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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair value of assets and liabilities that are measured at fair value on a recurring basis
The following table presents the fair value at June 30, 2020 of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
 
 
Level 1
 
Level 2
 
Level 3
 
Other
 
 
 
Total
Assets
 

 
 

 
 

 
 

 
 
 
 

Risk management activities — derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
$

 
$
3,165

 
$
365

 
$
(2,790
)
 
(a)
 
$
740

Nuclear decommissioning trust:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
15,985

 

 

 
(6,130
)
 
(b)
 
9,855

U.S. commingled equity funds

 

 

 
502,251

 
(c)
 
502,251

U.S. Treasury debt
143,673

 

 

 

 
 
 
143,673

Corporate debt

 
149,672

 

 

 
 
 
149,672

Mortgage-backed securities

 
99,407

 

 

 
 
 
99,407

Municipal bonds

 
106,971

 

 

 
 
 
106,971

Other fixed income

 
12,204

 

 

 
 
 
12,204

Subtotal nuclear decommissioning trust
159,658

 
368,254

 

 
496,121

 
 
 
1,024,033

 
 
 
 
 
 
 
 
 
 
 
 
Other special use funds:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
8,955

 

 

 
526

 
(b)
 
9,481

U.S. Treasury debt
229,858

 

 

 

 

 
229,858

Municipal bonds

 
13,993

 

 

 
 
 
13,993

Subtotal other special use funds
238,813

 
13,993

 

 
526

 
 
 
253,332

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
398,471

 
$
385,412

 
$
365

 
$
493,857

 
 
 
$
1,278,105

Liabilities
 

 
 

 
 

 
 

 
 
 
 

Risk management activities — derivative instruments:
 

 
 

 
 

 
 

 
 
 
 

Commodity contracts
$

 
$
(61,974
)
 
$
(10,617
)
 
$
1,605

 
(a)
 
$
(70,986
)

(a)
Represents counterparty netting, margin, and collateral. See Note 7.
(b)
Represents net pending securities sales and purchases.
(c)
Valued using NAV as a practical expedient and, therefore, are not classified in the fair value hierarchy.


The following table presents the fair value at December 31, 2019 of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):
 
 
Level 1
 
Level 2
 
Level 3
 
Other
 
 
 
Total
Assets
 

 
 

 
 

 
 

 
 
 
 

Risk management activities — derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
$

 
$
551

 
$
33

 
$
(69
)
 
(a)
 
$
515

Nuclear decommissioning trust:
 

 
 

 
 

 
 

 
 
 
 

Equity securities
10,872

 

 

 
2,401

 
(b)
 
13,273

U.S. commingled equity funds

 

 

 
518,844

 
(c)
 
518,844

U.S. Treasury debt
160,607

 

 

 

 
 
 
160,607

Corporate debt

 
115,869

 

 

 
 
 
115,869

Mortgage-backed securities

 
118,795

 

 

 
 
 
118,795

Municipal bonds

 
73,040

 

 

 
 
 
73,040

Other fixed income

 
10,347

 

 

 
 
 
10,347

Subtotal nuclear decommissioning trust
171,479

 
318,051

 

 
521,245

 
 
 
1,010,775

 
 
 
 
 
 
 
 
 
 
 
 
Other special use funds:
 
 
 
 
 
 
 
 
 
 
 
Equity securities
7,142

 

 

 
474

 
(b)
 
7,616

U.S. Treasury debt
232,848

 

 

 

 
 
 
232,848

Municipal bonds

 
4,631

 

 

 
 
 
4,631

Subtotal other special use funds
239,990

 
4,631

 

 
474

 
 
 
245,095

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
411,469

 
$
323,233

 
$
33

 
$
521,650

 
 
 
$
1,256,385

Liabilities
 

 
 

 
 

 
 

 
 
 
 

Risk management activities — derivative instruments:
 

 
 

 
 

 
 

 
 
 
 

Commodity contracts
$

 
$
(67,992
)
 
$
(3,429
)
 
$
(711
)
 
(a)
 
$
(72,132
)

(a)
Represents counterparty netting, margin, and collateral. See Note 7.
(b)
Represents net pending securities sales and purchases.
(c)
Valued using NAV as a practical expedient and, therefore, are not classified in the fair value hierarchy.