Financial Instruments And Investments (Tables)
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12 Months Ended |
Dec. 31, 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 |
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, | | 2016 | | 2015 | | Carrying Amount (1) | | Estimated Fair Value | | Carrying Amount (1) | | Estimated Fair Value | Pollution Control Bonds | $ | 190,775 |
| | $ | 206,818 |
| | $ | 190,499 |
| | $ | 212,624 |
| Senior Notes | 993,086 |
| | 1,112,285 |
| | 837,475 |
| | 829,864 |
| RGRT Senior Notes (2) | 94,795 |
| | 98,855 |
| | 94,686 |
| | 100,345 |
| RCF (2) | 81,574 |
| | 81,574 |
| | 141,738 |
| | 141,738 |
| Total | $ | 1,360,230 |
| | $ | 1,499,532 |
| | $ | 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 December 31, 2016 and December 31, 2015, is funded through the $95 million RGRT Senior Notes and $37.6 million and $33.7 million, respectively under the RCF. As of December 31, 2016, $44.0 million was outstanding under the RCF for working capital or general corporate purposes. As of December 31, 2015, $108.0 million 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 period 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):
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 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 | $ | 11,582 |
| | $ | (239 | ) | | $ | 436 |
| | $ | (22 | ) | | $ | 12,018 |
| | $ | (261 | ) | U.S. Government Bonds | 31,655 |
| | (762 | ) | | 17,976 |
| | (835 | ) | | 49,631 |
| | (1,597 | ) | Municipal Obligations | 9,596 |
| | (394 | ) | | 4,067 |
| | (372 | ) | | 13,663 |
| | (766 | ) | Corporate Obligations | 7,971 |
| | (172 | ) | | 2,092 |
| | (172 | ) | | 10,063 |
| | (344 | ) | Total Debt Securities | 60,804 |
| | (1,567 | ) | | 24,571 |
| | (1,401 | ) | | 85,375 |
| | (2,968 | ) | Common Stock | 2,760 |
| | (167 | ) | | — |
| | — |
| | 2,760 |
| | (167 | ) | Institutional Funds-International Equity | 22,945 |
| | (110 | ) | | — |
| | — |
| | 22,945 |
| | (110 | ) | Total Temporarily Impaired Securities | $ | 86,509 |
| | $ | (1,844 | ) | | $ | 24,571 |
| | $ | (1,401 | ) | | $ | 111,080 |
| | $ | (3,245 | ) |
____________________ | | (1) | Includes approximately 152 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 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 approximately 133 securities. |
|
| Unrealized Holding Losses Included In Pre-Tax Income |
For the twelve months ended December 31, 2016, 2015, and 2014, the Company recognized other than temporary impairment losses on its available-for-sale securities as follows (in thousands): | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Unrealized holding losses included in pre-tax income | $ | (352 | ) | | $ | (338 | ) | | $ | — |
|
|
| Marketable Securities Fair Value and Unrecognized Gross Unrealized Gain |
The table below presents the unrecognized gross unrealized gains and the fair value of these securities, aggregated by investment category (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2016 | | December 31, 2015 | | Fair Value | | Unrealized Gains | | Fair Value | | Unrealized Gains | Description of Securities: | | | | | | | | Federal Agency Mortgage Backed Securities | $ | 7,430 |
| | $ | 319 |
| | $ | 9,589 |
| | $ | 438 |
| U.S. Government Bonds | 12,237 |
| | 138 |
| | 12,033 |
| | 136 |
| Municipal Obligations | 2,481 |
| | 144 |
| | 8,671 |
| | 332 |
| Corporate Obligations | 12,350 |
| | 655 |
| | 10,110 |
| | 368 |
| Total Debt Securities | 34,498 |
| | 1,256 |
| | 40,403 |
| | 1,274 |
| Common Stock | 61,884 |
| | 34,066 |
| | 72,636 |
| | 37,001 |
| Equity Mutual Funds | 42,244 |
| | 3,345 |
| | 18,853 |
| | 91 |
| Cash and Cash Equivalents | 6,002 |
| | — |
