Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of March 31, 2020 (dollars in thousands):

	Fair Value (Net) at
	March 31, 2020			Valuation Technique	Unobservable Input	Range and Weighted Average Price
Natural gas exchange agreement	$	(2,253	)	Internally derived weighted average cost of gas	Forward purchase prices	$1.16 - $1.80/mmBTU $1.47 Weighted Average
					Forward sales prices	$1.33 - $3.79/mmBTU $2.96 Weighted Average
					Purchase volumes	155,000 - 310,000 mmBTUs
					Sales volumes	60,000 - 310,000 mmBTUs

Fair Value of Assets And Liabilities Measured on Recurring Basis

	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
March 31, 2020
Assets:
Energy commodity derivatives	$	—	$	35,061	$	—	$	(30,849	)	$	4,212
Level 3 energy commodity derivatives:
Natural gas exchange agreement	—		—		26		(26		)	—
Foreign currency exchange derivatives	—		36		—		(36		)	—
Deferred compensation assets:
Mutual Funds:
Fixed income securities (2)	2,642		—		—		—			2,642
Equity securities (2)	5,585		—		—		—			5,585
Total	$	8,227	$	35,097	$	26	$	(30,911	)	$	12,439
Liabilities:
Energy commodity derivatives	$	—	$	30,464	$	—	$	(30,154	)	$	310
Level 3 energy commodity derivatives:
Natural gas exchange agreement	—		—		2,279		(26		)	2,253
Foreign currency exchange derivatives	—		103		—		(36		)	67
Interest rate swap derivatives	—		112,238		—		(27,090		)	85,148
Total	$	—	$	142,805	$	2,279	$	(57,306	)	$	87,778

	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
December 31, 2019
Assets:
Energy commodity derivatives	$	—	$	41,546	$	—	$	(40,452	)	$	1,094
Level 3 energy commodity derivatives:
Natural gas exchange agreement	—		—		27		(27		)	—
Foreign currency exchange derivatives	—		97		—		—			97
Interest rate swap derivatives	—		1,552		—		(963		)	589
Deferred compensation assets:
Mutual Funds:
Fixed income securities (2)	2,232		—		—		—			2,232
Equity securities (2)	6,271		—		—		—			6,271
Total	$	8,503	$	43,195	$	27	$	(41,442	)	$	10,283
Liabilities:
Energy commodity derivatives	$	—	$	45,144	$	—	$	(43,830	)	$	1,314
Level 3 energy commodity derivatives:
Natural gas exchange agreement	—		—		3,003		(27		)	2,976
Interest rate swap derivatives	—		34,056		—		(7,733		)	26,323
Total	$	—	$	79,200	$	3,003	$	(51,590	)	$	30,613

(1) The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties.

(2)

These assets are included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets.

Reconciliation for All Assets Measured At Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

	Natural Gas Exchange Agreement			Power Exchange Agreement			Total
Three months ended March 31, 2020:
Balance as of January 1, 2020	$	(2,976	)	$	—		$	(2,976	)
Total gains or (losses) (realized/unrealized):
Included in regulatory assets/liabilities (1)	485			—			485
Settlements	238			—			238
Ending balance as of March 31, 2020 (2)	$	(2,253	)	$	—		$	(2,253	)
Three months ended March 31, 2019:
Balance as of January 1, 2019	$	(2,774	)	$	(2,488	)	$	(5,262	)
Total gains or (losses) (realized/unrealized):
Included in regulatory assets/liabilities (1)	8,977			(1,018		)	7,959
Settlements	(8,307		)	2,894			(5,413		)
Ending balance as of March 31, 2019 (2)	$	(2,104	)	$	(612	)	$	(2,716	)

(1) All gains and losses are included in other regulatory assets and liabilities. There were no gains and losses included in either net income or other comprehensive income during any of the periods presented in the table above.

(2)

There were no purchases, issuances or transfers from other categories of any derivatives instruments during the periods presented in the table above.

Carrying Value and Estimated Fair Value of Financial Instruments

The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (dollars in thousands):

	March 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Long-term debt (Level 2)	$	963,500	$	1,107,956	$	963,500	$	1,124,649
Long-term debt (Level 3)	947,000		949,144		947,000		1,048,440
Snettisham finance lease obligation (Level 3)	53,850		56,900		54,550		58,000
Long-term debt to affiliated trusts (Level 3)	51,547		33,506		51,547		41,238