XML 74 R53.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the fair value at December 31, 2023, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
Balance at December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Other |  |  |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 10 |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | — |  |  | 1,881 |  |  | 6,616 |  |  | (1,689) |  |  | (a) |  | 6,808 |
Nuclear decommissioning trust: |  |  |  |  |  |  |  |  |  |  |
Equity securities | 11,064 |  |  | — |  |  | — |  |  | (767) |  |  | (b) |  | 10,297 |
U.S. commingled equity funds | — |  |  | — |  |  | — |  |  | 409,616 |  |  | (c) |  | 409,616 |
U.S. Treasury debt | 319,734 |  |  | — |  |  | — |  |  | — |  |  |  |  | 319,734 |
Corporate debt | — |  |  | 188,317 |  |  | — |  |  | — |  |  |  |  | 188,317 |
Mortgage-backed securities | — |  |  | 208,306 |  |  | — |  |  | — |  |  |  |  | 208,306 |
Municipal bonds | — |  |  | 59,323 |  |  | — |  |  | — |  |  |  |  | 59,323 |
Other fixed income | — |  |  | 5,653 |  |  | — |  |  | — |  |  |  |  | 5,653 |
Subtotal nuclear decommissioning trust | 330,798 |  |  | 461,599 |  |  | — |  |  | 408,849 |  |  |  |  | 1,201,246 |
Other special use funds: |  |  |  |  |  |  |  |  |  |  |
Equity securities | 40,991 |  |  | — |  |  | — |  |  | 2,196 |  |  | (b) |  | 43,187 |
U.S. Treasury debt | 319,594 |  |  | — |  |  | — |  |  | — |  |  |  |  | 319,594 |
Municipal bonds | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Subtotal other special use funds | 360,585 |  |  | — |  |  | — |  |  | 2,196 |  |  |  |  | 362,781 |
Total assets | $ | 691,393 |  |  | $ | 463,480 |  |  | $ | 6,616 |  |  | $ | 409,356 |  |  |  |  | $ | 1,570,845 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Risk management activities — derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | (127,016) |  |  | $ | (1,695) |  |  | $ | 4,823 |  |  | (a) |  | $ | (123,888) |
(a)Represents counterparty netting, margin, and collateral. See Note 15. (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):
Balance at December 31, 2022 | 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 15. (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 (dollars in thousands):
|  | Year Ended December 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 |  | (70,214) |  |  | (374) |
Settlements |  | 69,706 |  |  | (1,123) |
Transfers into Level 3 from Level 2 |  | (1,289) |  |  | (846) |
Transfers from Level 3 into Level 2 |  | 11,606 |  |  | 193 |
Net derivative balance at end of period |  | $ | 4,921 |  |  | $ | (4,888) |
Net unrealized gains included in earnings related to instruments still held at end of period |  | $ | — |  |  | $ | — |
Schedule of 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 December 31, 2023, and December 31, 2022:
| December 31, 2023 Fair Value (thousands) |  | Valuation |  | Significant |  |  |  |  |  | Weighted-Average
Commodity Contracts | Assets |  | Liabilities |  | Technique |  | Unobservable Input |  | Range |  | (b)
Electricity: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | $ | 6,587 |  |  | $ | 658 |  |  | Discounted cash flows |  | Electricity forward price (per MWh) |  | $37.79 | - | $259.04 |  | $ | 158.08 |
Natural Gas: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Contracts (a) | 29 |  |  | 1,037 |  |  | Discounted cash flows |  | Natural gas forward price (per MMBtu) |  | $0.00 | - | $0.08 |  | $ | 0.03 |
Total | $ | 6,616 |  |  | $ | 1,695 |  |  |  |  |  |  |  |  |  |  |
(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.

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration