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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair value of assets and liabilities measured on a recurring basis, categorized by level within the fair value hierarchy

The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:

		December 31, 2018
(in millions)		Level 1				Level 2				Level 3				Total
Derivative assets
Natural gas contracts		$	6.3			$	1.8			$	—			$	8.1
FTRs		—				—				7.4				7.4
Coal contracts		—				0.4				—				0.4
Total derivative assets		$	6.3			$	2.2			$	7.4			$	15.9
Investments held in rabbi trust		$	65.0			$	—			$	—			$	65.0
Derivative liabilities
Natural gas contracts		$	4.7			$	0.8			$	—			$	5.5
Coal contracts		—				0.1				—				0.1
Interest rate swaps		—				2.3				—				2.3
Total derivative liabilities		$	4.7			$	3.2			$	—			$	7.9

		December 31, 2017
(in millions)		Level 1				Level 2				Level 3				Total
Derivative assets
Natural gas contracts		$	1.8			$	3.9			$	—			$	5.7
Petroleum products contracts		1.2				—				—				1.2
FTRs		—				—				4.4				4.4
Coal contracts		—				1.1				—				1.1
Total derivative assets		$	3.0			$	5.0			$	4.4			$	12.4
Investments held in rabbi trust		$	120.7			$	—			$	—			$	120.7
Derivative liabilities
Natural gas contracts		$	7.0			$	3.8			$	—			$	10.8
Coal contracts		—				0.8				—				0.8
Total derivative liabilities		$	7.0			$	4.6			$	—			$	11.6

Reconciliation of changes in fair value of items categorized as level 3 measurements

The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy at December 31:

(in millions)		2018				2017				2016
Balance at the beginning of the period		$	4.4			$	5.1			$	3.6
Realized and unrealized losses		—				—				(0.2		)
Purchases		18.4				13.8				15.2
Sales		—				—				(0.2		)
Settlements		(15.4		)		(14.5		)		(13.3		)
Balance at the end of the period		$	7.4			$	4.4			$	5.1

Schedule of carrying value and estimated fair value of financial instruments not recorded at fair value

The following table shows the financial instruments included on our balance sheets that are not recorded at fair value at December 31:

		2018								2017
(in millions)		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Preferred stock		$	30.4			$	28.3			$	30.4			$	30.5
Long-term debt, including current portion *		10,335.7				10,554.9				9,561.7				10,341.9

* The carrying amount of long-term debt excludes capital lease obligations of $23.3 million and $27.0 million at December 31, 2018 and

December 31, 2017, respectively.

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=99377789&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=99377789&loc=d3e19207-110258

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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