Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-11590 | |
Entity Registrant Name | CHESAPEAKE UTILITIES CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0064146 | |
Entity Address, Address Line One | 909 Silver Lake Boulevard | |
Entity Address, City or Town | Dover | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19904 | |
City Area Code | 302 | |
Local Phone Number | 734-6799 | |
Title of 12(b) Security | Common Stock - par value per share $0.4867 | |
Trading Symbol | CPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,403,776 | |
Entity Central Index Key | 0000019745 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Revenues | ||||
Regulated Energy | $ 73,403 | $ 70,504 | $ 177,021 | $ 179,897 |
Unregulated Energy and other | 57,500 | 66,160 | 181,498 | 196,123 |
Total Operating Revenues | 130,903 | 136,664 | 358,519 | 376,020 |
Operating Expenses | ||||
Regulated Energy cost of sales | 18,317 | 20,010 | 54,833 | 68,241 |
Unregulated Energy and other cost of sales | 42,476 | 49,393 | 132,179 | 149,219 |
Operations | 32,696 | 36,281 | 69,839 | 68,983 |
Cost, Maintenance | 3,600 | 3,619 | 7,280 | 7,211 |
Settlement Gain | (130) | (130) | (130) | (130) |
Depreciation and amortization | 11,609 | 9,839 | 22,684 | 19,543 |
Other taxes | 4,899 | 4,404 | 10,405 | 9,299 |
Total Operating Expenses | 113,467 | 123,416 | 297,090 | 322,366 |
Operating Income | 17,436 | 13,248 | 61,429 | 53,654 |
Other expense, net | (316) | (262) | (361) | (194) |
Interest charges | 5,655 | 3,881 | 11,365 | 7,545 |
Income Before Income Taxes | 11,465 | 9,105 | 49,703 | 45,915 |
Income taxes | 3,161 | 2,718 | 12,735 | 12,674 |
Net Income | $ 8,304 | $ 6,387 | $ 36,968 | $ 33,241 |
Weighted Average Common Shares Outstanding: | ||||
Basic (shares) | 16,401,028 | 16,369,641 | 16,393,022 | 16,360,540 |
Diluted (shares) | 16,445,743 | 16,417,082 | 16,439,333 | 16,410,061 |
Earnings Per Share of Common Stock: | ||||
Basic (in dollars per share) | $ 0.51 | $ 0.39 | $ 2.26 | $ 2.03 |
Diluted (in dollars per share) | $ 0.50 | $ 0.39 | $ 2.25 | $ 2.03 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 8,304 | $ 6,387 | $ 36,968 | $ 33,241 |
Other Comprehensive Income (Loss), net of tax: | ||||
Amortization of prior service cost, net of tax of $(5), $(5), $(10) and $(11), respectively | (14) | (14) | (29) | (28) |
Net gain, net of tax of $42, $41, $86 and $80, respectively | 121 | 108 | 242 | 217 |
Cash Flow Hedges, net of tax: | ||||
Unrealized gain (loss) on commodity contract cash flow hedges, net of tax of $(850), $429, $343 and $(327), respectively | (2,115) | 1,061 | 868 | (728) |
Total Other Comprehensive Income (Loss), net of tax | (2,008) | 1,155 | 1,081 | (539) |
Comprehensive Income | $ 6,296 | $ 7,542 | $ 38,049 | $ 32,702 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of prior service cost, tax | $ (5) | $ (5) | $ (10) | $ (11) |
Net gain, tax | 42 | 41 | 86 | 80 |
Unrealized (loss)/gain on commodity contract cash flow hedges, tax | $ (850) | $ 429 | $ 343 | $ (327) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | |||
Regulated Energy | $ 1,380,591 | $ 1,297,416 | |
Unregulated Energy | 245,738 | 237,682 | |
Other businesses and eliminations | 30,347 | 34,585 | |
Total property, plant and equipment | 1,656,676 | 1,569,683 | |
Less: Accumulated depreciation and amortization | (321,284) | (294,295) | |
Plus: Construction work in progress | 85,630 | 108,584 | |
Net property, plant and equipment | 1,421,022 | 1,383,972 | |
Current Assets | |||
Cash and cash equivalents | 7,254 | 6,089 | |
Trade and other receivables (less allowance for uncollectible accounts of $1,190 and $1,108, respectively) | 48,908 | 85,404 | |
Accrued revenue | 12,724 | 27,499 | |
Propane inventory, at average cost | 5,143 | 9,791 | |
Other inventory, at average cost | 7,778 | 7,127 | |
Regulatory assets | 6,842 | 4,796 | |
Storage gas prepayments | 4,143 | 6,603 | |
Income taxes receivable | 10,984 | 15,300 | |
Prepaid expenses | 5,873 | 10,079 | |
Derivative assets, at fair value | 10,571 | 13,165 | |
Other current assets | 4,022 | 5,684 | |
Total current assets | 124,242 | 191,537 | |
Deferred Charges and Other Assets | |||
Goodwill | 25,785 | 25,837 | |
Other intangible assets, net | 5,611 | 6,207 | |
Investments, at fair value | 8,821 | 6,711 | |
Operating Lease, Right-of-Use Asset | 12,404 | ||
Regulatory assets | 76,945 | 72,422 | |
Other assets | 6,212 | 6,985 | |
Total deferred charges and other assets | 135,778 | 118,162 | |
Total Assets | 1,681,042 | 1,693,671 | |
Stockholders’ equity | |||
Preferred stock, par value $0.01 per share (authorized 2,000,000 shares), no shares issued and outstanding | 0 | 0 | |
Common stock, par value $0.4867 per share (authorized 50,000,000 shares) | 7,984 | 7,971 | |
Additional paid-in capital | 256,385 | 255,651 | |
Retained earnings | 285,762 | 261,530 | |
Accumulated other comprehensive loss | (5,747) | (6,713) | |
Deferred compensation obligation | 4,694 | 3,854 | |
Treasury stock | (4,694) | (3,854) | |
Total stockholders’ equity | [1] | 544,384 | 518,439 |
Long-term debt, net of current maturities | 275,924 | 316,020 | |
Total capitalization | 820,308 | 834,459 | |
Current Liabilities | |||
Less: current maturities | 75,600 | 11,935 | |
Short-term borrowing | 301,226 | 294,458 | |
Accounts payable | 50,645 | 129,804 | |
Customer deposits and refunds | 29,839 | 34,155 | |
Accrued interest | 2,073 | 2,317 | |
Dividends payable | 6,644 | 6,060 | |
Accrued compensation | 8,699 | 13,923 | |
Regulatory liabilities | 10,168 | 7,883 | |
Derivative liabilities, at fair value | 10,994 | 14,871 | |
Other accrued liabilities | 16,527 | 12,828 | |
Total current liabilities | 512,415 | 528,234 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes | 164,421 | 156,820 | |
Regulatory liabilities | 133,858 | 135,039 | |
Environmental liabilities | 6,994 | 7,638 | |
Other pension and benefit costs | 29,675 | 28,513 | |
Operating Lease, Liability, Noncurrent | 10,710 | ||
Deferred investment tax credits and other liabilities | 2,661 | 2,968 | |
Total deferred credits and other liabilities | 348,319 | 330,978 | |
Environmental and other commitments and contingencies (Notes 5 and 6) | |||
Total Capitalization and Liabilities | $ 1,681,042 | $ 1,693,671 | |
[1] | 2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for uncollectible accounts | $ 1,190 | $ 1,108 |
Common stock, par value (in dollars per share) | $ 0.4867 | $ 0.4867 |
Common stock, shares authorized (shares) | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net Income | $ 36,968 | $ 33,241 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 22,684 | 19,543 |
Depreciation and accretion included in other costs | 4,322 | 4,428 |
Deferred income taxes | 7,746 | 7,668 |
Realized (gain) loss on commodity contracts/sale of assets/investments | (572) | 3,857 |
Unrealized gain on investments/commodity contracts | (1,089) | (114) |
Employee benefits and compensation | 764 | 456 |
Share-based compensation | 1,095 | 2,247 |
Other, net | 0 | (23) |
Changes in assets and liabilities: | ||
Accounts receivable and accrued revenue | 51,362 | 32,230 |
Propane inventory, storage gas and other inventory | 6,458 | 9,844 |
Regulatory assets/liabilities, net | (1,610) | 11,035 |
Prepaid expenses and other current assets | 9,660 | 11,523 |
Accounts payable and other accrued liabilities | (56,902) | (26,152) |
Income taxes receivable | 4,316 | 8,358 |
Customer deposits and refunds | (4,316) | (2,733) |
Accrued compensation | (5,365) | (5,196) |
Other assets and liabilities, net | (946) | (1,860) |
Net cash provided by operating activities | 74,575 | 108,352 |
Investing Activities | ||
Property, plant and equipment expenditures | (90,443) | (126,811) |
Proceeds from sales of assets | 207 | 323 |
Environmental expenditures | (644) | (173) |
Net cash used in investing activities | (90,880) | (126,661) |
Financing Activities | ||
Common stock dividends | (11,759) | (10,301) |
Issuance of stock under the Dividend Reinvestment Plan | (368) | (328) |
Tax Withholding payments related to net settled stock compensation | (692) | (1,210) |
Change in cash overdrafts due to outstanding checks | 548 | 632 |
Net borrowings (repayments) under line of credit agreements | 6,220 | (16,313) |
Proceeds from long-term debt and long-term borrowing under the Revolver | 29,956 | 74,916 |
Repayment of long-term debt, long-term borrowing under the Revolver and capital lease obligation | (6,435) | (30,189) |
Net cash provided by financing activities | 17,470 | 17,207 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,165 | (1,102) |
Cash and Cash Equivalents—Beginning of Period | 6,089 | 5,614 |
Cash and Cash Equivalents—End of Period | $ 7,254 | $ 4,512 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Deferred Compensation [Member] | Treasury Stock [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.3250 | |||||||||
Beginning Balances (shares) at Dec. 31, 2017 | [1],[2] | 16,344,442 | ||||||||
Beginning Balances at Dec. 31, 2017 | $ 486,294 | [2] | $ 7,955 | [2] | $ 253,470 | $ 229,141 | $ (4,272) | $ 3,395 | $ (3,395) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 26,854 | |||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,498) | (1,498) | ||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 907 | (907) | |||||||
Other comprehensive income (loss) | (1,694) | (1,694) | ||||||||
Dividend declared | (5,380) | (5,380) | ||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 0 | |||||||||
Dividend reinvestment plan | (1) | $ 0 | (1) | |||||||
Share-based compensation (shares) | [3],[4] | 19,350 | ||||||||
Share-based compensation and tax benefit | [3],[4] | 666 | $ 9 | 657 | ||||||
Treasury stock activities | 0 | 178 | (178) | |||||||
Ending Balances (shares) at Mar. 31, 2018 | [2] | 16,363,792 | ||||||||
Ending Balances at Mar. 31, 2018 | 505,241 | [2] | $ 7,964 | [2] | 254,126 | 250,024 | (6,873) | 3,573 | (3,573) | |
Beginning Balances (shares) at Dec. 31, 2017 | [1],[2] | 16,344,442 | ||||||||
Beginning Balances at Dec. 31, 2017 | 486,294 | [2] | $ 7,955 | [2] | 253,470 | 229,141 | (4,272) | 3,395 | (3,395) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 33,241 | |||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (907) | |||||||||
Other comprehensive income (loss) | (539) | |||||||||
Ending Balances (shares) at Jun. 30, 2018 | [1],[2] | 16,378,545 | ||||||||
Ending Balances at Jun. 30, 2018 | $ 507,986 | [2] | $ 7,971 | [2] | 255,356 | 250,377 | (5,718) | 3,782 | (3,782) | |
Common Stock, Dividends, Per Share, Declared | $ 0.3700 | |||||||||
Beginning Balances (shares) at Mar. 31, 2018 | [2] | 16,363,792 | ||||||||
Beginning Balances at Mar. 31, 2018 | $ 505,241 | [2] | $ 7,964 | [2] | 254,126 | 250,024 | (6,873) | 3,573 | (3,573) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 6,387 | 6,387 | ||||||||
Other comprehensive income (loss) | 1,155 | 1,155 | ||||||||
Dividend declared | (6,034) | (6,034) | ||||||||
Dividend reinvestment plan | (1) | (1) | ||||||||
Share-based compensation (shares) | [3],[4] | 14,753 | ||||||||
Share-based compensation and tax benefit | [3],[4] | 1,238 | $ 7 | 1,231 | ||||||
Treasury stock activities | 209 | (209) | ||||||||
Ending Balances (shares) at Jun. 30, 2018 | [1],[2] | 16,378,545 | ||||||||
Ending Balances at Jun. 30, 2018 | $ 507,986 | [2] | $ 7,971 | [2] | 255,356 | 250,377 | (5,718) | 3,782 | (3,782) | |
Preferred Stock, Shares Authorized | 2,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.3700 | |||||||||
Beginning Balances (shares) at Dec. 31, 2018 | [1],[2] | 16,378,545 | ||||||||
Beginning Balances at Dec. 31, 2018 | $ 518,439 | [2] | $ 7,971 | [2] | 255,651 | 261,530 | (6,713) | 3,854 | (3,854) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 28,664 | 28,664 | ||||||||
Prior Period Reclassification Adjustment | 115 | (115) | ||||||||
Other comprehensive income (loss) | 3,089 | 3,089 | ||||||||
Dividend declared | (6,198) | (6,198) | ||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0 | |||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | (1) | $ 0 | (1) | |||||||
Share-based compensation (shares) | [3],[4] | 18,472 | ||||||||
Share-based compensation and tax benefit | [3],[4] | (334) | $ 9 | (343) | ||||||
Treasury stock activities | 0 | 522 | (522) | |||||||
Ending Balances (shares) at Mar. 31, 2019 | [2] | 16,397,017 | ||||||||
Ending Balances at Mar. 31, 2019 | 543,659 | [2] | $ 7,980 | [2] | 255,307 | 284,111 | (3,739) | 4,376 | (4,376) | |
Beginning Balances (shares) at Dec. 31, 2018 | [1],[2] | 16,378,545 | ||||||||
Beginning Balances at Dec. 31, 2018 | 518,439 | [2] | $ 7,971 | [2] | 255,651 | 261,530 | (6,713) | 3,854 | (3,854) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 36,968 | |||||||||
Prior Period Reclassification Adjustment | (115) | |||||||||
Other comprehensive income (loss) | 1,081 | |||||||||
Ending Balances (shares) at Jun. 30, 2019 | [1],[2] | 16,403,776 | ||||||||
Ending Balances at Jun. 30, 2019 | $ 544,384 | [2] | $ 7,984 | [2] | 256,385 | 285,762 | (5,747) | 4,694 | (4,694) | |
Common Stock, Dividends, Per Share, Declared | $ 0.4050 | |||||||||
Beginning Balances (shares) at Mar. 31, 2019 | [2] | 16,397,017 | ||||||||
Beginning Balances at Mar. 31, 2019 | $ 543,659 | [2] | $ 7,980 | [2] | 255,307 | 284,111 | (3,739) | 4,376 | (4,376) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 8,304 | 8,304 | ||||||||
Other comprehensive income (loss) | (2,008) | (2,008) | ||||||||
Dividend declared | (6,653) | (6,653) | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | (1) | (1) | ||||||||
Share-based compensation (shares) | [3],[4] | 6,759 | ||||||||
Share-based compensation and tax benefit | [3],[4] | 1,083 | $ 4 | 1,079 | ||||||
Treasury stock activities | 318 | (318) | ||||||||
Ending Balances (shares) at Jun. 30, 2019 | [1],[2] | 16,403,776 | ||||||||
Ending Balances at Jun. 30, 2019 | $ 544,384 | [2] | $ 7,984 | [2] | $ 256,385 | $ 285,762 | $ (5,747) | $ 4,694 | $ (4,694) | |
Preferred Stock, Shares Authorized | 2,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||||
[1] | Includes 105,409 shares at June 30, 2019 , 97,053 shares at December 31, 2018 , 96,204 shares at June 30, 2018 and 90,961 shares at December 31, 2017, respectively, held in a Rabbi Trust related to our Non-Qualified Deferred Compensation Plan. | |||||||||
[2] | 2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity. | |||||||||
[3] | The shares issued under the SICP are net of shares withheld for employee taxes. For the three months ended June 30, 2018 , we withheld 6,482 shares for employee taxes. We did not withhold any shares for employee taxes for the three months ended June 30, 2019 . For the six months ended June 30, 2019 and 2018 , we withheld 7,635 and 16,918 shares, respectively, for employee taxes. | |||||||||
[4] | Includes amounts for shares issued for directors’ compensation. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.4050 | $ 0.3700 | ||||
Deferred compensation plan held Rabbi Trust (shares) | 105,409 | 96,204 | 105,409 | 96,204 | 97,053 | 90,961 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||
Shares issued under the performance incentive plan withheld for employee taxes (shares) | 6,482 | 7,635 | 16,918 |
Summary of Accounting Policies
Summary of Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Basis of Presentation References in this document to the “Company,” “Chesapeake Utilities,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure. The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2018 . In the opinion of management, these financial statements reflect normal recurring adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. Marlin Gas Transport and Ohl Fuel Oil Acquisitions In December 2018, Marlin Gas Services acquired certain operating assets of Marlin Gas Transport. The acquisition allows us to offer solutions to supply interruption scenarios and other situations where pipeline supplies are unavailable or inadequate to meet customer requirements. In December 2018, Sharp acquired certain propane operating assets and customers of R. F. Ohl Fuel Oil, Inc. ("Ohl"), which provides propane distribution service to approximately 2,500 residential and commercial customers in Pennsylvania. We initially accounted for the purchases of the operating assets of Marlin Gas Transport and Ohl, which totaled approximatel y $18.4 million , as business combinations within our Unregulated Energy segment. Goodwill of $4.8 million , related to the Marlin Gas Transport acquisition, and $1.5 million , associated with the Ohl acquisition, were initially recorded at the close of these transactions. In the second quarter of 2019, we recorded a reduction to the purchase price for Ohl of $0.2 million upon completing our inspection of the assets purchased. The purchase price adjustment was recorded as a reduction in our property, plant and equipment balance. The amounts recorded in conjunction with these acquisitions are preliminary and subject to adjustment based on additional valuations performed during the measurement period. Due to the timing of these acquisitions, the revenue and operating income from these acquisitions in 2018 were immaterial. For the quarter and six months ended June 30, 2019, these acquisitions generated the following operating revenue and income: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating Revenue Operating Income Operating Revenue Operating Income (in thousands) Marlin Gas Services $ 1,108 $ 48 $ 3,541 $ 1,423 Ohl propane acquisition $ 174 $ (61 ) $ 997 $ 212 FASB Statements and Other Authoritative Pronouncements Recently Adopted Accounting Standards Leases (ASC 842) - In February 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The standard establishes a right of use model that requires a lessee to recognize a right of use asset and lease liability for all leases with a term greater than 12 months. The update also expands the required quantitative and qualitative disclosures surrounding leases. ASC 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ; ASU No. 2018-10, Codification Improvements to Topic 842, Lease s; ASU No. 2018-11, Targeted Improvements ; and ASU No. 2019-01, Codification Improvements . We adopted ASU 2016-02 and the related amendments on January 1, 2019, and used the optional transition method for all existing leases. The optional transition method enabled us to adopt the new standard as of the beginning of the period of adoption and did not require restatement of prior period financial information. As a result, prior period financial information was not recast and continues to be reported under the accounting guidance effective during those periods. At adoption, we elected the following practical expedients: (1) the ‘package of practical expedients,’ pursuant to which we did not need to reassess our prior conclusions about lease identification, lease classification and initial direct costs, (2) the ‘use-of-hindsight’ practical expedient, which allowed us to use hindsight in assessing impairment of our existing land easements, (3) the creation of an accounting policy for short-term leases resulting in lease payments being recorded as an expense on a straight-line basis over the lease term, and (4) the aggregation, rather than separation, of the lease and non-lease components for all leases. See Note 15, Leases, for additional information with respect to the impact of the adoption of the lease accounting guidance and the disclosures required by ASU 2016-02 and the related amendments. Compensation - Stock Compensation (ASC 718) - In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. We adopted ASU 2018-07 on January 1, 2019. Implementation of this new standard did not have a material impact on our financial position or results of operations. Recent Accounting Standards Yet to be Adopted Financial Instruments - Credit Losses (ASC 326) - In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which changes how an entity accounts for credit losses for most financial assets and certain other instruments, and subsequent guidance which served to clarify or amend the original standard. ASU 2016-13 and the related amendments require entities to estimate lifetime expected credit losses for trade receivables and to provide additional disclosure related to credit losses. ASU 2016-13 will be effective for our annual and interim financial statements beginning in January 1, 2020 and is not expected to have a material impact on our financial position or results of operations. Intangibles-Goodwill (ASC 350) - In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 will be effective for our annual and interim financial statements beginning January 1, 2020, although early adoption is permitted. The amendments included in this ASU are to be applied prospectively. We believe that implementation of this new standard will not have a material impact on our financial position or results of operations. Fair Value Measurement (ASC 820) - In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies and adds certain disclosure requirements on fair value measurements in ASC 820. ASU 2018-13 will be effective for our annual and interim financial statements beginning January 1, 2020 and, since the changes only impact disclosures, will not have a material impact on our financial position or results of operations. |
