Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ee | |
Entity Registrant Name | EL PASO ELECTRIC CO /TX/ | |
Entity Central Index Key | 31,978 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,664,754 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Utility plant: | ||
Electric plant in service | $ 4,018,380 | $ 3,982,095 |
Less accumulated depreciation and amortization | (1,332,076) | (1,320,175) |
Net plant in service | 2,686,304 | 2,661,920 |
Construction work in progress | 165,608 | 146,059 |
Nuclear fuel; includes fuel in process of $69,533 and $59,689, respectively | 204,778 | 194,933 |
Net nuclear fuel | 120,549 | 120,458 |
Net utility plant | 2,972,461 | 2,928,437 |
Current assets: | ||
Cash and cash equivalents | 2,574 | 6,990 |
Accounts receivable, principally trade, net of allowance for doubtful accounts of $1,820 and $2,300, respectively | 76,681 | 88,585 |
Inventories, at cost | 49,919 | 50,910 |
Prepayments and other | 10,781 | 10,307 |
Total current assets | 139,955 | 156,792 |
Deferred charges and other assets: | ||
Decommissioning trust funds | 284,082 | 286,866 |
Regulatory assets | 92,619 | 96,036 |
Other | 16,503 | 16,232 |
Total deferred charges and other assets | 393,204 | 399,134 |
Total assets | 3,505,620 | 3,484,363 |
Capitalization: | ||
Common stock, stated value $1 per share, 100,000,000 shares authorized, 65,666,420 and 65,694,829 shares issued, and 162,268 and 133,859 restricted shares, respectively | 65,829 | 65,829 |
Capital in excess of stated value | 325,227 | 326,117 |
Retained earnings | 1,180,114 | 1,159,667 |
Accumulated other comprehensive income (loss), net of tax | (32,321) | 11,058 |
Total stockholders' equity subtotal before treasury stock | 1,538,849 | 1,562,671 |
Treasury stock, 25,166,943 and 25,244,350 shares, respectively, at cost | (419,216) | (420,506) |
Common stock equity | 1,119,633 | 1,142,165 |
Long-term debt, net of current portion | 1,196,110 | 1,195,988 |
Total capitalization | 2,315,743 | 2,338,153 |
Current liabilities: | ||
Short-term borrowings under the revolving credit facility | 233,067 | 173,533 |
Accounts payable, principally trade | 35,838 | 59,270 |
Taxes accrued | 26,478 | 35,660 |
Interest accrued | 19,060 | 12,470 |
Over-collection of fuel revenues | 14,190 | 6,225 |
Other | 35,764 | 29,067 |
Total current liabilities | 364,397 | 316,225 |
Deferred credits and other liabilities: | ||
Accumulated deferred income taxes | 298,440 | 305,023 |
Accrued pension liability | 81,576 | 83,838 |
Accrued post-retirement benefit liability | 26,957 | 26,417 |
Asset retirement obligation | 95,098 | 93,029 |
Regulatory liabilities | 298,035 | 296,685 |
Other | 25,374 | 24,993 |
Total deferred credits and other liabilities | 825,480 | 829,985 |
Commitments and contingencies | ||
Total capitalization and liabilities | 3,505,620 | 3,484,363 |
Nuclear Fuel | ||
Utility plant: | ||
Less accumulated depreciation and amortization | $ (84,229) | $ (74,475) |
Balance Sheets Parenthetical
Balance Sheets Parenthetical - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Nuclear fuel; fuel in process | $ 69,533 | $ 59,689 |
Allowance for Doubtful Accounts Receivable, Current | $ 1,820 | $ 2,300 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 65,666,420 | 65,694,829 |
Common stock, Restricted shares | 162,268 | 133,859 |
Treasury Stock, Shares | 25,166,943 | 25,244,350 |
Statements Of Operations
Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating revenues | $ 175,713 | $ 171,335 | $ 921,175 | $ 900,462 |
Energy expenses: | ||||
Fuel | 41,054 | 36,606 | 189,517 | 176,025 |
Purchased and interchanged power | 11,134 | 13,673 | 57,143 | 63,754 |
Cost of services, energy services | 52,188 | 50,279 | 246,660 | 239,779 |
Operating revenues net of energy expenses | 123,525 | 121,056 | 674,515 | 660,683 |
Other operating expenses: | ||||
Operations and maintenance | 80,160 | 79,187 | 321,254 | 317,518 |
Depreciation and amortization | 23,814 | 21,934 | 92,723 | 82,958 |
Taxes other than income taxes | 15,507 | 15,730 | 70,640 | 66,451 |
Utilities operating expense | 119,481 | 116,851 | 484,617 | 466,927 |
Operating income | 4,044 | 4,205 | 189,898 | 193,756 |
Other income (deductions): | ||||
Allowance for equity funds used during construction | 920 | 815 | 3,130 | 5,502 |
Investment and interest income, net | 5,155 | 9,263 | 34,745 | 35,959 |
Miscellaneous non-operating income | 3,136 | 2,895 | 12,292 | 10,983 |
Miscellaneous non-operating deductions | (2,743) | (2,828) | (11,494) | (11,513) |
Nonoperating income | 6,468 | 10,145 | 38,673 | 40,931 |
Interest charges (credits): | ||||
Interest on long-term debt and revolving credit facility | 17,988 | 18,367 | 72,591 | 73,312 |
Other interest | 4,654 | 4,345 | 18,479 | 17,155 |
Capitalized interest | (1,214) | (1,294) | (4,942) | (5,042) |
Allowance for borrowed funds used during construction | (898) | (791) | (3,082) | (4,116) |
Interest expense | 20,530 | 20,627 | 83,046 | 81,309 |
Income (loss) before income taxes | (10,018) | (6,277) | 145,525 | 153,378 |
Income tax (benefit) expense | (3,052) | (2,288) | 50,240 | 54,791 |
Net income (loss) | $ (6,966) | $ (3,989) | $ 95,285 | $ 98,587 |
Basic earnings (loss) per share | $ (0.170) | $ (0.10) | $ 2.35 | $ 2.43 |
Diluted earnings (loss) per share | (0.170) | (0.10) | 2.34 | 2.43 |
Dividends declared per share of common stock | $ 0.335 | $ 0.310 | $ 1.340 | $ 1.240 |
Weighted average number of shares outstanding | 40,491,194 | 40,387,235 | 40,440,189 | 40,366,024 |
Weighted average number of shares and dilutive potential shares outstanding | 40,491,194 | 40,387,235 | 40,563,625 | 40,435,689 |
Statements Of Comprehensive Ope
Statements Of Comprehensive Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net income (loss) | $ (6,966) | $ (3,989) | $ 95,285 | $ 98,587 |
Unrecognized pension and post-retirement benefit costs: | ||||
Net gain (loss) arising during period | 0 | 0 | 12,634 | (20,053) |
Prior service benefit | 0 | 0 | 0 | 32,697 |
Reclassification adjustments included in net income for amortization of: | ||||
Prior service benefit | (2,416) | (2,416) | (9,657) | (8,157) |
Net loss | 1,575 | 1,694 | 6,657 | 5,436 |
Net unrealized gains/loss on marketable securities: | ||||
Net holding gains (losses) arising during period | (2,708) | 7,721 | 14,846 | 13,975 |
Reclassification adjustments for net (gains) losses included in net income | 518 | (2,191) | (7,917) | (8,443) |
Net losses on cash flow hedges: | ||||
Reclassification adjustment for interest expense included in net income | 139 | 130 | 541 | 506 |
Total other comprehensive income (loss) before income taxes | (2,892) | 4,938 | 17,104 | 15,961 |
Income tax benefit (expense) related to items of other comprehensive income (loss): | ||||
Unrecognized pension and post-retirement benefit costs | 156 | 193 | (3,652) | (4,124) |
Net unrealized (gains) losses on marketable securities | 435 | (1,121) | (1,366) | (1,054) |
Losses on cash flow hedges | (50) | (78) | (195) | (335) |
Total income tax benefit (expense) | 541 | (1,006) | (5,213) | (5,513) |
Other comprehensive income (loss), net of tax | (2,351) | 3,932 | 11,891 | 10,448 |
Comprehensive income (loss) | $ (9,317) | $ (57) | $ 107,176 | $ 109,035 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (6,966) | $ (3,989) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization of electric plant in service | 23,814 | 21,934 |
Amortization of Nuclear Fuel | 10,404 | 11,278 |
Deferred income taxes, net | (3,964) | (3,209) |
Allowance for equity funds used during construction | (920) | (815) |
Other amortization and accretion | 5,240 | 4,988 |
Net loss (gain) on decommissioning trust funds | 2,509 | (2,191) |
Other operating activities | 81 | (165) |
Change in: | ||
Accounts receivable | 8,063 | 8,663 |
Inventories | 1,418 | (1,638) |
Prepayments and other | (2,603) | (2,494) |
Accounts payable | (23,324) | (13,766) |
Taxes accrued | (7,552) | (4,843) |
Interest accrued | 6,590 | 6,097 |
Net over-collection of fuel revenues | 7,965 | 8,530 |
Other current liabilities | 6,697 | 648 |
Deferred charges and credits | (1,216) | (2,896) |
Net cash provided by operating activities | 26,236 | 26,132 |
Cash flows from investing activities: | ||
Cash additions to utility property, plant and equipment | (66,924) | (53,867) |
Cash additions to nuclear fuel | (9,257) | (10,873) |
Insurance proceeds received for equipment | 4,175 | 742 |
Capitalized interest and AFUDC: | ||
Utility property, plant and equipment | (1,818) | (1,606) |
Nuclear fuel and other | (1,214) | (1,294) |
Allowance for equity funds used during construction | 920 | 815 |
Decommissioning trust funds: | ||
Purchases, including funding of $0.5 million and $1.1 million, respectively | (33,578) | (28,482) |
Sales and maturities | 31,663 | 26,055 |
Other investing activities | 526 | (236) |
Net cash used for investing activities | (75,507) | (68,746) |
Cash flows from financing activities: | ||
Dividends paid | (13,615) | (12,565) |
Borrowings under the revolving credit facility: | ||
Proceeds | 192,670 | 128,339 |
Payments | (133,136) | (75,735) |
Other financing activities | (1,064) | (679) |
Net cash provided by financing activities | 44,855 | 39,360 |
Net decrease in cash and cash equivalents | (4,416) | (3,254) |
Cash and cash equivalents at beginning of period | 6,990 | 8,420 |
Cash and cash equivalents at end of period | $ 2,574 | $ 5,166 |
Statements Of Cash Flows Parent
Statements Of Cash Flows Parenthetical - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Payments to fund Decommissioning Fund | $ 0.5 | $ 1.1 |
Principles Of Preparation
