v3.26.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
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:
September 30, 2026
(in millions)Level 1Level 2Level 3Total
Derivative assets
Natural gas contracts$2.3 $17.2 $— $19.5 
FTRs— — 14.7 14.7 
Total derivative assets$2.3 $17.2 $14.7 $34.2 
Investments held in rabbi trust $44.2 $— $— $44.2 
Derivative liabilities
Natural gas contracts$48.2 $9.0 $— $57.2 

December 31, 2025
(in millions)Level 1Level 2Level 3Total
Derivative assets
Natural gas contracts$1.5 $18.3 $— $19.8 
FTRs— — 6.5 6.5 
Total derivative assets$1.5 $18.3 $6.5 $26.3 
Investments held in rabbi trust $42.0 $— $— $42.0 
Derivative liabilities
Natural gas contracts$23.3 $8.4 $— $31.7 
FTRs— — 0.8 0.8 
Total derivative liabilities$23.3 $8.4 $0.8 $32.5 
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 30Nine Months Ended September 30
(in millions)2026202520262025
Balance at the beginning of the period$24.3 $19.0 $5.7 $7.8 
Purchases0.1 — 28.3 23.7 
Net realized and unrealized losses included in earnings (1)
— (0.1)— (0.1)
Sales(0.2)— (0.6)— 
Settlements(9.5)(8.3)(18.7)(20.8)
Balance at the end of the period$14.7 $10.6 $14.7 $10.6 
Net unrealized losses included in earnings attributable to Level 3 derivatives held at the end of the reporting period (1)
$— $(0.1)$— $(0.1)

(1)Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These net realized and unrealized losses were recorded in operating revenues on our income statements. During the first six months of 2026, all remaining FTRs used in our non-utility operations were settled. Our TCRs were all settled during the year ended December 31, 2025.
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 were not recorded at fair value:
September 30, 2026December 31, 2025
(in millions)Carrying AmountFair ValueCarrying AmountFair Value
Preferred stock of subsidiary$30.4 $21.1 $30.4 $21.2 
Long-term debt, including current portion20,851.7 19,321.4 20,017.5 19,609.1