| | 8,204 |
| | — |
| Total | $ | 144,628 |
| | $ | 38,667 |
| | $ | 140,096 |
| | $ | 38,366 |
|
|
| Contractual Year For Maturity Of Available-For-Sale Securities |
The contractual year for maturity for these available-for-sale securities as of December 31, 2016 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Total | | 2017 | | 2018 through
2021 | | 2022 through 2026 | | 2027 and Beyond | Municipal Debt Obligations | $ | 16,144 |
| | $ | 990 |
| | $ | 6,253 |
| | $ | 8,139 |
| | $ | 762 |
| Corporate Debt Obligations | 22,413 |
| | — |
| | 8,664 |
| | 6,090 |
| | 7,659 |
| U.S. Government Bonds | 61,868 |
| | 14,272 |
| | 22,495 |
| | 14,786 |
| | 10,315 |
| Federal Agency Mortgage Backed Securities | 19,448 |
| | — |
| | 5 |
| | 390 |
| | 19,053 |
|
|
| 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, 2016, 2015, and 2014 and the related effects on pre-tax income are as follows (in thousands): | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Proceeds from sales of available-for-sale securities | $ | 91,268 |
| | $ | 102,567 |
| | $ | 108,311 |
| Gross realized gains included in pre-tax income | $ | 9,212 |
| | $ | 12,379 |
| | $ | 7,858 |
| Gross realized losses included in pre-tax income | (1,220 | ) | | (927 | ) | | (508 | ) | Gross unrealized losses included in pre-tax income | (352 | ) | | (338 | ) | | — |
| Net gains in pre-tax income | $ | 7,640 |
| | $ | 11,114 |
| | $ | 7,350 |
| Net unrealized holding gains (losses) included in accumulated other comprehensive income | $ | 8,444 |
| | $ | (2,906 | ) | | $ | 10,827 |
| Net (gains) losses reclassified out of accumulated other comprehensive income | (7,640 | ) | | (11,114 | ) | | (7,350 | ) | Net gains (losses) in other comprehensive income | $ | 804 |
| | $ | (14,020 | ) | | $ | 3,477 |
|
|
| Fair Value, Measurement Inputs, Disclosure |
The fair value of the Company’s decommissioning trust funds and investments in debt securities at December 31, 2016 and 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 December 31, 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 | | $ | 1,421 |
| | $ | — |
| | $ | — |
| | $ | 1,421 |
| Available for sale: | | | | | | | | | U.S. Government Bonds | | $ | 61,868 |
| | $ | 61,868 |
| | $ | — |
| | $ | — |
| Federal Agency Mortgage Backed Securities | | 19,448 |
| | — |
| | 19,448 |
| | — |
| Municipal Obligations | | 16,144 |
| | — |
| | 16,144 |
| | — |
| Corporate Obligations | | 22,413 |
| | — |
| | 22,413 |
| | — |
| Subtotal, Debt Securities | | 119,873 |
| | 61,868 |
| | 58,005 |
| | — |
| Common Stock | | 64,644 |
| | 64,644 |
| | — |
| | — |
| Equity Mutual Funds | | 42,244 |
| | 42,244 |
| | — |
| | — |
| Institutional Funds-International Equity | | 22,945 |
| | 22,945 |
| | — |
| | — |
| Cash and Cash Equivalents | | 6,002 |
| | 6,002 |
| | — |
| | — |
| Total available for sale | | $ | 255,708 |
| | $ | 197,703 |
| | $ | 58,005 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | 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 Obligations | 24,345 |
| | — |
| | 24,345 |
| | — |
| Corporate 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 |
| | $ | — |
|
|
| Trading Securities (and Certain Trading Assets) |
Below is a reconciliation of the beginning and ending balance of the fair value of the investment in debt securities (in thousands): | | | | | | | | | | 2016 | | 2015 | Balance at January 1 | $ | 1,543 |
| | $ | 1,653 |
| Net unrealized gains (losses) in fair value recognized in income (a) | (122 | ) | | (110 | ) | Balance at December 31 | $ | 1,421 |
| | $ | 1,543 |
|
_____________________ (a) These amounts are reflected in the Company's statements of operations as investment and interest income. |