The following table summarizes the fair value of the derivative instruments on the consolidated balance sheets. All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral.


	Derivative		Derivative
(In thousands)	Assets		Liabilities		Balance Sheet Location
September 30, 2023
Commodity derivative contracts(a)	$	837	$	3,424	Other current liabilities
Commodity derivative contracts(a)		115		413	Other deferred liabilities and other
FTRs		337		—	Other current assets

December 31, 2022
Commodity derivative contracts(a)	$	2,164	$	7,687	Other current liabilities
Commodity derivative contracts(a)		802		476	Other deferred liabilities and other
FTRs		103		—	Other current assets

(a)

As of September 30, 2023, and December 31, 2022, collateral of $2.9 million and $5.2 million, respectively, was posted against and netted with derivative liability positions on the consolidated balance sheets. The fair value of the derivative liability disclosed in this table has not been reduced for the collateral posted.

Offsetting Assets

The following tables show the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets.

Offsetting of Derivative Assets


(In thousands)	Gross Amounts		Gross Amounts Offset in Balance Sheets			Collateral Posted Against Derivative Positions		Net Amount Presented in Balance Sheets
September 30, 2023
Commodity derivative contracts	$	952	$	(952	)	$	—	$	—
FTRs		337		—			—		337

December 31, 2022
Commodity derivative contracts	$	2,966	$	(2,966	)	$	—	$	—
FTRs		103		—			—		103

Offsetting Liabilities

Offsetting of Derivative Liabilities


(In thousands)	Gross Amounts		Gross Amounts Offset in Balance Sheets			Collateral Posted Against Derivative Positions			Net Amount Presented in Balance Sheets
September 30, 2023
Commodity derivative contracts	$	3,837	$	(952	)	$	(2,885	)	$	—

December 31, 2022
Commodity derivative contracts	$	8,163	$	(2,966	)	$	(5,197	)	$	—

Derivative Gains and Losses in Balance Sheet

The following tables summarize the unrealized and realized gains/losses related to the derivative instruments on the consolidated balance sheets and the consolidated statements of income.


	2023						2022
(In thousands)	Current and Long-Term Regulatory Asset (Liability)			Other Current Assets			Current and Long-Term Regulatory Asset (Liability)			Other Current Assets
Three Months Ended September 30:
Balance as of July 1,	$	5,017		$	1,074		$	(8,484	)	$	(161	)
Unrealized loss (gain)		1,100			—			(4,385	)		—
Realized (loss) gain reclassified to a deferred account		(1,676	)		1,676			1,122			(1,122	)
Realized (loss) gain reclassified to income statement		(1,893	)		(2,155	)		6,534			1,916
Balance as of September 30,	$	2,548		$	595		$	(5,213	)	$	633

Nine Months Ended September 30:
Balance as of January 1,	$	5,094		$	2,747		$	(617	)	$	770
Unrealized loss (gain)		15,495			—			(21,706	)		—
Realized (loss) gain reclassified to a deferred account		(10,581	)		10,581			3,952			(3,952	)
Realized (loss) gain reclassified to income statement		(7,460	)		(12,733	)		13,158			3,815
Balance as of September 30,	$	2,548		$	595		$	(5,213	)	$	633

Derivative Gains and Losses in Income Statement


	Realized Losses (Gains)
	2023					2022
(In thousands)	Fuel for Electric Generation/ Purchased Power			Cost of Gas Sold		Fuel for Electric Generation/ Purchased Power			Cost of Gas Sold
Three Months Ended September 30:
Commodity derivative contracts	$	4,179		$	—	$	(8,698	)	$	36
FTRs		(131	)		—		212			—

Nine Months Ended September 30:
Commodity derivative contracts	$	14,566		$	6,451	$	(14,343	)	$	(800	)
FTRs		(824	)		—		812			—
PPA		—			—		(2,642	)		—