Principles Of Preparation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles Of Preparation | Principles of Preparation These condensed financial statements should be read in conjunction with the financial statements and notes thereto in the Annual Report of El Paso Electric Company on Form 10-K for the fiscal year ended December 31, 2017 (" 2017 Form 10-K"). Capitalized terms used in this report and not defined herein have the meaning ascribed to such terms in the 2017 Form 10-K. In the opinion of the Company’s management, the accompanying financial statements contain all adjustments necessary to present fairly the financial position of the Company at March 31, 2018 and December 31, 2017 ; the results of its operations and comprehensive operations for the three and twelve months ended March 31, 2018 and 2017 ; and its cash flows for the three months ended March 31, 2018 and 2017 . The results of operations and comprehensive operations for the three months ended March 31, 2018 and the cash flows for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full calendar year. Pursuant to the rules and regulations of the U.S. Securities Exchange Commission ("SEC"), certain financial information has been condensed and certain footnote disclosures have been omitted. Such information and disclosures are normally included in financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Reclassification . Certain amounts in the financial statements for 2017 have been reclassified to conform with the 2018 presentation. The Company implemented Accounting Standards Update ("ASU") 2017-07, Compensation - Retirement Benefits, and ASU 2016-15, Statement of Cash Flows, in the first quarter of 2018, retrospective to all periods presented in the Company's financial statements. See "New Accounting Standards Adopted" below for further details. Use of Estimates . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates its estimates on an on-going basis, including those related to depreciation, unbilled revenue, income taxes, fuel costs, pension and other post-retirement obligations and asset retirement obligations ("AROs"). Actual results could differ from those estimates. Revenues . The Company recognizes revenue associated with contracts with customers when performance obligations under the terms of the contract with the customer are satisfied. Revenue is measured as the amount of consideration the Company receives in exchange for transferring goods or providing services to the customer. Taxes collected concurrently with revenue producing activities are excluded from revenue. Unbilled revenues are recorded for estimated amounts of energy delivered in the period following the customer's last billing cycle to the end of the reporting period. Unbilled revenues are estimated based on monthly generation volumes and by applying an average revenue/kilowatt-hour ("kWh") to the number of estimated kWhs delivered but not billed. Accounts receivable included accrued unbilled revenues of $20.0 million at March 31, 2018 and $22.2 million at December 31, 2017 . The Company presents revenues net of sales taxes in its statements of operations. Depreciation. The Company routinely evaluates the depreciable service lives, cost of removal and salvage values of its property, plant and equipment. Depreciation is provided on a straight-line basis over the estimated remaining lives of the assets (ranging in average from 5 to 48 years). When property subject to composite depreciation is retired or otherwise disposed of in the normal course of business, its cost together with the cost of removal, less salvage is charged to accumulated depreciation. For other property dispositions, the applicable cost and accumulated depreciation is removed from the balance sheet accounts and a gain or loss is recognized. New Accounting Standards Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards either as equity or liabilities, and classification on the statements of cash flows. The Company adopted the new standard effective January 1, 2017. The adoption of the new standard did not have a material impact on the Company’s financial condition, results of operations or cash flows. The cumulative effect of the adoption of the new standard was to increase net operating loss carryforward deferred tax assets and retained earnings by $0.2 million on January 1, 2017. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to provide a framework that replaces the existing revenue recognition guidance, and has since modified the standard with several ASUs. The standard provides that an entity should recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. On January 1, 2018, the Company adopted the new accounting standard using the modified retrospective method. There was no cumulative effect adjustment at the initial application of the new standard. In addition, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the ongoing impact of the new standard to be immaterial to net income. As required by the standard, revenues of $1.9 million related to reimbursed costs of energy efficiency programs approved by the Company's regulators are reported in operating revenues from customers prospectively, as opposed to being offset with associated costs within operations and maintenance. Related expenses of an equal amount are reported in operations and maintenance expenses. See Note B, Revenues, for additional information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities, to enhance the reporting model for financial instruments by addressing certain aspects of recognition, measurement, presentation and disclosure. The Company adopted the new standard effective January 1, 2018. The adoption of ASU 2016-01 eliminates the requirements to classify investments in equity securities with readily determinable fair values into trading or available for sale and requires entities to measure equity investments at fair value and recognize any changes in fair value in the Statements of Operations. ASU 2016-01 requires a modified-retrospective approach and therefore comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Upon adoption of the new standard, the Company recorded a cumulative effect adjustment, net of income taxes, to increase retained earnings by $41.0 million with an offset to accumulated other comprehensive income ("AOCI"). In addition, the Company recorded net losses of $3.8 million related to equity securities still held at March 31, 2018. In March 2018, the FASB issued ASU 2018-04, Investments - Debt Securities (Topic 320) and Regulated Operations (Topic 980), which provides clarification to ASU 2016-01. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, to reduce diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The Company adopted the new standard effective January 1, 2018. ASU 2016-15 was applied using a retrospective transition method to each period presented. Accordingly, the Company presented in the Statement of Cash Flows insurance proceeds received for equipment of $4.2 million and $0.7 million , respectively, for the three months ended March 31, 2018 and 2017 as cash inflows from investing activities. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 amends Accounting Standards Codification 715, Compensation - Retirement Benefits, to require companies to present the service cost component of net benefit cost in the income statement line items where compensation cost is reported. Companies will present all other components of net benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income. In addition, only the service cost component will be eligible for capitalization in assets. The Company adopted the new standard effective January 1, 2018. The amendments in ASU 2017-07 were applied retrospectively for the income statement presentation of the service cost component and the other components of net benefit costs. The Company elected to apply the practical expedient and used the amounts disclosed in its pension and other postretirement benefit plan note for the 2017 comparative period as the estimation basis for applying the retrospective presentation requirements. See Note J, Employee Benefits, for additional information. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("SAB 118"), to add various SEC paragraphs for clarification due to The Federal Tax Cuts and Jobs Act of 2017 ("TCJA"). The Company adopted ASU 2018-05 upon issuance and implemented SAB 118 in December of 2017 in conjunction with the enactment of the TCJA. New Accounting Standards to be Adopted in the Future In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring qualitative and quantitative disclosures on leasing agreements. ASU 2016-02 maintains a distinction between finance leases and operating leases similar to the distinction under previous lease guidance for capital leases and operating leases. The impact of leases reported in the Company's operating results and statement of cash flows is expected to be similar to previous GAAP. ASU 2016-02 requires the recognition in the statement of financial position, by the lessee, of a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. How leases are recorded in regard to financial position represents a significant change from previous GAAP guidance. The lessee is permitted to make an accounting policy election to not recognize lease assets and lease liabilities for short-term leases. Implementation of the standard will be required for reporting periods beginning after December 15, 2018. Adoption of the new lease accounting standard will require the Company to apply the new standard to the earliest period using a modified retrospective approach. The Company is currently in the process of evaluating the impact of the new standard, which includes continuing to monitor activities of the FASB, including the impact of the recently issued ASU 2018-01, and the proposed project to allow entities to adopt the standard with a cumulative effect adjustment as of the beginning of the adoption year, while maintaining prior year comparative financial information and disclosures as reported. ASU 2018-01, Land Easement Practical expedient for Transition to Topic 842, provides an optional practical expedient to not evaluate existing or expired land easements under Topic 842, if those land easements were not previously accounted for as leases under Accounting Standards Codification ("ASC") Topic 840. The Company currently anticipates that it will apply the practical expedient under ASU 2018-01 to its existing or expired land easements as part of its transition to Topic 842. The Company's evaluation process also includes evaluating the impact, if any, on changes to business processes, systems and controls to support recognition and disclosure under the new guidance; however, at this time the Company is unable to determine the impact this standard will have on the financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 changes how companies measure and recognize credit impairment for many financial assets. The new current expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets that are in the scope of the standard. The ASU also makes targeted amendments to the current impairment model for available-for-sale debt securities. ASU 2016-13 will be required for reporting periods beginning after December 15, 2019. ASU 2016-13 will be applied in a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is implemented. The Company is currently assessing the future impact of ASU 2016-13. