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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of 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, 2023
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 2.2 |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | 10.5 |
FTRs and TCRs |  | — |  |  | — |  |  | 7.2 |  |  | 7.2 |
Coal contracts |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total derivative assets |  | $ | 2.2 |  |  | $ | 8.6 |  |  | $ | 7.2 |  |  | $ | 18.0 |
Investments held in rabbi trust |  | $ | 51.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 51.7 |
Derivative liabilities |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 70.1 |  |  | $ | 16.0 |  |  | $ | — |  |  | $ | 86.1 |
Coal contracts |  | — |  |  | 20.3 |  |  | — |  |  | 20.3 |
Total derivative liabilities |  | $ | 70.1 |  |  | $ | 36.3 |  |  | $ | — |  |  | $ | 106.4 |
|  | December 31, 2022
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 16.3 |  |  | $ | 16.2 |  |  | $ | — |  |  | $ | 32.5 |
FTRs |  | — |  |  | — |  |  | 7.8 |  |  | 7.8 |
Coal contracts |  | — |  |  | 34.5 |  |  | — |  |  | 34.5 |
Total derivative assets |  | $ | 16.3 |  |  | $ | 50.7 |  |  | $ | 7.8 |  |  | $ | 74.8 |
Investments held in rabbi trust |  | $ | 50.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 50.9 |
Derivative liabilities |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 81.4 |  |  | $ | 15.2 |  |  | $ | — |  |  | $ | 96.6 |
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) |  | 2023 |  | 2022 |  | 2021
Balance at the beginning of the period |  | $ | 7.8 |  |  | $ | 2.4 |  |  | $ | 2.4 |
Purchases |  | 21.0 |  |  | 23.7 |  |  | 6.1 |
Realized and unrealized net gains (losses) included in earnings (1) |  | (0.5) |  |  | 0.5 |  |  | — |
Settlements |  | (21.1) |  |  | (18.8) |  |  | (6.1) |
Balance at the end of the period |  | $ | 7.2 |  |  | $ | 7.8 |  |  | $ | 2.4 |
Unrealized net gains (losses) included in earnings attributable to Level 3 derivatives held at the end of the reporting period (1) |  | $ | 0.5 |  |  | $ | (0.4) |  |  | $ | — |
(1) Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These realized and unrealized net gains and losses are recorded in operating revenues on our income statements.
Schedule of carrying value and 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:
|  | 2023 |  | 2022
(in millions) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Preferred stock of subsidiary |  | $ | 30.4 |  |  | $ | 21.4 |  |  | $ | 30.4 |  |  | $ | 22.7 |
Long-term debt, including current portion (1) |  | 16,631.1 |  |  | 15,564.3 |  |  | 15,464.2 |  |  | 13,921.3 |
(1) The carrying amount of long-term debt excludes finance lease obligations of $145.9 million and $183.2 million at December 31, 2023 and 2022, respectively.

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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