FAIR VALUE MEASUREMENTS (Tables)

The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:



	June 30, 2019
(in millions)	Level 1		Level 2		Level 3		Total
Derivative assets
Natural gas contracts	$	0.3	$	—	$	—	$	0.3
FTRs	—		—		5.8		5.8
Coal contracts	—		0.1		—		0.1
Total derivative assets	$	0.3	$	0.1	$	5.8	$	6.2

Derivative liabilities
Natural gas contracts	$	7.9	$	—	$	—	$	7.9
Coal contracts	—		0.1		—		0.1
Total derivative liabilities	$	7.9	$	0.1	$	—	$	8.0



	December 31, 2018
(in millions)	Level 1		Level 2		Level 3		Total
Derivative assets
Natural gas contracts	$	0.7	$	—	$	—	$	0.7
FTRs	—		—		4.4		4.4
Total derivative assets	$	0.7	$	—	$	4.4	$	5.1

Derivative liabilities
Natural gas contracts	$	1.2	$	—	$	—	$	1.2
Coal contracts	—		0.1		—		0.1
Total derivative liabilities	$	1.2	$	0.1	$	—	$	1.3

The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:



	Three Months Ended June 30						Six Months Ended June 30
(in millions)	2019			2018			2019			2018
Balance at the beginning of the period	$	2.0		$	0.8		$	4.4		$	2.4
Purchases	6.8			9.4			6.8			9.4
Settlements	(3.0		)	(1.5		)	(5.4		)	(3.1		)
Balance at the end of the period	$	5.8		$	8.7		$	5.8		$	8.7

The following table shows the financial instruments included on our balance sheets that were not recorded at fair value:



	June 30, 2019				December 31, 2018
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Preferred stock	$	30.4	$	28.2	$	30.4	$	28.3
Long-term debt, including current portion	2,710.4		3,068.9		2,709.6		2,881.6