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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity Forwards and Options
Gross notional amounts of commodity options:
(Amounts in Millions) (a)(b)
June 30, 2020Dec. 31, 2019
Million British thermal units of natural gas0.4  0.1  
(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.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Recurring Fair Value Measurements — NSP-Wisconsin's derivative assets measured at fair value on a recurring basis were as follows:
June 30, 2020
Fair ValueFair Value
Total
Netting (a)
Total (b)
(Millions of Dollars)Level 1Level 2Level 3
Current derivative assets
Natural gas commodity$—  $0.2  $—  $0.2  $—  $0.2  
Dec. 31, 2019
Fair ValueFair Value
Total
Netting (a)
Total (b)
(Millions of Dollars)Level 1Level 2Level 3
Current derivative assets
Natural gas commodity$—  $0.5  $—  $0.5  $—  $0.5  
(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 June 30, 2020 and Dec. 31, 2019. 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 $4.9 million at June 30, 2020 and $4.6 million at Dec. 31, 2019 in the consolidated balance sheets.
Carrying Amount and Fair Value of Long-term Debt
Other financial instruments for which the carrying amount did not equal fair value:
June 30, 2020Dec. 31, 2019
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$906.0  $1,124.3  $808.0  $924.3