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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
|  | March 31, 2024
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 1.5 |  |  | $ | 2.9 |  |  | $ | — |  |  | $ | 4.4 |
FTRs and TCRs |  | — |  |  | — |  |  | 2.6 |  |  | 2.6 |
Coal contracts |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Total derivative assets |  | $ | 1.5 |  |  | $ | 3.1 |  |  | $ | 2.6 |  |  | $ | 7.2 |
Investments held in rabbi trust |  | $ | 41.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 41.3 |
Derivative liabilities |  |  |  |  |  |  |  |
Natural gas contracts |  | $ | 51.4 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 52.6 |
Coal contracts |  | — |  |  | 18.0 |  |  | — |  |  | 18.0 |
Total derivative liabilities |  | $ | 51.4 |  |  | $ | 19.2 |  |  | $ | — |  |  | $ | 70.6 |
|  | 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 |
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:
|  |  |  | Three Months Ended March 31
(in millions) |  |  |  |  |  | 2024 |  | 2023
Balance at the beginning of the period |  |  |  |  |  | $ | 7.2 |  |  | $ | 7.8 |
Purchases |  |  |  |  |  | 1.0 |  |  | 0.3 |
Realized and unrealized net losses included in earnings (1) |  |  |  |  |  | (0.8) |  |  | (0.3) |
Settlements |  |  |  |  |  | (4.8) |  |  | (4.8) |
Balance at the end of the period |  |  |  |  |  | $ | 2.6 |  |  | $ | 3.0 |
Unrealized net gains (losses) included in earnings attributable to Level 3 derivatives held at the end of the reporting period (1) |  |  |  |  |  | $ | 0.1 |  |  | $ | (0.1) |
(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 were not recorded at fair value:
|  | March 31, 2024 |  | December 31, 2023
(in millions) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Preferred stock of subsidiary |  | $ | 30.4 |  |  | $ | 20.3 |  |  | $ | 30.4 |  |  | $ | 21.4 |
Long-term debt, including current portion (1) |  | 15,871.6 |  |  | 14,669.6 |  |  | 16,631.1 |  |  | 15,564.3 |
(1)The carrying amount of long-term debt excludes finance lease obligations of $144.7 million and $145.9 million at March 31, 2024 and December 31, 2023, respectively.

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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 financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + 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 -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + 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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