Financial Instruments And Investments (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Pollution Control Bonds	$	193,135	$	212,159	$	193,135	$	206,756
Senior Notes	546,689		679,250		546,662		700,371
RGRT Senior Notes (1)	110,000		120,190		110,000		116,985
RCF (1)	110,760		110,760		33,379		33,379
Total	$	960,584	$	1,122,359	$	883,176	$	1,057,491

_______________

(1) Nuclear fuel financing as of June 30, 2012 and December 31, 2011 is funded through the $110 million RGRT Senior Notes and $34.8 million and $13.4 million, respectively under the RCF. As of June 30, 2012 and December 31, 2011, $76.0 million and $20.0 million, respectively, were 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):

	June 30, 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	$	15	$	(1	)	$	1,048	$	(26	)	$	1,063	$	(27	)
U.S. Government Bonds	4,785		(41		)	1,175		(40		)	5,960		(81		)
Municipal Obligations	8,297		(71		)	4,938		(232		)	13,235		(303		)
Corporate Obligations	1,144		(8		)	912		(13		)	2,056		(21		)
Total Debt Securities	14,241		(121		)	8,073		(311		)	22,314		(432		)
Common Stock	5,487		(706		)	1,103		(211		)	6,590		(917		)
Total Temporarily Impaired Securities	$	19,728	$	(827	)	$	9,176	$	(522	)	$	28,904	$	(1,349	)

_________________

(1) Includes approximately 67 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):

	June 30, 2012				December 31, 2011
	Fair Value		Unrealized Gains		Fair Value		Unrealized Gains
Description of Securities:
Federal Agency Mortgage Backed Securities	$	22,065	$	1,206	$	25,077	$	1,220
U.S. Government Bonds	9,129		754		10,263		972
Municipal Obligations	27,017		1,621		30,310		1,792
Corporate Obligations	10,679		705		7,641		459
Total Debt Securities	68,890		4,286		73,291		4,443
Common Stock	67,252		20,885		62,479		15,681
Equity Mutual Funds	9,073		393		—		—
Cash and Cash Equivalents	4,160		—		3,739		—
Total	$	149,375	$	25,564	$	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 June 30, 2012 is as follows (in thousands):

	Total		2012		2013 through 2016		2017 through 2021		2022 and Beyond
Municipal Debt Obligations	$	40,252	$	989	$	10,993	$	16,847	$	11,423
Corporate Debt Obligations	12,735		—		3,740		5,314		3,681
U.S. Government Bonds	15,089		—		4,261		8,034		2,794

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, six and twelve months ended June 30, 2012 and 2011, the Company recognized other than temporary impairment losses on its available-for-sale securities as follows (in thousands):

	Three Months Ended						Six Months Ended						Twelve Months Ended
	June 30,						June 30,						June 30,
	2012			2011			2012			2011			2012			2011
Gross unrealized holding losses included in pre-tax income	$	(166	)	$	(199	)	$	(166	)	$	(199	)	$	(2,083	)	$	(199	)

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						Six Months Ended						Twelve Months Ended
	June 30,						June 30,						June 30,
	2012			2011			2012			2011			2012			2011
Proceeds from sales of available-for-sale securities	$	39,934		$	22,175		$	59,513		$	36,406		$	106,033		$	63,857
Gross realized gains included in pre-tax income	$	690		$	432		$	1,079		$	696		$	1,862		$	1,200
Gross realized losses included in pre-tax income	(1,971		)	(235		)	(2,147		)	(294		)	(2,574		)	(511		)
Gross unrealized losses included in pre-tax income	(166		)	(199		)	(166		)	(199		)	(2,083		)	(199		)
Net gains (losses) in pre-tax income	$	(1,447	)	$	(2	)	$	(1,234	)	$	203		$	(2,795	)	$	490
Net unrealized holding gains (losses) included in accumulated other comprehensive income	$	(2,341	)	$	416		$	5,817		$	2,589		$	4,798		$	13,232
Net (gains) losses reclassified out of accumulated other comprehensive income	1,447			2			1,234			(203		)	2,795			(490		)
Net gains (losses) in other comprehensive income	$	(894	)	$	418		$	7,051		$	2,386		$	7,593		$	12,742

Fair Value, Measurement Inputs, Disclosure

The fair value of the Company’s decommissioning trust funds and investments in debt securities, at June 30, 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 June 30, 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	$	1,228	$	—	$	—	$	1,228
Available for sale:
U.S. Government Bonds	$	15,089	$	15,089	$	—	$	—
Federal Agency Mortgage Backed Securities	23,128		—		23,128		—
Municipal Bonds	40,252		—		40,252		—
Corporate Asset Backed Obligations	12,735		—		12,735		—
Subtotal Debt Securities	91,204		15,089		76,115		—
Common Stock	73,842		73,842		—		—
Equity Mutual Funds	9,073		9,073		—		—
Cash and Cash Equivalents	4,160		4,160		—		—
Total available for sale	$	178,279	$	102,164	$	76,115	$	—

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	$	—