Financial Instruments And Investments (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Fair Value Disclosures [Abstract] |
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| Fair Values Of Long-Term Debt And Short-Term Borrowings Under the RCF |
Long-Term Debt and Short-Term Borrowings Under the RCF. The fair values of the Company's long-term debt and short-term borrowings under the RCF are based on estimated market prices for similar issues and are presented below (in thousands): | | | | | | | | | | | | | | | | | | September 30, 2016 | | December 31, 2015 | | Carrying Amount (1) | | Estimated Fair Value | | Carrying Amount (1) | | Estimated Fair Value | Pollution Control Bonds | $ | 190,706 |
| | $ | 211,050 |
| | $ | 190,499 |
| | $ | 212,624 |
| Senior Notes | 993,004 |
| | 1,207,162 |
| | 837,475 |
| | 829,864 |
| RGRT Senior Notes (2) | 94,768 |
| | 100,465 |
| | 94,686 |
| | 100,345 |
| RCF (2) | 55,192 |
| | 55,192 |
| | 141,738 |
| | 141,738 |
| Total | $ | 1,333,670 |
| | $ | 1,573,869 |
| | $ | 1,264,398 |
| | $ | 1,284,571 |
|
| | (1) | The Company implemented ASU 2015-03, Interest - Imputation of Interest, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The impact of ASU 2015-03 on the Company's Balance Sheet was to reclassify $11.6 million of other deferred charges to long-term debt, net of current portion at December 31, 2015. |
| | (2) | Nuclear fuel financing, as of September 30, 2016 and December 31, 2015, is funded through the $95 million RGRT Senior Notes and $36.2 million and $33.7 million, respectively under the RCF. As of September 30, 2016, $19.0 million was outstanding under the RCF for working capital or general corporate purposes. As of December 31, 2015, $108.0 million was outstanding under the RCF for working capital or general corporate purposes. The interest rate on the Company's borrowings under the RCF is reset throughout the quarter reflecting current market rates. Consequently, the carrying value approximates fair value. |
|
| Unrecognized Gross Unrealized Gains (Losses) And the Fair Value |
The tables below present the gross unrealized losses and the fair value of these securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2016 | | Less than 12 Months | | 12 Months or Longer | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Description of Securities (1): | | | | | | | | | | | | Federal Agency Mortgage Backed Securities | $ | 1,028 |
| | $ | (9 | ) | | $ | — |
| | $ | — |
| | $ | 1,028 |
| | $ | (9 | ) | U.S. Government Bonds | 8,728 |
| | (151 | ) | | 12,300 |
| | (526 | ) | | 21,028 |
| | (677 | ) | Municipal Obligations | 4,692 |
| | (43 | ) | | 8,171 |
| | (515 | ) | | 12,863 |
| | (558 | ) | Corporate Obligations | 3,380 |
| | (50 | ) | | 2,381 |
| | (138 | ) | | 5,761 |
| | (188 | ) | Total Debt Securities | 17,828 |
| | (253 | ) | | 22,852 |
| | (1,179 | ) | | 40,680 |
| | (1,432 | ) | Common Stock | 1,393 |
| | (124 | ) | | — |
| | — |
| | 1,393 |
| | (124 | ) | Institutional Equity Funds-International Equity | 22,847 |
| | (249 | ) | | — |
| | — |
| | 22,847 |
| | (249 | ) | Total Temporarily Impaired Securities | $ | 42,068 |
| | $ | (626 | ) | | $ | 22,852 |
| | $ | (1,179 | ) | | $ | 64,920 |
| | $ | (1,805 | ) |
_________________ | | (1) | Includes 104 securities. |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Less than 12 Months | | 12 Months or Longer | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Description of Securities (2): | | | | | | | | | | | | Federal Agency Mortgage Backed Securities | $ | 9,383 |
| | $ | (97 | ) | | $ | 1,113 |
