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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Fair value of assets and liabilities measured on a recurring basis, categorized by level within the fair value hierarchy
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:
 
 
As of September 30, 2015
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
Derivative Assets
 
 
 
 
 
 
 
 
Natural gas contracts
 
$
2.6

 
$
3.9

 
$
—

 
$
6.5

Financial transmission rights (FTRs)
 
—

 
—

 
5.8

 
5.8

   Petroleum product contracts
 
0.4

 
—

 
—

 
0.4

Coal contracts
 
—

 
0.8

 
—

 
0.8

Total Derivative Assets
 
$
3.0

 
$
4.7

 
$
5.8

 
$
13.5

 
 
 
 
 
 
 
 
 
Investment in exchange-traded funds *
 
$
49.6

 
$
—

 
$
—

 
$
49.6

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
Natural gas contracts
 
$
15.0

 
$
21.5

 
$
—

 
$
36.5

   Petroleum product contracts
 
2.1

 
—

 
—

 
2.1

Coal contracts
 
—

 
2.5

 
5.4

 
7.9

Total Derivative Liabilities
 
$
17.1

 
$
24.0

 
$
5.4

 
$
46.5


*
Exchange-traded funds are held in the Integrys rabbi trust. The Integrys rabbi trust is an irrevocable trust used to fund participants' benefits under the Integrys deferred compensation program and certain Integrys nonqualified pension plans.

 
 
As of December 31, 2014
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
Derivative Assets
 
 
 
 
 
 
 
 
Natural gas contracts
 
$
1.1

 
$
3.9

 
$
—

 
$
5.0

FTRs
 
—

 
—

 
7.0

 
7.0

Coal contracts
 
—

 
3.3

 
—

 
3.3

Total Derivative Assets
 
$
1.1

 
$
7.2

 
$
7.0

 
$
15.3

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
Natural gas contracts
 
$
11.5

 
$
0.8

 
$
—

 
$
12.3

Coal contracts
 
—

 
0.2

 
—

 
0.2

Total Derivative Liabilities
 
$
11.5

 
$
1.0

 
$
—

 
$
12.5
Reconciliation of changes in fair value of items categorized as level 3 measurements
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(in millions)
 
2015
 
2014
 
2015
 
2014
Balance at the beginning of the period
 
$
2.3

 
$
14.1

 
$
7.0

 
$
3.5

Realized and unrealized gains
 
0.2

 
—

 
0.2

 
—

Purchases
 
—

 
—

 
3.9

 
15.6

Settlements
 
(2.1
)
 
(4.0
)
 
(9.4
)
 
(9.0
)
Acquisition of Integrys
 
—

 
—

 
(1.3
)
 
—

Balance at the end of the period
 
$
0.4

 
$
10.1

 
$
0.4

 
$
10.1
Schedule of carrying value and estimated fair value of financial instruments not recorded at fair value
The following table shows the financial instruments included on our condensed consolidated balance sheets that are not recorded at fair value:
 
 
September 30, 2015
 
December 31, 2014
(in millions)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Preferred stock
 
$
81.5

 
$
78.8

 
$
30.4

 
$
27.1

Long-term debt, including current portion
 
$
9,300.7

 
$
9,386.4

 
$
4,552.4

 
$
5,126.0