Calculation of Earnings Per Sha
Calculation of Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | Calculation of Earnings Per Share Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Net Income $ 8,304 $ 6,387 $ 36,968 $ 33,241 Weighted average shares outstanding 16,401,028 16,369,641 16,393,022 16,360,540 Basic Earnings Per Share $ 0.51 $ 0.39 $ 2.26 $ 2.03 Calculation of Diluted Earnings Per Share: Reconciliation of Numerator: Net Income $ 8,304 $ 6,387 $ 36,968 $ 33,241 Reconciliation of Denominator: Weighted shares outstanding—Basic 16,401,028 16,369,641 16,393,022 16,360,540 Effect of dilutive securities—Share-based compensation 44,715 47,441 46,311 49,521 Adjusted denominator—Diluted 16,445,743 16,417,082 16,439,333 16,410,061 Diluted Earnings Per Share $ 0.50 $ 0.39 $ 2.25 $ 2.03 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition We recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The following table displays our revenue by major source based on product and service type for the three months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 Three Months Ended June 30, 2018 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 8,256 $ — $ — $ 8,256 $ 11,882 $ — $ — $ 11,882 Florida natural gas division 7,015 — — 7,015 6,317 — — 6,317 FPU electric distribution 20,464 — — 20,464 18,362 — — 18,362 FPU natural gas distribution 18,663 — — 18,663 18,281 — — 18,281 Maryland natural gas division 3,186 — — 3,186 4,001 — — 4,001 Sandpiper natural gas/propane operations 3,482 — — 3,482 4,367 — — 4,367 Total energy distribution 61,066 — — 61,066 63,210 — — 63,210 Energy transmission Aspire Energy — 5,421 — 5,421 — 5,854 — 5,854 Eastern Shore 17,740 — — 17,740 14,502 — — 14,502 Peninsula Pipeline 3,565 — — 3,565 2,968 — — 2,968 Total energy transmission 21,305 5,421 — 26,726 17,470 5,854 — 23,324 Energy generation Eight Flags — 4,235 — 4,235 — 4,230 — 4,230 Propane operations Propane delivery operations — 17,018 — 17,018 — 20,206 — 20,206 Energy services Marlin Gas Services — 1,108 — 1,108 — — — — PESCO - Natural Gas Marketing — 41,280 — 41,280 — 48,798 — 48,798 Total energy services — 42,388 — 42,388 — 48,798 — 48,798 Other and eliminations Eliminations (8,968 ) (2,628 ) (9,536 ) (21,132 ) (10,176 ) (3,248 ) (10,379 ) (23,803 ) Other — 470 132 602 — 505 194 699 Total other and eliminations (8,968 ) (2,158 ) (9,404 ) (20,530 ) (10,176 ) (2,743 ) (10,185 ) (23,104 ) Total operating revenues (1) $ 73,403 $ 66,904 $ (9,404 ) $ 130,903 $ 70,504 $ 76,345 $ (10,185 ) $ 136,664 (1) Total operating revenues for the three months ended June 30, 2019 , include other revenue (revenues from sources other than contracts with customers) of $(0.3) million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, and $(0.4) million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended June 30, 2018 . The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. The following table displays our revenue by major source based on product and service type for the six months ended June 30, 2019 and 2018 : Six months ended June 30, 2019 Six months ended June 30, 2018 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 35,805 $ — $ — $ 35,805 $ 43,954 $ — $ — $ 43,954 Florida natural gas division 14,915 — — 14,915 12,180 — — 12,180 FPU electric distribution 34,842 — — 34,842 37,103 — — 37,103 FPU natural gas distribution 42,449 — — 42,449 41,494 — — 41,494 Maryland natural gas division 13,233 — — 13,233 14,673 — — 14,673 Sandpiper natural gas/propane operations 10,564 — — 10,564 13,331 — — 13,331 Total energy distribution 151,808 — — 151,808 162,735 — — 162,735 Energy transmission Aspire Energy — 18,892 — 18,892 — 17,931 — 17,931 Eastern Shore 36,796 — — 36,796 30,100 — — 30,100 Peninsula Pipeline 7,131 — — 7,131 5,065 — — 5,065 Total energy transmission 43,927 18,892 — 62,819 35,165 17,931 — 53,096 Energy generation Eight Flags — 8,377 — 8,377 — 8,608 — 8,608 Propane operations Propane delivery operations — 63,143 — 63,143 — 72,311 — 72,311 Energy services Marlin Gas Services — 3,541 — 3,541 — — — — PESCO - Natural Gas Marketing — 118,302 — 118,302 130,357 — 130,357 Total energy services — 121,843 — 121,843 — 130,357 — 130,357 Other and eliminations Eliminations (18,714 ) (8,123 ) (23,773 ) (50,610 ) (18,003 ) (8,494 ) (25,976 ) (52,473 ) Other — 875 264 1,139 — 999 387 1,386 Total other and eliminations (18,714 ) (7,248 ) (23,509 ) (49,471 ) (18,003 ) (7,495 ) (25,589 ) (51,087 ) Total operating revenues (1) $ 177,021 $ 205,007 $ (23,509 ) $ 358,519 $ 179,897 $ 221,712 $ (25,589 ) $ 376,020 (1) Total operating revenues for the six months ended June 30, 2019 , include other revenue (revenues from sources other than contracts with customers) of $(0.2) million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, and $(0.9) million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, for the six months ended June 30, 2018 . The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. Contract balances The timing of revenue recognition, customer billings and cash collections results in trade receivables, unbilled receivables (contract assets), and customer advances (contract liabilities) in our condensed consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2018 and June 30, 2019 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2018 $ 83,214 — $ 2,614 $ 480 Balance at 6/30/2019 47,254 18 3,051 316 Increase (decrease) $ (35,960 ) $ 18 $ 437 $ (164 ) Our trade receivables are included in trade and other receivables in the condensed consolidated balance sheets. Our current contract assets are included in other current assets in the condensed consolidated balance sheet. Our non-current contract assets are included in other assets in the condensed consolidated balance sheet and primarily relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement. At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the condensed consolidated balance sheet and relate to non-refundable prepaid fixed fees for our Delmarva Peninsula propane delivery operation's retail offerings. Our performance obligation is satisfied over the term of the respective retail offering plan on a ratable basis. For the three months ended June 30, 2019 and 2018, we recognized revenue of $0.2 million and $0.1 million , respectively. For the six months ended June 30, 2019 and 2018, we recognized revenue of $0.5 million and $0.3 million , respectively. Remaining performance obligations Our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. Revenue for these businesses for the remaining performance obligations, at June 30, 2019 , are expected to be recognized as follows: (in thousands) 2019 2020 2021 2022 2023 2024 2025 and thereafter Eastern Shore and Peninsula Pipeline $ 19,210 $ 36,835 $ 33,519 $ 26,575 $ 21,148 $ 18,969 $ 193,651 Natural gas distribution operations 2,007 3,624 3,403 3,369 2,971 2,957 27,941 PESCO - Natural Gas Marketing 2,903 7,529 1,925 23 — — — FPU electric distribution 149 297 297 109 — — — Total revenue contracts with remaining performance obligations $ 24,269 $ 48,285 $ 39,144 $ 30,076 $ 24,119 $ 21,926 $ 221,592 |
Rates and Other Regulatory Acti
Rates and Other Regulatory Activities | 6 Months Ended |
Jun. 30, 2019 | |
Regulated Operations [Abstract] | |
Public Utilities Disclosure [Text Block] | Rates and Other Regulatory Activities Our natural gas and electric distribution operations in Delaware, Maryland and Florida are subject to regulation by their respective PSC; Eastern Shore, our natural gas transmission subsidiary, is subject to regulation by the FERC; and Peninsula Pipeline, our intrastate pipeline subsidiary, is subject to regulation by the Florida PSC. Delaware Effect of the TCJA on Customers: On January 31, 2019, the Delaware PSC approved the as-filed Delaware Division Delivery Service Rates reflecting the impact of the TCJA. The new rates went into effect March 1, 2019. The refunds, which were retroactive to February 2018, were completed prior to the mandated deadline of June 30, 2019. The order also provided for a line item billing credit that went into effect on April 1, 2019, for the return of the excess accumulated deferred income taxes ("ADIT"). Additional information on the TCJA impact is included in the table at the end of this Note 4, Rates and Other Regulatory Activities . Weather Normalization Adjustment: In January 2019, we filed with the Delaware PSC an application requesting approval to implement a weather normalization adjustment. The proposed weather normalization adjustment would have provided either a billing credit (during colder than normal weather) or surcharge (during warmer than normal weather) designed to produce natural gas bills for customers that reflect normal temperatures. The weather normalization adjustment would have ensured we did not over or under-collect Delaware PSC authorized levels of distribution revenues due to weather variability. The Delaware PSC issued an order on March 19, 2019 to open a docket. In July 2019, the Delaware Division withdrew the petition and is planning, as proposed by the Delaware PSC, to include a weather normalization adjustment in its next rate case. Florida Electric Limited Proceeding-Storm Recovery: In February 2018, FPU filed a petition with the Florida PSC, requesting recovery of incremental storm restoration costs related to several hurricanes and tropical storms, along with the replenishment of the storm reserve to its pre-storm level of $1.5 million . As a result of these hurricanes and tropical storms, FPU’s storm reserve was depleted and, at the time of this filing, had a deficit of $0.8 million . This matter went to hearing in December 2018 and was subsequently approved at the March 5, 2019 Agenda with the Final Order issued on March 25, 2019. FPU received approval to include a surcharge of $1.54 per 1,000 -kilowatt hour on customer bills for two years beginning in April 2019, to recover storm-related costs and replenish the storm reserve. Hurricane Michael: In October 2018, Hurricane Michael passed through FPU's electric distribution operation's service territory in Northwest Florida. The hurricane caused widespread and severe damage to FPU's infrastructure resulting in 100 percent of its customers in the Northwest Florida service territory losing electrical service. FPU, after exerting extraordinary hurricane restoration efforts, restored service to those customers who were able to accept it. FPU expended more than $65 million to restore service, which has been recorded as new plant and equipment, charged against FPU’s accumulated depreciation or charged against FPU’s storm reserve. In conjunction with the hurricane-related expenditures, we executed two 13 -month unsecured term loans as temporary financing, each in the amount of $30 million . The interest cost associated with these loans is one-month LIBOR rate plus 75 points. One of the term loans was executed in December 2018; the other was executed in January 2019. While there is a short-term negative impact, the storm is not expected to have a significant impact on our financial results going forward, assuming recovery is granted through the regulatory process. We expect to file the necessary regulatory filings in the third quarter of 2019 to seek recovery of the restoration costs incurred, including eligible financing costs. Effect of the TCJA on Customers: In February 2018, the Florida PSC opened dockets to consider the impacts associated with the TCJA. In May 2018, FPU’s natural gas divisions filed petitions and supporting testimony regarding the disposition of the related impacts of the TCJA. Hearings on this matter took place in November 2018, and the staff's recommendation was approved by the Florida PSC at the February 5, 2019 Agenda. Final orders were issued on February 25, 2019. Staff’s recommendations are summarized in the table at the end of this Note 4, Rates and Other Regulatory Activities . Imbalance Petition: In February 2019, FPU filed a petition, with the Florida PSC, to modify the pool manager cash out tiers and respective cash out rates. With this petition, FPU further facilitates consistency across the Florida business units and eliminates the unintentional arbitrage opportunity created by the tariff. The petition does not have a financial impact for FPU, and it will benefit customers by lowering costs. This petition was approved by the Florida PSC at the April 2, 2019 Agenda. Natural Gas Depreciation Study: In March 2019, FPU filed a petition, with the Florida PSC, for approval of its Consolidated Natural Gas depreciation rates. If approved, the new rates will decrease expense approximately $0.3 million annually and be effective retro-actively to January 2019. The petition is on the Florida PSC's September 2019 Agenda for approval. Auburndale Project: In June 2019, Peninsula Pipeline filed with the Florida PSC for approval of its Transportation Service Agreement with the Florida Division of Chesapeake Utilities. Peninsula Pipeline will purchase existing pipeline owned by the Florida Division of Chesapeake Utilities and Calpine and construct pipeline in Polk County, Florida. Peninsula Pipeline will provide transportation service to the Florida Division of Chesapeake Utilities increasing both delivery capacity and downstream pressure as well as introducing a secondary source of natural gas for the Florida Division of Chesapeake Utilities' distribution system. The petition is on the Florida PSC's August 2019 Agenda for approval. Palm Beach Expansion Project: In June 2019, Peninsula Pipeline filed with the Florida PSC for approval of its Transportation Service Agreement with FPU. Peninsula Pipeline will construct several new interconnection points and pipeline expansions in Palm Beach County, Florida, which will enable FPU to serve an industrial research park and several new residential developments. Peninsula Pipeline will provide transportation service to FPU, increasing reliability, system pressure as well as introducing diversity in fuel source for natural gas to serve the increased demand in these areas. The petition is on the Florida PSC's August 2019 Agenda for approval. Maryland Division and Sandpiper There were no material regulatory matters during the quarter. Eastern Shore Del-Mar Energy Pathway Project: In September 2018, Eastern Shore filed a Certificate Application with the FERC, requesting authorization to construct and operate the Del-Mar Energy Pathway project, which will provide an additional 14,300 Dts/d of firm service to four customers. Facilities to be constructed include six miles of pipeline looping in Delaware; 13 miles of new mainline extension in Sussex County, Delaware and Somerset County, Maryland; and new pressure control and delivery stations in these counties. The benefits of this project include: (i) additional natural gas transmission pipeline infrastructure in eastern Sussex County, Delaware, and (ii) extension of Eastern Shore’s pipeline system, for the first time, into Somerset County, Maryland. During the fourth quarter of 2018, the FERC held a full project area scoping meeting in Sussex County, Delaware and issued a Notice of Schedule for Environmental Review. The Environmental Assessment for the Del-Mar Energy Pathway project was issued in April 2019; however, final FERC authorization is still pending. Eastern Shore anticipates that this project will be fully in-service by mid-2021, contingent upon the FERC issuing authorization for the project in the third quarter of 2019. Summary TCJA Table The following table summarizes the TCJA impact on our regulated businesses: Regulatory Liabilities related to ADIT Operation and Regulatory Jurisdiction Amount (in thousands) Status Status of Customer Rate impact related to lower federal corporate income tax rate Eastern Shore (FERC) $34,190 Will be addressed in Eastern Shore's next rate case filing. Implemented one-time bill credit (totaling $0.9 million) in April 2018. Customer rates adjusted in April 2018. Delaware Division (Delaware PSC) $12,906 PSC approved amortization of ADIT in January 2019. Implemented one-time bill credit (totaling $1.5 million) in April 2019. Customer rates adjusted in March 2019. Maryland Division (Maryland PSC) $4,143 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.4 million) in July 2018. Customer rates adjusted effective May 1, 2018. Sandpiper Energy (Maryland PSC) $3,790 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.6 million) in July 2018 - Customer rates adjusted effective May 1, 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,318 PSC issued order authorizing amortization and retention of net ADIT liability by the Company in February 2019. Florida PSC's final order was issued in February 2019. Excluding GRIP, tax savings arising from the TCJA rate reduction will be retained by the Company. GRIP: Tax savings for 2018 will be refunded to customers in 2020 through the annual GRIP cost recovery mechanism. Future customer GRIP surcharges will be adjusted to reflect tax savings associated with TCJA. FPU Natural Gas (excludes Fort Meade and Indiantown) (Florida PSC) $19,173 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $298 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Tax rate reduction: The impact was immaterial for the divisions. GRIP (Applicable to Fort Meade division only): Same treatment as Chesapeake Florida Gas Division (above). FPU Electric (Florida PSC) $5,858 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. TCJA benefit will flow back to its customers through a combination of reductions to the fuel cost recovery rate, base rates, as well as application to the storm reserve over the next several years. |
Environmental Commitments and C
Environmental Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Commitments and Contingencies | Environmental Commitments and Contingencies We are subject to federal, state and local laws and regulations governing environmental quality and pollution control. These laws and regulations require us to remove or remediate, at current and former operating sites, the effect on the environment of the disposal or release of specified substances. MGP Sites We have participated in the investigation, assessment or remediation of, and have exposures at, seven former MGP sites. We have received approval for recovery of clean-up costs in rates for sites located in Salisbury, Maryland; Seaford, Delaware; and Winter Haven, Key West, Pensacola, Sanford and West Palm Beach, Florida. We are also in discussions with the Maryland Department of Environment ("MDE") regarding another former MGP site located in Cambridge, Maryland. As of June 30, 2019 and December 31, 2018 , we had approximately $8.5 million and $9.1 million , respectively, in environmental liabilities related to FPU’s MGP sites in Key West, Pensacola, Sanford and West Palm Beach. FPU has approval to recover, from insurance and through customer rates, up to $14.0 million of its environmental costs related to its MGP sites. As of June 30, 2019 and December 31, 2018 , we had recovered approximately $11.7 million and $11.5 million , respectively, leaving approximately $2.3 million and $2.5 million , respectively, in regulatory assets for future recovery of environmental costs from FPU’s customers. Environmental liabilities for our MGP sites are recorded on an undiscounted basis based on the estimate of future costs provided by independent consultants. We continue to expect that all costs related to environmental remediation and related activities, including any potential future remediation costs for which we do not currently have approval for regulatory recovery, will be recoverable from customers through rates. The following is a summary of our remediation status and estimated costs to implement clean-up of our key MGP sites: MGP Site (Jurisdiction) Status Estimated Cost to Clean up (Expect to Recover through Rates with Customers) West Palm Beach (Florida) Remedial actions approved by the Florida Department of Environmental Protection have been implemented on the east parcel of the site. We expect to implement similar remedial actions on other remaining portions, including the anticipated demolition of buildings on the site's west parcel in 2019. Between $4.5 million to $15.4 million, including costs associated with the relocation of FPU’s operations at this site, which is necessary to implement the remedial plan, and any potential costs associated with future redevelopment of the properties. Sanford (Florida) In March 2018, the United States Environmental Protection Agency ("EPA") approved a "site-wide ready for anticipated use" status, which is the final step before delisting a site. Construction has been completed and restrictive covenants are in place to ensure protection of human health. The only remaining activity is long-term groundwater monitoring. FPU's remaining remediation expenses, including attorneys' fees and costs, are anticipated to be immaterial. Winter Haven (Florida) Remediation is ongoing. Not expected to exceed $0.4 million, which includes costs of implementing institutional controls at the site. Seaford (Delaware) Conducted investigations of on-site and off-site impacts in the vicinity of the site, from 2014 through 2018, and submitted the findings to Delaware Department of Natural Resources and Environmental Control ("DNREC") in a March 2019 report. An interim action involving air-sparging/vapor extraction to mitigate on-site impact will be implemented, after the Work Plan submitted in June 2019 is approved by DNREC. Between $0.2 million and $0.5 million. Cambridge (Maryland) Currently in discussions with the MDE. Unable to estimate. |
