Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 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
Cash equivalents	$	26,130	$	—		$	—		$	—			$	26,130
Risk management activities — derivative instruments:
Commodity contracts	—		2,325			502			(719		)	(a)	2,108
Nuclear decommissioning trust:
Equity securities	11,452		—			—			2,090			(b)	13,542
U.S. commingled equity funds	—		—			—			416,463			(c)	416,463
U.S. Treasury debt	152,951		—			—			—				152,951
Corporate debt	—		112,667			—			—				112,667
Mortgage-backed securities	—		115,790			—			—				115,790
Municipal bonds	—		98,605			—			—				98,605
Other fixed income	—		10,408			—			—				10,408
Subtotal nuclear decommissioning trust	164,403		337,470			—			418,553				920,426
Other special use funds:
Equity securities	6,752		—			—			1,331			(b)	8,083
U.S. Treasury debt	238,637		—			—			—				238,637
Municipal bonds	—		6,003			—			—				6,003
Subtotal other special use funds	245,389		6,003			—			1,331				252,723
Total assets	$	435,922	$	345,798		$	502		$	419,165			$	1,201,387
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	(79,583	)	$	(8,124	)	$	346		(a)	$	(87,361	)

(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.