Financial Instruments And Investments (Tables)

3 Months Ended

Mar. 31, 2020

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): 

	March 31, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Pollution Control Bonds	$	157,982	$	163,903	$	157,965	$	167,256
Senior Notes	1,118,487		1,320,125		1,118,371		1,398,645
RGRT Senior Notes (1)	109,641		111,570		109,614		114,270
RCF (1)	240,781		240,780		113,801		113,801
Total	$	1,626,891	$	1,836,378	$	1,499,751	$	1,793,972

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(1)

Nuclear fuel financing, as of March 31, 2020 and December 31, 2019, is funded through $110 million Rio Grande Resources Trust II ("RGRT") Senior Notes and $33.8 million and $29.8 million, respectively, under the RCF. As of March 31, 2020 and December 31, 2019, $207.0 million and $84.0 million, was outstanding under the RCF for working capital or general corporate purposes, respectively. 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.

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

The proceeds from the sale of these securities during the three and twelve months ended March 31, 2020 and 2019, and the related effects on pre-tax income are as follows (in thousands): 

	Three Months Ended					Twelve Months Ended
	March 31,					March 31,
	2020		2019			2020			2019
Proceeds from sales or maturities of available for sale securities	$	—	$	15,771		$	152,406		$	29,969
Gross realized gains included in pre-tax income	—		$	58		$	4,757		$	66
Gross realized losses included in pre-tax income	—		(887		)	(1,696		)	(1,822		)
Net gains (losses) included in pre-tax income	$	—	$	(829	)	$	3,061		$	(1,756	)

Fair Value, Measurement Inputs, Disclosure

The fair value of the NDT and investments in debt securities at March 31, 2020 and December 31, 2019, 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 March 31, 2020		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	$	1,565	$	—	$	—	$	1,565
Equity Securities:
Domestic (a)	$	270,522	$	270,522	$	—	$	—
International	21,938		21,938		—		—
Total Equity Securities	292,460		292,460		—		—
Cash and Cash Equivalents	2,041		2,041		—		—
Total	$	294,501	$	294,501	$	—	$	—

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	$	—	$	—

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(a)

Includes $151.9 million and $148.1 million, as of March 31, 2020 and December 31, 2019, respectively, held in exchange traded funds with underlying investments in debt securities that meet the definition of equity securities with readily determinable fair values.

Equity Securities

Unrealized Gains and losses recognized [Line Items]

Unrealized Gain (Loss) on Investments

The unrealized gains and losses recognized during the three and twelve months ended March 31, 2020 and 2019, and related effects on pre-tax income are as follows (in thousands):

	Three Months Ended					Twelve Months Ended
	March 31,					March 31,
	2020			2019		2020			2019
Net gains (losses) recognized on equity securities	$	(33,164	)	$	16,818	$	(13,700	)	$	7,287
Less: Net gains recognized on equity securities sold	24			128		326			5,417
Unrealized gains (losses) recognized on equity securities still held at reporting date	$	(33,188	)	$	16,690	$	(14,026	)	$	1,870