Other Commitments and Contingen
Other Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | Other Commitments and Contingencies Natural Gas and Electric Our Delmarva Peninsula natural gas distribution operations have asset management agreements with PESCO to manage their natural gas transportation and storage capacity. The agreements were effective as of April 1, 2017, and each has a three-year term, expiring on March 31, 2020. In May 2019, FPU natural gas distribution operations and Eight Flags entered into separate asset management agreements with Emera Energy Services, Inc. to manage their natural gas transportation capacity. The agreements will commence on or about July 2020, and each has a 10 -year term. Chesapeake Utilities' Florida Division has firm transportation service contracts with Florida Gas Transmission Company ("FGT") and Gulfstream. Pursuant to a capacity release program approved by the Florida PSC, all of the capacity under these agreements has been released to various third parties, including PESCO. Under the terms of these capacity release agreements, Chesapeake Utilities is contingently liable to FGT and Gulfstream should any party, that acquired the capacity through release, fail to pay the capacity charge. To date, Chesapeake Utilities has not been required to make a payment resulting from this contingency. FPU’s electric supply contracts require FPU to maintain an acceptable standard of creditworthiness based on specific financial ratios. FPU’s agreement with Florida Power & Light Company requires FPU to meet or exceed a debt service coverage ratio of 1.25 times based on the results of the prior 12 months. If FPU fails to meet this ratio, it must provide an irrevocable letter of credit or pay all amounts outstanding under the agreement within five business days. FPU’s electric supply agreement with Gulf Power requires FPU to meet the following ratios based on the average of the prior six quarters: (a) funds from operations interest coverage ratio (minimum of two times), and (b) total debt to total capital (maximum of 65 percent ). If FPU fails to meet the requirements, it has to provide the supplier a written explanation of actions taken, or proposed to be taken, to become compliant. Failure to comply with the ratios specified in the Gulf Power agreement could also result in FPU having to provide an irrevocable letter of credit. As of June 30, 2019 , FPU was in compliance with all of the requirements of its fuel supply contracts. Eight Flags provides electricity and steam generation services through its CHP plant located on Amelia Island, Florida. In June 2016, Eight Flags began selling power generated from the CHP plant to FPU pursuant to a 20 -year power purchase agreement for distribution to our electric customers. In July 2016, Eight Flags also started selling steam, pursuant to a separate 20 -year contract, to the landowner on which the CHP plant is located. The CHP plant is powered by natural gas transported by FPU through its distribution system and Peninsula Pipeline through its intrastate pipeline. Corporate Guarantees We have issued corporate guarantees to certain vendors of our subsidiaries, primarily PESCO. These corporate guarantees provide for the payment of natural gas purchases in the event that PESCO defaults. PESCO has never defaulted on its obligations to pay its suppliers. The liabilities for these purchases are recorded when incurred. The aggregate amount guaranteed at June 30, 2019 was approximately $68.1 million , with the guarantees expiring on various dates through December 31, 2020 . Chesapeake Utilities also guarantees the payment of FPU’s first mortgage bonds. The maximum exposure under this guarantee is the outstanding principal plus accrued interest balances. The outstanding principal balances of FPU’s first mortgage bonds approximate their carrying values (see Note 14 , Long-Term Debt , for further details). As of June 30, 2019 , we have issued letters of credit totaling approximately $7.0 million related to the electric transmission services for FPU's electric division, the firm transportation service agreement between TETLP and our Delaware and Maryland divisions, the payment of natural gas purchases for PESCO, and to our current and previous primary insurance carriers. These letters of credit have various expiration dates through April 5, 2020 . There have been no draws on these letters of credit as of June 30, 2019 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We use the management approach to identify operating segments. We organize our business around differences in regulatory environment and the operating results of each segment are regularly reviewed by the chief operating decision maker (our Chief Executive Officer) in order to make decisions about resources and to assess performance. Our operations are entirely domestic and are comprised of two reportable segments: • Regulated Energy . Includes energy distribution and transmission services (natural gas distribution, natural gas transmission and electric distribution operations). All operations in this segment are regulated, as to their rates and services, by the PSC having jurisdiction in each operating territory or by the FERC in the case of Eastern Shore. • Unregulated Energy. Includes energy transmission, energy generation (the operations of our Eight Flags' CHP plant), propane operations, the new mobile compressed natural gas distribution and pipeline solutions subsidiary, and other energy services (natural gas marketing and related services). These operations are unregulated as to their rates and services. Also included in this segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, plumbing and electrical services. The remainder of our operations are presented as “Other businesses and eliminations,” which consists of unregulated subsidiaries that own real estate leased to Chesapeake Utilities, as well as certain corporate costs not allocated to other operations. The following table presents financial information about our reportable segments: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 70,719 $ 67,731 $ 171,458 $ 173,685 Unregulated Energy 60,184 68,933 187,061 202,335 Total operating revenues, unaffiliated customers $ 130,903 $ 136,664 $ 358,519 $ 376,020 Intersegment Revenues (1) Regulated Energy $ 2,684 $ 2,773 $ 5,563 $ 6,212 Unregulated Energy 6,720 7,412 17,946 19,377 Other businesses 132 194 264 387 Total intersegment revenues $ 9,536 $ 10,379 $ 23,773 $ 25,976 Operating Income Regulated Energy $ 18,752 $ 14,304 $ 47,769 $ 41,015 Unregulated Energy (1,348 ) 490 13,628 14,174 Other businesses and eliminations 32 (1,546 ) 32 (1,535 ) Operating income 17,436 13,248 61,429 53,654 Other expense, net (316 ) (262 ) (361 ) (194 ) Interest charges 5,655 3,881 11,365 7,545 Income before Income Taxes 11,465 9,105 49,703 45,915 Income taxes 3,161 2,718 12,735 12,674 Net Income $ 8,304 $ 6,387 $ 36,968 $ 33,241 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) June 30, 2019 December 31, 2018 Identifiable Assets Regulated Energy segment $ 1,349,422 $ 1,345,805 Unregulated Energy segment 284,888 306,045 Other businesses and eliminations 46,732 41,821 Total identifiable assets $ 1,681,042 $ 1,693,671 |
Stockholder's Equity - Accumula
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Stockholder's Equity Accumulated Other Comprehensive Loss Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements and natural gas swaps and futures contracts, designated as commodity contracts cash flow hedges, are the components of our accumulated other comprehensive loss. The following tables present the changes in the balance of accumulated other comprehensive (loss)/income as of June 30, 2019 and 2018 . All amounts except the stranded tax reclassification are presented net of tax. Defined Benefit Commodity Pension and Contracts Postretirement Cash Flow Plan Items Hedges Total (in thousands) As of December 31, 2018 $ (5,928 ) $ (785 ) $ (6,713 ) Other comprehensive income before reclassifications — 1,000 1,000 Amounts reclassified from accumulated other comprehensive income/(loss) 213 (132 ) 81 Net current-period other comprehensive income 213 868 1,081 Prior-year reclassification — (115 ) (115 ) As of June 30, 2019 $ (5,715 ) $ (32 ) $ (5,747 ) (in thousands) As of December 31, 2017 $ (4,743 ) $ 471 $ (4,272 ) Other comprehensive loss before reclassifications — (1,440 ) (1,440 ) Amounts reclassified from accumulated other comprehensive income/(loss) 189 712 901 Net prior-period other comprehensive income/(loss) 189 (728 ) (539 ) Stranded tax reclassification to retained earnings (1,022 ) 115 (907 ) As of June 30, 2018 $ (5,576 ) $ (142 ) $ (5,718 ) The following table presents amounts reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2019 and 2018 . Deferred gains or losses for our commodity contracts cash flow hedges are recognized in earnings upon settlement. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 39 $ 39 Net loss (1) (163 ) (149 ) (328 ) (297 ) Total before income taxes (144 ) (130 ) (289 ) (258 ) Income tax benefit 37 36 76 69 Net of tax $ (107 ) $ (94 ) $ (213 ) $ (189 ) Gains and losses on commodity contracts cash flow hedges: Propane swap agreements (2) $ 252 $ (181 ) $ 858 $ (645 ) Natural gas swaps (2) — (31 ) 11 (481 ) Natural gas futures (2) (125 ) (161 ) (698 ) 137 Total before income taxes 127 (373 ) 171 (989 ) Income tax benefit (expense) (34 ) 105 (39 ) 277 Net of tax 93 (268 ) 132 (712 ) Total reclassifications for the period $ (14 ) $ (362 ) $ (81 ) $ (901 ) (1) These amounts are included in the computation of net periodic costs (benefits). See Note 9 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 12, Derivative Instruments , for additional details. Amortization of defined benefit pension and postretirement plan items is included in other expense, net gains and losses on propane swap agreements, call options and natural gas futures contracts are included in cost of sales in the accompanying condensed consolidated statements of income. The income tax benefit is included in income tax expense in the accompanying condensed consolidated statements of income. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for our pension and post-retirement benefits plans for the three and six months ended June 30, 2019 and 2018 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 (in thousands) Interest cost $ 104 $ 98 $ 615 $ 592 $ 21 $ 21 $ 9 $ 9 $ 12 $ 13 Expected return on plan assets (127 ) (138 ) (693 ) (774 ) — — — — — — Amortization of prior service credit — — — — — — (19 ) (19 ) — — Amortization of net loss 101 88 129 108 26 25 12 15 — — Net periodic cost (benefit) 78 48 51 (74 ) 47 46 2 5 12 13 Amortization of pre-merger regulatory asset — — 191 191 — — — — 2 2 Total periodic cost $ 78 $ 48 $ 242 $ 117 $ 47 $ 46 $ 2 $ 5 $ 14 $ 15 Chesapeake Pension Plan FPU Pension Plan Chesapeake SERP Chesapeake Postretirement Plan FPU Medical Plan For the Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 (in thousands) Interest cost $ 209 $ 195 $ 1,230 $ 1,184 $ 42 $ 42 $ 19 $ 19 $ 24 $ 26 Expected return on plan assets (254 ) (276 ) (1,386 ) (1,549 ) — — — — — — Amortization of prior service credit — — — — — — (39 ) (39 ) — — Amortization of net loss 203 176 258 217 52 50 24 30 — — Net periodic cost (benefit) 158 95 102 (148 ) 94 92 4 10 24 26 Amortization of pre-merger regulatory asset — — 381 381 — — — — 4 4 Total periodic cost $ 158 $ 95 $ 483 $ 233 $ 94 $ 92 $ 4 $ 10 $ 28 $ 30 We expect to record pension and postretirement benefit costs of approximately $1.3 million for 2019. Included in these costs is approximately $0.6 million related to continued amortization of the FPU pension regulatory asset, which represents the portion attributable to FPU’s regulated energy operations for the changes in funded status that occurred, but were not recognized, as part of net periodic benefit costs prior to the FPU merger in 2009. This was deferred as a regulatory asset by FPU prior to the merger, to be recovered through rates pursuant to a previous order by the Florida PSC. The unamortized balance of this regulatory asset was approximately $0.2 million and approximately $0.6 million at June 30, 2019 and December 31, 2018 , respectively. Excluding the service cost component, the other components of the net periodic costs have been recorded or reclassified to other expense, net in the condensed consolidated statements of income. Pursuant to a Florida PSC order, FPU continues to record, as a regulatory asset, a portion of the unrecognized pension and postretirement benefit costs related to its regulated operations after the FPU merger. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake Utilities' operations is recorded to accumulated other comprehensive loss. The following tables present the amounts included in the regulatory asset and accumulated other comprehensive loss that were recognized as components of net periodic benefit cost during the three and six months ended June 30, 2019 and 2018 : For the Three Months Ended June 30, 2019 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19 ) $ — $ (19 ) Net loss 101 129 26 12 — 268 Total recognized in net periodic benefit cost 101 129 26 (7 ) — 249 Recognized from accumulated other comprehensive loss (1) 101 24 26 (7 ) — 144 Recognized from regulatory asset — 105 — — — 105 Total $ 101 $ 129 $ 26 $ (7 ) $ — $ 249 For the Three Months Ended June 30, 2018 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19 ) $ — $ (19 ) Net loss 88 108 25 15 — 236 Total recognized in net periodic benefit cost 88 108 25 (4 ) — 217 Recognized from accumulated other comprehensive loss (1) 88 21 25 (4 ) — 130 Recognized from regulatory asset — 87 — — — 87 Total $ 88 $ 108 $ 25 $ (4 ) $ — $ 217 For the Six Months Ended June 30, 2019 Chesapeake Pension Plan FPU Pension Plan Chesapeake SERP Chesapeake Postretirement Plan FPU Medical Plan Total (in thousands) Prior service credit — — — (39 ) — (39 ) Net loss 203 258 52 24 — 537 Total recognized in net periodic benefit cost 203 258 52 (15 ) — 498 Recognized from accumulated other comprehensive loss (1) 203 49 52 (15 ) — 289 Recognized from regulatory asset — 209 — — — 209 Total $ 203 $ 258 $ 52 $ (15 ) $ — $ 498 For the Six Months Ended June 30, 2018 Chesapeake Pension Plan FPU Pension Plan Chesapeake SERP Chesapeake Postretirement Plan FPU Medical Plan Total (in thousands) Prior service credit $ — $ — $ — $ (39 ) $ — $ (39 ) Net loss 176 217 50 30 — 473 Total recognized in net periodic benefit cost 176 217 50 (9 ) — 434 Recognized from accumulated other comprehensive loss (1) 176 41 50 (9 ) — 258 Recognized from regulatory asset — 176 — — — 176 Total $ 176 $ 217 $ 50 $ (9 ) $ — $ 434 (1) See Note 8 , Stockholder's Equity . During the three and six months ended June 30, 2019 , we contributed approximately $0.1 million to the Chesapeake Pension Plan and approximately $0.4 million and $0.6 million , respectively, to the FPU Pension Plan. We expect to contribute a total of approximately $0.2 million and approximately $1.2 million to the Chesapeake Pension Plan and FPU Pension Plan, respectively, during 2019 , which represents the minimum annual contribution payments required. The Chesapeake SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake SERP for the six months ended June 30, 2019 were $0.1 million . There were immaterial cash benefits paid for the three months ended June 30, 2019 . We expect to pay total cash benefits of approximately $0.4 million under the Chesapeake SERP in 2019 . Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the six months ended June 30, 2019 , were immaterial and no cash benefits were paid for medical claims during the second quarter of 2019. We estimate that approximately $0.1 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2019 . Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three and six months ended June 30, 2019 , were immaterial for each period. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2019 . |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The investment balances at June 30, 2019 and December 31, 2018 , consisted of the following: (in thousands) June 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 8,795 $ 6,689 Investments in equity securities 26 22 Total $ 8,821 $ 6,711 We classify these investments as trading securities and report them at their fair value. For the three months ended June 30, 2019 and 2018 , we recorded a net unrealized gain of approximately $0.4 million and a net unrealized loss of approximately $0.2 million , respectively, in other expense, net in the condensed consolidated statements of income related to these investments. For the six months ended June 30, 2019 and 2018 , we recorded a net unrealized gain of approximately $1.1 million and a net unrealized loss of approximately $0.1 million , respectively, in other expense, net in the condensed consolidated statements of income related to these investments. For the investment in the Rabbi Trust, we also have recorded an associated liability, which is included in other pension and benefit costs in the condensed consolidated balance sheets and is adjusted each period for the gains and losses incurred by the investments in the Rabbi Trust. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Our non-employee directors and key employees are granted share-based awards through our SICP. We record these share-based awards as compensation costs over the respective service period for which services are received in exchange for an award of equity or equity-based compensation. The compensation cost is based primarily on the fair value of the shares awarded, using the estimated fair value of each share on the date it was granted and the number of shares to be issued at the end of the service period. The table below presents the amounts included in net income related to share-based compensation expense for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands) Awards to non-employee directors $ 157 $ 135 $ 305 $ 269 Awards to key employees 452 1,190 790 2,575 Total compensation expense 609 1,325 1,095 2,844 Less: tax benefit (158 ) (363 ) (285 ) (779 ) Share-based compensation amounts included in net income $ 451 $ 962 $ 810 $ 2,065 Non-employee Directors Shares granted to non-employee directors are issued in advance of the directors’ service periods and are fully vested as of the date of the grant. We record a deferred expense equal to the fair value of the shares issued and amortize the expense equally over a service period of one year . In May 2019, after the most recent election of directors, each of our continuing non-employee directors received an annual retainer of 751 shares of common stock under the SICP for service as a director through the 2020 Annual Meeting of Stockholders. Number of Shares Weighted Average Fair Value Outstanding—December 31, 2018 — $ — Granted 6,759 $ 93.14 Vested (6,759 ) $ 93.14 Outstanding—June 30, 2019 — $ — At June 30, 2019 , there was approximately $0.5 million of unrecognized compensation expense related to shares granted to non-employee directors. This expense will be recognized over the remaining service period ending April 30, 2020. See Note 1, Summary of Accounting Policies , for additional information regarding ASU 2018-07 and its impact on the accounting for non-employee share-based payments. Our former President and Chief Executive Officer, Michael P. McMasters, retired as an executive officer on December 31, 2018 but continued as a member of the Board of Directors until the 2019 Annual Meeting of Stockholders. Mr. McMasters received a pro-rated grant of 276 shares of common stock under the SICP for service as a non-employee director from January 1, 2019 through May 8, 2019. These shares awarded to Mr. McMasters immediately vested upon issuance in January 2019, had a weighted average fair value of $75.70 per share, and were fully expensed as of April 30, 2019. Key Employees The table below presents the summary of the stock activity for awards to key employees for the six months ended June 30, 2019 : Number of Shares Weighted Average Fair Value Outstanding—December 31, 2018 131,741 $ 67.24 Granted 45,016 $ 91.19 Vested (25,831 ) $ 67.08 Expired (15,086 ) $ 69.28 Outstanding—June 30, 2019 135,840 $ 74.05 In June 2018, the Company and a former executive officer entered into a separation agreement and release (the "Separation Agreement"). Pursuant to the Separation Agreement, three awards, representing a total of 14,107 shares of common stock previously granted to the executive officer under the SICP, immediately vested at the time of separation; 2,569 shares were forfeited, and we recognized $1.1 million as share-based compensation expense. In February 2019, our Board of Directors granted awards of 45,016 shares of common stock to key employees under the SICP. The shares granted are multi-year awards that will vest at the end of the three -year service period ending December 31, 2021. All of these stock awards are earned based upon the successful achievement of long-term financial results, which comprise market-based and performance-based conditions or targets. The fair value of each performance-based condition or target is equal to the market price of our common stock on the grant date of each award. For the market-based conditions, we used the Black-Scholes pricing model to estimate the fair value of each market-based award granted. In March 2019, upon the election of certain of our executive officers, we withheld shares with a value at least equivalent to each such executive officer’s minimum statutory obligation for applicable income and other employment taxes related to shares that we awarded in February 2019 for the performance period ended December 31, 2018, remitted the cash to the appropriate taxing authorities, and paid the balance of such awarded shares to each such executive officer. We withheld 7,635 shares, based on the value of the shares on their award date, determined by the average of the high and low prices of our common stock. Total combined payments for the employees’ tax obligations to the taxing authorities were approximately $0.7 million . At June 30, 2019 , the aggregate intrinsic value of the SICP awards granted to key employees was approximately $12.9 million . At June 30, 2019 , there was approximately $3.8 million of unrecognized compensation cost related to these awards, which is expected to be recognized as expense from July 1, 2019 through December 31, 2021. Stock Options We did not have any stock options outstanding at June 30, 2019 or 2018 , nor were any stock options issued during these periods. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments We use derivative and non-derivative contracts to manage risks related to obtaining adequate supplies and the price fluctuations of natural gas, electricity and propane. Our natural gas, electric and propane distribution operations have entered into agreements with suppliers to purchase natural gas, electricity and propane for resale to our customers. Aspire Energy has entered into contracts with producers to secure natural gas to meet its obligations. Purchases under these contracts typically either do not meet the definition of derivatives or are considered “normal purchases and normal sales” and are accounted for on an accrual basis. Both our propane distribution and natural gas marketing operations may also enter into fair value hedges of their inventory or cash flow hedges of their future purchase commitments in order to mitigate the impact of wholesale price fluctuations. As of June 30, 2019 , our natural gas and electric distribution operations did not have any outstanding derivative contracts. Volume of Derivative Activity As of June 30, 2019 , the volume of our open commodity derivative contracts were as follows: Business unit Commodity Quantity hedged (in millions) Designation Longest Expiration date of hedge PESCO Natural gas (Dts) 30.6 Cash flows hedges October 2023 PESCO Natural gas (Dts) 5.6 Not designated October 2022 Sharp Propane (gallons) 12.1 Cash flows hedges June 2022 PESCO entered into natural gas futures contracts associated with the purchase and sale of natural gas to specific customers. We designated and accounted for them as cash flow hedges. The change in fair value of the natural gas futures contracts is recorded as unrealized gain (loss) in other comprehensive income (loss) and later recognized in the statement of income in the same period and in the same line item as the hedged transaction. We expect to reclassify approximately $0.5 million from accumulated other comprehensive loss to earnings during the next 12 -month period ended June 30, 2020. Sharp entered into futures and swap agreements to mitigate the risk of fluctuations in wholesale propane index prices associated with the propane volumes expected to be purchased during the heating season. Under the futures and swap agreements, Sharp will receive the difference between: (i) the index prices (Mont Belvieu prices in August 2018 through March 2023), and (ii) the per gallon propane swap prices, to the extent the index prices exceed the contracted prices. If the index prices are lower than the swap prices, Sharp will pay the difference. We designated and accounted for propane swaps as cash flows hedges. The change in the fair value of the swap agreements is recorded as unrealized gain (loss) in other comprehensive income (loss) and later recognized in the statement of income in the same period and in the same line item as the hedged transaction. We expect to reclassify approximately $1.0 million from accumulated other comprehensive income (loss) to earnings during the next 12 -month period ended June 30, 2020. 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 condensed consolidated balance sheets. The following table summarizes the accounts receivable and payable on a gross and net basis at June 30, 2019 and December 31, 2018 : At June 30, 2019 (in thousands) Gross amounts Amounts offset Net amounts Accounts receivable $ 2,964 $ 927 $ 2,037 Accounts payable $ 10,418 $ 927 $ 9,491 At December 31, 2018 (in thousands) Gross amounts Amounts offset Net amounts Accounts receivable $ 12,368 $ 3,834 $ 8,534 Accounts payable $ 24,741 $ 3,834 $ 20,907 Broker Margin Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily MTM relative to maintenance margin requirements. We maintain separate broker margin accounts for Sharp and PESCO. The balance related to the margin accounts are as follows: (in thousands) Balance Sheet Location At June 30, 2019 At December 31, 2018 Sharp Other Current Assets $ 1,841 $ 2,170 PESCO Other Current Assets $ 1,592 $ 2,810 Financial Statements Presentation 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. The fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018 , are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives not designated as hedging instruments Natural gas futures contracts Derivative assets, at fair value $ 2,747 $ 4,024 Derivatives designated as fair value hedges Propane put options Derivative assets, at fair value — 71 Derivatives designated as cash flow hedges Natural gas futures contracts Derivative assets, at fair value 7,715 9,059 Propane swap agreements Derivative assets, at fair value 109 11 Total asset derivatives $ 10,571 $ 13,165 Liability Derivatives Fair Value As Of (in thousands) Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives not designated as hedging instruments Natural gas futures contracts Derivative liabilities, at fair value $ 3,144 $ 4,562 Derivatives designated as cash flow hedges Natural gas futures contracts Derivative liabilities, at fair value 6,663 8,705 Propane swap agreements Derivative liabilities, at fair value 1,187 1,604 Total liability derivatives $ 10,994 $ 14,871 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 June 30, For the Six Months Ended June 30, (in thousands) (Loss) on Derivatives 2019 2018 2019 2018 Derivatives not designated as hedging instruments Natural gas futures contracts Cost of sales $ 28 $ (128 ) $ 6 $ (2,963 ) Propane swap agreements Cost of sales — (4 ) — (13 ) Derivatives designated as cash flow hedges Propane swap agreements Cost of sales 252 (181 ) 858 (645 ) Propane swap agreements Other comprehensive income (loss) (494 ) 106 515 (886 ) Natural gas futures contracts Cost of sales (125 ) (161 ) (698 ) 137 Natural gas swap contracts Cost of sales — (31 ) 11 (481 ) Natural gas swap contracts Other comprehensive income (loss) (2,463 ) 523 763 588 Natural gas futures contracts Other comprehensive income (loss) (8 ) 861 (67 ) (871 ) Total $ (2,810 ) $ 985 $ 1,388 $ (5,134 ) As of June 30, 2019 , the following amounts were recorded in the condensed consolidated balance sheets related to fair value hedges: (in thousands) Carrying Amount of Hedged Item Cumulative Adjustment Included in Carrying Amount of Hedged Item Balance Sheet Location of Hedged Items At June 30, 2019 At December 31, 2018 At June 30, 2019 At December 31, 2018 Inventory $ — $ 212 $ — $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The three levels of the fair value hierarchy are the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Utilized Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Investments - equity securities - The fair values of these trading securities are recorded at fair value based on unadjusted quoted prices in active markets for identical securities. Investments - mutual funds and other - The fair values of these investments, comprised of money market and mutual funds, are recorded at fair value based on quoted net asset values of the shares. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability Derivative assets and liabilities - The fair values of forward contracts are measured using market transactions in either the listed or over-the-counter markets. The fair value of the propane put/call options, swap agreements and natural gas futures contracts are measured using market transactions for similar assets and liabilities in either the listed or over-the-counter markets. Level 3 Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity) Investments - guaranteed income fund - The fair values of these investments are recorded at the contract value, which approximates their fair value. Financial Assets and Liabilities Measured at Fair Value The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of June 30, 2019 and December 31, 2018 : Fair Value Measurements Using: As of June 30, 2019 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets: Investments—equity securities $ 26 $ 26 $ — $ — Investments—guaranteed income fund 791 — — 791 Investments—mutual funds and other 8,004 8,004 — — Total investments 8,821 8,030 — 791 Derivative assets 10,571 — 10,571 — Total assets $ 19,392 $ 8,030 $ 10,571 $ 791 Liabilities: Derivative liabilities $ 10,994 $ — $ 10,994 $ — Fair Value Measurements Using: As of December 31, 2018 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets: Investments—equity securities $ 22 $ 22 $ — $ — Investments—guaranteed income fund 686 — — 686 Investments—mutual funds and other 6,003 6,003 — — Total investments 6,711 6,025 — 686 Derivative assets 13,165 — 13,165 — Total assets $ 19,876 $ 6,025 $ 13,165 $ 686 Liabilities: Derivative liabilities $ 14,871 $ — $ 14,871 $ — The following table sets forth the summary of the changes in the fair value of Level 3 investments for the six months ended June 30, 2019 and 2018 : Six Months Ended 2019 2018 (in thousands) Beginning Balance $ 686 $ 648 Purchases and adjustments 110 54 Transfers — (24 ) Distribution (12 ) (12 ) Investment income 7 5 Ending Balance $ 791 $ 671 Investment income from the Level 3 investments is reflected in other expense, (net) in the condensed consolidated statements of income. At June 30, 2019 , there were no non-financial assets or liabilities required to be reported at fair value. We review our non-financial assets for impairment at least on an annual basis, as required. Other Financial Assets and Liabilities Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other accrued liabilities and short-term debt. The fair value of cash and cash equivalents is measured using the comparable value in the active market and approximates its carrying value (Level 1 measurement). The fair value of short-term debt approximates the carrying value due to its short maturities and because interest rates approximate current market rates (Level 3 measurement). At June 30, 2019 , long-term debt which includes current maturities, had a carrying value of approximately $352.1 million , compared to the estimated fair value of $363.4 million . At December 31, 2018 , long-term debt, which includes the current maturities but excluded finance lease obligations and debt issuance costs, had a carrying value of approximately $327.2 million , compared to a fair value of approximately $323.8 million . The fair value was calculated using a discounted cash flow methodology that incorporates a market interest rate based on published corporate borrowing rates for debt instruments with similar terms and average maturities, and with adjustments for duration, optionality, and risk profile. The valuation technique used to estimate the fair value of long-term debt would be considered a Level 3 measurement. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our outstanding long-term debt is shown below: June 30, December 31, (in thousands) 2019 2018 FPU secured first mortgage bonds (1) : 9.08% bond, due June 1, 2022 $ 7,988 $ 7,986 Uncollateralized senior notes: 5.50% note, due October 12, 2020 4,000 4,000 5.93% note, due October 31, 2023 13,500 15,000 5.68% note, due June 30, 2026 20,300 23,200 6.43% note, due May 2, 2028 6,300 7,000 3.73% note, due December 16, 2028 20,000 20,000 3.88% note, due May 15, 2029 50,000 50,000 3.25% note, due April 30, 2032 70,000 70,000 3.48% note, due May 31, 2038 50,000 50,000 3.58% note, due November 30, 2038 50,000 50,000 Term Note due January 21, 2020 30,000 30,000 Term Note due February 28, 2020 30,000 — Promissory notes — 26 Finance lease obligation — 1,310 Less: debt issuance costs (564 ) (567 ) Total long-term debt 351,524 327,955 Less: current maturities (75,600 ) (11,935 ) Total long-term debt, net of current maturities $ 275,924 $ 316,020 (1) FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. Term Notes In December 2018, we issued a $30.0 million unsecured term note through PNC Bank N.A. with a maturity date of January 21, 2020. The interest rate at June 30, 2019 and December 31, 2018 was 3.13% and 3.23% , respectively, which equals one-month LIBOR rate plus 75 basis points. In January 2019, we issued a $30.0 million unsecured term note through Branch Banking and Trust Company, with a maturity date of February 28, 2020. The interest rate, at June 30, 2019 , was 3.19% , which equals the one-month LIBOR rate plus 75 basis points. As of June 30, 2019 , these term notes totaling $60.0 million are included in the current maturities of long-term debt. Shelf Agreements We have entered into Shelf Agreements with Prudential, MetLife and NYL, whom are under no obligation to purchase any unsecured debt. We entered into the Prudential Shelf Agreement, totaling $150.0 million , in October 2015, and we issued $70.0 million of 3.25% unsecured debt in April 2017. The Prudential Shelf Agreement was then amended in September 2018 to increase the borrowing capacity back up to $150.0 million , and Prudential accepted our request to purchase unsecured debt of $100.0 million at an interest rate of 3.98% on or before August 20, 2019. We entered into the NYL Shelf Agreement, totaling $100.0 million , in March 2017, and we issued unsecured debt totaling $100.0 million during 2018. The NYL Shelf Agreement was amended in November 2018 to add incremental borrowing capacity of $50.0 million . As of June 30, 2019 , we had not requested that MetLife purchase unsecured senior debt under the MetLife Shelf Agreement, which we entered into in March 2017. The following table summarizes the borrowing information under our Shelf Agreements at June 30, 2019 : Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity (in thousands) Shelf Agreement Prudential Shelf Agreement $ 220,000 $ (70,000 ) $ (100,000 ) $ 50,000 MetLife Shelf Agreement 150,000 — — 150,000 NYL Shelf Agreement 150,000 (100,000 ) — 50,000 Total $ 520,000 $ (170,000 ) $ (100,000 ) $ 250,000 The Shelf Agreements or Shelf Notes set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries. |
Leases Leases
Leases Leases | 6 Months Ended |
Jun. 30, 2019 | |
Lease Disclosure [Abstract] | |
Lessee, Operating Leases [Text Block] | We have entered into lease arrangements for office space, land, equipment, pipeline facilities and warehouses. These leases have been entered into to better enable us to conduct our business operations in the regions in which we operate. Office space is leased to provide adequate workspace for all our employees in several locations throughout the Mid-Atlantic, Mid-West and in Florida. We lease land at various locations throughout our service territories to enable us to inject natural gas into underground storage and distribution systems, for bulk storage capacity, for our propane operations and for storage of equipment used in repairs and maintenance of our infrastructure. We lease natural gas compressors to ensure timely and reliable transportation of natural gas to our customers. Additionally, we lease a pipeline to deliver natural gas to an industrial customer in Polk County, Florida. We lease warehouses to store equipment and materials used in repairs and maintenance for our businesses. Some of our leases are subject to annual changes in the Consumer Price Index (“CPI”). While lease liabilities are not re-measured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. A 100 -basis-point increase in CPI would have resulted in immaterial additional annual lease costs. Most of our leases include options to renew, with renewal terms that can extend the lease term from one to 25 years or more. The exercise of lease renewal options is at our sole discretion. The amounts disclosed in our condensed consolidated balance sheet at June 30, 2019 , pertaining to the right of use assets and lease liabilities, are measured based on our current expectations of exercising our available renewal options. Our existing leases are not subject to any restrictions or covenants which preclude our ability to pay dividends, obtain financing or enter into additional leases. We utilize our incremental borrowing rate, as the basis to calculate the present value of future lease payments, at lease commencement. Our incremental borrowing rate represents the rate that we would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on our balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We have elected not to separate non-lease components from all classes of our existing leases. Non-lease components have been accounted for as part of the single lease component to which they are related. As of June 30, 2019 , we have not entered into any leases, which have not yet commenced, that would entitle us to significant rights or create additional obligations. The following table presents information related to our total lease cost included in our condensed consolidated statements of income: Three Months Ended Six Months Ended June 30, June 30, ( in thousands) Classification 2019 2018 2019 2018 Operating lease cost (1) Operations expense $ 654 $ 698 $ 1,288 $ 1,805 Finance lease cost: Amortization of lease assets Depreciation and amortization 249 361 650 719 Interest on lease liabilities Interest expense 1 14 5 31 Net lease cost $ 904 $ 1,073 $ 1,943 $ 2,555 (1) Includes short-term leases and variable lease costs, which are immaterial The following table presents the balance and classifications of our right of use assets and lease liabilities included in our condensed consolidated balance sheet at June 30, 2019 : (in thousands) Balance sheet classification Amount Assets Operating lease assets Operating lease right-of-use assets $ 12,404 Total lease assets $ 12,404 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,704 Noncurrent Operating lease liabilities Operating lease - liabilities 10,710 Total lease liabilities $ 12,414 The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at June 30, 2019 : At June 30, 2019 Weighted-average remaining lease term ( in years ) Operating leases 9.13 Weighted-average discount rate Operating leases 3.8 % The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our condensed consolidated statements of cash flows as of June 30, 2019 and June 30, 2018: Six Months Ended June 30, (in thousands) 2019 2018 Operating cash flows from operating leases $ 1,100 $ 1,715 Operating cash flows from finance leases $ 5 $ 31 Financing cash flows from finance leases $ 650 $ 719 The following table presents the future undiscounted maturities of our operating and financing leases at June 30, 2019 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Finance Leases Total Remainder of 2019 $ 1,089 $ — $ 1,089 2020 2,091 — 2,091 2021 1,852 — 1,852 2022 1,691 — 1,691 2023 1,695 — 1,695 2024 1,451 — 1,451 Thereafter 4,916 — 4,916 Total lease payments $ 14,785 $ — $ 14,785 Less: Interest 2,371 — 2,371 Present value of lease liabilities $ 12,414 $ — 12,414 (1) Operating lease payments include $3.9 million related to options to extend lease terms that are reasonably certain of being exercised. The following table presents future minimum lease payments for our operating leases at December 31, 2018 under ASC 840 and is being presented for comparative purposes: Year(s) 2019 2020 2021 2022 2023 Thereafter Total (in thousands) Expected payments $2,349 $1,998 $1,761 $1,689 $1,642 $5,398 $14,837 |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation References in this document to the “Company,” “Chesapeake Utilities,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure. The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2018 . In the opinion of management, these financial statements reflect normal recurring adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Marlin Gas Transport and Ohl Fuel Oil Acquisitions In December 2018, Marlin Gas Services acquired certain operating assets of Marlin Gas Transport. The acquisition allows us to offer solutions to supply interruption scenarios and other situations where pipeline supplies are unavailable or inadequate to meet customer requirements. In December 2018, Sharp acquired certain propane operating assets and customers of R. F. Ohl Fuel Oil, Inc. ("Ohl"), which provides propane distribution service to approximately 2,500 residential and commercial customers in Pennsylvania. We initially accounted for the purchases of the operating assets of Marlin Gas Transport and Ohl, which totaled approximatel y $18.4 million , as business combinations within our Unregulated Energy segment. Goodwill of $4.8 million , related to the Marlin Gas Transport acquisition, and $1.5 million , associated with the Ohl acquisition, were initially recorded at the close of these transactions. In the second quarter of 2019, we recorded a reduction to the purchase price for Ohl of $0.2 million upon completing our inspection of the assets purchased. The purchase price adjustment was recorded as a reduction in our property, plant and equipment balance. The amounts recorded in conjunction with these acquisitions are preliminary and subject to adjustment based on additional valuations performed during the measurement period. Due to the timing of these acquisitions, the revenue and operating income from these acquisitions in 2018 were immaterial. For the quarter and six months ended June 30, 2019, these acquisitions generated the following operating revenue and income: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating Revenue Operating Income Operating Revenue Operating Income (in thousands) Marlin Gas Services $ 1,108 $ 48 $ 3,541 $ 1,423 Ohl propane acquisition $ 174 $ (61 ) $ 997 $ 212 |
