DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Derivative Instruments [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months ended March 31, 2022 and 2021 (in thousands).

		Gain/(Loss) on Derivatives Recognized in Income(1)
	Location of Realized Gain/(Loss) on Derivatives Recognized in Income	Three months ended March 31,
		2022		2021
Financial swaps	Operating revenues	$	582	$	—
Financial swaps	Purchased power	116		249
Financial swaps	Fuel expense	1,460		733
Forward contracts	Operating revenues	179		47
Forward contracts	Purchased power	(179)		(47)
Forward contracts	Fuel expense	(54)		(1)

(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at March 31, 2022, and December 31, 2021 (in thousands).

		Asset Derivatives							Liability Derivatives
	Balance Sheet Location	Gross Fair Value		Amounts Offset			Net Assets		Gross Fair Value		Amounts Offset		Net Liabilities
March 31, 2022
Current:
Financial swaps	Other current assets	$	28,113	$	(11,528)	(1)	$	16,585	$	1,489	$	(1,489)	$	—
Forward contracts	Other current liabilities	—		—			—		1,924		—		1,924
Long-term:
Financial swaps	Other assets	3,616		(505)		(1)	3,111		345		(345)		—
Forward contracts	Other liabilities	—		—			—		3,674		—		3,674
Total		$	31,729	$	(12,033)		$	19,696	$	7,432	$	(1,834)	$	5,598
December 31, 2021
Current:
Financial swaps	Other current assets	$	10,599	$	(4,893)	(2)	$	5,706	$	2,910	$	(2,910)	$	—
Financial swaps	Other current liabilities	—		—			—		20		—		20
Forward contracts	Other current assets	6		(4)			2		4		(4)		—
Forward contracts	Other current liabilities	—		—			—		1,970		—		1,970
Long-term:
Financial swaps	Other assets	899		(9)			890		9		(9)		—
Financial swaps	Other liabilities	—		—			—		14		—		14
Forward contracts	Other liabilities	—		—			—		3,743		—		3,743
Total		$	11,504	$	(4,906)		$	6,598	$	8,670	$	(2,923)	$	5,747

(1) Current and noncurrent asset derivative amounts offset include $10.0 million and $0.2 million of collateral payable, respectively, at March 31, 2022.

(2) Current asset derivative amounts offset includes $2.0 million of collateral payable at December 31, 2021.

Schedule of Derivative Instruments

The table below presents the volume of derivative commodity forward contracts and swaps outstanding at March 31, 2022 and 2021 (in thousands of units).

		March 31,
Commodity	Units	2022	2021
Electricity purchases	MWh	538	155
Electricity sales	MWh	128	—
Natural gas purchases	MMBtu	16,635	10,106
Natural gas sales	MMBtu	—	78