| | $ | (47 | ) | | $ | 10,496 |
| | $ | (144 | ) | U.S. Government Bonds | 24,094 |
| | (310 | ) | | 14,272 |
| | (623 | ) | | 38,366 |
| | (933 | ) | Municipal Obligations | 8,286 |
| | (160 | ) | | 7,388 |
| | (446 | ) | | 15,674 |
| | (606 | ) | Corporate Obligations | 6,058 |
| | (722 | ) | | 2,307 |
| | (228 | ) | | 8,365 |
| | (950 | ) | Total Debt Securities | 47,821 |
| | (1,289 | ) | | 25,080 |
| | (1,344 | ) | | 72,901 |
| | (2,633 | ) | Common Stock | 3,584 |
| | (344 | ) | | — |
| | — |
| | 3,584 |
| | (344 | ) | Institutional Equity Funds-International Equity | 22,454 |
| | (768 | ) | | — |
| | — |
| | 22,454 |
| | (768 | ) | Total Temporarily Impaired Securities | $ | 73,859 |
| | $ | (2,401 | ) | | $ | 25,080 |
| | $ | (1,344 | ) | | $ | 98,939 |
| | $ | (3,745 | ) |
_________________ | | (2) | Includes 133 securities. |
|
| Unrealized Holding Losses Included In Pre-Tax Income |
For the three, nine and twelve months ended September 30, 2016 and 2015, the Company recognized other than temporary impairment losses on its available-for-sale securities as follow (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Twelve Months Ended | | September 30, | | September 30, | | September 30, | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Unrealized holding losses included in pre-tax income | $ | (196 | ) | | $ | — |
| | $ | (352 | ) | | $ | — |
| | $ | (690 | ) | | $ | — |
|
|
| Available-For-Sale-Securities, Continuous Unrealized Gain Position |
The table below presents the unrecognized gross unrealized gains and the fair value of these securities, aggregated by investment category (in thousands): | | | | | | | | | | | | | | | | | | September 30, 2016 | | December 31, 2015 | | Fair Value | | Unrealized Gains | | Fair Value | | Unrealized Gains | Description of Securities: | | | | | | | | Federal Agency Mortgage Backed Securities | $ | 16,772 |
| | $ | 701 |
| | $ | 9,589 |
| | $ | 438 |
| U.S. Government Bonds | 35,711 |
| | 1,285 |
| | 12,033 |
| | 136 |
| Municipal Obligations | 9,273 |
| | 398 |
| | 8,671 |
| | 332 |
| Corporate Obligations | 18,368 |
| | 1,347 |
| | 10,110 |
| | 368 |
| Total Debt Securities | 80,124 |
| | 3,731 |
| | 40,403 |
| | 1,274 |
| Common Stock | 66,055 |
| | 34,418 |
| | 72,636 |
| | 37,001 |
| Equity Mutual Funds | 35,552 |
| | 1,995 |
| | 18,853 |
| | 91 |
| Cash and Cash Equivalents | 7,975 |
| | — |
| | 8,204 |
| | — |
| Total | $ | 189,706 |
| | $ | 40,144 |
| | $ | 140,096 |
| | $ | 38,366 |
|
|
| Contractual Year For Maturity Of Available-For-Sale Securities |
The contractual year for maturity of these available-for-sale securities as of September 30, 2016 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Total | | 2016 | | 2017
through
2020 | | 2021 through 2025 | | 2026 and Beyond | Municipal Debt Obligations | $ | 22,136 |
| | $ | 417 |
| | $ | 7,909 |
| | $ | 12,730 |
| | $ | 1,080 |
| Corporate Debt Obligations | 24,129 |
| | — |
| | 5,501 |
| | 9,941 |
| | 8,687 |
| U.S. Government Bonds | 56,739 |
| | — |
| | 29,297 |
| | 14,542 |
| | 12,900 |
|
|
| Sale of Securities And The Related Effects On Pre-Tax Income |
The proceeds from the sale of these securities during the three, nine, and twelve months ended September 30, 2016 and 2015 and the related effects on pre-tax income are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Twelve Months Ended | | September 30, | | September 30, | | September 30, | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Proceeds from sales or maturities of available-for-sale securities | $ | 19,453 |
| | $ | 26,618 |
| | $ | 60,165 |
| | $ | 63,776 |