FASB Statements and Other Authoritative Pronouncements | FASB Statements and Other Authoritative Pronouncements Recently Adopted Accounting Standards Leases (ASC 842) - In February 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The standard establishes a right of use model that requires a lessee to recognize a right of use asset and lease liability for all leases with a term greater than 12 months. The update also expands the required quantitative and qualitative disclosures surrounding leases. ASC 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ; ASU No. 2018-10, Codification Improvements to Topic 842, Lease s; ASU No. 2018-11, Targeted Improvements ; and ASU No. 2019-01, Codification Improvements . We adopted ASU 2016-02 and the related amendments on January 1, 2019, and used the optional transition method for all existing leases. The optional transition method enabled us to adopt the new standard as of the beginning of the period of adoption and did not require restatement of prior period financial information. As a result, prior period financial information was not recast and continues to be reported under the accounting guidance effective during those periods. At adoption, we elected the following practical expedients: (1) the ‘package of practical expedients,’ pursuant to which we did not need to reassess our prior conclusions about lease identification, lease classification and initial direct costs, (2) the ‘use-of-hindsight’ practical expedient, which allowed us to use hindsight in assessing impairment of our existing land easements, (3) the creation of an accounting policy for short-term leases resulting in lease payments being recorded as an expense on a straight-line basis over the lease term, and (4) the aggregation, rather than separation, of the lease and non-lease components for all leases. See Note 15, Leases, for additional information with respect to the impact of the adoption of the lease accounting guidance and the disclosures required by ASU 2016-02 and the related amendments. Compensation - Stock Compensation (ASC 718) - In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. We adopted ASU 2018-07 on January 1, 2019. Implementation of this new standard did not have a material impact on our financial position or results of operations. Recent Accounting Standards Yet to be Adopted Financial Instruments - Credit Losses (ASC 326) - In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which changes how an entity accounts for credit losses for most financial assets and certain other instruments, and subsequent guidance which served to clarify or amend the original standard. ASU 2016-13 and the related amendments require entities to estimate lifetime expected credit losses for trade receivables and to provide additional disclosure related to credit losses. ASU 2016-13 will be effective for our annual and interim financial statements beginning in January 1, 2020 and is not expected to have a material impact on our financial position or results of operations. Intangibles-Goodwill (ASC 350) - In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 will be effective for our annual and interim financial statements beginning January 1, 2020, although early adoption is permitted. The amendments included in this ASU are to be applied prospectively. We believe that implementation of this new standard will not have a material impact on our financial position or results of operations. Fair Value Measurement (ASC 820) - In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies and adds certain disclosure requirements on fair value measurements in ASC 820. ASU 2018-13 will be effective for our annual and interim financial statements beginning January 1, 2020 and, since the changes only impact disclosures, will not have a material impact on our financial position or results of operations. |
Summary of Accounting Policie_2
Summary of Accounting Policies Results of Operations for Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Acquisition results [Table Text Block] | For the quarter and six months ended June 30, 2019, these acquisitions generated the following operating revenue and income: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating Revenue Operating Income Operating Revenue Operating Income (in thousands) Marlin Gas Services $ 1,108 $ 48 $ 3,541 $ 1,423 Ohl propane acquisition $ 174 $ (61 ) $ 997 $ 212 |
Calculation of Earnings Per S_2
Calculation of Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Net Income $ 8,304 $ 6,387 $ 36,968 $ 33,241 Weighted average shares outstanding 16,401,028 16,369,641 16,393,022 16,360,540 Basic Earnings Per Share $ 0.51 $ 0.39 $ 2.26 $ 2.03 Calculation of Diluted Earnings Per Share: Reconciliation of Numerator: Net Income $ 8,304 $ 6,387 $ 36,968 $ 33,241 Reconciliation of Denominator: Weighted shares outstanding—Basic 16,401,028 16,369,641 16,393,022 16,360,540 Effect of dilutive securities—Share-based compensation 44,715 47,441 46,311 49,521 Adjusted denominator—Diluted 16,445,743 16,417,082 16,439,333 16,410,061 Diluted Earnings Per Share $ 0.50 $ 0.39 $ 2.25 $ 2.03 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table displays our revenue by major source based on product and service type for the three months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 Three Months Ended June 30, 2018 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 8,256 $ — $ — $ 8,256 $ 11,882 $ — $ — $ 11,882 Florida natural gas division 7,015 — — 7,015 6,317 — — 6,317 FPU electric distribution 20,464 — — 20,464 18,362 — — 18,362 FPU natural gas distribution 18,663 — — 18,663 18,281 — — 18,281 Maryland natural gas division 3,186 — — 3,186 4,001 — — 4,001 Sandpiper natural gas/propane operations 3,482 — — 3,482 4,367 — — 4,367 Total energy distribution 61,066 — — 61,066 63,210 — — 63,210 Energy transmission Aspire Energy — 5,421 — 5,421 — 5,854 — 5,854 Eastern Shore 17,740 — — 17,740 14,502 — — 14,502 Peninsula Pipeline 3,565 — — 3,565 2,968 — — 2,968 Total energy transmission 21,305 5,421 — 26,726 17,470 5,854 — 23,324 Energy generation Eight Flags — 4,235 — 4,235 — 4,230 — 4,230 Propane operations Propane delivery operations — 17,018 — 17,018 — 20,206 — 20,206 Energy services Marlin Gas Services — 1,108 — 1,108 — — — — PESCO - Natural Gas Marketing — 41,280 — 41,280 — 48,798 — 48,798 Total energy services — 42,388 — 42,388 — 48,798 — 48,798 Other and eliminations Eliminations (8,968 ) (2,628 ) (9,536 ) (21,132 ) (10,176 ) (3,248 ) (10,379 ) (23,803 ) Other — 470 132 602 — 505 194 699 Total other and eliminations (8,968 ) (2,158 ) (9,404 ) (20,530 ) (10,176 ) (2,743 ) (10,185 ) (23,104 ) Total operating revenues (1) $ 73,403 $ 66,904 $ (9,404 ) $ 130,903 $ 70,504 $ 76,345 $ (10,185 ) $ 136,664 (1) Total operating revenues for the three months ended June 30, 2019 , include other revenue (revenues from sources other than contracts with customers) of $(0.3) million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, and $(0.4) million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended June 30, 2018 . The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. The following table displays our revenue by major source based on product and service type for the six months ended June 30, 2019 and 2018 : Six months ended June 30, 2019 Six months ended June 30, 2018 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 35,805 $ — $ — $ 35,805 $ 43,954 $ — $ — $ 43,954 Florida natural gas division 14,915 — — 14,915 12,180 — — 12,180 FPU electric distribution 34,842 — — 34,842 37,103 — — 37,103 FPU natural gas distribution 42,449 — — 42,449 41,494 — — 41,494 Maryland natural gas division 13,233 — — 13,233 14,673 — — 14,673 Sandpiper natural gas/propane operations 10,564 — — 10,564 13,331 — — 13,331 Total energy distribution 151,808 — — 151,808 162,735 — — 162,735 Energy transmission Aspire Energy — 18,892 — 18,892 — 17,931 — 17,931 Eastern Shore 36,796 — — 36,796 30,100 — — 30,100 Peninsula Pipeline 7,131 — — 7,131 5,065 — — 5,065 Total energy transmission 43,927 18,892 — 62,819 35,165 17,931 — 53,096 Energy generation Eight Flags — 8,377 — 8,377 — 8,608 — 8,608 Propane operations Propane delivery operations — 63,143 — 63,143 — 72,311 — 72,311 Energy services Marlin Gas Services — 3,541 — 3,541 — — — — PESCO - Natural Gas Marketing — 118,302 — 118,302 130,357 — 130,357 Total energy services — 121,843 — 121,843 — 130,357 — 130,357 Other and eliminations Eliminations (18,714 ) (8,123 ) (23,773 ) (50,610 ) (18,003 ) (8,494 ) (25,976 ) (52,473 ) Other — 875 264 1,139 — 999 387 1,386 Total other and eliminations (18,714 ) (7,248 ) (23,509 ) (49,471 ) (18,003 ) (7,495 ) (25,589 ) (51,087 ) Total operating revenues (1) $ 177,021 $ 205,007 $ (23,509 ) $ 358,519 $ 179,897 $ 221,712 $ (25,589 ) $ 376,020 (1) Total operating revenues for the six months ended June 30, 2019 , include other revenue (revenues from sources other than contracts with customers) of $(0.2) million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, and $(0.9) million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, for the six months ended June 30, 2018 . The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. |
Contract with Customer, Asset and Liability [Table Text Block] | The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2018 and June 30, 2019 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2018 $ 83,214 — $ 2,614 $ 480 Balance at 6/30/2019 47,254 18 3,051 316 Increase (decrease) $ (35,960 ) $ 18 $ 437 $ (164 ) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations, at June 30, 2019 , are expected to be recognized as follows: (in thousands) 2019 2020 2021 2022 2023 2024 2025 and thereafter Eastern Shore and Peninsula Pipeline $ 19,210 $ 36,835 $ 33,519 $ 26,575 $ 21,148 $ 18,969 $ 193,651 Natural gas distribution operations 2,007 3,624 3,403 3,369 2,971 2,957 27,941 PESCO - Natural Gas Marketing 2,903 7,529 1,925 23 — — — FPU electric distribution 149 297 297 109 — — — Total revenue contracts with remaining performance obligations $ 24,269 $ 48,285 $ 39,144 $ 30,076 $ 24,119 $ 21,926 $ 221,592 |
Rates and Other Regulatory Ac_2
Rates and Other Regulatory Activities Rates and Regulatory Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Rates and Regulatory Activities [Abstract] | |
Summary of Effects of Federal Tax Reform on Regulated Businesses [Table Text Block] | The following table summarizes the TCJA impact on our regulated businesses: Regulatory Liabilities related to ADIT Operation and Regulatory Jurisdiction Amount (in thousands) Status Status of Customer Rate impact related to lower federal corporate income tax rate Eastern Shore (FERC) $34,190 Will be addressed in Eastern Shore's next rate case filing. Implemented one-time bill credit (totaling $0.9 million) in April 2018. Customer rates adjusted in April 2018. Delaware Division (Delaware PSC) $12,906 PSC approved amortization of ADIT in January 2019. Implemented one-time bill credit (totaling $1.5 million) in April 2019. Customer rates adjusted in March 2019. Maryland Division (Maryland PSC) $4,143 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.4 million) in July 2018. Customer rates adjusted effective May 1, 2018. Sandpiper Energy (Maryland PSC) $3,790 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.6 million) in July 2018 - Customer rates adjusted effective May 1, 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,318 PSC issued order authorizing amortization and retention of net ADIT liability by the Company in February 2019. Florida PSC's final order was issued in February 2019. Excluding GRIP, tax savings arising from the TCJA rate reduction will be retained by the Company. GRIP: Tax savings for 2018 will be refunded to customers in 2020 through the annual GRIP cost recovery mechanism. Future customer GRIP surcharges will be adjusted to reflect tax savings associated with TCJA. FPU Natural Gas (excludes Fort Meade and Indiantown) (Florida PSC) $19,173 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $298 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Tax rate reduction: The impact was immaterial for the divisions. GRIP (Applicable to Fort Meade division only): Same treatment as Chesapeake Florida Gas Division (above). FPU Electric (Florida PSC) $5,858 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. TCJA benefit will flow back to its customers through a combination of reductions to the fuel cost recovery rate, base rates, as well as application to the storm reserve over the next several years. |
Environmental Commitments and_2
Environmental Commitments and Contingencies Summary of Environmental Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Environmental Commitments and Contingencies [Abstract] | |
Environmental Remedies [Table Text Block] | MGP Site (Jurisdiction) Status Estimated Cost to Clean up (Expect to Recover through Rates with Customers) West Palm Beach (Florida) Remedial actions approved by the Florida Department of Environmental Protection have been implemented on the east parcel of the site. We expect to implement similar remedial actions on other remaining portions, including the anticipated demolition of buildings on the site's west parcel in 2019. Between $4.5 million to $15.4 million, including costs associated with the relocation of FPU’s operations at this site, which is necessary to implement the remedial plan, and any potential costs associated with future redevelopment of the properties. Sanford (Florida) In March 2018, the United States Environmental Protection Agency ("EPA") approved a "site-wide ready for anticipated use" status, which is the final step before delisting a site. Construction has been completed and restrictive covenants are in place to ensure protection of human health. The only remaining activity is long-term groundwater monitoring. FPU's remaining remediation expenses, including attorneys' fees and costs, are anticipated to be immaterial. Winter Haven (Florida) Remediation is ongoing. Not expected to exceed $0.4 million, which includes costs of implementing institutional controls at the site. Seaford (Delaware) Conducted investigations of on-site and off-site impacts in the vicinity of the site, from 2014 through 2018, and submitted the findings to Delaware Department of Natural Resources and Environmental Control ("DNREC") in a March 2019 report. An interim action involving air-sparging/vapor extraction to mitigate on-site impact will be implemented, after the Work Plan submitted in June 2019 is approved by DNREC. Between $0.2 million and $0.5 million. Cambridge (Maryland) Currently in discussions with the MDE. Unable to estimate. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following table presents financial information about our reportable segments: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 70,719 $ 67,731 $ 171,458 $ 173,685 Unregulated Energy 60,184 68,933 187,061 202,335 Total operating revenues, unaffiliated customers $ 130,903 $ 136,664 $ 358,519 $ 376,020 Intersegment Revenues (1) Regulated Energy $ 2,684 $ 2,773 $ 5,563 $ 6,212 Unregulated Energy 6,720 7,412 17,946 19,377 Other businesses 132 194 264 387 Total intersegment revenues $ 9,536 $ 10,379 $ 23,773 $ 25,976 Operating Income Regulated Energy $ 18,752 $ 14,304 $ 47,769 $ 41,015 Unregulated Energy (1,348 ) 490 13,628 14,174 Other businesses and eliminations 32 (1,546 ) 32 (1,535 ) Operating income 17,436 13,248 61,429 53,654 Other expense, net (316 ) (262 ) (361 ) (194 ) Interest charges 5,655 3,881 11,365 7,545 Income before Income Taxes 11,465 9,105 49,703 45,915 Income taxes 3,161 2,718 12,735 12,674 Net Income $ 8,304 $ 6,387 $ 36,968 $ 33,241 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) June 30, 2019 December 31, 2018 Identifiable Assets Regulated Energy segment $ 1,349,422 $ 1,345,805 Unregulated Energy segment 284,888 306,045 Other businesses and eliminations 46,732 41,821 Total identifiable assets $ 1,681,042 $ 1,693,671 |
Stockholder's Equity - Accumul
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Defined Benefit Commodity Pension and Contracts Postretirement Cash Flow Plan Items Hedges Total (in thousands) As of December 31, 2018 $ (5,928 ) $ (785 ) $ (6,713 ) Other comprehensive income before reclassifications — 1,000 1,000 Amounts reclassified from accumulated other comprehensive income/(loss) 213 (132 ) 81 Net current-period other comprehensive income 213 868 1,081 Prior-year reclassification — (115 ) (115 ) As of June 30, 2019 $ (5,715 ) $ (32 ) $ (5,747 ) (in thousands) As of December 31, 2017 $ (4,743 ) $ 471 $ (4,272 ) Other comprehensive loss before reclassifications — (1,440 ) (1,440 ) Amounts reclassified from accumulated other comprehensive income/(loss) 189 712 901 Net prior-period other comprehensive income/(loss) 189 (728 ) (539 ) Stranded tax reclassification to retained earnings (1,022 ) 115 (907 ) As of June 30, 2018 $ (5,576 ) $ (142 ) $ (5,718 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents amounts reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2019 and 2018 . Deferred gains or losses for our commodity contracts cash flow hedges are recognized in earnings upon settlement. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 39 $ 39 Net loss (1) (163 ) (149 ) (328 ) (297 ) Total before income taxes (144 ) (130 ) (289 ) (258 ) Income tax benefit 37 36 76 69 Net of tax $ (107 ) $ (94 ) $ (213 ) $ (189 ) Gains and losses on commodity contracts cash flow hedges: Propane swap agreements (2) $ 252 $ (181 ) $ 858 $ (645 ) Natural gas swaps (2) — (31 ) 11 (481 ) Natural gas futures (2) (125 ) (161 ) (698 ) 137 Total before income taxes 127 (373 ) 171 (989 ) Income tax benefit (expense) (34 ) 105 (39 ) 277 Net of tax 93 (268 ) 132 (712 ) Total reclassifications for the period $ (14 ) $ (362 ) $ (81 ) $ (901 ) (1) These amounts are included in the computation of net periodic costs (benefits). See Note 9 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 12, Derivative Instruments , for additional details. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit costs for our pension and post-retirement benefits plans for the three and six months ended June 30, 2019 and 2018 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 (in thousands) Interest cost $ 104 $ 98 $ 615 $ 592 $ 21 $ 21 $ 9 $ 9 $ 12 $ 13 Expected return on plan assets (127 ) (138 ) (693 ) (774 ) — — — — — — Amortization of prior service credit — — — — — — (19 ) (19 ) — — Amortization of net loss 101 88 129 108 26 25 12 15 — — Net periodic cost (benefit) 78 48 51 (74 ) 47 46 2 5 12 13 Amortization of pre-merger regulatory asset — — 191 191 — — — — 2 2 Total periodic cost $ 78 $ 48 $ 242 $ 117 $ 47 $ 46 $ 2 $ 5 $ 14 $ 15 Chesapeake Pension Plan FPU Pension Plan Chesapeake SERP Chesapeake Postretirement Plan FPU Medical Plan For the Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 (in thousands) Interest cost $ 209 $ 195 $ 1,230 $ 1,184 $ 42 $ 42 $ 19 $ 19 $ 24 $ 26 Expected return on plan assets (254 ) (276 ) (1,386 ) (1,549 ) — — — — — — Amortization of prior service credit — — — — — — (39 ) (39 ) — — Amortization of net loss 203 176 258 217 52 50 24 30 — — Net periodic cost (benefit) 158 95 102 (148 ) 94 92 4 10 24 26 Amortization of pre-merger regulatory asset — — 381 381 — — — — 4 4 Total periodic cost $ 158 $ 95 $ 483 $ 233 $ 94 $ 92 $ 4 $ 10 $ 28 $ 30 |
