XML 77 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The following tables set forth our recurring fair value measurements for the periods indicated:

						December 31, 2021
						Level 1						Level 2						Level 3						Total - Gross						Netting (a)						Total - Net
						(Thousands of dollars)
Derivative assets
Commodity contracts
Financial contracts						$	22,019					$	172,833					$	9,309					$	204,161					$	(204,161)					$	—
Total derivative assets						$	22,019					$	172,833					$	9,309					$	204,161					$	(204,161)					$	—
Derivative liabilities
Commodity contracts
Financial contracts						$	(67,226)					$	(112,922)					$	(123,592)					$	(303,740)					$	303,740					$	—
Interest-rate contracts						—						(145,524)						—						(145,524)						—						(145,524)
Total derivative liabilities						$	(67,226)					$	(258,446)					$	(123,592)					$	(449,264)					$	303,740					$	(145,524)

(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2021, we held no cash and posted $157.0 million of cash with various counterparties, including $99.6 million of cash collateral that is

offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $57.4 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet.

						December 31, 2020
						Level 1						Level 2						Level 3						Total - Gross						Netting (a)						Total - Net
						(Thousands of dollars)
Derivative assets
Commodity contracts
Financial contracts						$	6,697					$	—					$	103,801					$	110,498					$	(110,498)					$	—
Total derivative assets						$	6,697					$	—					$	103,801					$	110,498					$	(110,498)					$	—
Derivative liabilities
Commodity contracts
Financial contracts						$	(10,489)					$	—					$	(135,122)					$	(145,611)					$	145,611					$	—
Interest-rate contracts						—						(203,407)						—						(203,407)						—						(203,407)
Total derivative liabilities						$	(10,489)					$	(203,407)					$	(135,122)					$	(349,018)					$	145,611					$	(203,407)

(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2020, we held no cash and posted $63.1 million of cash with various counterparties, including $35.1 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $28.0 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet.

Reconciliation of Level 3 Fair Value Measurements

The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated:

						Years Ended
						December 31,
Derivative Assets (Liabilities)						2021						2020
						(Thousands of dollars)
Net assets (liabilities) at beginning of period						$	(31,321)					$	30,772
Total changes in fair value:
Settlements included in net income (a)						31,003						(31,660)
Transfers out of Level 3 derivatives						(59,911)						—
New Level 3 derivatives included in other comprehensive income (loss) (b)						(57,325)						(36,568)
Unrealized change included in other comprehensive income (loss) (b)						3,271						6,135
Net liabilities at end of period						$	(114,283)					$	(31,321)

(a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income.

(b) - Included in change in fair value of derivatives in our Consolidated Statements of Comprehensive Income.

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration