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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of 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, 2020 and December 31, 2019 (dollars in thousands):
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | Carrying Value |  |  | Estimated Fair Value |  |  | Carrying Value |  |  | Estimated Fair Value |
Long-term debt (Level 2) |  | $ | 963,500 |  |  | $ | 1,177,454 |  |  | $ | 963,500 |  |  | $ | 1,124,649 |
Long-term debt (Level 3) |  |  | 1,112,000 |  |  |  | 1,265,095 |  |  |  | 947,000 |  |  |  | 1,048,440 |
Snettisham finance lease obligation (Level 3) |  |  | 52,450 |  |  |  | 60,500 |  |  |  | 54,550 |  |  |  | 58,000 |
Long-term debt to affiliated trusts (Level 3) |  |  | 51,547 |  |  |  | 41,238 |  |  |  | 51,547 |  |  |  | 41,238 |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 at fair value on a recurring basis (dollars in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Counterparty and Cash Collateral Netting (1) |  |  | Total |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives |  | $ | — |  |  | $ | 35,662 |  |  | $ | — |  |  | $ | (31,923 | ) |  | $ | 3,739 |
Foreign currency exchange derivatives |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | (7 | ) |  |  | — |
Deferred compensation assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities (2) |  |  | 2,498 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,498 |
Equity securities (2) |  |  | 5,824 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,824 |
Total |  | $ | 8,322 |  |  | $ | 35,669 |  |  | $ | — |  |  | $ | (31,930 | ) |  | $ | 12,061 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives |  | $ | — |  |  | $ | 27,024 |  |  | $ | — |  |  | $ | (26,300 | ) |  | $ | 724 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas exchange agreement |  |  | — |  |  |  | — |  |  |  | 3,674 |  |  |  | — |  |  |  | 3,674 |
Foreign currency exchange derivatives |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | (7 | ) |  |  | 45 |
Interest rate swap derivatives |  |  | — |  |  |  | 66,598 |  |  |  | — |  |  |  | (10,100 | ) |  |  | 56,498 |
Total |  | $ | — |  |  | $ | 93,674 |  |  | $ | 3,674 |  |  | $ | (36,407 | ) |  | $ | 60,941 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives |  | $ | — |  |  | $ | 41,546 |  |  | $ | — |  |  | $ | (40,452 | ) |  | $ | 1,094 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas exchange agreement |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | (27 | ) |  |  | — |
Foreign currency exchange derivatives |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | — |  |  |  | 97 |
Interest rate swap derivatives |  |  | — |  |  |  | 1,552 |  |  |  | — |  |  |  | (963 | ) |  |  | 589 |
Deferred compensation assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities (2) |  |  | 2,232 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,232 |
Equity securities (2) |  |  | 6,271 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,271 |
Total |  | $ | 8,503 |  |  | $ | 43,195 |  |  | $ | 27 |  |  | $ | (41,442 | ) |  | $ | 10,283 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives |  | $ | — |  |  | $ | 45,144 |  |  | $ | — |  |  | $ | (43,830 | ) |  | $ | 1,314 |
Level 3 energy commodity derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas exchange agreement |  |  | — |  |  |  | — |  |  |  | 3,003 |  |  |  | (27 | ) |  |  | 2,976 |
Interest rate swap derivatives |  |  | — |  |  |  | 34,056 |  |  |  | — |  |  |  | (7,733 | ) |  |  | 26,323 |
Total |  | $ | — |  |  | $ | 79,200 |  |  | $ | 3,003 |  |  | $ | (51,590 | ) |  | $ | 30,613 |
(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.
Schedule of Quantitative Information | 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, 2020 (dollars in thousands):
|  | Fair Value (Net) at |  |  | Valuation |  | Unobservable |  | Range and Weighted
|  | September 30, 2020 |  |  | Technique |  | Input |  | Average Price
Natural gas exchange agreement |  | $ | (3,674 | ) |  | Internally derived weighted average cost of gas |  | Forward sales prices |  | $2.51 - $4.77/mmBTU $3.97 Weighted Average
|  |  |  |  |  |  |  | Sales volumes |  | 140,000 - 310,000 mmBTUs
Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value Using Significant Unobservable Inputs (Level 3) | The following table presents activity for energy commodity derivative assets (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30 (dollars in thousands):
|  | Natural Gas Exchange Agreement |  |  | Power Exchange Agreement |  |  | Total |
Three months ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of July 1, 2020 |  | $ | (2,628 | ) |  | $ | — |  |  | $ | (2,628 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities (1) |  |  | (1,046 | ) |  |  | — |  |  |  | (1,046 | )
Settlements |  |  | — |  |  |  | — |  |  |  | — |
Ending balance as of September 30, 2020 (2) |  | $ | (3,674 | ) |  | $ | — |  |  | $ | (3,674 | )
Three months ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of July 1, 2019 |  | $ | (2,992 | ) |  | $ | — |  |  | $ | (2,992 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities (1) |  |  | (133 | ) |  |  | — |  |  |  | (133 | )
Settlements |  |  | (9 | ) |  |  | — |  |  |  | (9 | )
Ending balance as of September 30, 2019 (2) |  | $ | (3,134 | ) |  | $ | — |  |  | $ | (3,134 | )
Nine months ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2020 |  | $ | (2,976 | ) |  | $ | — |  |  | $ | (2,976 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities (1) |  |  | (952 | ) |  |  | — |  |  |  | (952 | )
Settlements |  |  | 254 |  |  |  | — |  |  |  | 254 |
Ending balance as of September 30, 2020 (2) |  | $ | (3,674 | ) |  | $ | — |  |  | $ | (3,674 | )
Nine months ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2019 |  | $ | (2,774 | ) |  | $ | (2,488 | ) |  | $ | (5,262 | )
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities (1) |  |  | 8,015 |  |  | 436 |  |  |  | 8,451 |
Settlements |  |  | (8,375 | ) |  |  | 2,052 |  |  |  | (6,323 | )
Ending balance as of September 30, 2019 (2) |  | $ | (3,134 | ) |  | $ | — |  |  | $ | (3,134 | )
(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.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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