XML 63 R37.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Fair Value (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of September 30, 2018 (dollars in thousands):
|  | Fair Value (Net) at |  |  |  |  |  |
|  | September 30, 2018 |  | Valuation Technique |  | Unobservable Input |  | Range
Power exchange agreement |  | $ | (5,909 | ) |  | Surrogate facility pricing |  | O&M charges |  | $40.05-$52.59/MWh (1)
|  |  |  | Transaction volumes |  | 292,145 MWhs
Natural gas exchange agreement |  | $ | (3,004 | ) |  | Internally derived weighted average cost of gas |  | Forward purchase prices |  | $1.40 - $1.83/mmBTU
|  |  |  | Forward sales prices |  | $1.46 - $3.21/mmBTU
|  |  |  | Purchase volumes |  | 125,000 - 310,000 mmBTUs
|  |  |  | Sales volumes |  | 60,000 - 310,000 mmBTUs
Carrying Value and Estimated Fair Value of Financial Instruments | The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 (dollars in thousands):
| September 30, 2018 |  | December 31, 2017
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Long-term debt (Level 2) | $ | 1,053,500 |  |  | $ | 1,116,014 |  |  | $ | 951,000 |  |  | $ | 1,067,783 |
Long-term debt (Level 3) | 767,000 |  |  | 759,374 |  |  | 767,000 |  |  | 810,598 |
Snettisham capital lease obligation (Level 3) | 57,844 |  |  | 56,200 |  |  | 59,745 |  |  | 61,700 |
Long-term debt to affiliated trusts (Level 3) | 51,547 |  |  | 39,176 |  |  | 51,547 |  |  | 41,882 |
Fair Value of Assets And Liabilities Measured on Recurring Basis |
| Level 1 |  | Level 2 |  | Level 3 |  | Counterparty and Cash Collateral Netting (1) |  | Total
September 30, 2018 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Energy commodity derivatives | $ | — |  |  | $ | 37,735 |  |  | $ | — |  |  | $ | (36,851 | ) |  | $ | 884 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |
Natural gas exchange agreement | — |  |  | — |  |  | 22 |  |  | (22 | ) |  | — |
Foreign currency exchange derivatives | — |  |  | 26 |  |  | — |  |  | — |  |  | 26 |
Interest rate swap derivatives | — |  |  | 18,158 |  |  | — |  |  | (129 | ) |  | 18,029 |
Deferred compensation assets: |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |
Fixed income securities (2) | 1,819 |  |  | — |  |  | — |  |  | — |  |  | 1,819 |
Equity securities (2) | 6,712 |  |  | — |  |  | — |  |  | — |  |  | 6,712 |
Total | $ | 8,531 |  |  | $ | 55,919 |  |  | $ | 22 |  |  | $ | (37,002 | ) |  | $ | 27,470 |
| Level 1 |  | Level 2 |  | Level 3 |  | Counterparty and Cash Collateral Netting (1) |  | Total
Liabilities: |  |  |  |  |  |  |  |  |
Energy commodity derivatives | $ | — |  |  | $ | 57,615 |  |  | $ | — |  |  | $ | (56,200 | ) |  | $ | 1,415 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |
Natural gas exchange agreement | — |  |  | — |  |  | 3,026 |  |  | (22 | ) |  | 3,004 |
Power exchange agreement | — |  |  | — |  |  | 5,909 |  |  | — |  |  | 5,909 |
Interest rate swap derivatives | — |  |  | 4,577 |  |  | — |  |  | (129 | ) |  | 4,448 |
Total | $ | — |  |  | $ | 62,192 |  |  | $ | 8,935 |  |  | $ | (56,351 | ) |  | $ | 14,776 |
December 31, 2017 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Energy commodity derivatives | $ | — |  |  | $ | 43,814 |  |  | $ | — |  |  | $ | (42,550 | ) |  | $ | 1,264 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |
Natural gas exchange agreement | — |  |  | — |  |  | 183 |  |  | (183 | ) |  | — |
Foreign currency exchange derivatives | — |  |  | 32 |  |  | — |  |  | (1 | ) |  | 31 |
Interest rate swap derivatives | — |  |  | 7,477 |  |  | — |  |  | (2,574 | ) |  | 4,903 |
Deferred compensation assets: |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |
Fixed income securities (2) | 1,638 |  |  | — |  |  | — |  |  | — |  |  | 1,638 |
