XML 77 R50.htm IDEA: XBRL DOCUMENT v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022, of our assets and liabilities that are measured at fair value on a recurring basis (dollars in thousands):

Level 1Level 2Level 3OtherTotal
ASSETS
Risk management activities — derivative instruments:
Commodity contracts$— $127,129 $26,132 $(21,163)(a)$132,098 
Interest rate swaps— 131 — — 131 
Subtotal risk management activities - derivative instruments— 127,260 26,132 (21,163)132,229 
Nuclear decommissioning trust:
Equity securities14,658 — — 3,827 (b)18,485 
U.S. commingled equity funds— — — 472,582 (c)472,582 
U.S. Treasury debt211,923 — — — 211,923 
Corporate debt— 149,226 — — 149,226 
Mortgage-backed securities— 147,938 — — 147,938 
Municipal bonds— 64,881 — — 64,881 
Other fixed income— 8,375 — — 8,375 
Subtotal nuclear decommissioning trust226,581 370,420 — 476,409 1,073,410 
Other special use funds:
Equity securities66,974 — — 963 (b)67,937 
U.S. Treasury debt275,267 — — — 275,267 
Municipal bonds— 4,027 — — 4,027 
Subtotal other special use funds342,241 4,027 — 963 347,231 
Total assets$568,822 $501,707 $26,132 $456,209 $1,552,870 
LIABILITIES
Risk management activities — derivative instruments:
Commodity contracts$— $(25,874)$(31,020)$15,357 (a)$(41,537)
Interest rate swaps— (909)— — (909)
Subtotal risk management activities - derivative instruments— (26,783)(31,020)15,357 (42,446)
Total liabilities$— $(26,783)$(31,020)$15,357 $(42,446)
(a)Represents counterparty netting, margin, and collateral. See Note 15.
(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 1Level 2Level 3OtherTotal
ASSETS
Risk management activities — derivative instruments:
Commodity contracts$— $115,079 $— $(4,690)(a)$110,389 
Nuclear decommissioning trust:
Equity securities45,264 — — (27,782)(b)17,482 
U.S. commingled equity funds— — — 595,048 (c)595,048 
U.S. Treasury debt240,745 — — — 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 trust286,009 441,482 — 567,266 1,294,757 
Other special use funds:
Equity securities47,570 — — 936 (b)48,506 
U.S. Treasury debt298,170 — — — 298,170 
Municipal bonds— 11,734 — — 11,734 
Subtotal other special use funds345,740 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 15.
(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 shows the changes in fair value for our risk management activities’ assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs for the years ended December 31, 2022 and 2021 (dollars in thousands):
 Year Ended
December 31,
Commodity Contracts20222021
Net derivative balance at beginning of period$(2,738)$(1,102)
Total net gains (losses) realized/unrealized:
Deferred as a regulatory asset or liability(374)13,827 
Settlements(1,123)(15,463)
Transfers into Level 3 from Level 2(846)— 
Transfers from Level 3 into Level 2193 — 
Net derivative balance at end of period$(4,888)$(2,738)
Net unrealized gains included in earnings related to instruments still held at end of period$— $— 
Information regarding the entity's internally developed significant unobservable inputs used to value its level 3 instruments
The following tables provide information regarding our significant unobservable inputs used to value our risk management derivative Level 3 instruments at December 31, 2022 and December 31, 2021:

December 31, 2022
 Fair Value (thousands) 		ValuationSignificantWeighted-Average
Commodity ContractsAssetsLiabilitiesTechniqueUnobservable InputRange (b)
Electricity:
Forward Contracts (a)$26,132 $1,759 Discounted cash flowsElectricity forward price (per MWh)
$37.79
-
$310.69
$163.92 
Natural Gas:
Forward Contracts (a)— 29,261 Discounted cash flowsNatural gas forward price (per MMBtu)
$(11.81)
-
$0.00
$(5.08)
Total$26,132 $31,020 
(a)Includes swaps and physical and financial contracts.
(b)Unobservable inputs were weighted by the relative fair value of the instrument.

 
December 31, 2021
 Fair Value (thousands) 		ValuationSignificantWeighted-Average
Commodity ContractsAssetsLiabilitiesTechniqueUnobservable InputRange(b)
Natural Gas:
Forward Contracts (a)$— $2,738 Discounted cash flowsNatural gas forward price (per MMBtu)$(0.76)-
 $(0.65)
$(0.71)
Total$— $2,738 
(a)Includes swaps and physical and financial contracts.
(b)Unobservable inputs were weighted by the relative fair value of the instrument.