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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity Forwards and Options
The following table details the gross notional amounts of commodity forwards and options at June 30, 2013 and Dec. 31, 2012:

(Amounts in Thousands) (a)(b)
 
June 30, 2013
 
Dec. 31, 2012
Million British thermal units (MMBtu) of natural gas
 
377

 
53


(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 as a component of common stockholder’s equity and in the consolidated statement of comprehensive income, is detailed in the following table: 
 
 
Three Months Ended June 30
(Thousands of Dollars)
 
2013
 
2012
Accumulated other comprehensive loss related to cash flow hedges at April 1
 
$
(418
)
 
$
(495
)
After-tax net realized losses on derivative transactions reclassified into earnings
 
18

 
19

Accumulated other comprehensive loss related to cash flow hedges at June 30
 
$
(400
)
 
$
(476
)

 
 
Six Months Ended June 30
(Thousands of Dollars)
 
2013
 
2012
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1
 
$
(437
)
 
$
(514
)
After-tax net realized losses on derivative transactions reclassified into earnings
 
37

 
38

Accumulated other comprehensive loss related to cash flow hedges at June 30
 
$
(400
)
 
$
(476
)
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 measured at fair value on a recurring basis at June 30, 2013 and Dec. 31, 2012:
 
 
June 30, 2013
 
 
Fair Value
 
 
 
 
 
 
(Thousands of Dollars)
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
Total
 
Counterparty
Netting (a)
 
Total (b)
Current derivative assets
 
 

 
 

 
 

 
 

 
 

 
 

Natural gas commodity
 
$
—

 
$
191

 
$
—

 
$
191

 
$
—

 
$
191


 
 
Dec. 31, 2012
 
 
Fair Value
 
 
 
 
 
 
(Thousands of Dollars)
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
Total
 
Counterparty
Netting (a)
 
Total (c)
Current derivative liabilities
 
 

 
 

 
 

 
 

 
 

 
 

Natural gas commodity
 
$
—

 
$
11

 
$
—

 
$
11

 
$
—

 
$
11

 

(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, 2013 and Dec. 31, 2012.  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 other current assets balance of $2.3 million at June 30, 2013 in the consolidated balance sheets.
(c) 
Included in other current liabilities balance of $11.8 million at Dec. 31, 2012 in the consolidated balance sheets.
Carrying Amount and Fair Value of Long-term Debt
As of June 30, 2013 and Dec. 31, 2012, other financial instruments for which the carrying amount did not equal fair value were as follows:
 
 
June 30, 2013
 
Dec. 31, 2012
(Thousands of Dollars)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-term debt, including current portion
 
$
468,597

 
$
531,979

 
$
468,563

 
$
576,353