DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

Derivative assets and liabilities not shown separately on our balance sheets are included in the other current and other long-term line items. The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below are designated as hedging instruments.

	December 31, 2022				December 31, 2021
(in millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Current
Natural gas contracts	$	1.7	$	16.3	$	9.2	$	1.5
FTRs	4.1		—		1.4		—
Coal contracts	1.4		—		11.6		—
Total current	7.2		16.3		22.2		1.5
Long-term
Natural gas contracts	—		0.6		0.3		0.1
Coal contracts	0.4		—		3.7		—
Total long-term	0.4		0.6		4.0		0.1
Total	$	7.6	$	16.9	$	26.2	$	1.6

Realized gains and losses on derivatives are primarily recorded in cost of sales upon settlement; however, they may be subsequently deferred for future rate recovery or refund as the gains and losses are included in our fuel and natural gas cost recovery mechanisms. Our estimated notional sales volumes and realized gains and losses were as follows for the years ended:

	December 31, 2022			December 31, 2021			December 31, 2020
(in millions)	Volumes	Gains		Volumes	Gains		Volumes	Gains (Losses)
Natural gas contracts	33.4 Dth	$	43.1	37.5 Dth	$	21.8	38.1 Dth	$	(8.7)
FTRs	7.8 MWh	2.5		7.0 MWh	8.7		8.3 MWh	1.4
Total		$	45.6		$	30.5		$	(7.3)

At December 31, 2022 and 2021, we had posted cash collateral of $26.6 million and $6.3 million, respectively.

The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets:

	December 31, 2022					December 31, 2021
(in millions)	Derivative Assets		Derivative Liabilities			Derivative Assets		Derivative Liabilities
Gross amount recognized on the balance sheet	$	7.6	$	16.9		$	26.2	$	1.6
Gross amount not offset on the balance sheet	(1.4)		(14.8)		(1)	(1.4)		(1.4)
Net amount	$	6.2	$	2.1		$	24.8	$	0.2

(1)    Includes cash collateral posted of $13.4 million.