Amounts Included in Regulatory asset and AOCI [Table Text Block] | The following tables present the amounts included in the regulatory asset and accumulated other comprehensive loss that were recognized as components of net periodic benefit cost during the three and six months ended June 30, 2019 and 2018 : For the Three Months Ended June 30, 2019 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19 ) $ — $ (19 ) Net loss 101 129 26 12 — 268 Total recognized in net periodic benefit cost 101 129 26 (7 ) — 249 Recognized from accumulated other comprehensive loss (1) 101 24 26 (7 ) — 144 Recognized from regulatory asset — 105 — — — 105 Total $ 101 $ 129 $ 26 $ (7 ) $ — $ 249 For the Three Months Ended June 30, 2018 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19 ) $ — $ (19 ) Net loss 88 108 25 15 — 236 Total recognized in net periodic benefit cost 88 108 25 (4 ) — 217 Recognized from accumulated other comprehensive loss (1) 88 21 25 (4 ) — 130 Recognized from regulatory asset — 87 — — — 87 Total $ 88 $ 108 $ 25 $ (4 ) $ — $ 217 For the Six Months Ended June 30, 2019 Chesapeake Pension Plan FPU Pension Plan Chesapeake SERP Chesapeake Postretirement Plan FPU Medical Plan Total (in thousands) Prior service credit — — — (39 ) — (39 ) Net loss 203 258 52 24 — 537 Total recognized in net periodic benefit cost 203 258 52 (15 ) — 498 Recognized from accumulated other comprehensive loss (1) 203 49 52 (15 ) — 289 Recognized from regulatory asset — 209 — — — 209 Total $ 203 $ 258 $ 52 $ (15 ) $ — $ 498 For the Six Months Ended June 30, 2018 Chesapeake Pension Plan FPU Pension Plan Chesapeake SERP Chesapeake Postretirement Plan FPU Medical Plan Total (in thousands) Prior service credit $ — $ — $ — $ (39 ) $ — $ (39 ) Net loss 176 217 50 30 — 473 Total recognized in net periodic benefit cost 176 217 50 (9 ) — 434 Recognized from accumulated other comprehensive loss (1) 176 41 50 (9 ) — 258 Recognized from regulatory asset — 176 — — — 176 Total $ 176 $ 217 $ 50 $ (9 ) $ — $ 434 (1) See Note 8 , Stockholder's Equity |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments schedule [Table Text Block] | The investment balances at June 30, 2019 and December 31, 2018 , consisted of the following: (in thousands) June 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 8,795 $ 6,689 Investments in equity securities 26 22 Total $ 8,821 $ 6,711 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Shares awarded to non-employee directors [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The table below presents the amounts included in net income related to share-based compensation expense for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (in thousands) Awards to non-employee directors $ 157 $ 135 $ 305 $ 269 Awards to key employees 452 1,190 790 2,575 Total compensation expense 609 1,325 1,095 2,844 Less: tax benefit (158 ) (363 ) (285 ) (779 ) Share-based compensation amounts included in net income $ 451 $ 962 $ 810 $ 2,065 |
Awards to non-employee directors [Member] | |
Shares awarded to non-employee directors [Line Items] | |
Schedule of Share-based Compensation, Activity | Number of Shares Weighted Average Fair Value Outstanding—December 31, 2018 — $ — Granted 6,759 $ 93.14 Vested (6,759 ) $ 93.14 Outstanding—June 30, 2019 — $ — |
Award to key employees [Member] | |
Shares awarded to non-employee directors [Line Items] | |
Schedule of Share-based Compensation, Activity | The table below presents the summary of the stock activity for awards to key employees for the six months ended June 30, 2019 : Number of Shares Weighted Average Fair Value Outstanding—December 31, 2018 131,741 $ 67.24 Granted 45,016 $ 91.19 Vested (25,831 ) $ 67.08 Expired (15,086 ) $ 69.28 Outstanding—June 30, 2019 135,840 $ 74.05 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of June 30, 2019 , the volume of our open commodity derivative contracts were as follows: Business unit Commodity Quantity hedged (in millions) Designation Longest Expiration date of hedge PESCO Natural gas (Dts) 30.6 Cash flows hedges October 2023 PESCO Natural gas (Dts) 5.6 Not designated October 2022 Sharp Propane (gallons) 12.1 Cash flows hedges June 2022 |
Offsetting Assets and Liabilities [Table Text Block] | The following table summarizes the accounts receivable and payable on a gross and net basis at June 30, 2019 and December 31, 2018 : At June 30, 2019 (in thousands) Gross amounts Amounts offset Net amounts Accounts receivable $ 2,964 $ 927 $ 2,037 Accounts payable $ 10,418 $ 927 $ 9,491 At December 31, 2018 (in thousands) Gross amounts Amounts offset Net amounts Accounts receivable $ 12,368 $ 3,834 $ 8,534 Accounts payable $ 24,741 $ 3,834 $ 20,907 |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | We maintain separate broker margin accounts for Sharp and PESCO. The balance related to the margin accounts are as follows: (in thousands) Balance Sheet Location At June 30, 2019 At December 31, 2018 Sharp Other Current Assets $ 1,841 $ 2,170 PESCO Other Current Assets $ 1,592 $ 2,810 |
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 June 30, 2019 and December 31, 2018 , are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives not designated as hedging instruments Natural gas futures contracts Derivative assets, at fair value $ 2,747 $ 4,024 Derivatives designated as fair value hedges Propane put options Derivative assets, at fair value — 71 Derivatives designated as cash flow hedges Natural gas futures contracts Derivative assets, at fair value 7,715 9,059 Propane swap agreements Derivative assets, at fair value 109 11 Total asset derivatives $ 10,571 $ 13,165 Liability Derivatives Fair Value As Of (in thousands) Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives not designated as hedging instruments Natural gas futures contracts Derivative liabilities, at fair value $ 3,144 $ 4,562 Derivatives designated as cash flow hedges Natural gas futures contracts Derivative liabilities, at fair value 6,663 8,705 Propane swap agreements Derivative liabilities, at fair value 1,187 1,604 Total liability derivatives $ 10,994 $ 14,871 |
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 June 30, For the Six Months Ended June 30, (in thousands) (Loss) on Derivatives 2019 2018 2019 2018 Derivatives not designated as hedging instruments Natural gas futures contracts Cost of sales $ 28 $ (128 ) $ 6 $ (2,963 ) Propane swap agreements Cost of sales — (4 ) — (13 ) Derivatives designated as cash flow hedges Propane swap agreements Cost of sales 252 (181 ) 858 (645 ) Propane swap agreements Other comprehensive income (loss) (494 ) 106 515 (886 ) Natural gas futures contracts Cost of sales (125 ) (161 ) (698 ) 137 Natural gas swap contracts Cost of sales — (31 ) 11 (481 ) Natural gas swap contracts Other comprehensive income (loss) (2,463 ) 523 763 588 Natural gas futures contracts Other comprehensive income (loss) (8 ) 861 (67 ) (871 ) Total $ (2,810 ) $ 985 $ 1,388 $ (5,134 ) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | As of June 30, 2019 , the following amounts were recorded in the condensed consolidated balance sheets related to fair value hedges: (in thousands) Carrying Amount of Hedged Item Cumulative Adjustment Included in Carrying Amount of Hedged Item Balance Sheet Location of Hedged Items At June 30, 2019 At December 31, 2018 At June 30, 2019 At December 31, 2018 Inventory $ — $ 212 $ — $ — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of June 30, 2019 and December 31, 2018 : Fair Value Measurements Using: As of June 30, 2019 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets: Investments—equity securities $ 26 $ 26 $ — $ — Investments—guaranteed income fund 791 — — 791 Investments—mutual funds and other 8,004 8,004 — — Total investments 8,821 8,030 — 791 Derivative assets 10,571 — 10,571 — Total assets $ 19,392 $ 8,030 $ 10,571 $ 791 Liabilities: Derivative liabilities $ 10,994 $ — $ 10,994 $ — Fair Value Measurements Using: As of December 31, 2018 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets: Investments—equity securities $ 22 $ 22 $ — $ — Investments—guaranteed income fund 686 — — 686 Investments—mutual funds and other 6,003 6,003 — — Total investments 6,711 6,025 — 686 Derivative assets 13,165 — 13,165 — Total assets $ 19,876 $ 6,025 $ 13,165 $ 686 Liabilities: Derivative liabilities $ 14,871 $ — $ 14,871 $ — |
Summary of Changes in Fair Value of Investments | The following table sets forth the summary of the changes in the fair value of Level 3 investments for the six months ended June 30, 2019 and 2018 : Six Months Ended 2019 2018 (in thousands) Beginning Balance $ 686 $ 648 Purchases and adjustments 110 54 Transfers — (24 ) Distribution (12 ) (12 ) Investment income 7 5 Ending Balance $ 791 $ 671 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Line of Credit Facilities [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The following table summarizes the borrowing information under our Shelf Agreements at June 30, 2019 : Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity (in thousands) Shelf Agreement Prudential Shelf Agreement $ 220,000 $ (70,000 ) $ (100,000 ) $ 50,000 MetLife Shelf Agreement 150,000 — — 150,000 NYL Shelf Agreement 150,000 (100,000 ) — 50,000 Total $ 520,000 $ (170,000 ) $ (100,000 ) $ 250,000 |
Outstanding Long-Term Debt | Our outstanding long-term debt is shown below: June 30, December 31, (in thousands) 2019 2018 FPU secured first mortgage bonds (1) : 9.08% bond, due June 1, 2022 $ 7,988 $ 7,986 Uncollateralized senior notes: 5.50% note, due October 12, 2020 4,000 4,000 5.93% note, due October 31, 2023 13,500 15,000 5.68% note, due June 30, 2026 20,300 23,200 6.43% note, due May 2, 2028 6,300 7,000 3.73% note, due December 16, 2028 20,000 20,000 3.88% note, due May 15, 2029 50,000 50,000 3.25% note, due April 30, 2032 70,000 70,000 3.48% note, due May 31, 2038 50,000 50,000 3.58% note, due November 30, 2038 50,000 50,000 Term Note due January 21, 2020 30,000 30,000 Term Note due February 28, 2020 30,000 — Promissory notes — 26 Finance lease obligation — 1,310 Less: debt issuance costs (564 ) (567 ) Total long-term debt 351,524 327,955 Less: current maturities (75,600 ) (11,935 ) Total long-term debt, net of current maturities $ 275,924 $ 316,020 (1) FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. |
Leases Leases (Tables)
Leases Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Lease Disclosure [Abstract] | |
Lease, Cost [Table Text Block] | The following table presents information related to our total lease cost included in our condensed consolidated statements of income: Three Months Ended Six Months Ended June 30, June 30, ( in thousands) Classification 2019 2018 2019 2018 Operating lease cost (1) Operations expense $ 654 $ 698 $ 1,288 $ 1,805 Finance lease cost: Amortization of lease assets Depreciation and amortization 249 361 650 719 Interest on lease liabilities Interest expense 1 14 5 31 Net lease cost $ 904 $ 1,073 $ 1,943 $ 2,555 (1) Includes short-term leases and variable lease costs, which are immaterial |
Schedule of Leases Reported on Consolidated Statement of Financial Position [Table Text Block] | The following table presents the balance and classifications of our right of use assets and lease liabilities included in our condensed consolidated balance sheet at June 30, 2019 : (in thousands) Balance sheet classification Amount Assets Operating lease assets Operating lease right-of-use assets $ 12,404 Total lease assets $ 12,404 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,704 Noncurrent Operating lease liabilities Operating lease - liabilities 10,710 Total lease liabilities $ 12,414 |
Leases, Weighted Average Remaining Lease Term [Table Text Block] | The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at June 30, 2019 : At June 30, 2019 Weighted-average remaining lease term ( in years ) Operating leases 9.13 Weighted-average discount rate Operating leases 3.8 % |
Lease, Cash Flow [Table Text Block] | The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our condensed consolidated statements of cash flows as of June 30, 2019 and June 30, 2018: Six Months Ended June 30, (in thousands) 2019 2018 Operating cash flows from operating leases $ 1,100 $ 1,715 Operating cash flows from finance leases $ 5 $ 31 Financing cash flows from finance leases $ 650 $ 719 |
Schedule of Maturities of Leases [Table Text Block] | The following table presents the future undiscounted maturities of our operating and financing leases at June 30, 2019 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Finance Leases Total Remainder of 2019 $ 1,089 $ — $ 1,089 2020 2,091 — 2,091 2021 1,852 — 1,852 2022 1,691 — 1,691 2023 1,695 — 1,695 2024 1,451 — 1,451 Thereafter 4,916 — 4,916 Total lease payments $ 14,785 $ — $ 14,785 Less: Interest 2,371 — 2,371 Present value of lease liabilities $ 12,414 $ — 12,414 (1) Operating lease payments include $3.9 million related to options to extend lease terms that are reasonably certain of being exercised. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table presents future minimum lease payments for our operating leases at December 31, 2018 under ASC 840 and is being presented for comparative purposes: Year(s) 2019 2020 2021 2022 2023 Thereafter Total (in thousands) Expected payments $2,349 $1,998 $1,761 $1,689 $1,642 $5,398 $14,837 |
Summary of Accounting Policie_3
Summary of Accounting Policies Acquisitions Additional information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |||||
Revenues | $ 130,903 | $ 136,664 | $ 358,519 | $ 376,020 | |
Operating Income (Loss) | 17,436 | 13,248 | 61,429 | 53,654 | |
Marlin and Ohl [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 18,400 | ||||
Marlin [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 1,108 | 3,541 | |||
Operating Income (Loss) | 48 | 1,423 | |||
Ohl [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 174 | 997 | |||
Operating Income (Loss) | (61) | 212 | |||
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments | 200 | 200 | |||
Unregulated Energy [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating Income (Loss) | $ (1,348) | $ 490 | $ 13,628 | $ 14,174 | |
Unregulated Energy [Member] | Marlin [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | 4,800 | ||||
Unregulated Energy [Member] | Ohl [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired During Period | $ 1,500 | ||||
Number of customers acquired through acquisition | 2,500 |
Calculation of Earnings Per S_3
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Calculation of Basic Earnings Per Share: | ||||||
Net Income | $ 8,304 | $ 28,664 | $ 6,387 | $ 26,854 | $ 36,968 | $ 33,241 |
Weighted shares outstanding (shares) | 16,401,028 | 16,369,641 | 16,393,022 | 16,360,540 | ||
Basic Earnings Per Share (in dollars per share) | $ 0.51 | $ 0.39 | $ 2.26 | $ 2.03 | ||
Reconciliation of Numerator: | ||||||
Net Income | $ 8,304 | $ 28,664 | $ 6,387 | $ 26,854 | $ 36,968 | $ 33,241 |
Reconciliation of Denominator: | ||||||
Weighted shares outstanding - Basic (shares) | 16,401,028 | 16,369,641 | 16,393,022 | 16,360,540 | ||
Effect of dilutive securities: | ||||||
Share-based compensation (shares) | 44,715 | 47,441 | 46,311 | 49,521 | ||
Adjusted denominator-Diluted (shares) | 16,445,743 | 16,417,082 | 16,439,333 | 16,410,061 | ||
Diluted Earnings Per Share (in dollars per share) | $ 0.50 | $ 0.39 | $ 2.25 | $ 2.03 |
Revenue Recognition Disegragati
Revenue Recognition Disegragation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 130,903,000 | $ 136,664,000 | $ 358,519,000 | $ 376,020,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 130,903,000 | [1] | 136,664,000 | [1] | 358,519,000 | [2] | 376,020,000 | [2] |
Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 73,403,000 | [1] | 70,504,000 | [1] | 177,021,000 | [2] | 179,897,000 | [2] |
Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,904,000 | [1] | 76,345,000 | [1] | 205,007,000 | [2] | 221,712,000 | [2] |
Other Segments And Intersegments Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (9,404,000) | (10,185,000) | (23,509,000) | (25,589,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (9,404,000) | [1] | (10,185,000) | [1] | (23,509,000) | [2] | (25,589,000) | [2] |
Consolidation, Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,530,000) | (23,104,000) | (49,471,000) | (51,087,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (8,968,000) | (10,176,000) | (18,714,000) | (18,003,000) | ||||
Other [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | (300,000) | (400,000) | (200,000) | (900,000) | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 100,000 | 100,000 | 200,000 | 200,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (2,158,000) | (2,743,000) | (7,248,000) | (7,495,000) | ||||
Energy Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 61,066,000 | 63,210,000 | 151,808,000 | 162,735,000 | ||||
Energy Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 61,066,000 | 63,210,000 | 151,808,000 | 162,735,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,256,000 | 11,882,000 | 35,805,000 | 43,954,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,256,000 | 11,882,000 | 35,805,000 | 43,954,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,015,000 | 6,317,000 | 14,915,000 | 12,180,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,015,000 | 6,317,000 | 14,915,000 | 12,180,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,464,000 | 18,362,000 | 34,842,000 | 37,103,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,464,000 | 18,362,000 | 34,842,000 | 37,103,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,663,000 | 18,281,000 | 42,449,000 | 41,494,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,663,000 | 18,281,000 | 42,449,000 | 41,494,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,186,000 | 4,001,000 | 13,233,000 | 14,673,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,186,000 | 4,001,000 | 13,233,000 | 14,673,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,482,000 | 4,367,000 | 10,564,000 | 13,331,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,482,000 | 4,367,000 | 10,564,000 | 13,331,000 | ||||
Energy Transmission [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,726,000 | 23,324,000 | 62,819,000 | 53,096,000 | ||||
Energy Transmission [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,305,000 | 17,470,000 | 43,927,000 | 35,165,000 | ||||
Energy Transmission [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,421,000 | 5,854,000 | 18,892,000 | 17,931,000 | ||||
Energy Transmission [Member] | Aspire [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,421,000 | 5,854,000 | 18,892,000 | 17,931,000 | ||||
Energy Transmission [Member] | Aspire [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,421,000 | 5,854,000 | 18,892,000 | 17,931,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,740,000 | 14,502,000 | 36,796,000 | 30,100,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,740,000 | 14,502,000 | 36,796,000 | 30,100,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,565,000 | 2,968,000 | 7,131,000 | 5,065,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,565,000 | 2,968,000 | 7,131,000 | 5,065,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,235,000 | 4,230,000 | 8,377,000 | 8,608,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,235,000 | 4,230,000 | 8,377,000 | 8,608,000 | ||||
Propane Delivery [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,018,000 | 20,206,000 | 63,143,000 | 72,311,000 | ||||
Propane Delivery [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,018,000 | 20,206,000 | 63,143,000 | 72,311,000 | ||||
Energy Services [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,388,000 | 48,798,000 | 121,843,000 | 130,357,000 | ||||
Energy Services [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,388,000 | 48,798,000 | 121,843,000 | 130,357,000 | ||||
Energy Services [Member] | Marlin Gas Services [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,108,000 | 3,541,000 | 0 | |||||
Energy Services [Member] | Marlin Gas Services [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,108,000 | 3,541,000 | 0 | |||||
Energy Services [Member] | PESCO [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,280,000 | 48,798,000 | 118,302,000 | 130,357,000 | ||||
Energy Services [Member] | PESCO [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,280,000 | 48,798,000 | 118,302,000 | 130,357,000 | ||||
Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (21,132,000) | (23,803,000) | (50,610,000) | (52,473,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (8,968,000) | (10,176,000) | (18,714,000) | (18,003,000) | ||||
Eliminations [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (2,628,000) | (3,248,000) | (8,123,000) | (8,494,000) | ||||
Eliminations [Member] | Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (9,536,000) | (10,379,000) | (23,773,000) | (25,976,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 602,000 | 699,000 | 1,139,000 | 1,386,000 | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 470,000 | 505,000 | 875,000 | 999,000 | ||||
Other [Member] | Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 132,000 | $ 194,000 | $ 264,000 | $ 387,000 | ||||
[1] | (1) Total operating revenues for the three months ended June 30, 2019 , include other revenue (revenues from sources other than contracts with customers) of $(0.3) million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, and $(0.4) million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended June 30, 2018 . The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. | |||||||
[2] | (1) Total operating revenues for the six months ended June 30, 2019 , include other revenue (revenues from sources other than contracts with customers) of $(0.2) million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, and $(0.9) million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, for the six months ended June 30, 2018 . The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. |
Revenue Recognition Contract Ba
Revenue Recognition Contract Balances with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||||
Receivables from Customers | $ 47,254 | $ 47,254 | $ 83,214 | ||
Contract with Customer, Asset, Net, Current | 18 | 18 | |||
Contract with Customer, Asset, Net, Noncurrent | 3,051 | 3,051 | 2,614 | ||
Contract with Customer, Liability, Current | 316 | 316 | $ 480 | ||
Increase (Decrease) in Receivables | (35,960) | ||||
Increase (Decrease) in Other Current Assets | 18 | ||||
Increase (Decrease) in Other Noncurrent Assets | 437 | ||||
Increase (Decrease) in Other Current Liabilities | (164) | ||||
Contract with Customer, Liability, Revenue Recognized | $ 200 | $ 100 | $ 500 | $ 300 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 149 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 297 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 297 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 109 |
PESCO - Natural Gas Marketing [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,903 |
PESCO - Natural Gas Marketing [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 7,529 |
PESCO - Natural Gas Marketing [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,925 |
PESCO - Natural Gas Marketing [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 23 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,007 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 3,624 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 3,403 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 3,369 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,971 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,957 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 27,941 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 19,210 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 36,835 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 33,519 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 26,575 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 21,148 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 18,969 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 193,651 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 24,269 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 48,285 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 39,144 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 30,076 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 24,119 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 21,926 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 221,592 |
Rates and Other Regulatory Ac_3
Rates and Other Regulatory Activities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($)kWhcustomerDekathermmi | |
Rates and Other Regulatory Activities [Line Items] | |
Depreciation Expense Decrease from Depreciation Study Rate Change | $ 300,000 |
Electric Limited Proceedings [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Dollar Amount of Term Notes to Finance Hurricane Michael Costs | $ 30,000,000 |
Extent of Customers Losing Service | 100.00% |
Basis Plus LIBOR for Term Notes to Finance Hurricane Michael Costs | 75 |
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.54 |
Asset Recovery Damaged Property Costs, Noncurrent | 1,500,000 |
Deferred Storm and Property Reserve Deficiency, Noncurrent | $ 800,000 |
Public Utilities Approved Rate Increase (Decrease), Units | kWh | 1,000 |
Number of Years to Recover Storm Related Costs | 2 years |
Number of Months for Term Notes to Finance Hurricane Michael | 13 months |
Amounts Spent to Restore Service | $ 65,000,000 |
Number of Term Notes to Finance Hurricane Michael | 2 |
Del-Mar Pathway Project [Member] | Eastern Shore [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Number of Mainline Pipeline Miles | mi | 13 |
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 14,300 |
number of customers | customer | 4 |
Number of Pipeline Miles | mi | 6 |
Fort Meade and Indiantown Divisions [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | $ 298,000 |
Delaware natural gas division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 1,500,000 |
Regulatory Liabilities | 12,906,000 |
Eastern Shore [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 900,000 |
Regulatory Liabilities | 34,190,000 |
Florida Public Utilities Company [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | 19,173,000 |
Central Florida Gas Division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | 8,318,000 |
Maryland Division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 400,000 |
Regulatory Liabilities | 4,143,000 |
Sandpiper [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 600,000 |
Regulatory Liabilities | 3,790,000 |
FPU electric division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | $ 5,858,000 |
Environmental Commitments and_3
Environmental Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)site | Dec. 31, 2018USD ($) | |
Environmental Commitments And Contingencies [Line Items] | ||
Company's exposure in number of former Manufactured Gas Plant Sites | site | 7 | |
Environmental liabilities | $ 6,994,000 | $ 7,638,000 |
West Palm Beach Florida [Member] | Minimum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 4,500,000 | |
West Palm Beach Florida [Member] | Maximum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 15,400,000 | |
Winter Haven Florida [Member] | Maximum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental remediation expense | 400,000 | |
Seaford [Member] | Minimum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 200,000 | |
Seaford [Member] | Maximum [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Estimated costs of remediation range, minimum | 500,000 | |
FPU [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Environmental liabilities | 8,500,000 | 9,100,000 |
Approval of recovery of environmental costs | 14,000,000 | |
Environmental costs recovered | 11,700,000 | 11,500,000 |
FPU [Member] | Manufactured Gas Plant [Member] | ||
Environmental Commitments And Contingencies [Line Items] | ||
Regulatory Assets for future recovery of environmental costs | $ 2,300,000 | $ 2,500,000 |
Other Commitments and Conting_2
Other Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2019 | Jun. 30, 2019USD ($) | |
Other Commitments [Line Items] | ||
Debt Service Coverage Ratio | 1.25 | |
Debt Service Coverage Ratio Measurement Period | 12 | |
Maximum Days To Make Default Good | 5 days | |
Ratio based on average number of prior quarters | 6 | |
Ratios based on average of the prior quarters | 1 year 6 months | |
Funds from operations interest coverage ratio minimum times | 2 | |
Total debt to capital maximum | 0.65 | |
Number Of Years For Power Purchase Agreement | 20 years | |
Contract Duration | 20 years | |
Aggregate guaranteed amount | $ 68.1 | |
Draws on letters of credit | $ 7 | |
Florida Natural Gas Distribution and Eight Flags [Member] | ||
Other Commitments [Line Items] | ||
Number of Years for Asset Management Agreement | 10 years | |
Delmarva [Member] | ||
Other Commitments [Line Items] | ||
Number of Years for Asset Management Agreement | 3 years |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||
Number of Reportable Segments | 2 | |||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | $ 130,903 | $ 136,664 | $ 358,519 | $ 376,020 | ||||
Operating Income | ||||||||
Total operating income | 17,436 | 13,248 | 61,429 | 53,654 | ||||
Other expense, net | (316) | (262) | (361) | (194) | ||||
Interest | 5,655 | 3,881 | 11,365 | 7,545 | ||||
Income Before Income Taxes | 11,465 | 9,105 | 49,703 | 45,915 | ||||
Income taxes | 3,161 | 2,718 | 12,735 | 12,674 | ||||
Net Income | 8,304 | $ 28,664 | 6,387 | $ 26,854 | 36,968 | 33,241 | ||
Identifiable Assets | ||||||||
Total identifiable assets | 1,681,042 | 1,681,042 | $ 1,693,671 | |||||
Regulated Energy [Member] | ||||||||
Operating Income | ||||||||
Total operating income | 18,752 | 14,304 | 47,769 | 41,015 | ||||
Identifiable Assets | ||||||||
Total identifiable assets | 1,349,422 | 1,349,422 | 1,345,805 | |||||
Unregulated Energy [Member] | ||||||||
Operating Income | ||||||||
Total operating income | (1,348) | 490 | 13,628 | 14,174 | ||||
Identifiable Assets | ||||||||
Total identifiable assets | 284,888 | 284,888 | 306,045 | |||||
Other [Member] | ||||||||
Identifiable Assets | ||||||||
Total identifiable assets | 46,732 | 46,732 | $ 41,821 | |||||
Other and eliminations [Member] | ||||||||
Operating Income | ||||||||
Total operating income | 32 | (1,546) | 32 | (1,535) | ||||
Operating Revenues, Unaffiliated Customers [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | 130,903 | 136,664 | 358,519 | 376,020 | ||||
Operating Revenues, Unaffiliated Customers [Member] | Regulated Energy [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | 70,719 | 67,731 | 171,458 | 173,685 | ||||
Operating Revenues, Unaffiliated Customers [Member] | Unregulated Energy [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | 60,184 | 68,933 | 187,061 | 202,335 | ||||
Intersegment Revenues [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | [1] | 9,536 | 10,379 | 23,773 | 25,976 | |||
Intersegment Revenues [Member] | Regulated Energy [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | [1] | 2,684 | 2,773 | 5,563 | 6,212 | |||
Intersegment Revenues [Member] | Unregulated Energy [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | [1] | 6,720 | 7,412 | 17,946 | 19,377 | |||
Intersegment Revenues [Member] | Other [Member] | ||||||||
Operating Revenues, Unaffiliated Customers | ||||||||
Total operating revenues, unaffiliated customers | [1] | $ 132 | $ 194 | $ 264 | $ 387 | |||
[1] | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. |
Stockholder's Equity - Accumu_2
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (6,713) | $ (4,272) | $ (6,713) | $ (4,272) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,000 | (1,440) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 81 | 901 | ||
Net current-period other comprehensive income (loss) | 1,081 | (539) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | |||
Ending balance | (5,747) | (5,718) | ||
UnrealizedGainsLossesFromDefinedBenefitPensionAndPostretirementPlanItems [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (5,928) | (4,743) | (5,928) | (4,743) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 213 | 189 | ||
Net current-period other comprehensive income (loss) | 213 | 189 | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (1,022) | |||
Ending balance | (5,715) | (5,576) | ||
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (785) | 471 | (785) | 471 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,000 | (1,440) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (132) | 712 | ||
Net current-period other comprehensive income (loss) | 868 | (728) | ||
Prior Period Reclassification Adjustment | (115) | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 115 | |||
Ending balance | (32) | (142) | ||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Prior Period Reclassification Adjustment | $ (115) | $ (115) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ (907) | $ (907) |
Stockholder's Equity - Accum_2
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Amortization of pension and postretirement items: | |||||
Tax benefit | $ (3,161) | $ (2,718) | $ (12,735) | $ (12,674) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Amortization of pension and postretirement items: | |||||
Net of tax | (14) | (362) | (81) | (901) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Amortization of pension and postretirement items: | |||||
Prior service cost | [1] | 19 | 19 | 39 | 39 |
Net loss | [1] | (163) | (149) | (328) | (297) |
Total before tax | (144) | (130) | (289) | (258) | |
Tax benefit | 37 | 36 | 76 | 69 | |
Net of tax | (107) | (94) | (213) | (189) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||
Amortization of pension and postretirement items: | |||||
Total before tax | 127 | (373) | 171 | (989) | |
Tax benefit | (34) | 105 | (39) | 277 | |
Net of tax | 93 | (268) | 132 | (712) | |
Propane Swap Agreement [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||
Amortization of pension and postretirement items: | |||||
Other Comprehensive Income Loss Adjustments AOCI Swap Agreements | [2] | 252 | (181) | 858 | (645) |
Natural Gas Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||
Amortization of pension and postretirement items: | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [2] | 0 | (31) | 11 | (481) |
Natural Gas Futures [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||
Amortization of pension and postretirement items: | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [2] | $ (125) | $ (161) | $ (698) | $ 137 |
[1] | These amounts are included in the computation of net periodic costs (benefits). See Note 9 , Employee Benefit Plans , for additional details. | ||||
[2] | These amounts are included in the effects of gains and losses from derivative instruments. See Note 12, Derivative Instruments , for additional details. |
Stockholder's Equity Stockholde
Stockholder's Equity Stockholder's Equity Additional Information (Details) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 | |||||
Expected Amortization Of Pre Merger Regulatory Asset | 600 | |||||
Amortization of prior service cost | $ (19) | $ (19) | (39) | $ (39) | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 268 | 236 | 537 | 473 | ||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 249 | 217 | 498 | 434 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 144 | 130 | 289 | 258 | |
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 105 | 87 | 209 | 176 | ||
Chesapeake Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | |||||
Interest cost | 104 | 98 | 209 | 195 | ||
Expected return on plan assets | (127) | (138) | (254) | (276) | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 101 | 88 | 203 | 176 | ||
Net periodic cost (benefit) | [1] | 78 | 48 | 158 | 95 | |
Total periodic cost | 78 | 48 | 158 | 95 | ||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 101 | 88 | 203 | 176 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 101 | 88 | 203 | 176 | |
Florida Public Utilities Company Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 400 | 600 | ||||
Expected Amortization Of Pre Merger Regulatory Asset | 200 | 200 | $ 600 | |||
Interest cost | 615 | 592 | 1,230 | 1,184 | ||
Expected return on plan assets | (693) | (774) | (1,386) | (1,549) | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 129 | 108 | 258 | 217 | ||
Net periodic cost (benefit) | [1] | 51 | (74) | 102 | (148) | |
Amortization of pre-merger regulatory asset | 191 | 191 | 381 | 381 | ||
Total periodic cost | 242 | 117 | 483 | 233 | ||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 129 | 108 | 258 | 217 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 24 | 21 | 49 | 41 | |
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 105 | 87 | 209 | 176 | ||
Chesapeake Pension SERP [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | 21 | 21 | 42 | 42 | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 26 | 25 | 52 | 50 | ||
Net periodic cost (benefit) | [1] | 47 | 46 | 94 | 92 | |
Total periodic cost | 47 | 46 | 94 | 92 | ||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 26 | 25 | 52 | 50 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 26 | 25 | 52 | 50 | |
Chesapeake Postretirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | 9 | 9 | 19 | 19 | ||
Amortization of prior service cost | (19) | (19) | (39) | (39) | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 15 | 24 | 30 | ||
Net periodic cost (benefit) | [1] | 2 | 5 | 4 | 10 | |
Total periodic cost | 2 | 5 | 4 | 10 | ||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (7) | (4) | (15) | (9) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | (7) | (4) | (15) | (9) | |
Florida Public Utilities Company Medical Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | 12 | 13 | 24 | 26 | ||
Net periodic cost (benefit) | [1] | 12 | 13 | 24 | 26 | |
Amortization of pre-merger regulatory asset | 2 | 2 | 4 | 4 | ||
Total periodic cost | $ 14 | $ 15 | $ 28 | $ 30 | ||
[1] | See Note 8 , Stockholder's Equity . |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected pension and postretirement benefit costs | $ 1,300 | ||
Expected amortization of pre merger regulatory asset | 600 | ||
Contribution to pension plan | 100 | ||
Florida Public Utilities Company Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unamortized balance of regulatory asset | $ 200 | 200 | $ 600 |
Contribution to pension plan | 400 | 600 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1,200 | 1,200 | |
Chesapeake Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to pension plan | 100 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |
Chesapeake Pension SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 400 | 400 | |
Chesapeake Postretirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 100 | 100 | |
Florida Public Utilities Company Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 100 | $ 100 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Included in Regulatory Asset and Accumulated Other Comprehensive Income/Loss Recognized as Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Prior service cost (credit) | $ (19) | $ (19) | $ (39) | $ (39) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 268 | 236 | 537 | 473 | |
Recognized from accumulated other comprehensive loss | [1] | 144 | 130 | 289 | 258 |
Recognized from regulatory asset | 105 | 87 | 209 | 176 | |
Total recognized in net periodic benefit cost | 249 | 217 | 498 | 434 | |
Chesapeake Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 101 | 88 | 203 | 176 | |
Recognized from accumulated other comprehensive loss | [1] | 101 | 88 | 203 | 176 |
Total recognized in net periodic benefit cost | 101 | 88 | 203 | 176 | |
Florida Public Utilities Company Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 129 | 108 | 258 | 217 | |
Recognized from accumulated other comprehensive loss | [1] | 24 | 21 | 49 | 41 |
Recognized from regulatory asset | 105 | 87 | 209 | 176 | |
Total recognized in net periodic benefit cost | 129 | 108 | 258 | 217 | |
Chesapeake Pension SERP [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 26 | 25 | 52 | 50 | |
Recognized from accumulated other comprehensive loss | [1] | 26 | 25 | 52 | 50 |
Total recognized in net periodic benefit cost | 26 | 25 | 52 | 50 | |
Chesapeake Postretirement Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Prior service cost (credit) | (19) | (19) | (39) | (39) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 15 | 24 | 30 | |
Recognized from accumulated other comprehensive loss | [1] | (7) | (4) | (15) | (9) |
Total recognized in net periodic benefit cost | $ (7) | $ (4) | $ (15) | $ (9) | |
[1] | See Note 8 , Stockholder's Equity . |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments schedule [Line Items] | ||
Investments, at fair value | $ 8,821 | $ 6,711 |
Rabbi Trust Associated With Deferred Compensation Plan [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | 8,795 | 6,689 |
Equity Securities [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | $ 26 | $ 22 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized gain (loss), net of other expenses | $ 400,000 | $ (200,000) | $ 1,100,000 | $ (100,000) |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Amounts Included in Net Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 751 | ||||
Total compensation expense | $ 609 | $ 1,325 | $ 1,095 | $ 2,844 | |
Less: tax benefit | (158) | (363) | (285) | (779) | |
Share-Based Compensation amounts included in net income | 451 | 962 | $ 810 | 2,065 | |
