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Financial Instruments And Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Unrealized Gains and losses recognized [Line Items]    
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,
 
2019
 
2018
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Pollution Control Bonds (1)
$
157,965

 
$
167,256

 
$
157,769

 
$
161,917

Senior Notes
1,118,371

 
1,398,645

 
1,117,943

 
1,244,310

RGRT Senior Notes (2)
109,614

 
114,270

 
109,507

 
111,440

RCF (2)
113,801

 
113,801

 
49,207

 
49,207

Total
$
1,499,751

 
$
1,793,972

 
$
1,434,426

 
$
1,566,874

 __________________
(1)
On February 1, 2019 and April 1, 2019, the Company purchased in lieu of redemption the 2009 Series A 7.25% PCBs with an aggregate principal amount of $63.5 million and the 2009 Series B 7.25% PCBs with an aggregate principal amount of $37.1 million, respectively, utilizing funds borrowed under the RCF. On May 22, 2019, the Company reoffered and sold $63.5 million aggregate principal amount of 2009 Series A 7.25% PCBs and $37.1 million aggregate principal amount of 2009 Series B 7.25% PCBs with a fixed interest rate of 3.60% per annum until the PCBs mature on February 1, 2040 and April 1, 2040, respectively. See Part II, Item 8, Financial Statements and Supplementary Data, Note J of Notes to Financial Statements for further discussion.
(2)
Nuclear fuel financing, as of December 31, 2019 and December 31, 2018, is funded through $110 million RGRT Senior Notes and $29.8 million and $26.2 million, respectively, under the RCF. As of December 31, 2019, $84.0 million was outstanding under the RCF for working capital or general corporate purposes. As of December 31, 2018, $23.0 million 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. See Part II, Item 8, Financial Statements and Supplementary Data, Note J of Notes to Financial Statements for further discussion.
 
Unrecognized Gross Unrealized Gains (Losses) And the Fair Value   The table below presents the gross unrealized losses and the fair value of these securities as of December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 
December 31, 2018
 
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
$
6,187

 
$
(36
)
 
$
14,567

 
$
(510
)
 
$
20,754

 
$
(546
)
U.S. Government Bonds
4,005

 
(9
)
 
36,615

 
(1,663
)
 
40,620

 
(1,672
)
Municipal Debt Obligations
3,100

 
(74
)
 
9,037

 
(723
)
 
12,137

 
(797
)
Corporate Debt Obligations
22,259

 
(763
)
 
11,231

 
(731
)
 
33,490

 
(1,494
)
Total
$
35,551

 
$
(882
)
 
$
71,450

 
$
(3,627
)
 
$
107,001

 
$
(4,509
)
 ______________________
(1)
Includes approximately 156 securities, aggregated by CUSIP number.
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 as of December 31, 2018 (in thousands): 
 
 
December 31, 2018
 
Fair
Value
 
Unrealized
Gains
Description of Securities:
 
 
 
Federal Agency Mortgage Backed Securities
$
9,959

 
$
176

U.S. Government Bonds
6,987

 
149

Municipal Debt Obligations
1,952

 
120

Corporate Debt Obligations
8,283

 
222

Total Debt Securities
27,181

 
667
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, 2019, 2018 and 2017 and the related effects on pre-tax income are as follows (in thousands): 
 
2019
 
2018
 
2017
Proceeds from sales or maturities of available-for-sale securities
$
168,177

 
$
25,955

 
$
97,037

Gross realized gains included in pre-tax income
$
4,815

 
$
17

 
$
11,773

Gross realized losses included in pre-tax income
(2,583
)
 
(1,462
)
 
(1,147
)
        Net gains (losses) included in pre-tax income
$
2,232

 
$
(1,445
)
 
$
10,626


  
Fair Value, Measurement Inputs, Disclosure
The fair value of the NDT and investments in debt securities at December 31, 2019 and 2018, 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,
2019
 
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
 
$
1,587

 
$
—

 
$
—

 
$
1,587

Equity Securities:
 
 
 
 
 
 
 
 
Domestic (a)
 
$
295,065

 
$
295,065

 
$
—

 
$
—

International
 
29,202

 
29,202

 
—

 
—

Total Equity Securities
 
324,267

 
324,267

 
—

 
—

Cash and Cash Equivalents
 
1,731

 
1,731

 
—

 
—

Total
 
$
325,998

 
$
325,998

 
$
—

 
$
—

_________________
(a) Includes $148.1 million held in exchange traded funds with underlying investments in debt securities that meet the definition of equity securities with readily determinable fair values.

Description of Securities
Fair Value as  of
December 31,
2018
 
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
$
1,656

 
$
—

 
$
—

 
$
1,656

Equity Securities:
 
 
 
 
 
 
 
Domestic
$
111,325

 
$
111,325

 
$
—

 
$
—

International
24,540

 
24,540

 
—

 
—

Total Equity Securities
135,865

 
135,865

 
—

 
—

Available for sale:
 
 
 
 
 
 
 
Federal Agency Mortgage Backed Securities
30,713

 
—

 
30,713

 
—

U.S. Government Bonds
47,607

 
47,607

 
—

 
—

Municipal Debt Obligations
14,089

 
—

 
14,089

 
—

Corporate Debt Obligations
41,773

 
—

 
41,773

 
—

Total Available for Sale Debt Securities
134,182

 
47,607

 
86,575

 
—

Cash and Cash Equivalents
6,858

 
6,858

 
—

 
—

Total
$
276,905

 
$
190,330

 
$
86,575

 
$
—


  
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 classified as trading securities (in thousands): 
 
2019
 
2018
Balance at January 1
$
1,656

 
$
1,735

Net unrealized losses in fair value recognized in income (a)
(69
)
 
(79
)
Balance at December 31
$
1,587

 
$
1,656

_____________________
(a) These amounts are reflected in the Company's Statements of Operations as investment and interest income.
  
Equity Securities    
Unrealized Gains and losses recognized [Line Items]    
Unrealized Gain (Loss) on Investments The unrealized gains and losses recognized during the twelve months ended December 31, 2019 and 2018 and related effects on pre-tax income are as follows (in thousands):
 
December 31, 2019
 
December 31, 2018
 
 
 
 
Net gains and (losses) recognized on equity securities
$
36,282

 
$
(11,522
)
Less: Net gains recognized on equity securities sold
430

 
7,079

Unrealized gains and (losses) recognized on equity securities still held at reporting date
$
35,852

 
$
(18,601
)