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Derivative Accounting (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position)
As of March 31, 2020 and December 31, 2019, we had the following outstanding gross notional volume of derivatives, which represent both purchases and sales (does not reflect net position): 
 
 
 
Quantity
Commodity
 
Unit of Measure
March 31, 2020
 
December 31, 2019
Power
 
GWh
477

 
193

Gas
 
Billion cubic feet
263

 
257
Gains and losses from derivative instruments in designated cash flow accounting hedges relationships
The following table provides information about gains and losses from derivative instruments in designated cash flow accounting hedging relationships during the three months ended March 31, 2020 and 2019 (dollars in thousands):
 
 
 
Financial Statement Location
 
Three Months Ended
March 31,
Commodity Contracts
 
 
2020
 
2019
Loss Reclassified from Accumulated OCI into Income (Effective Portion Realized) (a)
 
Fuel and purchased power (b)
 
$
(414
)
 
$
(436
)

(a)
During the three months ended March 31, 2020 and 2019, we had no gains or losses reclassified from accumulated OCI to earnings related to discontinued cash flow hedges.
(b)
Amounts are before the effect of PSA deferrals.
Gains and losses from derivative instruments not designated as accounting hedges instruments
The following table provides information about gains and losses from derivative instruments not designated as accounting hedging instruments during the three months ended March 31, 2020 and 2019 (dollars in thousands):
 
 
 
Financial Statement Location
 
Three Months Ended
March 31,
Commodity Contracts
 
 
2020
 
2019
Net Gain (Loss) Recognized in Income
 
Fuel and purchased power (a)
 
$
(30,078
)
 
$
8,170


(a)
Amounts are before the effect of PSA deferrals.
Schedule of offsetting assets
The following tables provide information about the fair value of our risk management activities reported on a gross basis, and the impacts of offsetting as of March 31, 2020 and December 31, 2019.  These amounts relate to commodity contracts and are located in the assets and liabilities from risk management activities lines of our Condensed Consolidated Balance Sheets.

As of March 31, 2020:
(dollars in thousands)
 
Gross
 Recognized
 Derivatives
 (a)
 
Amounts
Offset
 (b)
 
Net
 Recognized
 Derivatives
 
Other
 (c)
 
Amount Reported on Balance Sheets
Current assets
 
$
2,778

 
$
(1,482
)
 
$
1,296

 
$
812

 
$
2,108

Investments and other assets
 
50

 
(50
)
 
—

 
—

 
—

Total assets
 
2,828

 
(1,532
)
 
1,296

 
812

 
2,108

 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
(55,081
)
 
1,482

 
(53,599
)
 
(1,185
)
 
(54,784
)
Deferred credits and other
 
(32,627
)
 
50

 
(32,577
)
 
—

 
(32,577
)
Total liabilities
 
(87,708
)
 
1,532

 
(86,176
)
 
(1,185
)
 
(87,361
)
Total
 
$
(84,880
)
 
$
—

 
$
(84,880
)
 
$
(373
)
 
$
(85,253
)

(a)
All of our gross recognized derivative instruments were subject to master netting arrangements.
(b)
No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting.
(c)
Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $1,185 and cash margin provided to counterparties of $812.

As of December 31, 2019:
(dollars in thousands)
 
Gross
Recognized
Derivatives
 (a)
 
Amounts
Offset
(b)
 
Net
 Recognized
 Derivatives
 
Other
 (c)
 
Amount
Reported on
Balance Sheets
Current assets
 
$
584

 
$
(474
)
 
$
110

 
$
405

 
$
515

Total assets
 
584

 
(474
)
 
110

 
405

 
515

 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
(38,235
)
 
474

 
(37,761
)
 
(1,185
)
 
(38,946
)
Deferred credits and other
 
(33,186
)
 
—

 
(33,186
)
 
—

 
(33,186
)
Total liabilities
 
(71,421
)
 
474

 
(70,947
)
 
(1,185
)
 
(72,132
)
Total
 
$
(70,837
)
 
$
—

 
$
(70,837
)
 
$
(780
)
 
$
(71,617
)

(a)
All of our gross recognized derivative instruments were subject to master netting arrangements.
(b)
No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting.
(c)
Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $1,185 and cash margin provided to counterparties of $405.
Schedule of offsetting liabilities
The following tables provide information about the fair value of our risk management activities reported on a gross basis, and the impacts of offsetting as of March 31, 2020 and December 31, 2019.  These amounts relate to commodity contracts and are located in the assets and liabilities from risk management activities lines of our Condensed Consolidated Balance Sheets.

As of March 31, 2020:
(dollars in thousands)
 
Gross
 Recognized
 Derivatives
 (a)
 
Amounts
Offset
 (b)
 
Net
 Recognized
 Derivatives
 
Other
 (c)
 
Amount Reported on Balance Sheets
Current assets
 
$
2,778

 
$
(1,482
)
 
$
1,296

 
$
812

 
$
2,108

Investments and other assets
 
50

 
(50
)
 
—

 
—

 
—

Total assets
 
2,828

 
(1,532
)
 
1,296

 
812

 
2,108

 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
(55,081
)
 
1,482

 
(53,599
)
 
(1,185
)
 
(54,784
)
Deferred credits and other
 
(32,627
)
 
50

 
(32,577
)
 
—

 
(32,577
)
Total liabilities
 
(87,708
)
 
1,532

 
(86,176
)
 
(1,185
)
 
(87,361
)
Total
 
$
(84,880
)
 
$
—

 
$
(84,880
)
 
$
(373
)
 
$
(85,253
)

(a)
All of our gross recognized derivative instruments were subject to master netting arrangements.
(b)
No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting.
(c)
Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $1,185 and cash margin provided to counterparties of $812.

As of December 31, 2019:
(dollars in thousands)
 
Gross
Recognized
Derivatives
 (a)
 
Amounts
Offset
(b)
 
Net
 Recognized
 Derivatives
 
Other
 (c)
 
Amount
Reported on
Balance Sheets
Current assets
 
$
584

 
$
(474
)
 
$
110

 
$
405

 
$
515

Total assets
 
584

 
(474
)
 
110

 
405

 
515

 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
(38,235
)
 
474

 
(37,761
)
 
(1,185
)
 
(38,946
)
Deferred credits and other
 
(33,186
)
 
—

 
(33,186
)
 
—

 
(33,186
)
Total liabilities
 
(71,421
)
 
474

 
(70,947
)
 
(1,185
)
 
(72,132
)
Total
 
$
(70,837
)
 
$
—

 
$
(70,837
)
 
$
(780
)
 
$
(71,617
)

(a)
All of our gross recognized derivative instruments were subject to master netting arrangements.
(b)
No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting.
(c)
Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $1,185 and cash margin provided to counterparties of $405.
Information about derivative instruments that have credit-risk-related contingent features
The following table provides information about our derivative instruments that have credit-risk-related contingent features at March 31, 2020 (dollars in thousands):
 
March 31, 2020
Aggregate fair value of derivative instruments in a net liability position
$
86,955

Cash collateral posted
—

Additional cash collateral in the event credit-risk-related contingent features were fully triggered (a)
81,719


(a)
This amount is after counterparty netting and includes those contracts which qualify for scope exceptions, which are excluded from the derivative details above.