v3.26.1
Assets and Liabilities Measured at Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
Level 1 inputs utilize observable market data in active markets for identical assets or liabilities. Level 2 inputs consist of observable market data, other than that included in Level 1, that is either directly or indirectly observable. Level 3 inputs consist of unobservable market data which are typically based on an entity’s own assumptions of what a market participant would use in pricing an asset or liability as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Basin Electric’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
On March 31, 2026 and December 31, 2025, Basin Electric had government obligations, equity securities, bond market funds and corporate bonds included in restricted and designated investments, mine related assets and other investments, recorded at a fair value, using quoted prices in active markets for identical assets as the fair value measurement (Level 1).
Basin Electric recorded derivative financial instruments including commodity contracts and interest rate swaps using significant other observable inputs as the fair value measurement (Level 2). The fair value for commodity contracts is determined by comparing the difference between the net present value of the cash flows for the commodity contracts at their initial price and the current market price. The initial price is quoted in the commodity contract and the current market price is corroborated by observable market data. The fair value for interest rate swap contracts is determined by comparing the difference between the net present value of the cash flows for the swaps at their initial fixed rate and the current market interest rate. The initial fixed rate is quoted in the swap agreement and the current market interest rate is corroborated by observable market data.
The following table summarizes assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, aggregated by the level in the fair value hierarchy within which those measurements fall:
Fair ValueFair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
(In thousands)
Assets:
Investments:
Equities and equity funds
$123,246 $123,246 $— $— 
Corporate and government bonds
2,002 2,002 — — 
Bond market funds
73,054 73,054 — — 
198,302 198,302 — — 
Commodity derivatives
19,256 — 19,256 — 
$217,558 $198,302 $19,256 $— 
Liabilities:
Interest rate swaps
$19,689 $— $19,689 $— 
Commodity derivatives
33,764 — 33,764 — 
$53,453 $— $53,453 $— 
The following table summarizes assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall:
Fair ValueFair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
(In thousands)
Assets:
Investments:
Equities and equity funds
$128,659 $128,659 $— $— 
Corporate and government bonds
1,971 1,971 — — 
Bond market funds
73,004 73,004 — — 
203,634 203,634 — — 
Commodity derivatives
42,880 — 42,880 — 
$246,514 $203,634 $42,880 $— 
Liabilities:
Interest rate swaps
$22,031 $— $22,031 $— 
Commodity derivatives
31,440 — 31,440 — 
$53,471 $— $53,471 $—