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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of fair value of assets and liabilities measured on a recurring basis categorized by level within the fair value hierarchy
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:
June 30, 2020
(in millions)Level 1Level 2Level 3Total
Derivative assets
Natural gas contracts$7.4  $2.1  $—  $9.5  
FTRs—  —  6.5  6.5  
Coal contracts—  0.2  —  0.2  
Total derivative assets$7.4  $2.3  $6.5  $16.2  
Investments held in rabbi trust $66.6  $—  $—  $66.6  
Derivative liabilities
Natural gas contracts$13.2  $1.6  $—  $14.8  
Coal contracts—  0.3  —  0.3  
Interest rate swaps—  9.9  —  9.9  
Total derivative liabilities$13.2  $11.8  $—  $25.0  
December 31, 2019
(in millions)Level 1Level 2Level 3Total
Derivative assets
Natural gas contracts$1.4  $2.0  $—  $3.4  
FTRs—  —  3.1  3.1  
Coal contracts—  0.4  —  0.4  
Total derivative assets$1.4  $2.4  $3.1  $6.9  
Investments held in rabbi trust $85.3  $—  $—  $85.3  
Derivative liabilities
Natural gas contracts$21.4  $1.3  $—  $22.7  
Coal contracts—  0.2  —  0.2  
Interest rate swaps—  6.0  —  6.0  
Total derivative liabilities$21.4  $7.5  $—  $28.9  
Reconciliation of changes in fair value of items categorized as level 3 measurements
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:
Three Months Ended June 30Six Months Ended June 30
(in millions)2020201920202019
Balance at the beginning of the period$0.9  $3.1  $3.1  $7.4  
Purchases7.5  12.8  7.5  12.8  
Settlements(1.9) (5.5) (4.1) (9.8) 
Balance at the end of the period$6.5  $10.4  $6.5  $10.4  
Schedule of carrying value and estimated fair value of financial instruments not recorded at fair value
The following table shows the financial instruments included on our balance sheets that were not recorded at fair value:
June 30, 2020December 31, 2019
(in millions)Carrying AmountFair ValueCarrying AmountFair Value
Preferred stock of subsidiary$30.4  $29.1  $30.4  $29.5  
Long-term debt, including current portion (1)
11,550.8  13,278.9  11,858.3  13,035.9  

(1)The carrying amount of long-term debt excludes finance lease obligations of $65.8 million and $45.9 million at June 30, 2020 and December 31, 2019, respectively.