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), as a result of concerns raised due to the TCJA. More specifically, because the remeasurement of deferred taxes due to the change in the federal corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within AOCI (referred to as stranded tax effects) do not reflect the appropriate tax rate. ASU 2018-02 generally allows companies to reclassify stranded taxes from AOCI to retained earnings. The amount of the adjustment would be the difference between the historical federal corporate income tax rate of 35% and the newly enacted 21% federal corporate income tax rate. The provisions of ASU 2018-02 are effective for fiscal years and interim periods within that reporting period beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim periods for reporting periods for which financial statements have not been issued. The Company is currently evaluating the impact of ASU 2018-02 and its impact on regulated utilities. At March 31, 2018, stranded taxes in AOCI are approximately $7.2 million . Supplemental Cash Flow Disclosures (in thousands) Three Months Ended March 31, 2018 2017 Cash paid (received) for: Interest on long-term debt and borrowings under the revolving credit facility $ 11,967 $ 11,721 Income tax refunded, net (1,060 ) (697 ) Non-cash investing and financing activities: Changes in accrued plant additions (108 ) (3,335 ) Grants of restricted shares of common stock 513 540 Issuance of performance shares 1,499 932 |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition Disclosure | Revenues On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), for all of its contracts using the modified retrospective method. There was no cumulative effect adjustment at the initial application of the new standard. In addition, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the ongoing impact of the new standard to be immaterial to net income and no significant changes in the Company's business processes and internal controls were necessary upon adoption of the new standard. The following table disaggregates revenue from contracts with customers, for the three and twelve months ended March 31, 2018 (in thousands): March 31, 2018 Three Months Ended Twelve Months Ended Retail $ 146,628 $ 826,148 Wholesale 24,143 72,641 Wheeling (transmission) 4,286 18,133 Total revenues from contracts with customers 175,057 916,922 Other 656 4,253 Total operating revenues $ 175,713 $ 921,175 The Company recognizes revenue when performance obligations under the terms of the contract with the customer are satisfied. Revenue is measured as the amount of consideration the Company receives in exchange for transferring goods or providing services to the customer. Taxes collected concurrently with revenue producing activities are excluded from revenue. The Company has elected the optional invoice practical expedient for Wholesale and Wheeling revenues, as the invoice amount will correspond directly to the value provided by the Company's performance to date. Retail. Retail contracts represent the Company's primary revenue source. The Company has determined that retail electric service to residential, commercial and industrial, and public authority customers represents an implied daily contract with the customer. The contract is comprised of an obligation to supply and distribute electricity and related capacity. Revenue is recognized, over time, equal to the product of the applicable tariff rates, as approved by the Public Utility Commission of Texas (the "PUCT") and the New Mexico Public Regulation Commission, (the "NMPRC), and the volume of the electricity delivered to the customer, or through the passage of time based upon providing the service of standing ready. Unbilled revenues are recognized at month end based on estimated monthly generation volumes and by applying an average revenue per kWh to the number of estimated kWhs delivered but not billed to customers, and recorded as a receivable for the period following the last billing cycle to the end of the reporting period. Retail customers receive a bill monthly, with payment due sixteen days after issuance. Wholesale. Wholesale contracts primarily include forward power sales into markets outside the Company’s service territory when the Company has competitive generation capacity available, after meeting its regulated service obligations. Pricing is either fixed or based on an index rate with consideration potentially including variable components. Uncertainties regarding the variable consideration will be resolved when the transaction price is known at the point of delivering the energy. The obligation to deliver the electricity is satisfied over time as the customer receives and consumes the electricity. Wholesale customers are invoiced on the 10 th day of each month, with payment due by the 20 th day of the month. In the case of the sale of renewable energy certificates, the transaction price is allocated to the performance obligation to deliver the confirmed quantity of the certificates based on the stand alone selling price of each certificate. Revenue is recognized as control of the certificates is transferred to the customer. The customer is invoiced upon the completed transfer of the certificates, with payment due within ten business days. Wholesale also includes an annual agreement between the Company and one of its wholesale customers, Rio Grande Electric Cooperative (“RGEC”), which involves the provision of full requirements electric service from the Company to RGEC. The rates for this service are recalculated annually and require Federal Energy Regulatory Commission (“FERC”) approval. Wheeling (transmission). Wheeling involves the Company providing point-to-point transmission service, which includes the receipt of capacity and energy at designated point(s) and the transfer of such capacity and energy to designated point(s) of delivery on either a firm or non-firm basis for periods of one year or less. The performance obligation to provide capacity and transmit energy is satisfied over time as the Company performs. Transmission customers are invoiced on a monthly basis, with payment due within twenty days of receipt of the invoice. Other. Other includes alternative revenue program revenue relating to the Company’s potential bonus awards from the PUCT and the NMPRC mandated energy efficiency programs. Both the PUCT and the NMPRC allow for the potential to earn an incentive bonus if the Company achieves its approved energy efficiency goals under the applicable programs. The Company recognizes revenue related to the energy efficiency program incentives at the point in time that the amount is objectively determinable generally based upon an approved order from the regulator, is probable of recovery, and if it is expected to be collected within 24 months . Other revenue also includes (i) late payment fees, (ii) leasing income, and (iii) the Company’s allocated share, based on ownership, of sales of surplus effluent water from Palo Verde Generating Station (“Palo Verde”). Accounts receivable. Accounts receivable is principally comprised of revenue from contracts with customers. The Company recognizes expense for accounts that are deemed uncollectible in operating expense. The Company recognized $0.5 million and $3.2 million of uncollectible expense for the three and twelve months ended March 31, 2018, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Income (Loss) Upon adoption of ASU 2016-01, Financial Instruments-Overall, the Company recorded, on January 1, 2018, a cumulative effect adjustment, net of income taxes, to increase retained earnings by $41.0 million with an offset to AOCI. Changes in Accumulated Other Comprehensive Income (Loss) (net of tax) by component are presented below (in thousands): Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Debt Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Marketable Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at beginning of period as previously reported $ (17,790 ) $ 40,190 $ (11,342 ) $ 11,058 $ (23,928 ) $ 28,463 $ (11,651 ) $ (7,116 ) Cumulative effect adjustment — (41,028 ) — (41,028 ) — — — — Other comprehensive income before reclassifications — (2,159 ) — (2,159 ) — 6,165 — 6,165 Amounts reclassified from accumulated other comprehensive income (loss) (685 ) 404 89 (192 ) (529 ) (1,756 ) 52 (2,233 ) Balance at end of period $ (18,475 ) $ (2,593 ) $ (11,253 ) $ (32,321 ) $ (24,457 ) $ 32,872 $ (11,599 ) $ (3,184 ) Twelve Months Ended March 31, 2018 Twelve Months Ended March 31, 2017 Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Marketable Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Marketable Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at beginning of period as previously reported $ (24,457 ) $ 32,872 $ (11,599 ) $ (3,184 ) $ (30,256 ) $ 28,394 $ (11,770 ) $ (13,632 ) Cumulative effect adjustment — (41,028 ) — (41,028 ) — — — — Other comprehensive income before reclassifications 7,951 11,927 — 19,878 7,363 11,327 — 18,690 Amounts reclassified from accumulated other comprehensive income (loss) (1,969 ) (6,364 ) 346 (7,987 ) (1,564 ) (6,849 ) 171 (8,242 ) Balance at end of period $ (18,475 ) $ (2,593 ) $ (11,253 ) $ (32,321 ) $ (24,457 ) $ 32,872 $ (11,599 ) $ (3,184 ) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) for the three and twelve months ended March 31, 2018 and 2017 are as follows (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Components Three Months Ended March 31, Twelve Months Ended March 31, Affected Line Item in the Statements of Operations 2018 2017 2018 2017 Amortization of pension and post-retirement benefit costs: Prior service benefit $ 2,416 $ 2,416 $ 9,657 $ 8,157 Miscellaneous non-operating income Net loss (1,575 ) (1,694 ) (6,657 ) (5,436 ) Miscellaneous non-operating deductions 841 722 3,000 2,721 Income (loss) before income taxes Income tax effect (156 ) (193 ) (1,031 ) (1,157 ) Income tax (benefit) expense 685 529 1,969 1,564 Net income (loss) Marketable securities: Net realized gain (loss) on sale of securities (518 ) 2,191 7,917 8,443 Investment and interest income, net (518 ) 2,191 7,917 8,443 Income (loss) before income taxes Income tax effect 114 (435 ) (1,553 ) (1,594 ) Income tax (benefit) expense (404 ) 1,756 6,364 6,849 Net income (loss) Loss on cash flow hedge: Amortization of loss (139 ) (130 ) (541 ) (506 ) Interest on long-term debt and revolving credit facility (139 ) (130 ) (541 ) (506 ) Income (loss) before income taxes Income tax effect 50 78 195 335 Income tax (benefit) expense (89 ) (52 ) (346 ) (171 ) Net income (loss) Total reclassifications $ 192 $ 2,233 $ 7,987 $ 8,242 |
Regulation
Regulation | 3 Months Ended |
Mar. 31, 2018 | |
Regulated Operations [Abstract] | |
Regulation | Regulation General The rates and services of the Company are regulated by incorporated municipalities in Texas, the PUCT, the NMPRC, and the FERC. Municipal orders, ordinances and other agreements regarding rates and services adopted by Texas municipalities are subject to review and approval by the PUCT. The FERC has jurisdiction over the Company's wholesale (sales for resale) transactions, transmission service and compliance with federally-mandated reliability standards. The decisions of the PUCT, the NMPRC and the FERC are subject to judicial review. Texas Regulatory Matters 2015 Texas Retail Rate Case Filing. On August 10, 2015, the Company filed with the City of El Paso, other municipalities incorporated in its Texas service territory, and the PUCT in Docket No. 44941, a request for an annual increase in non-fuel base revenues ("2015 Texas Retail Rate Case"). On July 21, 2016, the parties to PUCT Docket No. 44941 filed the Joint Motion to Implement Uncontested Amended and Restated Stipulation and Agreement which was unopposed by the parties. On August 25, 2016, the PUCT issued the PUCT Final Order in Docket No. 44941 ("2016 PUCT Final Order"). The 2016 PUCT Final Order provided for: (i) an annual non-fuel base rate increase, lower annual depreciation expense, a revised return on equity for allowance for funds used during construction ("AFUDC") purposes, and the inclusion of substantially all new plant in service in rate base; (ii) an additional annual non-fuel base rate increase of $3.7 million related to Four Corners Generating Station ("Four Corners") costs, which was collected through a surcharge that terminated on July 11, 2017 ; (iii) removing the separate rate treatment for residential customers with solar systems that the Company had proposed in its August 10, 2015 filing; (iv) allowing the Company to recover $3.1 million in rate case expenses through a separate surcharge; and (v) allowing the Company to recover revenues associated with the relate back of rates to consumption on and after January 12, 2016 through March 31, 2016 through a separate surcharge. Interim rates associated with the annual non-fuel base rate increase became effective on April 1, 2016 . The additional surcharges associated with the incremental Four Corners costs, rate case expenses and the relate back of rates to consumption on and after January 12, 2016 through March 31, 2016 , were implemented on October 1, 2016 . For financial reporting purposes, the Company deferred any recognition of the Company's request in its 2015 Texas Retail Rate Case until it received the 2016 PUCT Final Order on August 25, 2016 . Accordingly, it reported in the third quarter of 2016 the cumulative effect of the 2016 PUCT Final Order, which related back to January 12, 2016. 2017 Texas Retail Rate Case Filing. On February 13, 2017, the Company filed with the City of El Paso, other municipalities incorporated in the Company's Texas service territory and the PUCT in Docket No. 46831, a request for an increase in non-fuel base revenues ("2017 Texas Retail Rate Case"). On November 2, 2017, the Company filed the Joint Motion to Implement Uncontested Stipulation and Agreement with the Administrative Law Judges for the 2017 Texas Retail Rate Case. On December 18, 2017, the PUCT issued the PUCT Final Order in Docket No. 46831 ("2017 PUCT Final Order"), which provides, among other things, for the following: (i) an annual non-fuel base rate increase of $14.5 million ; (ii) a return on equity of 9.65% ; (iii) all new plant in service as filed in the Company's rate filing package was prudent and used and useful and therefore is included in rate base; (iv) recovery of the costs of decommissioning Four Corners in the amount of $5.5 million over a seven year period beginning August 1, 2017; (v) the Company to recover reasonable rate case expenses of approximately $3.4 million through a separate surcharge over a three year period; and (vi) a requirement that the Company file a refund tariff if the federal statutory income tax rate, as it relates to the Company, is decreased before the Company files its next rate case. The 2017 PUCT Final Order also established baseline revenue requirements for recovery of future transmission and distribution investment costs and includes a minimum monthly bill of $30.00 for new residential customers with distributed generation, such as private rooftop solar. Additionally, the 2017 PUCT Final Order allows for the annual recovery of $2.1 million of nuclear decommissioning funding and establishes annual depreciation expense that is approximately $1.9 million lower than the annual amount requested by the Company in its initial filing. Finally, the 2017 PUCT Final Order allows for the Company to recover revenues associated with the relate back of rates to consumption on and after July 18, 2017 through a separate surcharge. New base rates, including additional surcharges associated with rate case expenses and the relate back of rates to consumption on and after July 18, 2017 through December 31, 2017 were implemented in January 2018. For financial reporting purposes, the Company deferred any recognition of the Company's request in its 2017 Texas Retail Rate Case until it received the 2017 PUCT Final Order on December 18, 2017. Accordingly, it reported in the fourth quarter of 2017 the cumulative effect of the 2017 PUCT Final Order, which related back to July 18, 2017. The 2017 PUCT Final Order required the Company to file a refund tariff if the federal statutory income tax rate, as it relates to the Company, were decreased before the Company files its next rate case. Following the enactment of the TCJA on December 22, 2017, and in compliance with the 2017 PUCT Final Order, on March 1, 2018, the Company filed with the PUCT and each of its municipalities a proposed refund tariff designed to reduce base charges for Texas customers equivalent to the expected annual decrease of $22.7 million in federal income tax expense resulting from the tax law changes. This filing was assigned PUCT Docket No. 48124. On March 27, 2018, the PUCT approved the Company's proposed refund tariff on an interim basis, subject to refund or surcharge, for customer billing effective April 1, 2018. Each of the Company's municipalities also implemented the Company's proposed tax credits on an interim basis effective April 1, 2018. The refund will be reflected in rates over a period of a year and will be updated annually until new base rates are implemented pursuant to the Company's next rate case filing. No party requested a hearing in the case before the PUCT by the deadline of April 16, 2018, and on April 18, 2018, the PUCT Staff filed its final recommendation supporting approval of the Company's application. The refund tariff case is pending with the refund tariff subject to final action by the incorporated municipalities in the Company's Texas service territory and a final order from the PUCT. Energy Efficiency Cost Recovery Factor . On May 1, 2017, the Company filed its annual application, which was assigned PUCT Docket No. 47125, to establish its energy efficiency cost recovery factor for 2018. In addition to projected energy efficiency costs for 2018 and a reconciliation of collections to prior year actual costs, the Company requested approval of an incentive bonus for the 2016 energy efficiency program results in accordance with PUCT rules. Interim rates were approved effective January 1, 2018. The Company, the PUCT Staff, and the City of El Paso reached an agreement that includes an incentive bonus of $0.8 million . The agreement was filed on January 25, 2018, and was approved by the PUCT on February 15, 2018. On May 1, 2018, the Company filed its annual application, which was assigned PUCT Docket No. 48332, to establish its energy efficiency cost recovery factor for 2019. In addition to projected energy efficiency costs for 2019 and a reconciliation to prior year actual costs, the Company requested approval of a $1.1 million incentive bonus for the 2017 energy efficiency program results in accordance with PUCT rules. Fuel and Purchased Power Costs. The Company's actual fuel costs, including purchased power energy costs, are recovered from customers through a fixed fuel factor. The PUCT has adopted the fuel cost recovery rule ("Texas Fuel Rule") that allows the Company to seek periodic adjustments to its fixed fuel factor. The Company can seek to revise its fixed fuel factor based upon the approved formula at least four months after its last revision except in the month of December. The Texas Fuel Rule requires the Company to request to refund fuel costs in any month when the over-recovery balance exceeds a threshold material amount and it expects fuel costs to continue to be materially over-recovered. The Texas Fuel Rule also permits the Company to seek to surcharge fuel under-recoveries in any month the balance exceeds a threshold material amount and it expects fuel cost recovery to continue to be materially under-recovered. Fuel over and under-recoveries are considered material when they exceed 4% of the previous twelve months' fuel costs. All such fuel revenue and expense activities are subject to periodic final review by the PUCT in periodic fuel reconciliation proceedings. On November 30, 2016, the Company filed a request, which was assigned PUCT Docket No. 46610, to increase its fixed fuel factor by approximately 28.8% to reflect increased fuel expenses primarily related to an increase in the price of natural gas used to generate power. The increase in the fixed fuel factor was effective on an interim basis January 1, 2017 and approved by the PUCT on January 