Equity securities (2) | 6,631 |  |  | — |  |  | — |  |  | — |  |  | 6,631 |
Total | $ | 8,269 |  |  | $ | 51,323 |  |  | $ | 183 |  |  | $ | (45,308 | ) |  | $ | 14,467 |
Liabilities: |  |  |  |  |  |  |  |  |
Energy commodity derivatives | $ | — |  |  | $ | 71,342 |  |  | $ | — |  |  | $ | (69,988 | ) |  | $ | 1,354 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |
Natural gas exchange agreement | — |  |  | — |  |  | 3,347 |  |  | (183 | ) |  | 3,164 |
Power exchange agreement | — |  |  | — |  |  | 13,245 |  |  | — |  |  | 13,245 |
Power option agreement | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Foreign currency exchange derivatives | — |  |  | 1 |  |  | — |  |  | (1 | ) |  | — |
Interest rate swap derivatives | — |  |  | 73,513 |  |  | — |  |  | (37,544 | ) |  | 35,969 |
Total | $ | — |  |  | $ | 144,856 |  |  | $ | 16,611 |  |  | $ | (107,716 | ) |  | $ | 53,751 |
(1) | The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties.
(2) | These assets are included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets.
Reconciliation for All Assets Measured At Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) |
| Natural Gas Exchange Agreement |  | Power Exchange Agreement |  | Total
Three months ended September 30, 2018: |  |  |  |  |
Balance as of July 1, 2018 | $ | (3,480 | ) |  | $ | (6,345 | ) |  | $ | (9,825 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |
Included in regulatory assets/liabilities (1) | 476 |  |  | 436 |  |  | 912 |
Settlements | — |  |  | — |  |  | — |
Ending balance as of September 30, 2018 (2) | $ | (3,004 | ) |  | $ | (5,909 | ) |  | $ | (8,913 | )
Three months ended September 30, 2017: |  |  |  |  |
Balance as of July 1, 2017 | $ | (4,173 | ) |  | $ | (13,784 | ) |  | $ | (17,957 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |
Included in regulatory assets/liabilities (1) | 617 |  |  | (2,870 | ) |  | (2,253 | )
Settlements | (43 | ) |  | — |  |  | (43 | )
Ending balance as of September 30, 2017 (2) | $ | (3,599 | ) |  | $ | (16,654 | ) |  | $ | (20,253 | )
Nine months ended September 30, 2018: |  |  |  |  |
Balance as of January 1, 2018 | $ | (3,164 | ) |  | $ | (13,245 | ) |  | $ | (16,409 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |
Included in regulatory assets/liabilities (1) | (89 | ) |  | 1,156 |  |  | 1,067 |
Settlements | 249 |  |  | 6,180 |  |  | 6,429 |
Ending balance as of September 30, 2018 (2) | $ | (3,004 | ) |  | $ | (5,909 | ) |  | $ | (8,913 | )
Nine months ended September 30, 2017: |  |  |  |  |
Balance as of January 1, 2017 | $ | (5,885 | ) |  | $ | (13,449 | ) |  | $ | (19,334 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |
Included in regulatory assets/liabilities (1) | 2,434 |  |  | (8,035 | ) |  | (5,601 | )
Settlements | (148 | ) |  | 4,830 |  |  | 4,682 |
Ending balance as of September 30, 2017 (2) | $ | (3,599 | ) |  | $ | (16,654 | ) |  | $ | (20,253 | )
(1) | All gains and losses are included in other regulatory assets and liabilities. There were no gains and losses included in either net income or other comprehensive income during any of the periods presented in the table above.
(2) | There were no purchases, issuances or transfers from other categories of any derivatives instruments during the periods presented in the table above.

X
- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + 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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75026489&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FairValueInputsLiabilitiesQuantitativeInformationLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
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/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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration