Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	March 31,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Nuclear decommissioning trust ⁽¹⁾	$	73,029	$	73,029	$	—	$	—
Nuclear decommissioning trust - net asset value ⁽¹⁾⁽²⁾		177,261		—		—		—
Unrestricted investments and other ⁽³⁾		172		—		172		—
Derivatives - gas and power ⁽⁴⁾		5,145		4,531		526		88
Total Financial Assets	$	255,607	$	77,560	$	698	$	88

Derivatives - gas and power ⁽⁴⁾	$	1,409	$	—	$	1,409	$	—
Total Financial Liabilities	$	1,409	$	—	$	1,409	$	—

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Nuclear decommissioning trust ⁽¹⁾	$	76,037	$	76,037	$	—	$	—
Nuclear decommissioning trust - net asset value ⁽¹⁾⁽²⁾		166,300		—		—		—
Unrestricted investments and other ⁽³⁾		166		—		166		—
Derivatives - gas and power ⁽⁴⁾		3,478		1,582		480		1,416
Total Financial Assets	$	245,981	$	77,619	$	646	$	1,416

Derivatives - gas and power ⁽⁴⁾	$	6,406	$	—	$	6,406	$	—
Total Financial Liabilities	$	6,406	$	—	$	6,406	$	—

⁽¹⁾

For additional information about our nuclear decommissioning trust, see Note 4—Investments below.

⁽²⁾

Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Condensed Consolidated Balance Sheet.

⁽³⁾

Unrestricted investments and other includes investments that are related to equity securities.

⁽⁴⁾

Derivatives - gas and power represent natural gas futures contracts and call option premiums (Level 1 and Level 2), and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2020 Annual Report on Form 10-K.