10, 2017. On October 13, 2017, the Company filed a request, which was assigned PUCT Docket No. 47692, to decrease the Texas fixed fuel factor by approximately 19% to reflect decreased fuel expenses primarily related to a decrease in the price of natural gas used to generate power. The decrease in the Texas fixed fuel factor became effective beginning with the November 2017 billing month. On April 13, 2018, the Company filed a request with the PUCT, which was assigned Docket No. 48264, to decrease the Texas fixed fuel factor by approximately 29% to reflect decreased fuel expenses primarily related to a decrease in the price of natural gas used to generate power. On April 25, 2018, the Company's proposed fuel factors were approved on an interim basis effective for the first billing cycle of the May 2018 billing month. If no party to the case requests a hearing by May 14, 2018, the Company's fuel factors will become final as provided by the PUCT's rules and no further action by the PUCT is required. The Texas fixed fuel factor will continue thereafter until changed by the PUCT. As of March 31, 2018, the Company had a net fuel over-recovery balance of approximately $13.3 million in Texas. Fuel Reconciliation Proceeding . On September 27, 2016, the Company filed an application with the PUCT, designated as PUCT Docket No. 46308, to reconcile $436.6 million of Texas fuel and purchased power expenses incurred during the period of April 1, 2013 through March 31, 2016 . On June 29, 2017, the PUCT approved a settlement in this proceeding. The settlement provides for the reconciliation of fuel and purchased power costs incurred from April 1, 2013 through March 31, 2016 . Additionally, the settlement modifies and tightens the Palo Verde performance rewards measurement bands beginning with the 2018 performance period. The financial results for the twelve months ended March 31, 2018 include a $5.0 million , pre-tax increase to income reflecting the settlement of the Texas fuel reconciliation proceeding. This amount represents Palo Verde performance rewards associated with the 2013 to 2015 performance periods net of disallowed fuel and purchased power costs as approved in the settlement. Texas jurisdictional fuel and purchased power costs subject to prudence review are costs from April 1, 2016 through March 31, 2018, that total approximately $271.3 million . Community Solar. On June 8, 2015, the Company filed a petition with the PUCT to initiate a community solar program that includes the construction and ownership of a 3 Megawatts ("MW") solar photovoltaic system located at Montana Power Station ("MPS"). Participation is on a voluntary basis, and customers contract for a set capacity (kW) amount and receive all energy produced. This case was assigned PUCT Docket No. 44800. The Company filed a settlement agreement among all parties on July 1, 2016, approving the program, and the PUCT approved the settlement agreement and program on September 1, 2016. On April 19, 2017, the Company announced that the entire 3 MW program was fully subscribed by approximately 1,500 Texas customers. The community solar facility began commercial operation on May 31, 2017 . On March 20, 2018, the Company filed a petition with the PUCT and each of its regulatory authorities to expand its community solar program to include 2 MW of solar powered generation from the 10 MW solar photovoltaic facility located at Newman Power Station ("Newman") and to reduce rates under the community solar tariff. The case before the PUCT was assigned Docket No. 48181 and is currently pending. Other Required Approvals . The Company has obtained other required approvals for tariffs and other approvals required by the Texas Public Utility Regulatory Act and the PUCT. New Mexico Regulatory Matters 2015 New Mexico Rate Case Filing . On May 11, 2015, the Company filed a request with the NMPRC, in Case No. 15-00127-UT, for an annual increase in non-fuel base rates. On June 8, 2016, the NMPRC issued the NMPRC Final Order in Case No. 15-00127-UT ("NMPRC Final Order"), which approved an annual increase in non-fuel base rates of approximately $0.6 million , an increase of approximately $0.5 million in other service fees and a decrease in the Company's allowed return on equity to 9.48% . The NMPRC Final Order concluded that all of the Company's new plant in service was reasonable and necessary and therefore would be recoverable in rates. The Company's rates were approved by the NMPRC effective July 1, 2016, and implemented at such time. Future New Mexico Rate Case Filing. On April 12, 2017, the NMPRC issued an order in Case No. 15-00109-UT requiring the Company to make a rate filing in New Mexico no later than July 31, 2019, using an appropriate historical test year period. New Mexico Order Commencing Review of the Effects of the TCJA on Regulated New Mexico Utilities. On January 24, 2018, the NMPRC initiated a proceeding in Case No. 18-00016-UT into the impact of the TCJA on New Mexico regulated utilities. On February 23, 2018, the Company responded to a NMPRC Staff inquiry regarding the proceeding. On April 4, 2018, the NMPRC issued an order requiring the Company to file a proposed interim rate rider to adjust the Company’s New Mexico base revenues in amounts equivalent to the Company’s reduced income tax expense for New Mexico customers resulting from the TCJA, to be implemented on or before May 1, 2018. The NMPRC order further requires that the Company record and track a regulatory liability for the excess accumulated deferred income taxes created by the change in the federal corporate income tax rate, consistent with the effective date of the TCJA, and subject to amortization determined by the NMPRC in the Company’s next general rate case. The Company recorded such a regulatory liability during the quarter ended December 31, 2017. On April 16, 2018, after consultation with the New Mexico Attorney General pursuant to the NMPRC order, the Company filed an interim rate rider, with a proposed effective date of May 1, 2018. The annualized credits expected to be refunded to New Mexico customers approximate $4.9 million . On April 25, 2018, the NMPRC approved the Company's interim rate rider to be implemented in customer bills beginning May 1, 2018. Fuel and Purchased Power Costs. Historically, fuel and purchased power costs were recovered through base rates and a Fuel and Purchased Power Cost Adjustment Clause ("FPPCAC") that accounts for changes in the costs of fuel relative to the amount included in base rates. Effective July 1, 2016, with the implementation of the NMPRC Final Order, fuel and purchased power costs are no longer recovered through base rates but are recovered through the FPPCAC. The Company's request to reconcile its fuel and purchased power costs for the period January 1, 2013 through December 31, 2014, also was approved in Case No. 15-00127-UT. New Mexico jurisdictional costs subject to prudence review are costs from January 1, 2015 through March 31, 2018 that total approximately $181.0 million . At March 31, 2018 , the Company had a net fuel over-recovery balance of approximately $0.9 million in New Mexico. As required, the Company filed a request to continue use of its FPPCAC with the NMPRC on January 5, 2018, which was assigned NMPRC Case No. 18-00006-UT. Hearings in the case are scheduled to begin in July 2018. 5 MW Holloman Air Force Base ("HAFB") Facility Certificate of Convenience and Necessity ("CCN") . On October 7, 2015, in NMPRC Case No. 15-00185-UT, the NMPRC issued a final order approving a CCN for a 5 MW solar power generation facility located on HAFB in the Company's service territory in New Mexico. The Company and HAFB negotiated a retail contract, which includes a power sales agreement for the facility, to replace the existing load retention agreement which was approved by final order issued October 5, 2016 in NMPRC Case No. 16-00224-UT. Construction of the solar generation facility is expected to be completed in the third quarter of 2018. New Mexico Efficient Use of Energy Recovery Factor. On July 1, 2016 , the Company filed its annual application requesting approval of its 2017 Energy Efficiency and Load Management Plan and to establish energy efficiency cost recovery factors for 2017. In addition to projected energy efficiency costs for 2017, the Company requested approval of a $0.4 million incentive for 2017 energy efficiency programs in accordance with NMPRC rules. This case was assigned Case No. 16-00185-UT. On February 22, 2017 , the NMPRC issued a final order approving the Company’s 2017 Energy Efficiency and Load Management Plan and authorizing recovery in 2017 of a base incentive of $0.4 million . The Company’s energy efficiency cost recovery factors were approved and effective in customer bills beginning on March 1, 2017. On July 1, 2016 , the Company filed its 2015 Annual Report for Energy Efficiency Programs, which included an incentive for verified 2015 program performance of $0.3 million , which was approved in Case No. 13-00176-UT. The Company recorded the $0.3 million approved incentive in operating revenues in the first quarter of 2017. In addition, on June 30, 2017 , the Company filed its 2016 Annual Report for Energy Efficiency Programs, which included an incentive for verified 2016 program performance of $0.4 million that was approved in Case No. 13-00176-UT. The Company recorded the $0.4 million approved incentive in operating revenues in the third quarter of 2017. Community Solar . On April 24, 2018, the Company filed a petition with the NMPRC to initiate a community solar program to include construction and ownership of a 2 MW solar photovoltaic system located in Doña Ana County near the City of Las Cruces. Customer participation will be on a voluntary basis, and customers will contract for a set capacity (kW) amount and receive all energy produced by their subscribed capacity. The Company cannot predict the outcome of this petition at this time. Other Required Approvals . The Company has obtained other required approvals for tariffs and other approvals as required by the New Mexico Public Utility Act and the NMPRC. Federal Regulatory Matters Inquiry Regarding the Effect of the TCJA on Commission-Jurisdictional Rates and Order to Show Cause. On March 15, 2018, the FERC issued two show cause orders under Section 206 of the Federal Power Act and Rule 209(a) of the FERC’s Rules of Practice and Procedure, directing 48 individual public utilities with stated transmission rates or transmission formula rates with a fixed line item of 35% for the federal income tax component to, within 60 days of the orders, either (1) propose revisions to their transmission rates under their open access transmission tariffs or transmission owner tariffs on file with the FERC, or (2) show cause why they should not be required to do so. The Company is included in the list of public utilities impacted by the FERC orders and is currently evaluating a response to the orders. Other Required Approvals. The Company has obtained required approvals for rates, tariffs and other approvals as required by the FERC. |
