Financial Instruments And Investments (Tables)

6 Months Ended

Jun. 30, 2013

Financial Instruments And Investments [Abstract]

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):

	June 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Pollution Control Bonds	$	193,135	$	199,157	$	193,135	$	215,228
Senior Notes	696,441		773,645		696,400		823,497
RGRT Senior Notes (1)	110,000		116,510		110,000		120,985
RCF (1)	26,319		26,319		22,155		22,155
Total	$	1,025,895	$	1,115,631	$	1,021,690	$	1,181,865

_______________

(1) Nuclear fuel financing as of June 30, 2013 and December 31, 2012 is funded through the $110 million RGRT Senior Notes and $20.3 million and $22.2 million, respectively under the RCF. As of June 30, 2013, $6.0 million was outstanding under the RCF for working capital or general corporate purposes. As of December 31, 2012, no amount 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.

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, 2013
	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	$	3,291	$	(151	)	$	171	$	(4	)	$	3,462	$	(155	)
U.S. Government Bonds	12,374		(454		)	6,229		(309		)	18,603		(763		)
Municipal Obligations	16,051		(513		)	3,487		(198		)	19,538		(711		)
Corporate Obligations	2,848		(81		)	330		(17		)	3,178		(98		)
Total Debt Securities	34,564		(1,199		)	10,217		(528		)	44,781		(1,727		)
Common Stock	1,725		(190		)	—		—			1,725		(190		)
Total Temporarily Impaired Securities	$	36,289	$	(1,389	)	$	10,217	$	(528	)	$	46,506	$	(1,917	)

_________________

(1) Includes approximately 113 securities.

	December 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 (2):
Federal Agency Mortgage Backed Securities	$	1,792	$	(5	)	$	416	$	(9	)	$	2,208	$	(14	)
U.S. Government Bonds	6,633		(79		)	4,457		(114		)	11,090		(193		)
Municipal Obligations	5,306		(39		)	5,760		(241		)	11,066		(280		)
Corporate Obligations	452		(11		)	—		—			452		(11		)
Total Debt Securities	14,183		(134		)	10,633		(364		)	24,816		(498		)
Common Stock	3,603		(409		)	—		—			3,603		(409		)
Total Temporarily Impaired Securities	$	17,786	$	(543	)	$	10,633	$	(364	)	$	28,419	$	(907	)

_________________

(2) Includes approximately 65 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, 2013				December 31, 2012
	Fair Value		Unrealized Gains		Fair Value		Unrealized Gains
Description of Securities:
Federal Agency Mortgage Backed Securities	$	12,419	$	552	$	17,289	$	1,036
U.S. Government Bonds	6,808		297		13,295		678
Municipal Obligations	15,474		796		22,797		1,531
Corporate Obligations	8,933		481		12,378		1,134
Total Debt Securities	43,634		2,126		65,759		4,379
Common Stock	85,228		30,993		73,210		22,839
Equity Mutual Funds	14,926		1,404		15,194		1,821
Cash and Cash Equivalents	5,872		—		4,471		—
Total	$	149,660	$	34,523	$	158,634	$	29,039

Contractual Year For Maturity Of Available-For-Sale Securities

The contractual year for maturity of these available-for-sale securities as of June 30, 2013 is as follows (in thousands):

	Total		2013		2014 through 2017		2018 through 2022		2023 and Beyond
Municipal Debt Obligations	$	35,012	$	772	$	12,237	$	17,259	$	4,744
Corporate Debt Obligations	12,111		—		4,067		4,328		3,716
U.S. Government Bonds	25,411		1,281		9,660		11,202		3,268

Unrealized Holding Losses Included In Pre-Tax Income

For the three, six and twelve months endedJune 30, 2013 and 2012, 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,
	2013		2012			2013		2012			2013			2012
Unrealized losses included in pre-tax income	$	—	$	(166	)	$	—	$	(166	)	$	(313	)	$	(2,083	)

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,
	2013			2012			2013			2012			2013			2012
Proceeds from sales of available-for-sale securities	$	11,455		$	39,934		$	22,362		$	59,513		$	61,391		$	106,033
Gross realized gains included in pre-tax income	$	342		$	690		$	381		$	1,079		$	780		$	1,862
Gross realized losses included in pre-tax income	(96		)	(1,971		)	(293		)	(2,147		)	(187		)	(2,574		)
Unrealized losses included in pre-tax income	—			(166		)	—			(166		)	(313		)	(2,083		)
Net gains (losses) in pre-tax income	$	246		$	(1,447	)	$	88		$	(1,234	)	$	280		$	(2,795	)
Net unrealized holding gains (losses) included in accumulated other comprehensive income	$	(2,232	)	$	(2,341	)	$	4,561		$	5,817		$	8,671		$	4,798
Net (gains) losses reclassified out of accumulated other comprehensive income	(246		)	1,447			(88		)	1,234			(280		)	2,795
Net gains in other comprehensive income	$	(2,478	)	$	(894	)	$	4,473		$	7,051		$	8,391		$	7,593

Fair Value, Measurement Inputs, Disclosure

The fair value of the Company’s decommissioning trust funds and investment in debt securities, at June 30, 2013 and December 31, 2012, 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, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Trading Securities:
Investment in Debt Securities	$	1,294	$	—	$	—	$	1,294
Available for sale:
U.S. Government Bonds	$	25,411	$	25,411	$	—	$	—
Federal Agency Mortgage Backed Securities	15,881		—		15,881		—
Municipal Bonds	35,012		—		35,012		—
Corporate Asset Backed Obligations	12,111		—		12,111		—
Subtotal Debt Securities	88,415		25,411		63,004		—
Common Stock	86,953		86,953		—		—
Equity Mutual Funds	14,926		14,926		—		—
Cash and Cash Equivalents	5,872		5,872		—		—
Total available for sale	$	196,166	$	133,162	$	63,004	$	—

Description of Securities	Fair Value as of December 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:
Investment in Debt Securities	$	1,295	$	—	$	—	$	1,295
Available for sale:
U.S. Government Bonds	$	24,385	$	24,385	$	—	$	—
Federal Agency Mortgage Backed Securities	19,497		—		19,497		—
Municipal Bonds	33,863		—		33,863		—
Corporate Asset Backed Obligations	12,830		—		12,830		—
Subtotal Debt Securities	90,575		24,385		66,190		—
Common Stock	76,813		76,813		—		—
Equity Mutual Funds	15,194		15,194		—		—
Cash and Cash Equivalents	4,471		4,471		—		—
Total available for sale	$	187,053	$	120,863	$	66,190	$	—