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DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 3 (Tables) | 12 Months Ended
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Dec. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2023, 2022, and 2021 (in thousands of dollars):
|  | Location of Realized Gain/(Loss) on Derivatives Recognized in Income |  | Gain/(Loss) on Derivatives Recognized in Income(1)
|  |  | 2023 |  | 2022 |  | 2021
Financial swaps |  | Operating revenues |  | $ | 4,216 |  |  | $ | (6,249) |  |  | $ | 1,046 |
Financial swaps |  | Purchased power |  | (8,542) |  |  | 2,373 |  |  | 1,959 |
Financial swaps |  | Fuel expense |  | (16,209) |  |  | 68,489 |  |  | 12,180 |
Forward contracts |  | Operating revenues |  | 2,280 |  |  | 1,090 |  |  | 1,966 |
Forward contracts |  | Purchased power |  | (4,035) |  |  | (2,994) |  |  | (1,099) |
Forward contracts |  | Fuel expense |  | (866) |  |  | (136) |  |  | (194) |
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2023 and 2022 (in thousands of dollars):
|  |  |  | Asset Derivatives |  | Liability Derivatives
|  | Balance Sheet Location |  | Gross Fair Value |  | Amounts Offset |  | Net Assets |  | Gross Fair Value |  | Amounts Offset |  | Net Liabilities
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial swaps |  | Other current assets |  | $ | 241 |  |  | $ | (169) |  |  | $ | 72 |  |  | $ | 169 |  |  | $ | (169) |  |  | $ | — |
Financial swaps |  | Other current liabilities |  | 1,476 |  |  | (1,476) |  |  | — |  |  | 41,977 |  |  | (38,045) |  | (1) | 3,932 |
Forward contracts |  | Other current liabilities |  | — |  |  | — |  |  | — |  |  | 2,000 |  |  | — |  |  | 2,000 |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial swaps |  | Other assets |  | 106 |  |  | (89) |  |  | 17 |  |  | 89 |  |  | (89) |  |  | — |
Financial swaps |  | Other liabilities |  | 376 |  |  | (376) |  |  | — |  |  | 2,123 |  |  | (2,123) |  | (2) | — |
Total |  |  |  | $ | 2,199 |  |  | $ | (2,110) |  |  | $ | 89 |  |  | $ | 46,358 |  |  | $ | (40,426) |  |  | $ | 5,932 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial swaps |  | Other current assets |  | $ | 72,548 |  |  | $ | (32,609) |  | (3) | $ | 39,939 |  |  | $ | 13,982 |  |  | $ | (13,982) |  |  | $ | — |
Financial swaps |  | Other current liabilities |  | 132 |  |  | (132) |  |  | — |  |  | 1,577 |  |  | (132) |  |  | 1,445 |
Forward contracts |  | Other current assets |  | 400 |  |  | — |  |  | 400 |  |  | — |  |  | — |  |  | — |
Forward contracts |  | Other current liabilities |  | — |  |  | — |  |  | — |  |  | 2,071 |  |  | — |  |  | 2,071 |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial swaps |  | Other assets |  | 622 |  |  | (43) |  |  | 579 |  |  | 43 |  |  | (43) |  |  | — |
Financial swaps |  | Other liabilities |  | 644 |  |  | (644) |  |  | — |  |  | 2,136 |  |  | (644) |  |  | 1,492 |
Forward contracts |  | Other liabilities |  | — |  |  | — |  |  | — |  |  | 1,780 |  |  | — |  |  | 1,780 |
Total |  |  |  | $ | 74,346 |  |  | $ | (33,428) |  |  | $ | 40,918 |  |  | $ | 21,589 |  |  | $ | (14,801) |  |  | $ | 6,788 |
(1) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023. (2) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023. (3) Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022.
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2023 and 2022 (in thousands of units):
|  |  |  | December 31,
Commodity |  | Units |  | 2023 |  | 2022
Electricity purchases |  | MWh |  | 440 |  |  | 898 |
Electricity sales |  | MWh |  | 57 |  |  | 32 |
Natural gas purchases |  | MMBtu |  | 24,593 |  |  | 26,773 |
Natural gas sales |  | MMBtu |  | — |  |  | 310 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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