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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
Fair value of assets and liabilities that are measured at fair value on a recurring basis | The following table presents the fair value at June 30, 2016, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (a) (Level 3) |  | Other |  |  |  | Balance at June 30, 2016
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 9,857 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 9,857 |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | — |  |  | 26,509 |  |  | 18,118 |  |  | (22,487 | ) |  | (b) |  | 22,140 |
Nuclear decommissioning trust: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. commingled equity funds | — |  |  | — |  |  | — |  |  | 328,037 |  |  | (c) |  | 328,037 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalent funds | 17,892 |  |  | — |  |  | — |  |  | (13,139 | ) |  | (d) |  | 4,753 |
U.S. Treasury | 117,448 |  |  | — |  |  | — |  |  | — |  |  |  |  | 117,448 |
Corporate debt | — |  |  | 106,399 |  |  | — |  |  | — |  |  |  |  | 106,399 |
Mortgage-backed securities | — |  |  | 112,771 |  |  | — |  |  | — |  |  |  |  | 112,771 |
Municipal bonds | — |  |  | 73,847 |  |  | — |  |  | — |  |  |  |  | 73,847 |
Other | — |  |  | 24,161 |  |  | — |  |  | — |  |  |  |  | 24,161 |
Subtotal nuclear decommissioning trust | 135,340 |  |  | 317,178 |  |  | — |  |  | 314,898 |  |  |  |  | 767,416 |
Total | $ | 145,197 |  |  | $ | 343,687 |  |  | $ | 18,118 |  |  | $ | 292,411 |  |  |  |  | $ | 799,413 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | (75,916 | ) |  | $ | (50,498 | ) |  | $ | 18,864 |  |  | (b) |  | $ | (107,550 | )
(a) | Primarily consists of heat rate options and other long-dated electricity contracts.
(b) | Represents counterparty netting, margin and collateral. See Note 6.
(c) | Valued using NAV as a practical expedient, and therefore not classified in the fair value hierarchy.
(d) | Represents nuclear decommissioning trust net pending securities sales and purchases.
The following table presents the fair value at December 31, 2015, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (a) (Level 3) |  | Other |  |  |  | Balance at December 31, 2015
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 22,992 |  |  | $ | 30,364 |  |  | $ | (25,345 | ) |  | (b) |  | $ | 28,011 |
Nuclear decommissioning trust: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. commingled equity funds | — |  |  | — |  |  | — |  |  | 314,957 |  |  | (c) |  | 314,957 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalent funds | 12,260 |  |  | — |  |  | — |  |  | (335 | ) |  | (d) |  | 11,925 |
U.S. Treasury | 117,245 |  |  | — |  |  | — |  |  | — |  |  |  |  | 117,245 |
Corporate debt | — |  |  | 96,243 |  |  | — |  |  | — |  |  |  |  | 96,243 |
Mortgage-backed securities | — |  |  | 99,065 |  |  | — |  |  | — |  |  |  |  | 99,065 |
Municipal bonds | — |  |  | 72,206 |  |  | — |  |  | — |  |  |  |  | 72,206 |
Other | — |  |  | 23,555 |  |  | — |  |  | — |  |  |  |  | 23,555 |
Subtotal nuclear decommissioning trust | 129,505 |  |  | 291,069 |  |  | — |  |  | 314,622 |  |  |  |  | 735,196 |
Total | $ | 129,505 |  |  | $ | 314,061 |  |  | $ | 30,364 |  |  | $ | 289,277 |  |  |  |  | $ | 763,207 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | (144,044 | ) |  | $ | (63,343 | ) |  | $ | 39,698 |  |  | (b) |  | $ | (167,689 | )
(a) | Primarily consists of heat rate options and other long-dated electricity contracts.
(b) | Represents counterparty netting, margin and collateral. See Note 6.
(c) | Valued using NAV as a practical expedient, and therefore not classified in the fair value hierarchy.
