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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value Hierarchy, Measured on Recurring Basis

The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.


	As of December 31, 2022
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
	(in thousands)
Assets:
Commodity derivatives - Gas Utilities	$	—		5,407	$	—		(4,290	)	$	1,117
Total	$	—	$	5,407	$	—	$	(4,290	)	$	1,117

Liabilities:
Commodity derivatives - Gas Utilities	$	—		11,455	$	—		(4,837	)	$	6,618
Total	$	—	$	11,455	$	—	$	(4,837	)	$	6,618

(a)

As of December 31, 2022, $4.3 million of our commodity derivative gross assets and $4.8 million of our commodity derivative gross liabilities, as well as related gross collateral amounts, were subject to master netting agreements.


	As of December 31, 2021
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
Assets:
Commodity derivatives - Gas Utilities	$	—		7,569	$	—	$	(2,374	)	$	5,195
Total	$	—	$	7,569	$	—	$	(2,374	)	$	5,195

Liabilities:
Commodity derivatives - Gas Utilities	$	—	$	3,273	$	—	$	(1,814	)	$	1,459
Total	$	—	$	3,273	$	—	$	(1,814	)	$	1,459

(a)

As of December 31, 2021, $2.4 million of our commodity derivative assets and $1.8 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements.

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Consolidated Balance Sheets at December 31 (in thousands):


	2022				2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current maturities (a)	$	4,132,340	$	3,760,848	$	4,126,923	$	4,570,619

(a)

Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs.