Derivative Instruments (Policies) |
9 Months Ended |
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Sep. 30, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Instruments | In the course of its business, Continuum enters into commitments associated with the purchase or sale of natural gas that meet the definition of a derivative. Continuum's retail natural gas contracts (primarily with large commercial and industrial customers) that meet the definition of a derivative are designated as normal purchases or normal sales arrangements and, as such, are excluded from the scope of ASC 815, Derivatives and Hedging. The retail contracts are accounted for as executory contracts and are recorded on an accrual basis. Revenues and expenses from retail contracts are recorded gross. Continuum's wholesale contracts (primarily with producers, municipalities and utility companies) are recorded as derivatives at fair value with changes in fair value recognized in earnings. Continuum's wholesale purchases and sales transactions are classified as trading activities for financial reporting purposes, with income and expenses, including unrealized gains and losses on derivative instruments, presented on a net basis in Costs associated with product sales on the Condensed Consolidated Statements of Income. The Company does not apply hedge accounting to any of its derivative instruments. Continuum manages the price risk associated with its fixed-price commitments by either closely matching the offsetting physical purchase or sale of natural gas at fixed prices or through the use of NYMEX or ICE futures, swap, and option contracts to lock in margins. NYMEX and ICE positions are exchange-traded derivatives and are recorded at fair value with changes in fair value recognized in earnings in the current period. The cash impact of settled derivative instruments is presented in operating activities in the Condensed Consolidated Statements of Cash Flows.
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