Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

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

The following table presents the fair value at June 30, 2020 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	$	—	$	3,165		$	365		$	(2,790	)	(a)	$	740
Nuclear decommissioning trust:
Equity securities	15,985		—			—			(6,130		)	(b)	9,855
U.S. commingled equity funds	—		—			—			502,251			(c)	502,251
U.S. Treasury debt	143,673		—			—			—				143,673
Corporate debt	—		149,672			—			—				149,672
Mortgage-backed securities	—		99,407			—			—				99,407
Municipal bonds	—		106,971			—			—				106,971
Other fixed income	—		12,204			—			—				12,204
Subtotal nuclear decommissioning trust	159,658		368,254			—			496,121				1,024,033
Other special use funds:
Equity securities	8,955		—			—			526			(b)	9,481
U.S. Treasury debt	229,858		—			—			—				229,858
Municipal bonds	—		13,993			—			—				13,993
Subtotal other special use funds	238,813		13,993			—			526				253,332
Total assets	$	398,471	$	385,412		$	365		$	493,857			$	1,278,105
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	(61,974	)	$	(10,617	)	$	1,605		(a)	$	(70,986	)

(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, 2019 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	$	—	$	551		$	33		$	(69	)	(a)	$	515
Nuclear decommissioning trust:
Equity securities	10,872		—			—			2,401			(b)	13,273
U.S. commingled equity funds	—		—			—			518,844			(c)	518,844
U.S. Treasury debt	160,607		—			—			—				160,607
Corporate debt	—		115,869			—			—				115,869
Mortgage-backed securities	—		118,795			—			—				118,795
Municipal bonds	—		73,040			—			—				73,040
Other fixed income	—		10,347			—			—				10,347
Subtotal nuclear decommissioning trust	171,479		318,051			—			521,245				1,010,775
Other special use funds:
Equity securities	7,142		—			—			474			(b)	7,616
U.S. Treasury debt	232,848		—			—			—				232,848
Municipal bonds	—		4,631			—			—				4,631
Subtotal other special use funds	239,990		4,631			—			474				245,095
Total assets	$	411,469	$	323,233		$	33		$	521,650			$	1,256,385
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	(67,992	)	$	(3,429	)	$	(711	)	(a)	$	(72,132	)

(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.