesTableTextBlock
Namespace Prefix: | cpk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 2: 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=84234895&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration