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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity Forwards and Options
The following table details the gross notional amounts of commodity options at Dec. 31:
(Amounts in Thousands) (a)(b)
 
2016
 
2015
MMBtu of natural gas
 
255

 
388


(a) 
Amounts are not reflective of net positions in the underlying commodities.
(b) 
Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise.
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Loss
Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate cash flow hedges on NSP-Wisconsin’s accumulated other comprehensive loss, included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income, is detailed in the following table:
(Thousands of Dollars)
 
2016
 
2015
 
2014
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1
 
$
(209
)
 
$
(285
)
 
$
(361
)
After-tax net realized losses on derivative transactions reclassified into earnings
 
76

 
76

 
76

Accumulated other comprehensive loss related to cash flow hedges at Dec. 31
 
$
(133
)
 
$
(209
)
 
$
(285
)
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, NSP-Wisconsin’s derivative assets and liabilities measured at fair value on a recurring basis:
 
 
Dec. 31, 2016
 
 
Fair Value
 
Fair Value
Total
 
Counterparty
Netting (a)
 
 
(Thousands of Dollars)
 
Level 1
 
Level 2
 
Level 3
 
 
 
Total (b)
Current derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas commodity
 
$
—

 
$
149

 
$
—

 
$
149

 
$
—

 
$
149

 
 
Dec. 31, 2015
 
 
Fair Value
 
Fair Value
Total
 
Counterparty
Netting (a)
 
 
(Thousands of Dollars)
 
Level 1
 
Level 2
 
Level 3
 
 
 
Total (c)
Current derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas commodity
 
$
—

 
$
15

 
$
—

 
$
15

 
$
(11
)
 
$
4

Total current derivative assets
 
$
—

 
$
15

 
$
—

 
$
15

 
$
(11
)
 
$
4

Current derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas commodity
 
$
—

 
$
194

 
$
—

 
$
194

 
$
(11
)
 
$
183

Total current derivative liabilities
 
$
—

 
$
194

 
$
—

 
$
194

 
$
(11
)
 
$
183


(a) 
NSP-Wisconsin nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2016 and 2015.  The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b) 
Included in prepayments and other current assets balance of $3.8 million at Dec. 31, 2016 in the consolidated balance sheets.
(c) 
Included in prepayments and other current assets balance of $2.4 million and other current liabilities balance of $15.1 million at Dec. 31, 2015 in the consolidated balance sheets.
Carrying Amount and Fair Value of Long-term Debt
As of Dec. 31, 2016 and 2015, other financial instruments for which the carrying amount did not equal fair value were as follows:
 
 
2016
 
2015
(Thousands of Dollars)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-term debt, including current portion (a)
 
$
663,069

 
$
730,284

 
$
662,449

 
$
742,565


(a) 
Amounts reflect the classification of debt issuance costs as a deduction from the carrying amount of the related debt. See Note 2, Accounting Pronouncements for more information on the adoption of ASU No. 2015-03.