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114
Dec. 31, 2012
Fair Value
(Thousands of Dollars) Cost Level 1 Level 2 Level 3 Total
Nuclear decommissioning fund (a)
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 246,904 $ 237,938 $ 8,966 $ — $ 246,904
Commingled funds . . . . . . . . . . . . . . . . . . . . . . . . . . 396,681 — 417,583 — 417,583
International equity funds . . . . . . . . . . . . . . . . . . . . . 66,452 — 69,481 — 69,481
Private equity investments . . . . . . . . . . . . . . . . . . . . 27,943 — — 33,250 33,250
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,561 — — 39,074 39,074
Debt securities:
Government securities . . . . . . . . . . . . . . . . . . . . . 21,092 — 21,521 — 21,521
U.S. corporate bonds . . . . . . . . . . . . . . . . . . . . . . 162,053 — 169,488 — 169,488
International corporate bonds. . . . . . . . . . . . . . . . 15,165 — 16,052 — 16,052
Municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . 21,392 — 23,650 — 23,650
Asset-backed securities . . . . . . . . . . . . . . . . . . . . 2,066 — — 2,067 2,067
Mortgage-backed securities . . . . . . . . . . . . . . . . . 28,743 — — 30,209 30,209
Equity securities:
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . 379,093 420,263 — — 420,263
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,400,145 $ 658,201 $ 726,741 $ 104,600 $ 1,489,542
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $91.2 million of equity investments in
unconsolidated subsidiaries and $37.1 million of miscellaneous investments.
The following tables present the changes in Level 3 nuclear decommissioning fund investments:
(Thousands of Dollars) Jan. 1, 2013 Purchases Settlements
Gains
Recognized as
Regulatory Assets
and Liabilities Transfers Out
of Level 3 (a) Dec. 31, 2013
Private equity investments . . . . . . . $ 33,250 $ 24,201 $ — $ 5,245 $ — $ 62,696
Real estate . . . . . . . . . . . . . . . . . . . 39,074 31,626 (18,622) 5,290 — 57,368
Asset-backed securities . . . . . . . . . 2,067 — — — (2,067) —
Mortgage-backed securities . . . . . . 30,209 — — — (30,209) —
Total. . . . . . . . . . . . . . . . . . . . . . . $ 104,600 $ 55,827 $ (18,622) $ 10,535 $ (32,276) $ 120,064
(a) Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value
measurements and were subsequently sold during 2013.
(Thousands of Dollars) Jan. 1, 2012 Purchases Settlements
Gains (Losses)
Recognized as
Regulatory Assets
and Liabilities Transfers Out
of Level 3 Dec. 31, 2012
Private equity investments . . . . . . . $ 9,203 $ 20,671 $ (1,931) $ 5,307 $ — $ 33,250
Real estate . . . . . . . . . . . . . . . . . . . 26,395 9,777 (3,611) 6,513 — 39,074
Asset-backed securities . . . . . . . . . 16,501 — (14,450) 16 — 2,067
Mortgage-backed securities . . . . . . 78,664 33,016 (79,899)(1,572) — 30,209
Total. . . . . . . . . . . . . . . . . . . . . . . $ 130,763 $ 63,464 $ (99,891) $ 10,264 $ — $ 104,600
(Thousands of Dollars) Jan. 1, 2011 Purchases Settlements
Gains (Losses)
Recognized as
Regulatory Assets
and Liabilities Transfers Out
of Level 3 Dec. 31, 2011
Private equity investments . . . . . . . $ — $ 9,203 $ — $ — $ — $ 9,203
Real estate . . . . . . . . . . . . . . . . . . . — 24,768 — 1,627 — 26,395
Asset-backed securities . . . . . . . . . 33,174 16,518 (32,560)(631) — 16,501
Mortgage-backed securities . . . . . . 72,589 168,688 (161,134)(1,479) — 78,664
Total. . . . . . . . . . . . . . . . . . . . . . . $ 105,763 $ 219,177 $ (193,694) $ (483) $ — $ 130,763