XML 28 R20.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Other Comprehensive Income
 6 Months Ended
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income
(9)
Other Comprehensive Income

 

We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized.

 

The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Consolidated Statements of Income for the period, net of tax (in millions):

 

 

 

Amount Reclassified from AOCI

 

Amount Reclassified from AOCI

 

 

Location on the Consolidated Statements of Income

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2024

 

2023

 

2024

 

2023

 

Gains and (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

Interest rate swaps

Interest expense

$

(0.7

)

$

(0.7

)

$

(1.4

)

$

(1.4

)

Commodity contracts

Fuel, purchased power and cost of natural gas sold

 

(0.6

)

 

(0.5

)

 

(3.2

)

 

(2.5

)

 

$

(1.3

)

$

(1.2

)

$

(4.6

)

$

(3.9

)

Income tax

Income tax expense

 

0.3

 

 

0.3

 

 

1.0

 

 

0.9

 

Total reclassification adjustments related to cash flow hedges, net of tax

 

$

(1.0

)

$

(0.9

)

$

(3.6

)

$

(3.0

)

 

 

 

 

 

 

 

 

 

Amortization of components of defined benefit plans:

 

 

 

 

 

 

 

 

 

Actuarial (loss)

Operations and maintenance

 

-

 

 

-

 

 

(0.1

)

 

-

 

 

$

-

 

$

-

 

$

(0.1

)

$

-

 

Total reclassification adjustments related to defined benefit plans, net of tax

 

$

-

 

$

-

 

$

(0.1

)

$

-

 

Total reclassifications

 

$

(1.0

)

$

(0.9

)

$

(3.7

)

$

(3.0

)

 

 

Balances by classification included within AOCI, net of tax on the accompanying Consolidated Balance Sheets were as follows (in millions):

 

 

Derivatives Designated as Cash Flow Hedges

 

 

 

 

 

 

Interest Rate Swaps

 

Commodity Derivatives

 

Employee Benefit Plans

 

Total

 

As of December 31, 2023

$

(6.1

)

$

(2.5

)

$

(6.2

)

$

(14.8

)

Other comprehensive income (loss) before reclassifications

 

-

 

 

(0.2

)

 

-

 

 

(0.2

)

Amounts reclassified from AOCI

 

1.1

 

 

2.5

 

 

0.1

 

 

3.7

 

As of June 30, 2024

$

(5.0

)

$

(0.2

)

$

(6.1

)

$

(11.3

)

 

 

Derivatives Designated as Cash Flow Hedges

 

 

 

 

 

 

Interest Rate Swaps

 

Commodity Derivatives

 

Employee Benefit Plans

 

Total

 

As of December 31, 2022

$

(8.3

)

$

(1.2

)

$

(6.1

)

$

(15.6

)

Other comprehensive income (loss) before reclassifications

 

-

 

 

(0.7

)

 

-

 

 

(0.7

)

Amounts reclassified from AOCI

 

1.1

 

 

1.9

 

 

-

 

 

3.0

 

As of June 30, 2023

$

(7.2

)

$

-

 

$

(6.1

)

$

(13.3

)