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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair value of assets and liabilities that are measured at fair value on a recurring basis | The following table presents the fair value at March 31, 2023, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Other |  |  |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 14 |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | — |  |  | 28,483 |  |  | 21,257 |  |  | (16,697) |  |  | (a) |  | 33,043 |
Interest rate swaps | — |  |  | 134 |  |  | — |  |  | — |  |  |  |  | 134 |
Subtotal risk management activities - derivative instruments | — |  |  | 28,617 |  |  | 21,257 |  |  | (16,697) |  |  |  |  | 33,177 |
Nuclear decommissioning trust: |  |  |  |  |  |  |  |  |  |  |
Equity securities | 9,665 |  |  | — |  |  | — |  |  | (1,135) |  |  | (b) |  | 8,530 |
U.S. commingled equity funds | — |  |  | — |  |  | — |  |  | 507,706 |  |  | (c) |  | 507,706 |
U.S. Treasury debt | 231,003 |  |  | — |  |  | — |  |  | — |  |  |  |  | 231,003 |
Corporate debt | — |  |  | 149,541 |  |  | — |  |  | — |  |  |  |  | 149,541 |
Mortgage-backed securities | — |  |  | 157,330 |  |  | — |  |  | — |  |  |  |  | 157,330 |
Municipal bonds | — |  |  | 63,950 |  |  | — |  |  | — |  |  |  |  | 63,950 |
Other fixed income | — |  |  | 7,557 |  |  | — |  |  | — |  |  |  |  | 7,557 |
Subtotal nuclear decommissioning trust | 240,668 |  |  | 378,378 |  |  | — |  |  | 506,571 |  |  |  |  | 1,125,617 |
Other special use funds: |  |  |  |  |  |  |  |  |  |  |
Equity securities | 27,642 |  |  | — |  |  | — |  |  | 1,041 |  |  | (b) |  | 28,683 |
U.S. Treasury debt | 320,196 |  |  | — |  |  | — |  |  | — |  |  |  |  | 320,196 |
Municipal bonds | — |  |  | 3,998 |  |  | — |  |  | — |  |  |  |  | 3,998 |
Subtotal other special use funds | 347,838 |  |  | 3,998 |  |  | — |  |  | 1,041 |  |  |  |  | 352,877 |
Total assets | $ | 588,520 |  |  | $ | 410,993 |  |  | $ | 21,257 |  |  | $ | 490,915 |  |  |  |  | $ | 1,511,685 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | (93,567) |  |  | $ | (14,635) |  |  | $ | 10,643 |  |  | (a) |  | $ | (97,559) |
Interest rate swaps | — |  |  | (1,698) |  |  | — |  |  | — |  |  |  |  | (1,698) |
Subtotal risk management activities - derivative instruments | — |  |  | (95,265) |  |  | (14,635) |  |  | 10,643 |  |  |  |  | (99,257) |
Total liabilities | $ | — |  |  | $ | (95,265) |  |  | $ | (14,635) |  |  | $ | 10,643 |  |  |  |  | $ | (99,257) |
(a)Represents counterparty netting, margin, and collateral. See Note 7. (b)Represents net pending securities sales and purchases. (c)Valued using NAV as a practical expedient and, therefore, are not classified in the fair value hierarchy. The following table presents the fair value at December 31, 2022, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Other |  |  |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 127,129 |  |  | $ | 26,132 |  |  | $ | (21,163) |  |  | (a) |  | $ | 132,098 |
Interest rate swaps | — |  |  | 131 |  |  | — |  |  | — |  |  |  |  | 131 |
Subtotal risk management activities - derivative instruments | — |  |  | 127,260 |  |  | 26,132 |  |  | (21,163) |  |  |  |  | 132,229 |
Nuclear decommissioning trust: |  |  |  |  |  |  |  |  |  |  |
Equity securities | 14,658 |  |  | — |  |  | — |  |  | 3,827 |  |  | (b) |  | 18,485 |
U.S. commingled equity funds | — |  |  | — |  |  | — |  |  | 472,582 |  |  | (c) |  | 472,582 |
U.S. Treasury debt | 211,923 |  |  | — |  |  | — |  |  | — |  |  |  |  | 211,923 |
Corporate debt | — |  |  | 149,226 |  |  | — |  |  | — |  |  |  |  | 149,226 |
Mortgage-backed securities | — |  |  | 147,938 |  |  | — |  |  | — |  |  |  |  | 147,938 |
Municipal bonds | — |  |  | 64,881 |  |  | — |  |  | — |  |  |  |  | 64,881 |
Other fixed income | — |  |  | 8,375 |  |  | — |  |  | — |  |  |  |  | 8,375 |
Subtotal nuclear decommissioning trust | 226,581 |  |  | 370,420 |  |  | — |  |  | 476,409 |  |  |  |  | 1,073,410 |