Awards to non-employee directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,759 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,759 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 93.14 | ||||
Total compensation expense | $ 157 | 135 | $ 305 | 269 | |
Award to key employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 135,840 | 135,840 | 131,741 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 45,016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 25,831 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | 15,086 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 74.05 | $ 74.05 | $ 67.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 91.19 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 67.08 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expirations Weighted Average Grant Date Fair Value | $ 69.28 | ||||
Total compensation expense | $ 452 | $ 1,190 | $ 790 | $ 2,575 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Activity under the SICP (Detail) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of Shares | |
Granted awards (shares) | 751 |
Awards to non-employee directors [Member] | |
Number of Shares | |
Granted awards (shares) | 6,759 |
Vested (shares) | (6,759) |
Weighted Average Fair Value | |
Granted (in dollars per share) | $ / shares | $ 93.14 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($)shares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)yrshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted awards (shares) | 751 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 6,482 | 7,635 | 16,918 |
Payments Related to Tax Withholding for Share-based Compensation | $ | $ 692 | $ 1,210 | |
Unrecognized compensation cost | $ | $ 3,800 | $ 3,800 | |
Awards to non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 93.14 | ||
Amortization of expense equally over a service period | 1 year | ||
Granted awards (shares) | 6,759 | ||
Unrecognized compensation expense related to the awards to non-employee directors | $ | 500 | $ 500 | |
Awards to non-employee director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 75.70 | ||
Granted awards (shares) | 276 | ||
Award to key employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | 15,086 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 91.19 | ||
Granted awards (shares) | 45,016 | ||
Vesting period | 3 years | ||
Payments Related to Tax Withholding for Share-based Compensation | $ | $ 700 | ||
Intrinsic value of the SICP awards | $ | $ 12,900 | $ 12,900 | |
Accelerated Vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Paid for Tax Withholding for Share Based Compensation | 7,635 | ||
Accelerated Vested Shares [Member] | Award to key employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Of Multi year Awards | yr | 3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 14,107 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | 2,569 | ||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ | $ 1,100 |
Derivative Instruments Volume o
Derivative Instruments Volume of Derivative Activity (Details) $ in Thousands, gal in Millions, Mcf in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)galMcf | |
PESCO [Member] | |
Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ | $ (500) |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months |
PESCO [Member] | Natural Gas Futures [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | Mcf | 30.6 |
Sharp Energy Inc [Member] | |
Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ | $ (1,000) |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months |
Sharp Energy Inc [Member] | Swap [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | gal | 12.1 |
Not Designated as Hedging Instrument [Member] | PESCO [Member] | Natural Gas Futures [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | Mcf | 5.6 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Accounts Receivable Subject to Master Netting Arrangement | $ 927 | $ 3,834 |
Accounts Payable Subject To Master Netting Arrangement | 927 | 3,834 |
Energy Marketing Contracts Assets, Current | 10,571 | 13,165 |
Energy Marketing Contract Liabilities, Current | (10,994) | (14,871) |
Derivative, Amount of Hedged Item | 0 | 212 |
Hedging Liability [Member] | Natural Gas Futures [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contract Liabilities, Current | (6,663) | (8,705) |
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contracts Assets, Current | 0 | 71 |
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Natural Gas Futures [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contracts Assets, Current | 7,715 | 9,059 |
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contracts Assets, Current | 109 | 11 |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contract Liabilities, Current | (1,187) | (1,604) |
Not Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Natural Gas Futures [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contracts Assets, Current | 2,747 | 4,024 |
Not Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Natural Gas Futures [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contract Liabilities, Current | (3,144) | (4,562) |
Sharp Energy Inc [Member] | ||
Derivative [Line Items] | ||
Other Receivables from Broker-Dealers and Clearing Organizations | 1,841 | 2,170 |
PESCO [Member] | ||
Derivative [Line Items] | ||
Other Receivables from Broker-Dealers and Clearing Organizations | 1,592 | 2,810 |
Gross [Member] | ||
Derivative [Line Items] | ||
Accounts Receivable Subject to Master Netting Arrangement | 2,964 | 12,368 |
Accounts Payable Subject To Master Netting Arrangement | 10,418 | 24,741 |
Net [Member] | ||
Derivative [Line Items] | ||
Accounts Receivable Subject to Master Netting Arrangement | 2,037 | 8,534 |
Accounts Payable Subject To Master Netting Arrangement | $ 9,491 | $ 20,907 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 10,571 | $ 13,165 |
Energy Marketing Contract Liabilities, Current | 10,994 | 14,871 |
Mark To Market Energy Assets [Member] | Natural Gas Futures [Member] | Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 2,747 | 4,024 |
Mark To Market Energy Assets [Member] | Natural Gas Futures [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 7,715 | 9,059 |
Mark To Market Energy Assets [Member] | Put Option [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 0 | 71 |
Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 109 | 11 |
Mark-to-market energy liabilities [Member] | Natural Gas Futures [Member] | Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | 3,144 | 4,562 |
Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | 1,187 | 1,604 |
Hedging Liability [Member] | Natural Gas Futures [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | $ 6,663 | $ 8,705 |
Derivative Instruments - Effect
Derivative Instruments - Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (2,810,000) | $ 985,000 | $ 1,388,000 | $ (5,134,000) |
Cost of Sales [Member] | Derivatives not designated as hedging instruments [Member] | Future [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 28,000 | (128,000) | 6,000 | (2,963,000) |
Cost of Sales [Member] | Derivatives not designated as hedging instruments [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (4,000) | 0 | (13,000) |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Future [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (125,000) | (161,000) | (698,000) | 137,000 |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (31,000) | 11,000 | (481,000) |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 252,000 | (181,000) | 858,000 | (645,000) |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Natural Gas Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (2,463,000) | 523,000 | 763,000 | 588,000 |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (494,000) | 106,000 | 515,000 | (886,000) |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Natural Gas Futures [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | $ (8,000) | $ 861,000 | $ (67,000) | $ (871,000) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Investments | $ 8,821 | $ 6,711 |
Energy Marketing Contracts Assets, Current | 10,571 | 13,165 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 10,994 | 14,871 |
Equity Securities [Member] | ||
Assets: | ||
Investments | 26 | 22 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 8,030 | 6,025 |
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 26 | 22 |
Quoted Prices in Active Markets (Level 1) [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 8,004 | 6,003 |
Quoted Prices in Active Markets (Level 1) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 8,030 | 6,025 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 10,571 | 13,165 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 10,994 | |
Significant Other Observable Inputs (Level 2) [Member] | Mark To Market Energy Assets incl. natural gas and swap agreements[Member] | ||
Assets: | ||
Derivative assets | 10,571 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 791 | 686 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 791 | 686 |
Significant Unobservable Inputs (Level 3) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 791 | 686 |
Recurring [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 19,392 | 19,876 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 10,994 | 14,871 |
Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 26 | 22 |
Recurring [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 791 | 686 |
Recurring [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 8,004 | 6,003 |
Recurring [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 8,821 | 6,711 |
Recurring [Member] | Mark To Market Energy Assets incl. natural gas and swap agreements[Member] | ||
Assets: | ||
Derivative assets | $ 10,571 | $ 13,165 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Investments (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 12 | $ 12 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 686 | 648 |
Purchases and adjustments | 110 | 54 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 24 |
Investment Income | 7 | 5 |
Ending Balance | $ 791 | $ 671 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Long-term debt including current maturities | $ 352.1 | $ 327.2 |
Fair value of long-term debt | $ 363.4 | $ 323.8 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ (352,100) | $ (327,200) | |
Debt Instrument, Unused Borrowing Capacity, Amount | 250,000 | ||
Finance lease obligation | 0 | 1,310 | |
Total Long-term debt | 351,524 | 327,955 | |
Less: current maturities | (75,600) | (11,935) | |
Less: debt issuance costs | 564 | 567 | |
Total long-term debt, net of current maturities | 275,924 | 316,020 | |
Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (100,000) | ||
Prudential Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (100,000) | ||
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (100,000) | ||
9.08% bond, due June 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1] | (7,988) | (7,986) |
5.50% note, due October 12, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (4,000) | (4,000) | |
5.93% note, due October 31, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (13,500) | (15,000) | |
5.68% note, due June 30, 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (20,300) | (23,200) | |
6.43% note, due May 2, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (6,300) | (7,000) | |
3.73% note, due December 16, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (20,000) | (20,000) | |
3.88% note, due May 15, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (50,000) | (50,000) | |
3.25% note, due April 30, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (70,000) | (70,000) | |
3.48% note, due May 31, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (50,000) | (50,000) | |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (50,000) | (50,000) | |
Term Note Due January Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (30,000) | (30,000) | |
Term Note Due February Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (30,000) | ||
Promissory note [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 0 | $ (26) | |
Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (170,000) | ||
Aggregate Shelf Agreements [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 520,000 | ||
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (70,000) | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 50,000 | ||
Prudential [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 220,000 | ||
MetLife [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 150,000 | ||
MetLife [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 150,000 | ||
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 100,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 50,000 | ||
New York Life [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000 | ||
[1] | FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. |
Long-Term Debt - Outstanding _2
Long-Term Debt - Outstanding Long-Term Debt- Supplemental Information (Detail) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
9.08% bond, due June 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 9.08% | |
Debt instrument, maturity date | Jun. 1, 2022 | |
5.50% note, due October 12, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 5.50% | |
Debt instrument, maturity date | Oct. 12, 2020 | |
5.93% note, due October 31, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 5.93% | |
Debt instrument, maturity date | Oct. 31, 2023 | |
5.68% note, due June 30, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 5.68% | |
Debt instrument, maturity date | Jun. 30, 2026 | |
6.43% note, due May 2, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 6.43% | |
Debt instrument, maturity date | May 2, 2028 | |
3.73% note, due December 16, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.73% | |
Debt instrument, maturity date | Dec. 16, 2028 | |
3.88% note, due May 15, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.88% | |
Debt instrument, maturity date | May 15, 2029 | |
3.25% due April 30, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.25% | |
Debt instrument, maturity date | Apr. 30, 2032 | |
3.48% note, due May 31, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.48% | |
Debt instrument, maturity date | May 31, 2038 | |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.58% | |
Debt instrument, maturity date | Nov. 30, 2038 | |
Term Note Due January Two Thousand Twenty [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.13% | 3.23% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% | |
Debt instrument, maturity date | Jan. 21, 2020 | |
Term Note Due February Two Thousand Twenty [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, interest percentage | 3.19% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% | |
Debt instrument, maturity date | Feb. 28, 2020 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Document Period End Date | Jun. 30, 2019 | |
Long-term debt including current maturities | $ 352,100 | $ 327,200 |
Debt Instrument, Unused Borrowing Capacity, Amount | 250,000 | |
Term Note Due January Two Thousand Twenty [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | $ 30,000 | $ 30,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | 3.23% |
Term Note Due February Two Thousand Twenty [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | $ 30,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.19% | |
3.48% note, due May 31, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | $ 50,000 | $ 50,000 |
3.25% note, due April 30, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt including current maturities | $ 70,000 | $ 70,000 |
Shelf Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | |
MetLife [Member] | Notes Payable, Other Payables [Member] | Shelf Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date term | 20 years | |
New York Life [Member] | Notes Payable, Other Payables [Member] | Shelf Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date term | 20 years | |
Prudential [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 100,000 | |
Prudential [Member] | Notes Payable, Other Payables [Member] | Shelf Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 150,000 | |
Maturity date term | 20 years | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Prudential [Member] | Shelf Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 150,000 | |
New York Life [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 100,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 50,000 | |
Electric Limited Proceedings [Member] | ||
Debt Instrument [Line Items] | ||
Combined Dollar Amount of Term Notes to Finance Hurricane Michael Costs | $ 60,000 |
Leases (Details)
Leases (Details) | 6 Months Ended |
Jun. 30, 2019yr | |
Lease Disclosure [Abstract] | |
Effect of CPI Basis Point Change | 100 |
Minimum Renewal Term Length in Years - Lessee | 1 |
Maximum Renewal Term Length in Years - Lessee | 25 |
Operating Lease Term | 12 months |
Leases Leases - Lease Cost Addi
Leases Leases - Lease Cost Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Lease, Cost [Abstract] | |||||
Operating Lease Term | 12 months | ||||
Operating Lease, Cost | [1] | $ 654 | $ 698 | $ 1,288 | $ 1,805 |
Finance Lease, Right-of-Use Asset, Amortization | 249 | 361 | 650 | 719 | |
Finance Lease, Interest Expense | 1 | 14 | 5 | 31 | |
Lease, Cost | $ 904 | $ 1,073 | $ 1,943 | $ 2,555 | |
[1] | (1) Includes short-term leases and variable lease costs, which are immaterial |
Leases Leases - Right of Use As
Leases Leases - Right of Use Asset and Lease Liability Balance Sheet Classification Additional Information (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases - Right of Use Asset and Lease Liability Balance Sheet Classification [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 12,404 |
Total Finance and Operating Lease Right-of-Use Asset | 12,404 |
Operating Lease, Liability, Current | 1,704 |
Operating Lease, Liability, Noncurrent | 10,710 |
Total Operating and Finance Lease Liabilities | $ 12,414 |
Leases Leases - Weighted Averag
Leases Leases - Weighted Average Remaining Lease Term Additional Information (Details) | Jun. 30, 2019 |
Leases - Weighted Average Remaining Lease term Additional Information [Abstract] | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 1 month 17 days |
Leases Leases - Cash Flow Addit
Leases Leases - Cash Flow Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Leases - Cash Flow Additional Information [Abstract] | ||
Operating Cash Flow from Operating Leases | $ 1,100 | $ 1,715 |
Finance Lease, Interest Payment on Liability | 5 | 31 |
Finance Lease, Principal Payments | $ 650 | $ 719 |
Leases Leases - Schedule of Fut
Leases Leases - Schedule of Future Maturities Additional Information (Details) $ in Thousands | Jun. 30, 2019USD ($) | |
Leases - Schedule of Future Maturities Additional Information [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 1,089 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,091 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,852 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,691 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,695 | [1] |
Lessee, Operating Lease Liability, Payments, Due Year Six | 1,451 | [1] |
Lessee, Operating Lease Liability, Payments, Due After Year Six | 4,916 | [1] |
Lessee, Operating Lease, Liability, Payments, Due | 14,785 | [1] |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 2,371 | [1] |
Operating Lease, Liability | 12,414 | [1] |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 0 | |
Finance Lease, Liability, Payments, Due | 0 | |
Finance Lease, Liability, Undiscounted Excess Amount | 0 | |
Finance Lease, Liability | 0 | |
Lease Liability Payments Remainder of Fiscal Year | 1,089 | |
Lease Liability Payments Due Year Two | 2,091 | |
Lease Liability Payments Due Year Three | 1,852 | |
Lease Liability Payments Due Year Four | 1,691 | |
Lease Liability Payments Due Year Five | 1,695 | |
Lease Liability Payments Due Year Six | 1,451 | |
Lease Liability Payments Due After Year Six | 4,916 | |
Lease Liability Payments Due | 14,785 | |
Lease Liability Undiscounted Excess Amount | 2,371 | |
Lease Liability | 12,414 | |
Lessee Future Operating Lease Option Payments | $ 3,900 | |
[1] | Operating lease payments include $3.9 million related to options to extend lease terms that are reasonably certain of being exercised. |
Leases Schedule of Future Minim
Leases Schedule of Future Minimum Rental Payment for Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Schedule of Future Minimum Rental Payment for Operating Leases [Abstract] | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 2,349 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,998 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,761 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,689 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,642 |
Operating Leases, Future Minimum Payments, Due Thereafter | 5,398 |
Operating Leases, Future Minimum Payments Due | $ 14,837 |