| | $ | 98,956 |
| | $ | 124,732 |
| Gross realized gains included in pre-tax income | $ | 2,446 |
| | $ | 4,515 |
| | $ | 6,687 |
| | $ | 8,330 |
| | $ | 10,736 |
| | $ | 12,467 |
| Gross realized losses included in pre-tax income | (178 | ) | | (191 | ) | | (765 | ) | | (443 | ) | | (1,249 | ) | | (1,021 | ) | Gross unrealized losses included in pre-tax income | (196 | ) | | — |
| | (352 | ) | | — |
| | (690 | ) | | — |
| Net gains included in pre-tax income | $ | 2,072 |
| | $ | 4,324 |
| | $ | 5,570 |
| | $ | 7,887 |
| | $ | 8,797 |
| | $ | 11,446 |
| Net unrealized holding gains (losses) included in accumulated other comprehensive income | $ | 4,313 |
| | $ | (8,092 | ) | | $ | 9,293 |
| | $ | (8,641 | ) | | $ | 15,028 |
| | $ | (5,779 | ) | Net gains reclassified from accumulated other comprehensive income | (2,072 | ) | | (4,324 | ) | | (5,570 | ) | | (7,887 | ) | | (8,797 | ) | | (11,446 | ) | Net gains (losses) in other comprehensive income | $ | 2,241 |
| | $ | (12,416 | ) | | $ | 3,723 |
| | $ | (16,528 | ) | | $ | 6,231 |
| | $ | (17,225 | ) |
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| Fair Value, Measurement Inputs, Disclosure |
The fair value of the Company's decommissioning trust funds and investments in debt securities at September 30, 2016 and December 31, 2015, and the level within the three levels of the fair value hierarchy defined by the FASB guidance are presented in the table below (in thousands): | | | | | | | | | | | | | | | | | Description of Securities | Fair Value as of September 30, 2016 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Trading Securities: | | | | | | | | Investments in Debt Securities | $ | 1,398 |
| | $ | — |
| | $ | — |
| | $ | 1,398 |
| Available for sale: | | | | | | | | U.S. Government Bonds | $ | 56,739 |
| | $ | 56,739 |
| | $ | — |
| | $ | — |
| Federal Agency Mortgage Backed Securities | 17,800 |
| | — |
| | 17,800 |
| | — |
| Municipal Bonds | 22,136 |
| | — |
| | 22,136 |
| | — |
| Corporate Asset Backed Obligations | 24,129 |
| | — |
| | 24,129 |
| | — |
| Subtotal Debt Securities | 120,804 |
| | 56,739 |
| | 64,065 |
| | — |
| Common Stock | 67,448 |
| | 67,448 |
| | — |
| | — |
| Equity Mutual Funds | 35,552 |
| | 35,552 |
| | — |
| | — |
| Institutional Funds-International Equity | 22,847 |
| | 22,847 |
| | — |
| | — |
| Cash and Cash Equivalents | 7,975 |
| | 7,975 |
| | — |
| | — |
| Total Available for Sale | $ | 254,626 |
| | $ | 190,561 |
| | $ | 64,065 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | Description of Securities | Fair Value as of December 31, 2015 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Trading Securities: | | | | | | | | Investments in Debt Securities | $ | 1,543 |
| | $ | — |
| | $ | — |
| | $ | 1,543 |
| Available for sale: | | | | | | | | U.S. Government Bonds | $ | 50,399 |
| | $ | 50,399 |
| | $ | — |
| | $ | — |
| Federal Agency Mortgage Backed Securities | 20,085 |
| | — |
| | 20,085 |
| | — |
| Municipal Bonds | 24,345 |
| | — |
| | 24,345 |
| | — |
| Corporate Asset Backed Obligations | 18,475 |
| | — |
| | 18,475 |
| | — |
| Subtotal Debt Securities | 113,304 |
| | 50,399 |
| | 62,905 |
| | — |
| Common Stock | 76,220 |
| | 76,220 |
| | — |
| | — |
| Equity Mutual Funds | 18,853 |
| | 18,853 |
| | — |
| | — |
| Institutional Funds-International Equity | 22,454 |
| | 22,454 |
| | — |
| | — |
| Cash and Cash Equivalents | 8,204 |
| | 8,204 |
| | — |
| | — |
| Total Available for Sale | $ | 239,035 |
| | $ | 176,130 |
| | $ | 62,905 |
| | $ | — |
|
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