Other special use funds: |  |  |  |  |  |  |  |  |  |  |
Equity securities | 66,974 |  |  | — |  |  | — |  |  | 963 |  |  | (b) |  | 67,937 |
U.S. Treasury debt | 275,267 |  |  | — |  |  | — |  |  | — |  |  |  |  | 275,267 |
Municipal bonds | — |  |  | 4,027 |  |  | — |  |  | — |  |  |  |  | 4,027 |
Subtotal other special use funds | 342,241 |  |  | 4,027 |  |  | — |  |  | 963 |  |  |  |  | 347,231 |
Total assets | $ | 568,822 |  |  | $ | 501,707 |  |  | $ | 26,132 |  |  | $ | 456,209 |  |  |  |  | $ | 1,552,870 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | (25,874) |  |  | $ | (31,020) |  |  | $ | 15,357 |  |  | (a) |  | $ | (41,537) |
Interest rate swaps | — |  |  | (909) |  |  | — |  |  | — |  |  |  |  | (909) |
Subtotal risk management activities - derivative instruments | — |  |  | (26,783) |  |  | (31,020) |  |  | 15,357 |  |  |  |  | (42,446) |
Total liabilities | $ | — |  |  | $ | (26,783) |  |  | $ | (31,020) |  |  | $ | 15,357 |  |  |  |  | $ | (42,446) |
(a)Represents counterparty netting, margin, and collateral. See Note 7. (b)Represents net pending securities sales and purchases. (c)Valued using NAV as a practical expedient and, therefore, are not classified in the fair value hierarchy. 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 months ended March 31, 2023 and 2022 (dollars in thousands):
|  | Three Months Ended March 31,
Commodity Contracts |  | 2023 |  | 2022
Net derivative balance at beginning of period |  | $ | (4,888) |  |  | $ | (2,738) |
Total net gains (losses) realized/unrealized: |  |  |  |
Deferred as a regulatory asset or liability |  | (30,427) |  |  | 16,807 |
Settlements |  | 41,937 |  |  | (4,419) |
Transfers into Level 3 from Level 2 |  | — |  |  | — |
Transfers from Level 3 into Level 2 |  | — |  |  | — |
Net derivative balance at end of period |  | $ | 6,622 |  |  | $ | 9,650 |
Net unrealized gains included in earnings related to instruments still held at end of period |  | $ | — |  |  | $ | — |
Fair Value Measurement Inputs and Valuation Techniques | The following tables provide information regarding our significant unobservable inputs used to value our risk management derivative Level 3 instruments at March 31, 2023 and December 31, 2022:
| March 31, 2023 Fair Value (thousands) |  | Valuation |  | Significant |  |  |  |  |  | Weighted-Average
Commodity Contracts | Assets |  | Liabilities |  | Technique |  | Unobservable Input |  | Range |  | (b)
Electricity: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | $ | 21,084 |  |  | $ | 14,385 |  |  | Discounted cash flows |  | Electricity forward price (per MWh) |  | $37.79 | - | $306.34 |  | $ | 157.00 |
Natural Gas: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | 173 |  |  | 250 |  |  | Discounted cash flows |  | Natural gas forward price (per MMBtu) |  | $(0.02) | - | $0.14 |  | $ | 0.02 |
Total | $ | 21,257 |  |  | $ | 14,635 |  |  |  |  |  |  |  |  |  |  |
(a)Includes swaps and physical and financial contracts. (b)Unobservable inputs were weighted by the relative fair value of the instrument.
| December 31, 2022 Fair Value (thousands) |  | Valuation |  | Significant |  |  |  |  |  | Weighted-Average
Commodity Contracts | Assets |  | Liabilities |  | Technique |  | Unobservable Input |  | Range |  | (b)
Electricity: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | $ | 26,132 |  |  | $ | 1,759 |  |  | Discounted cash flows |  | Electricity forward price (per MWh) |  | $37.79 | - | $310.69 |  | $ | 163.92 |
Natural Gas: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | — |  |  | 29,261 |  |  | Discounted cash flows |  | Natural gas forward price (per MMBtu) |  | $(11.81) | - | $0.00 |  | $ | (5.08) |
Total | $ | 26,132 |  |  | $ | 31,020 |  |  |  |  |  |  |  |  |  |  |
(a)Includes swaps and physical and financial contracts. (b)Unobservable inputs were weighted by the relative fair value of the instrument.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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