(d) | Represents nuclear decommissioning trust net pending securities sales and purchases
Information regarding the entity's internally developed significant unobservable inputs used to value its level 3 instruments | The following tables provide information regarding our significant unobservable inputs used to value our risk management derivative Level 3 instruments at June 30, 2016 and December 31, 2015:
| June 30, 2016 Fair Value (thousands) |  | Valuation Technique |  | Significant Unobservable Input |  |  |  | Weighted-Average
Commodity Contracts | Assets |  | Liabilities |  |  |  | Range |
Electricity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | $ | 16,151 |  |  | $ | 39,548 |  |  | Discounted cash flows |  | Electricity forward price (per MWh) |  | $21.68 - $43.50 |  | $ | 31.26 |
Option Contracts (b) | — |  |  | 2,993 |  |  | Option model |  | Electricity forward price (per MWh) |  | $35.46 - $49.65 |  | $ | 43.12 |
|  |  |  |  |  |  |  |  | Electricity price volatilities |  | 56% - 140% |  | 94 | %
|  |  |  |  |  |  |  |  | Natural gas price volatilities |  | 38% - 80% |  | 49 | %
Natural Gas: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | 1,967 |  |  | 7,957 |  |  | Discounted cash flows |  | Natural gas forward price (per MMBtu) |  | $2.67 - $3.37 |  | $ | 2.91 |
Total | $ | 18,118 |  |  | $ | 50,498 |  |  |  |  |  |  |  |  |  |
(a) | Includes swaps and physical and financial contracts.
(b) | Electricity and natural gas price volatilities are estimated based on historical forward price movements due to lack of market quotes for implied volatilities.
| December 31, 2015 Fair Value (thousands) |  | Valuation Technique |  | Significant Unobservable Input |  |  |  | Weighted-Average
Commodity Contracts | Assets |  | Liabilities |  |  |  | Range |
Electricity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | $ | 24,543 |  |  | $ | 54,679 |  |  | Discounted cash flows |  | Electricity forward price (per MWh) |  | $15.92 - $40.73 |  | $ | 26.86 |
Option Contracts (b) | — |  |  | 5,628 |  |  | Option model |  | Electricity forward price (per MWh) |  | $23.87 - $44.13 |  | $ | 33.91 |
|  |  |  |  |  |  |  |  | Electricity price volatilities |  | 40% - 59% |  | 52 | %
|  |  |  |  |  |  |  |  | Natural gas price volatilities |  | 32% - 40% |  | 35 | %
Natural Gas: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | 5,821 |  |  | 3,036 |  |  | Discounted cash flows |  | Natural gas forward price (per MMBtu) |  | $2.18 - $3.14 |  | $ | 2.61 |
Total | $ | 30,364 |  |  | $ | 63,343 |  |  |  |  |  |  |  |  |  |
(a) | Includes swaps and physical and financial contracts.
(b) | Electricity and natural gas price volatilities are estimated based on historical forward price movements due to lack of market quotes for implied volatilities
Changes in fair value for assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs | The following table shows the changes in fair value for our risk management activities' assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2016 and 2015 (dollars in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Commodity Contracts |  | 2016 |  | 2015 |  | 2016 |  | 2015
Net derivative balance at beginning of period |  | $ | (39,507 | ) |  | $ | (48,814 | ) |  | $ | (32,979 | ) |  | $ | (41,386 | )
Total net gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |  |  |  |
Included in OCI |  | 104 |  |  | 25 |  |  | 104 |  |  | (237 | )
Deferred as a regulatory asset or liability |  | 1,499 |  |  | 5,813 |  |  | (7,604 | ) |  | (4,933 | )
Settlements |  | 4,502 |  |  | 4,541 |  |  | 6,267 |  |  | 4,852 |
Transfers into Level 3 from Level 2 |  | 120 |  |  | (3,566 | ) |  | 382 |  |  | (3,968 | )
Transfers from Level 3 into Level 2 |  | 902 |  |  | (944 | ) |  | 1,450 |  |  | 2,727 |
Net derivative balance at end of period |  | $ | (32,380 | ) |  | $ | (42,945 | ) |  | $ | (32,380 | ) |  | $ | (42,945 | )
Net unrealized gains included in earnings related to instruments still held at end of period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances. + References No definition available. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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