Palo Verde
Palo Verde | 3 Months Ended |
Mar. 31, 2018 | |
Palo Verde [Abstract] | |
Palo Verde | Palo Verde Spent Fuel and Waste Disposal. Pursuant to the Nuclear Waste Policy Act of 1982, as amended in 1987, the U.S. Department of Energy ("DOE") is legally obligated to accept and dispose of all spent nuclear fuel and other high-level radioactive waste generated by all domestic power reactors by 1998. The DOE's obligations are reflected in a contract for Disposal of Spent Nuclear Fuel and/or High Level Radioactive Waste with each nuclear power plant. The DOE failed to begin accepting spent nuclear fuel by 1998. Pursuant to the terms of the August 18, 2014 settlement agreement, and as amended with the DOE, Arizona Public Service Company ("APS") files annual claims for the period July 1 of the then-previous year to June 30 of the then-current year on behalf of itself and those utilities that share in power and energy entitlements, and bear certain allocated costs, with respect to Palo Verde pursuant to the Arizona Nuclear Power Project Participation Agreement dated August 23, 1973, as amended ("ANPP Participation Agreement"). The Company's share of costs recovered in 2017 and 2018 is presented below (in thousands): Amount Credited to Customers through Fuel Period Credited Costs Recovery Period Amount Refunded Adjustment Clauses to Customers July 2015 - June 2016 $ 1,779 $ 1,432 March 2017 July 2016 - June 2017 1,413 1,121 March 2018 Palo Verde Operations and Maintenance Expense . Included in "operations and maintenance" in the Company's Statements of Operations are expenses associated with Palo Verde as follows (in thousands): 2018 2017 Three months ended March 31, $ 22,175 $ 21,608 Twelve months ended March 31, 99,931 96,179 |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock and Earnings Per Share Information | Common Stock Dividends. The Company paid $13.6 million and $12.6 million in quarterly cash dividends during the three months ended March 31, 2018 and 2017 , respectively. The Company paid a total of $54.3 million and $50.3 million in quarterly cash dividends during the twelve months ended March 31, 2018 and 2017 , respectively. Basic and Diluted Earnings Per Share . The basic and diluted earnings per share are presented below (in thousands except for share data): Three Months Ended March 31, Twelve Months Ended March 31, 2018 2017 2018 2017 Weighted average number of common shares outstanding: Basic number of common shares outstanding 40,491,194 40,387,235 40,440,189 40,366,024 Dilutive effect of unvested performance awards — — 123,436 69,665 Diluted number of common shares outstanding 40,491,194 40,387,235 40,563,625 40,435,689 Basic net income (loss) per common share: Net income (loss) $ (6,966 ) $ (3,989 ) $ 95,285 $ 98,587 Income allocated to participating restricted stock (48 ) (45 ) (353 ) (349 ) Net income (loss) available to common shareholders $ (7,014 ) $ (4,034 ) $ 94,932 $ 98,238 Diluted net income (loss) per common share: Net income (loss) $ (6,966 ) $ (3,989 ) $ 95,285 $ 98,587 Income reallocated to participating restricted stock (48 ) (45 ) (353 ) (349 ) Net income (loss) available to common shareholders $ (7,014 ) $ (4,034 ) $ 94,932 $ 98,238 Basic net income (loss) per common share: Distributed earnings $ 0.335 $ 0.31 $ 1.34 $ 1.24 Undistributed earnings (losses) (0.505 ) (0.41 ) 1.01 1.19 Basic net income (loss) per common share $ (0.170 ) $ (0.10 ) $ 2.35 $ 2.43 Diluted net income (loss) per common share: Distributed earnings $ 0.335 $ 0.31 $ 1.34 $ 1.24 Undistributed earnings (losses) (0.505 ) (0.41 ) 1.00 1.19 Diluted net income (loss) per common share $ (0.170 ) $ (0.10 ) $ 2.34 $ 2.43 The number of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below: Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Restricted stock awards 72,218 78,025 66,288 58,344 Performance shares (a) 45,977 — 11,494 47,246 ________________________ (a) Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes The Company files income tax returns in the U.S. federal jurisdiction and in the states of Texas, New Mexico and Arizona. The Company is no longer subject to tax examination by the taxing authorities in the federal, Texas, Arizona, and New Mexico jurisdictions for years prior to 2013 . For the three months ended March 31, 2018 and 2017, the Company’s effective tax rate was 30.5% and 36.5% , respectively. For the twelve months ended March 31, 2018 and 2017, the Company's effective tax rate was 34.5% and 35.7% , respectively. The federal statutory tax rate is 21% in 2018 and 35% in 2017. The Company's effective tax rate for the three months ended March 31, 2018, differs from the federal statutory tax rate primarily due to the tax benefit of stock incentive plans and other permanent differences that increase the effective tax rate when the Company incurs a net loss. The Company's effective tax rates for the three months ended March 31, 2017, and the twelve months ended March 31, 2018 and 2017, differs from the federal statutory tax rate primarily due to state income taxes offset by capital gains in the decommissioning trusts, which are taxed at the federal income tax rate of 20% , and the tax benefit of stock incentive plans. The results for the three and twelve months ended March 31, 2018, contain provisional estimates of the impact of the TCJA. These amounts are considered provisional because they use estimates for which tax returns have not yet been filed and because estimated amounts may be impacted by future regulatory and accounting guidance if and when issued. The Company will adjust these provisional amounts as further information becomes available and as we refine our calculations. As permitted by recent guidance issued by the SEC, these adjustments will occur during a reasonable “measurement period” not to exceed twelve months from the date of enactment. In February 2018, the FASB issued ASU 2018-02. The Company is currently evaluating the impact of ASU 2018-02 and its impact on regulated utilities. See Note A, Principles of Preparation - New Accounting Standards to be Adopted in the Future, for additional information. |
Commitments, Contingencies And
Commitments, Contingencies And Uncertainties | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies And Uncertainties | Commitments, Contingencies and Uncertainties For a full discussion of commitments and contingencies, see Note K of the Notes to Financial Statements in the 2017 Form 10-K. In addition, see Notes D and E above and Notes C and E of the Notes to Financial Statements in the 2017 Form 10-K regarding matters related to wholesale power sales contracts and transmission contracts subject to regulation and Palo Verde, including decommissioning, spent nuclear fuel and waste disposal, and liability and insurance matters. Power Purchase and Sale Contracts To supplement its own generation and operating reserve requirements and to meet required renewable portfolio standards, the Company engages in power purchase arrangements that may vary in duration and amount based on an evaluation of the Company's resource needs, the economics of the transactions and specific renewable portfolio requirements. For a discussion of power purchase and sale contracts that the Company has entered into with various counterparties, see Note K of the Notes to Financial Statements in the 2017 Form 10-K. Environmental Matters General. The Company is subject to extensive laws, regulations and permit requirements with respect to air and greenhouse gas emissions, water discharges, soil and water quality, waste management and disposal, natural resources and other environmental matters by federal, state, regional, tribal and local authorities. Failure to comply with such laws, regulations and requirements can result in actions by authorities or other third parties that might seek to impose on the Company administrative, civil and/or criminal penalties or other sanctions. In addition, releases of pollutants or contaminants into the environment can result in costly cleanup liabilities. These laws, regulations and requirements are subject to change through modification or reinterpretation, or the introduction of new laws and regulations, and as a result, the Company may face additional capital and operating costs to comply. Environmental Litigation and Investigations . Since July 2011, the U.S. Department of Justice, on behalf of the U.S. Environmental Protection Agency, and APS have been engaged in substantive settlement negotiations in an effort to resolve certain of the pending matters related to Four Corners. The allegations being addressed through settlement negotiations are that APS failed to obtain the necessary permits and install the controls necessary under the U.S. Clean Air Act ("CAA") to reduce sulfur dioxide, nitrogen oxides, and particulate matter, and that defendants failed to obtain an operating permit under Title V of the CAA that reflects applicable requirements imposed by law. On June 24, 2015, the parties filed with the U.S. District Court for New Mexico a settlement agreement resolving this matter. On August 17, 2015, the U.S. District Court for New Mexico entered the settlement agreement. The agreement imposes a total civil penalty payable by the co-owners of Four Corners collectively in the amount of $1.5 million , and it requires the co-owners to pay $6.7 million for environmental mitigation projects. At March 31, 2018, the Company has accrued its remaining unpaid share of approximately $0.2 million related to this matter. