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Financial Instruments And Investments (Tables)
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12 Months Ended |
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Dec. 31, 2011
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| Financial Instruments And Investments [Abstract] |
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| Company's Decommissioning Trust Funds And Investments In Debt Securities |
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): | | | | | | | | | | | | | | | | | | December 31, | | 2011 | | 2010 | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | Pollution Control Bonds | $ | 193,135 |
| | $ | 206,756 |
| | $ | 193,135 |
| | $ | 192,924 |
| Senior Notes | 546,662 |
| | 700,371 |
| | 546,610 |
| | 574,700 |
| RGRT Senior Notes (1) | 110,000 |
| | 116,985 |
| | 110,000 |
| | 110,371 |
| RCF (1) | 33,379 |
| | 33,379 |
| | 4,704 |
| | 4,704 |
| Total | $ | 883,176 |
| | $ | 1,057,491 |
| | $ | 854,449 |
| | $ | 882,699 |
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__________________ | | (1) | Nuclear fuel financing as of December 31, 2011 is funded through the $110.0 million RGRT Senior Notes and $13.4 million under the RCF and $20.0 million was outstanding under the RCF for working capital and 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. |
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| Schedule of Available for Sale Securities Continuous Unrealized Loss Position |
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):
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2011 | | 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 | $ | 515 |
| | $ | (8 | ) | | $ | 1,233 |
| | $ | (23 | ) | | $ | 1,748 |
| | $ | (31 | ) | U.S. Government Bonds | 100 |
| | (1 | ) | | 2,413 |
| | (38 | ) | | 2,513 |
| | (39 | ) | Municipal Obligations | 2,275 |
| | (31 | ) | | 4,731 |
| | (144 | ) | | 7,006 |
| | (175 | ) | Corporate Obligations | 3,525 |
| | (118 | ) | | 1,234 |
| | (43 | ) | | 4,759 |
| | (161 | ) | Total Debt Securities | 6,415 |
| | (158 | ) | | 9,611 |
| | (248 | ) | | 16,026 |
| | (406 | ) | Common Stock | 10,688 |
| | (2,065 | ) | | 1,740 |
| | (489 | ) | | 12,428 |
| | (2,554 | ) | Total Temporarily Impaired Securities | $ | 17,103 |
| | $ | (2,223 | ) | | $ | 11,351 |
| | $ | (737 | ) | | $ | 28,454 |
| | $ | (2,960 | ) |
____________________ | | (1) | Includes approximately 96 securities. |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2010 | | 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 | $ | 2,290 |
| | $ | (51 | ) | | $ | 441 |
| | $ | (27 | ) | | $ | 2,731 |
| | $ | (78 | ) | U.S. Government Bonds | 9,583 |
| | (124 | ) | | — |
| | — |
| | 9,583 |
| | (124 | ) | Municipal Obligations | 13,145 |
| | (278 | ) | | 3,763 |
| | (145 | ) | | 16,908 |
| | (423 | ) | Corporate Obligations | 1,855 |
| | (18 | ) | | — |
| | — |
| | 1,855 |
| | (18 | ) | Total Debt Securities | 26,873 |
| | (471 | ) | | 4,204 |
| | (172 | ) | | 31,077 |
| | (643 | ) | Common stock | 6,943 |
| | (774 | ) | | 4,303 |
| | (420 | ) | | 11,246 |
| | (1,194 | ) | Total Temporarily Impaired Securities | $ | 33,816 |
| | $ | (1,245 | ) | | $ | 8,507 |
| | $ | (592 | ) | | $ | 42,323 |
| | $ | (1,837 | ) |
______________________ | | (2) | Includes approximately 96 securities. |
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| Unrecognized Gross Unrealized Gains And the Fair Value |
The table below presents the unrecognized gross unrealized gains and the fair value of these securities, aggregated by investment category (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2011 | | December 31, 2010 | | Fair Value | | Unrealized Gains | | Fair Value | | Unrealized Gains | Description of Securities: | | | | | | | | Federal Agency Mortgage Backed Securities | $ | 25,077 |
| | $ | 1,220 |
| | $ | 18,472 |
| | $ | 793 |
