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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
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 of cash collateral and contractual netting rights as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.

 

 

As of September 30, 2023

 

 

Level 1

 

Level 2

 

Level 3

 

Cash Collateral and Counterparty Netting (a)

 

Total

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

Commodity derivatives - Gas Utilities

$

-

 

$

5,183

 

$

-

 

$

(5,057

)

$

126

 

Total

$

-

 

$

5,183

 

$

-

 

$

(5,057

)

$

126

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

Commodity derivatives - Gas Utilities

$

-

 

$

4,809

 

$

-

 

$

(2,598

)

$

2,211

 

Total

$

-

 

$

4,809

 

$

-

 

$

(2,598

)

$

2,211

 

 

(a)
As of September 30, 2023, $5.1 million of our commodity derivative assets and $2.6 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements.

 

 

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 assets and $4.8 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 (in thousands) as of:

 

 

September 30, 2023

 

December 31, 2022

 

 

Carrying Amount

 

Fair Value

 

Carrying Amount

 

Fair Value

 

Long-term debt, including current maturities (a)

$

4,924,510

 

$

4,481,989

 

$

4,132,340

 

$

3,760,848

 

 

(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.