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Litigation Matters Disclosure | Litigation The Company is involved in various legal, environmental, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies regarding matters arising in the ordinary course of business. In many of these matters, the Company has excess casualty liability insurance that covers the various claims, actions and complaints. The Company regularly analyzes current information and, as necessary, makes provisions in its financial statements for probable liabilities for the eventual disposition of these matters. While the outcome of these matters cannot be predicted with certainty, based upon a review of the matters and applicable insurance coverage, the Company believes that none of these matters will have a material adverse effect on the financial position, results of operations or cash flows of the Company. The Company expenses legal costs, including expenses related to loss contingencies, as they are incurred. See Notes D and H above and Notes C and K of the Notes to Financial Statements in the 2017 Form 10-K for discussion of the effects of government legislation and regulation on the Company. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefits | Employee Benefits The Company adopted ASU 2017-07, Compensation-Retirement Benefits, effective January 1, 2018. Upon adoption of the new standard, the service cost is included in "Operations and maintenance" in the Company's Statements of Operations. The expected return on plan assets is included in "Investment and interest income, net". The amortization of prior service benefit and amortization of gains are included in "Miscellaneous non-operating income". The amortization of prior service cost and amortization of losses are included in "Miscellaneous non-operating deductions". The interest cost component of net periodic benefit cost is included in "Other interest". The provisions in ASU 2017-07 were applied retrospectively for the income statement presentation of the service cost component and the other components of net benefit costs. The Company elected to apply the practical expedient and used the amounts disclosed in its pension and other postretirement benefit plan note for the 2017 comparative period as the estimation basis for applying the retrospective presentation requirements. The Company reclassified $2.1 million to "Operations and maintenance" in the Company’s Statement of Operations for the three months ended March 31, 2017 by increasing (i) "Investment and interest income, net" by $5.3 million , (ii) "Miscellaneous non-operating income" by $2.8 million , (iii) "Miscellaneous non-operating deductions" by $2.1 million , and (iv) "Other interest" by $3.9 million . As a result of the reclassifications, "Operations and maintenance" increased to $2.9 million in service cost from the $0.8 million in net periodic benefit cost previously reported. The Company reclassified $7.5 million to "Operations and maintenance" in the Company’s Statement of Operations for the twelve months ended March 31, 2017 by increasing (i) "Investment and interest income, net" by $20.8 million , (ii) "Miscellaneous non-operating income" by $10.3 million , (iii) "Miscellaneous non-operating deductions" by $7.5 million , and (iv) "Other interest" by $16.0 million . As a result of the reclassifications, "Operations and maintenance" increased to $11.0 million in service cost from the $3.5 million in net periodic benefit cost previously reported. Retirement Plans The net periodic benefit cost recognized for the three and twelve months ended March 31, 2018 and 2017 , is made up of the components listed below as determined using the projected unit credit actuarial cost method (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Components of net periodic benefit cost: Service cost $ 2,758 $ 2,270 $ 9,006 $ 8,366 Interest cost 3,223 3,248 13,034 13,022 Expected return on plan assets (5,315 ) (4,808 ) (19,696 ) (18,975 ) Amortization of: Net loss 2,100 2,089 8,465 7,540 Prior service benefit (878 ) (878 ) (3,506 ) (3,506 ) Net periodic benefit cost $ 1,888 $ 1,921 $ 7,303 $ 6,447 During the three months ended March 31, 2018 , the Company contributed $2.9 million of its projected $9.4 million 2018 annual contribution to its retirement plans. Other Postretirement Benefits The net periodic benefit recognized for the three and twelve months ended March 31, 2018 and 2017 , is made up of the components listed below (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Components of net periodic benefit: Service cost $ 700 $ 588 $ 2,348 $ 2,642 Interest cost 565 678 2,610 2,972 Expected return on plan assets (613 ) (470 ) (2,050 ) (1,845 ) Amortization of: Prior service benefit (1,538 ) (1,538 ) (6,151 ) (4,651 ) Net gain (525 ) (395 ) (1,808 ) (2,104 ) Net periodic benefit $ (1,411 ) $ (1,137 ) $ (5,051 ) $ (2,986 ) During the three months ended March 31, 2018 , the Company contributed $0.1 million of its projected $0.5 million 2018 annual contribution to its other postretirement benefits plan. |
Financial Instruments And Inves
Financial Instruments And Investments (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Investments | Financial Instruments and Investments The FASB guidance requires the Company to disclose estimated fair values for its financial instruments. The Company has determined that cash and temporary investments, investment in debt securities, accounts receivable, decommissioning trust funds, long-term debt, short-term borrowings under the Company's Revolving Credit Facility ("RCF"), accounts payable and customer deposits meet the definition of financial instruments. The carrying amounts of cash and temporary investments, accounts receivable, accounts payable and customer deposits approximate fair value because of the short maturity of these items. Investments in debt securities and decommissioning trust funds are carried at estimated fair value. 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, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Pollution Control Bonds $ 157,699 $ 166,779 $ 157,676 $ 169,186 Senior Notes 993,514 1,147,504 993,426 1,211,922 RGRT Senior Notes (1) 44,897 46,620 44,886 47,070 RCF (1) 233,067 233,067 173,533 173,533 Total $ 1,429,177 $ 1,593,970 $ 1,369,521 $ 1,601,711 _______________ (1) Nuclear fuel financing, as of March 31, 2018 and December 31, 2017 , is funded through $45 million Rio Grande Resources Trust ("RGRT") Senior Notes and $89.1 million and $88.5 million , respectively, under the RCF. As of March 31, 2018 and December 31, 2017 , $144.0 million and $85.0 million , respectively, 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 c urrent market rates. Consequently, the carrying value approximates fair value. Marketable Securities. The Company's marketable securities, included in decommissioning trust funds in the balance sheets, are reported at fair value which was $284.1 million and $286.9 million at March 31, 2018 and December 31, 2017 , respectively. The investments in the Company's Palo Verde nuclear decommissioning trust funds ("NDT") are classified as available for sale debt securities, equity securities and cash and cash equivalents. These investments are recorded at their estimated fair value in accordance with FASB guidance for certain investments in debt and equity securities. On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments-Overall, which eliminates the requirements to classify investments in equity securities with readily determinable fair values as trading or available for sale and requires entities to recognize changes in fair value for these securities in net income as reported in the Statements of Operations. ASU 2016-01 requires a modified-retrospective approach and therefore, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The reported fair values include gross unrealized losses on securities classified as available for sale whose impairment the Company has deemed to be temporary. 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): March 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 $ 5,995 $ (114 ) $ 10,376 $ (407 ) $ 16,371 $ (521 ) U.S. Government Bonds 34,018 (940 ) 18,325 (1,215 ) 52,343 (2,155 ) Municipal Debt Obligations 4,227 (109 ) 7,031 (581 ) 11,258 (690 ) Corporate Debt Obligations 20,855 (609 ) 3,769 (301 ) 24,624 (910 ) Total $ 65,095 $ (1,772 ) $ 39,501 $ (2,504 ) $ 104,596 $ (4,276 ) _________________ (1) Includes 147 securities. December 31, 2017 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 $ 4,700 $ (46 ) $ 10,099 $ (165 ) $ 14,799 $ (211 ) U.S. Government Bonds 28,866 (416 ) 18,186 (969 ) 47,052 (1,385 ) Municipal Debt Obligations 4,290 (73 ) 9,736 (742 ) 14,026 (815 ) Corporate Debt Obligations 10,685 (107 ) 4,475 (331 ) 15,160 (438 ) Total Debt Securities 48,541 (642 ) 42,496 (2,207 ) 91,037 (2,849 ) Domestic Equity Securities 962 (210 ) — — 962 (210 ) Total $ 49,503 $ (852 ) $ 42,496 $ (2,207 ) $ 91,999 $ (3,059 ) _________________ (2) Includes 146 securities. The Company monitors the length of time specific securities trade below their cost basis along with the amount and percentage of the unrealized loss in determining if a decline in fair value below recorded cost of debt securities classified as available for sale is considered to be other than temporary. The Company recognizes impairment losses on certain of its available for sale debt securities deemed to be other than temporary. In accordance with the FASB guidance, these impairment losses are recognized in net income, and a lower cost basis is established for these securities. In addition, the Company will research the future prospects of individual securities as necessary. The Company does not anticipate expending monies held in trust before 2044 or a later period when decommissioning of Palo Verde begins. For the three and twelve months ended March 31, 2018 and 2017 , the Company recognized other than temporary impairment losses on its available-for-sale securities as follows (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Unrealized holding losses included in pre-tax income $ — $ — $ — $ (196 ) Investments categorized as available for sale securities also include gross unrealized gains which have not been recognized in the Company's net income. The table below presents the unrecognized gross unrealized gains and the fair value of these securities, aggregated by investment category (in thousands): March 31, 2018 December 31, 2017 