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Dec. 31, 2014
Fair Value
(Thousands of Dollars) Cost Level 1 Level 2 Level 3 Total
Nuclear decommissioning fund (a)
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,184 $ 24,184 $ — $ — $ 24,184
Commingled funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,013 — 465,615 — 465,615
International equity funds . . . . . . . . . . . . . . . . . . . . . . 80,454 — 78,721 — 78,721
Private equity investments. . . . . . . . . . . . . . . . . . . . . . 73,936 — — 101,237 101,237
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,859 — — 64,249 64,249
Debt securities:
Government securities. . . . . . . . . . . . . . . . . . . . . . . 30,674 — 28,808 — 28,808
U.S. corporate bonds. . . . . . . . . . . . . . . . . . . . . . . . 81,463 — 77,562 — 77,562
International corporate bonds . . . . . . . . . . . . . . . . . 16,950 — 16,341 — 16,341
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,282 — 249,201 — 249,201
Asset-backed securities. . . . . . . . . . . . . . . . . . . . . . 9,131 — 9,250 — 9,250
Mortgage-backed securities . . . . . . . . . . . . . . . . . . 23,225 — 23,895 — 23,895
Equity securities:
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369,751 564,858 — — 564,858
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,465,922 $ 589,042 $ 949,393 $ 165,486 $ 1,703,921
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $83.1 million of equity investments in
unconsolidated subsidiaries and $45.6 million of miscellaneous investments.
The following tables present the changes in Level 3 nuclear decommissioning fund investments:
(Thousands of Dollars) Jan. 1, 2015 Purchases Settlements
Gains
Recognized as
Regulatory
Assets (a) Transfers Out
of Level 3 Dec. 31, 2015
Private equity investments . . . . . . . $ 101,237 $ 32,029 $ — $ 24,262 $ — $ 157,528
Real estate . . . . . . . . . . . . . . . . . . . 64,249 27,568 (9,611) 2,544 — 84,750
Total. . . . . . . . . . . . . . . . . . . . . . . $ 165,486 $ 59,597 $ (9,611) $ 26,806 $ — $ 242,278
(Thousands of Dollars) Jan. 1, 2014 Purchases Settlements
Gains
Recognized as
Regulatory
Assets (a) Transfers Out
of Level 3 Dec. 31, 2014
Private equity investments . . . . . . . $ 62,696 $ 22,078 $ (286) $ 16,749 $ — $ 101,237
Real estate . . . . . . . . . . . . . . . . . . . 57,368 8,088 (9,794) 8,587 — 64,249
Total. . . . . . . . . . . . . . . . . . . . . . . $ 120,064 $ 30,166 $ (10,080) $ 25,336 $ — $ 165,486
(Thousands of Dollars) Jan. 1, 2013 Purchases Settlements
Gains
Recognized as
Regulatory
Assets (a) Transfers Out
of Level 3 (b) 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) Gains and losses are deferred as a component of the regulatory asset for nuclear decommissioning.
(b) 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.