| U.S. Government Bonds | 10,263 |
| | 972 |
| | 10,450 |
| | 183 |
| Municipal Obligations | 30,310 |
| | 1,792 |
| | 15,633 |
| | 592 |
| Corporate Obligations | 7,641 |
| | 459 |
| | 7,223 |
| | 362 |
| Total Debt Securities | 73,291 |
| | 4,443 |
| | 51,778 |
| | 1,930 |
| Common Stock | 62,479 |
| | 15,681 |
| | 56,770 |
| | 14,142 |
| Cash and Cash Equivalents | 3,739 |
| | — |
| | 3,007 |
| | — |
| Total | $ | 139,509 |
| | $ | 20,124 |
| | $ | 111,555 |
| | $ | 16,072 |
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| Contractual Year For Maturity Of Available-For-Sale Securities |
The contractual year for maturity for these available-for-sale securities as of December 31, 2011 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Total | | 2012 | | 2013
through
2016 | | 2017 through 2021 | | 2022 and Beyond | Municipal Debt Obligations | $ | 37,316 |
| | $ | 1,009 |
| | $ | 12,892 |
| | $ | 14,252 |
| | $ | 9,163 |
| Corporate Debt Obligations | 12,400 |
| | 1,368 |
| | 3,630 |
| | 4,338 |
| | 3,064 |
| U.S. Government Bonds | 12,776 |
| | 1,316 |
| | 1,685 |
| | 6,844 |
| | 2,931 |
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| Unrealized Holding Losses Included In Pre-Tax Income |
For the twelve months ended December 31, 2011, 2010, and 2009 the Company recognized other than temporary impairment losses on its available-for-sale securities as follows (in thousands): | | | | | | | | | | | | | | 2011 | | 2010 | | 2009 | Gross unrealized holding losses included in pre-tax income | $ | (2,116 | ) | | $ | (263 | ) | | $ | (5,594 | ) |
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| Sale of Securities And The Related Effects On Pre-Tax Income |
The proceeds from the sale of these securities during the twelve months ended December 31, 2011, 2010, and 2009 and the related effects on pre-tax income are as follows (in thousands): | | | | | | | | | | | | | | 2011 | | 2010 | | 2009 | Proceeds from sales of available-for-sale securities | $ | 82,926 |
| | $ | 61,656 |
| | $ | 79,935 |
| Gross realized gains included in pre-tax income | $ | 1,479 |
| | $ | 1,030 |
| | $ | 3,614 |
| Gross realized losses included in pre-tax income | (721 | ) | | (889 | ) | | (238 | ) | Gross unrealized losses included in pre-tax income | (2,116 | ) | | (263 | ) | | (5,594 | ) | Net losses in pre-tax income | $ | (1,358 | ) | | $ | (122 | ) | | $ | (2,218 | ) | Net unrealized holding gains included in accumulated other comprehensive income | $ | 1,570 |
| | $ | 6,665 |
| | $ | 12,816 |
| Net losses reclassified out of accumulated other comprehensive income | 1,358 |
| | 122 |
| | 2,218 |
| Net gains in other comprehensive income | $ | 2,928 |
| | $ | 6,787 |
| | $ | 15,034 |
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| Trading Securities (and Certain Trading Assets) |
Below is a reconciliation of the beginning and ending balance of the fair value in investment in debt securities (in thousands): | | | | | | | | | | 2011 | | 2010 | Balance at January 1 | $ | 2,909 |
| | $ | 2,510 |
| Sale of debt security | (2,000 | ) | | — |
| Realized gain on sale of debt security (a) | 431 |
| | — |
| Net unrealized gains (losses) in fair value recognized in income on debt securities still held (a) | (220 | ) | | 399 |
| Balance at December 31 | $ | 1,120 |
| | $ | 2,909 |
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_____________________ (a) These amounts are reflected in the Company's consolidated statement of operations as investment and interest income. |
| Fair Value, Measurement Inputs, Disclosure |
The fair value of the Company’s Retirement Plan assets at December 31, 2011 and 2010, and the level within the three levels of the fair value hierarchy defined by FASB guidance on fair value measurements are presented in the table below (in thousands): | | | | | | | | | | | | | | | | | Description of Securities | Fair Value as of December 31, 2011 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | $ | 6,708 |
