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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of 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:


	December 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Derivative assets
Natural gas contracts	$	19.6	$	13.7	$	—	$	33.3
FTRs and TCRs	—		—		7.8		7.8
Total derivative assets	$	19.6	$	13.7	$	7.8	$	41.1

Investments held in rabbi trust	$	52.1	$	—	$	—	$	52.1

Derivative liabilities
Natural gas contracts	$	7.1	$	6.8	$	—	$	13.9


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Derivative assets
Natural gas contracts	$	2.2	$	8.3	$	—	$	10.5
FTRs and TCRs	—		—		7.2		7.2
Coal contracts	—		0.3		—		0.3
Total derivative assets	$	2.2	$	8.6	$	7.2	$	18.0

Investments held in rabbi trust	$	51.7	$	—	$	—	$	51.7

Derivative liabilities
Natural gas contracts	$	70.1	$	16.0	$	—	$	86.1
Coal contracts	—		20.3		—		20.3
Total derivative liabilities	$	70.1	$	36.3	$	—	$	106.4

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 at December 31:


(in millions)	2024		2023		2022
Balance at the beginning of the period	$	7.2	$	7.8	$	2.4
Purchases	28.7		21.0		23.7
Net realized and unrealized gains (losses) included in earnings (1)	(0.7)		(0.5)		0.5
Settlements	(27.4)		(21.1)		(18.8)
Balance at the end of the period	$	7.8	$	7.2	$	7.8
Net unrealized gains (losses) included in earnings attributable to Level 3 derivatives held at the end of the reporting period (1)	$	—	$	0.5	$	(0.4)

(1) Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These net realized and unrealized gains and losses are recorded in operating revenues on our income statements.

Schedule of carrying value and fair value of financial instruments not recorded at fair value

The following table shows the financial instruments included on our balance sheets that are not recorded at fair value at December 31:


	2024				2023
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Preferred stock of subsidiary	$	30.4	$	21.2	$	30.4	$	21.4
Long-term debt, including current portion	18,907.1		17,840.8		16,631.1		15,564.3

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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