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Financial Instruments And Investments (Tables)

3 Months Ended

Mar. 31, 2012

Financial Instruments And Investments [Abstract]

Fair Values Of Long-Term Debt And Financing Obligations

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):



	March 31, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Pollution Control Bonds	$	193,135	$	210,598	$	193,135	$	206,756
Senior Notes	546,675		647,840		546,662		700,371
RGRT Senior Notes (1)	110,000		117,405		110,000		116,985
RCF (1)	92,570		92,570		33,379		33,379
Total	$	942,380	$	1,068,413	$	883,176	$	1,057,491

_______________

(1)

Nuclear fuel financing as of March 31, 2012 is funded through the $110 million RGRT Senior Notes and $39.6 million under the RCF and $53.0 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.

Marketable Securities Fair Value And Unrealized Losses

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):



	March 31, 2012
	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	$	20	$	(1	)	$	1,304	$	(33	)	$	1,324	$	(34	)
U.S. Government Bonds	3,271		(34		)	2,395		(56		)	5,666		(90		)
Municipal Obligations	3,310		(26		)	4,981		(189		)	8,291		(215		)
Corporate Obligations	2,334		(14		)	732		(9		)	3,066		(23		)
Total Debt Securities	8,935		(75		)	9,412		(287		)	18,347		(362		)
Common Stock	7,546		(1,016		)	1,611		(356		)	9,157		(1,372		)
Total Temporarily Impaired Securities	$	16,481	$	(1,091	)	$	11,023	$	(643	)	$	27,504	$	(1,734	)

_________________


(1)	Includes approximately 87 securities.



	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 (2):
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	)

_________________


(2)	Includes approximately 96 securities.

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):



	March 31, 2012				December 31, 2011
	Fair Value		Unrealized Gains		Fair Value		Unrealized Gains
Description of Securities:
Federal Agency Mortgage Backed Securities	$	23,470	$	1,141	$	25,077	$	1,220
U.S. Government Bonds	11,473		640		10,263		972
Municipal Obligations	26,577		1,506		30,310		1,792
Corporate Obligations	9,733		599		7,641		459
Total Debt Securities	71,253		3,886		73,291		4,443
Common Stock	75,351		22,956		62,479		15,681
Cash and Cash Equivalents	4,420		—		3,739		—
Total	$	151,024	$	26,842	$	139,509	$	20,124

Contractual Year For Maturity Of Available-For-Sale Securities

The contractual year for maturity of these available-for-sale securities as of March 31, 2012 is as follows (in thousands):



	Total		2012		2013 through 2016		2017 through 2021		2022 and Beyond
Municipal Debt Obligations	$	34,868	$	999	$	11,698	$	14,977	$	7,194
Corporate Debt Obligations	12,799		—		3,692		5,517		3,590
U.S. Government Bonds	17,139		1,209		4,272		7,868		3,790

Unrealized Holding Losses Included In Pre-Tax Income

The Company recognizes impairment losses on certain of its securities deemed to be other than temporary. In accordance with FASB guidance, these impairment losses are recognized in net income, and a lower cost basis is established for these securities. For the three and twelve months ended March 31, 2012 and 2011, the Company recognized other than temporary impairment losses on its available-for-sale securities as follows (in thousands):



	Three Months Ended				Twelve Months Ended
	March 31,				March 31,
	2012		2011		2012			2011
Gross unrealized holding losses included in pre-tax income	$	—	$	—	$	(2,116	)	$	(263	)

Sale of Securities And The Related Effects On Pre-Tax Income

The proceeds from the sale of these securities and the related effects on pre-tax income are as follows (in thousands):



	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2012			2011			2012			2011
Proceeds from sales of available-for-sale securities	$	19,579		$	14,231		$	88,274		$	56,383
Gross realized gains included in pre-tax income	$	389		$	264		$	1,604		$	897
Gross realized losses included in pre-tax income	(176		)	(59		)	(838		)	(520		)
Gross unrealized losses included in pre-tax income	—			—			(2,116		)	(263		)
Net gains (losses) in pre-tax income	$	213		$	205		$	(1,350	)	$	114
Net unrealized holding gains included in accumulated other comprehensive income	$	8,158		$	2,173		$	7,555		$	6,415
Net (gains) losses reclassified out of accumulated other comprehensive income	(213		)	(205		)	1,350			(114		)
Net gains in other comprehensive income	$	7,945		$	1,968		$	8,905		$	6,301

Fair Value, Measurement Inputs, Disclosure

The fair value of the Company’s decommissioning trust funds and investments in debt securities, at March 31, 2012 and December 31, 2011, 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 March 31, 2012		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	$	1,240	$	—	$	—	$	1,240
Available for sale:
U.S. Government Bonds	$	17,139	$	17,139	$	—	$	—
Federal Agency Mortgage Backed Securities	24,794		—		24,794		—
Municipal Bonds	34,868		—		34,868		—
Corporate Asset Backed Obligations	12,799		—		12,799		—
Subtotal Debt Securities	89,600		17,139		72,461		—
Common Stock	84,508		84,508		—		—
Cash and Cash Equivalents	4,420		4,420		—		—
Total available for sale	$	178,528	$	106,067	$	72,461	$	—



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	$	—

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

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+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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+ Details

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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+ Details

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References+ Details