| | $ | 6,708 |
| | $ | — |
| | $ | — |
| U.S. Treasury Securities | 24,178 |
| | 24,178 |
| | — |
| | — |
| Guaranteed Investment Contract | 608 |
| | — |
| | 608 |
| | — |
| Common Stock | 70,893 |
| | 70,893 |
| | — |
| | — |
| Mutual Funds - Fixed Income | 53,598 |
| | 53,598 |
| | — |
| | — |
| Mutual Funds - Equity | 26,873 |
| | 26,873 |
| | — |
| | — |
| Limited Partnership Interest in Real Estate (a) | 8,511 |
| | — |
| | — |
| | 8,511 |
| Total Plan Investments | $ | 191,369 |
| | $ | 182,250 |
| | $ | 608 |
| | $ | 8,511 |
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| | | | | | | | | | | | | | | | | Description of Securities | Fair Value as of December 31, 2010 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | $ | 4,975 |
| | $ | 4,975 |
| | $ | — |
| | $ | — |
| U.S. Treasury Securities | 83,601 |
| | 83,601 |
| | — |
| | — |
| Guaranteed Investment Contract | 550 |
| | — |
| | 550 |
| | — |
| Common Stock | 54,957 |
| | 54,957 |
| | — |
| | — |
| Mutual Funds | 19,501 |
| | 19,501 |
| | — |
| | — |
| Limited Partnership Interest in Real Estate (a) | 7,757 |
| | — |
| | — |
| | 7,757 |
| Total Plan Investments | $ | 171,341 |
| | $ | 163,034 |
| | $ | 550 |
| | $ | 7,757 |
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_____________________ | | (a) | This investment is a commercial real estate partnership that purchases land, develops limited infrastructure, and sells it for commercial development. The Company is restricted from selling its partnership interest during the life of the partnership which is generally 5-7 years. Return of investment is realized as land is sold. The fair value of the limited partnership interest in real estate is based on the net asset value of the partnership which reflects the appraised value of the land. |
The fair value of the Company’s decommissioning trust funds and investments in debt securities, at December 31, 2011 and 2010, and the level within the three levels of the fair value hierarchy defined by FASB guidance are presented in the table below (in thousands): | | | | | | | | | | | | | | | | | | Description of Securities | | Fair Value as of December 31, 2011 | | 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 | | $ | 1,120 |
| | $ | — |
| | $ | — |
| | $ | 1,120 |
| Available for sale: | | | | | | | | | U.S. Government Bonds | | $ | 12,776 |
| | $ | 12,776 |
| | $ | — |
| | $ | — |
| Federal Agency Mortgage Backed Securities | | 26,825 |
| | — |
| | 26,825 |
| | — |
| Municipal Bonds | | 37,316 |
| | — |
| | 37,316 |
| | — |
| Corporate Asset Backed Obligations | | 12,400 |
| | — |
| | 12,400 |
| | — |
| Subtotal, Debt Securities | | 89,317 |
| | 12,776 |
| | 76,541 |
| | — |
| Common Stock | | 74,907 |
| | 74,907 |
| | — |
| | — |
| Cash and Cash Equivalents | | 3,739 |
| | 3,739 |
| | — |
| | — |
| Total available for sale | | $ | 167,963 |
| | $ | 91,422 |
| | $ | 76,541 |
| | $ | — |
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| | | | | | | | | | | | | | | | | Description of Securities | Fair Value as of December 31, 2010 | | 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 | $ | 2,909 |
| | $ | — |
| | $ | — |
| | $ | 2,909 |
| Available for sale: | | | | | | | | U.S. Government Bonds | $ | 20,033 |
| | $ | 20,033 |
| | $ | — |
| | $ | — |
| Federal Agency Mortgage Backed Securities | 21,204 |
| | — |
| | 21,204 |
| | — |
| Municipal Bonds | 32,541 |
| | — |
| | 32,541 |
| | — |
| Corporate Asset Backed Obligations | 9,077 |
| | — |
| | 9,077 |
| | — |
| Subtotal, Debt Securities | 82,855 |
| | 20,033 |
| | 62,822 |
| | — |
| Common Stock | 68,016 |
| | 68,016 |
| | — |
| | — |
| Cash and Cash Equivalents | 3,007 |
| | 3,007 |
| | — |
| | — |
| Total available for sale | $ | 153,878 |
| | $ | 91,056 |
| | $ | 62,822 |
| | $ | — |
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