Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair value of assets and liabilities that are measured at fair value on a recurring basis

The following table presents the fair value at September 30, 2022, 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	$	—	$	251,715	$	11,038	$	(11,095)	(a)	$	251,658
Nuclear decommissioning trust:
Equity securities	2,849		—		—		5,249		(b)	8,098
U.S. commingled equity funds	—		—		—		438,122		(c)	438,122
U.S. Treasury debt	199,314		—		—		—			199,314
Corporate debt	—		164,700		—		—			164,700
Mortgage-backed securities	—		142,214		—		—			142,214
Municipal bonds	—		64,457		—		—			64,457
Other fixed income	—		9,008		—		—			9,008
Subtotal nuclear decommissioning trust	202,163		380,379		—		443,371			1,025,913
Other special use funds:
Equity securities	38,569		—		—		1,123		(b)	39,692
U.S. Treasury debt	315,643		—		—		—			315,643
Municipal bonds	—		4,059		—		—			4,059
Subtotal other special use funds	354,212		4,059		—		1,123			359,394
Total assets	$	556,375	$	636,153	$	11,038	$	433,399		$	1,636,965
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	(2,933)	$	(630)	$	(4,298)	(a)	$	(7,861)

(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, 2021, 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	$	—	$	115,079	$	—	$	(4,690)	(a)	$	110,389
Nuclear decommissioning trust:
Equity securities	45,264		—		—		(27,782)		(b)	17,482
U.S. commingled equity funds	—		—		—		595,048		(c)	595,048
U.S. Treasury debt	240,745		—		—		—			240,745
Corporate debt	—		203,454		—		—			203,454
Mortgage-backed securities	—		155,574		—		—			155,574
Municipal bonds	—		72,189		—		—			72,189
Other fixed income	—		10,265		—		—			10,265
Subtotal nuclear decommissioning trust	286,009		441,482		—		567,266			1,294,757
Other special use funds:
Equity securities	47,570		—		—		936		(b)	48,506
U.S. Treasury debt	298,170		—		—		—			298,170
Municipal bonds	—		11,734		—		—			11,734
Subtotal other special use funds	345,740		11,734		—		936			358,410
Total assets	$	631,749	$	568,295	$	—	$	563,512		$	1,763,556
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	(4,740)	$	(2,738)	$	3,105	(a)	$	(4,373)

(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.