Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022, 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	$	—	$	296,442	$	9,802	$	(8,621)	(a)	$	297,623
Nuclear decommissioning trust:
Equity securities	16,787		—		—		478		(b)	17,265
U.S. commingled equity funds	—		—		—		567,950		(c)	567,950
U.S. Treasury debt	225,902		—		—		—			225,902
Corporate debt	—		196,300		—		—			196,300
Mortgage-backed securities	—		145,845		—		—			145,845
Municipal bonds	—		65,494		—		—			65,494
Other fixed income	—		8,709		—		—			8,709
Subtotal nuclear decommissioning trust	242,689		416,348		—		568,428			1,227,465
Other special use funds:
Equity securities	27,068		—		—		1,112		(b)	28,180
U.S. Treasury debt	312,613		—		—		—			312,613
Municipal bonds			8,249		—		—			8,249
Subtotal other special use funds	339,681		8,249		—		1,112			349,042
Total assets	$	582,370	$	721,039	$	9,802	$	560,919		$	1,874,130
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	—	$	(152)	$	(1,554)	(a)	$	(1,706)

(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, 2021, 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	$	—	$	115,079	$	—	$	(4,690)	(a)	$	110,389
Nuclear decommissioning trust:
Equity securities	45,264		—		—		(27,782)		(b)	17,482
U.S. commingled equity funds	—		—		—		595,048		(c)	595,048
U.S. Treasury debt	240,745		—		—		—			240,745
Corporate debt	—		203,454		—		—			203,454
Mortgage-backed securities	—		155,574		—		—			155,574
Municipal bonds	—		72,189		—		—			72,189
Other fixed income	—		10,265		—		—			10,265
Subtotal nuclear decommissioning trust	286,009		441,482		—		567,266			1,294,757
Other special use funds:
Equity securities	47,570		—		—		936		(b)	48,506
U.S. Treasury debt	298,170		—		—		—			298,170
Municipal bonds	—		11,734		—		—			11,734
Subtotal other special use funds	345,740		11,734		—		936			358,410
Total assets	$	631,749	$	568,295	$	—	$	563,512		$	1,763,556
Liabilities
Risk management activities — derivative instruments:
Commodity contracts	$	—	$	(4,740)	$	(2,738)	$	3,105	(a)	$	(4,373)

(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.