Fair Value Unrealized Gains Fair Value Unrealized Gains Description of Securities: Federal Agency Mortgage Backed Securities $ 9,469 $ 143 $ 5,933 $ 203 U.S. Government Bonds 2,205 92 11,129 256 Municipal Debt Obligations 1,073 92 2,558 109 Corporate Debt Obligations 11,444 546 19,514 1,067 Total Debt Securities 24,191 873 39,134 1,635 Domestic Equity Securities — — 120,065 45,587 International Equity Securities — — 28,804 5,908 Cash and Cash Equivalents — — 6,864 — Total $ 24,191 $ 873 $ 194,867 $ 53,130 The Company's marketable securities include investments in mortgage backed securities, municipal, corporate and federal debt obligations. The contractual year for maturity of these available-for-sale debt securities as of March 31, 2018 , is as follows (in thousands): Total 2018 2019 2023 through 2027 2028 and Beyond Federal Agency Mortgage Backed Securities $ 25,840 $ — $ 16 $ 261 $ 25,563 U.S. Government Bonds 54,548 1,894 28,263 11,415 12,976 Municipal Debt Obligations 12,331 76 5,483 5,735 1,037 Corporate Debt Obligations 36,068 213 17,518 7,151 11,186 The Company's available for sale securities in the NDT are sold from time to time and the Company uses the specific identification basis to determine the amount to reclassify from AOCI into net income. The proceeds from the sale of these securities during the three and twelve months ended March 31, 2018 and 2017 , and the related effects on pre-tax income are as follows (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Proceeds from sales or maturities of available-for-sale securities $ 11,757 $ 26,055 $ 82,739 $ 93,245 Gross realized gains included in pre-tax income $ 9 $ 2,587 $ 9,195 $ 9,968 Gross realized losses included in pre-tax income (527 ) (396 ) (1,278 ) (1,329 ) Gross unrealized losses included in pre-tax income — — — (196 ) Net gains included in pre-tax income $ (518 ) $ 2,191 $ 7,917 $ 8,443 Upon the adoption of ASU 2016-01, Financial Instruments-Overall, on January 1, 2018, the Company records, on a modified-retrospective basis, changes in fair market value for equity securities held in the NDT in the Statements of Operations. The unrealized gains and losses recognized during the three months ended March 31, 2018 and related effects on pre-tax income are as follows (in thousands): Three Months Ended March 31, 2018 Net gains and (losses) recognized on equity securities $ (1,991 ) Less: Net gains and (losses) recognized on equity securities sold 1,790 Unrealized gains and (losses) recognized on equity securities still held at reporting date $ (3,781 ) Fair Value Measurements. The FASB guidance requires the Company to provide expanded quantitative disclosures for financial assets and liabilities recorded on the balance sheet at fair value. Financial assets carried at fair value include the Company's decommissioning trust investments and investments in debt securities which are included in deferred charges and other assets on the Balance Sheets. The Company has no liabilities that are measured at fair value on a recurring basis. The FASB guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1 – Observable inputs that reflect quoted market prices for identical assets and liabilities in active markets. Financial assets utilizing Level 1 inputs include the nuclear decommissioning trust investments in active exchange-traded equity securities, mutual funds and U.S. Treasury securities that are in a highly liquid and active market. The Institutional Funds are valued using the Net Asset Value ("NAV") provided by the administrator of the fund. The NAV price is quoted on a restrictive market although the underlying investments are traded on active markets. The NAV used for determining the fair value of the Institutional Funds-International Equity investments have readily determinable fair values. Accordingly, such fund values are categorized as Level 1. • Level 2 – Inputs other than quoted market prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Financial assets utilizing Level 2 inputs include the nuclear decommissioning trust investments in fixed income securities. The fair value of these financial instruments is based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences. • Level 3 – Unobservable inputs using data that is not corroborated by market data and primarily based on internal Company analysis using models and various other analysis. Financial assets utilizing Level 3 inputs are the Company's investment in debt securities. The securities in the NDT are valued using prices and other relevant information generated by market transactions involving identical or comparable securities. The FASB guidance identifies this valuation technique as the "market approach" with observable inputs. The Company analyzes available-for-sale securities to determine if losses are other than temporary. The fair value of the NDT and investments in debt securities at March 31, 2018 and December 31, 2017 , 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, 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 $ 1,726 $ — $ — $ 1,726 Equity Securities: Domestic $ 119,344 $ 119,344 $ — $ — International 28,542 28,542 — — Total Equity Securities 147,886 147,886 — — Available for Sale Debt Securities: Federal Agency Mortgage Backed Securities 25,840 — 25,840 — U.S. Government Bonds 54,548 54,548 — — Municipal Debt Obligations 12,331 — 12,331 — Corporate Debt Obligations 36,068 — 36,068 — Total Available for Sale Debt Securities 128,787 54,548 74,239 — Cash and Cash Equivalents 7,409 7,409 — — Total $ 284,082 $ 209,843 $ 74,239 $ — Description of Securities Fair Value as of December 31, 2017 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 $ 1,735 $ — $ — $ 1,735 Available for Sale: Federal Agency Mortgage Backed Securities $ 20,732 $ — $ 20,732 $ — U.S. Government Bonds 58,181 58,181 — — Municipal Debt Obligations 16,584 — 16,584 — Corporate Debt Obligations 34,674 — 34,674 — Subtotal, Debt Securities 130,171 58,181 71,990 — Domestic 121,027 121,027 — — International 28,804 28,804 — — Subtotal, Equity Securities 149,831 149,831 — — Cash and Cash Equivalents 6,864 6,864 — — Total $ 286,866 $ 214,876 $ 71,990 $ — There were no transfers in or out of Level 1 and Level 2 fair value measurements categories due to changes in observable inputs during the three and twelve months ended March 31, 2018 and 2017 . There were no purchases, sales, issuances and settlements related to the assets in the Level 3 fair value measurement category during the three and twelve months ended March 31, 2018 and 2017 . |
Principles Of Preparation (Poli
Principles Of Preparation (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Reclassification, Policy | Reclassification . Certain amounts in the financial statements for 2017 have been reclassified to conform with the 2018 presentation. The Company implemented Accounting Standards Update ("ASU") 2017-07, Compensation - Retirement Benefits, and ASU 2016-15, Statement of Cash Flows, in the first quarter of 2018, retrospective to all periods presented in the Company's financial statements. See "New Accounting Standards Adopted" below for further details. |
Use of Estimates, Policy | Use of Estimates . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates its estimates on an on-going basis, including those related to depreciation, unbilled revenue, income taxes, fuel costs, pension and other post-retirement obligations and asset retirement obligations ("AROs"). Actual results could differ from those estimates. |
Revenue Recognition, Policy | Revenues . The Company recognizes revenue associated with contracts with customers when performance obligations under the terms of the contract with the customer are satisfied. Revenue is measured as the amount of consideration the Company receives in exchange for transferring goods or providing services to the customer. Taxes collected concurrently with revenue producing activities are excluded from revenue. Unbilled revenues are recorded for estimated amounts of energy delivered in the period following the customer's last billing cycle to the end of the reporting period. Unbilled revenues are estimated based on monthly generation volumes and by applying an average revenue/kilowatt-hour ("kWh") to the number of estimated kWhs delivered but not billed. Accounts receivable included accrued unbilled revenues of $20.0 million at March 31, 2018 and $22.2 million at December 31, 2017 . The Company presents revenues net of sales taxes in its statements of operations. The Company recognizes revenue when performance obligations under the terms of the contract with the customer are satisfied. Revenue is measured as the amount of consideration the Company receives in exchange for transferring goods or providing services to the customer. Taxes collected concurrently with revenue producing activities are excluded from revenue. The Company has elected the optional invoice practical expedient for Wholesale and Wheeling revenues, as the invoice amount will correspond directly to the value provided by the Company's performance to date. Retail. Retail contracts represent the Company's primary revenue source. The Company has determined that retail electric service to residential, commercial and industrial, and public authority customers represents an implied daily contract with the customer. The contract is comprised of an obligation to supply and distribute electricity and related capacity. Revenue is recognized, over time, equal to the product of the applicable tariff rates, as approved by the Public Utility Commission of Texas (the "PUCT") and the New Mexico Public Regulation Commission, (the "NMPRC), and the volume of the electricity delivered to the customer, or through the passage of time based upon providing the service of standing ready. Unbilled revenues are recognized at month end based on estimated monthly generation volumes and by applying an average revenue per kWh to the number of estimated kWhs delivered but not billed to customers, and recorded as a receivable for the period following the last billing cycle to the end of the reporting period. Retail customers receive a bill monthly, with payment due sixteen days after issuance. Wholesale. Wholesale contracts primarily include forward power sales into markets outside the Company’s service territory when the Company has competitive generation capacity available, after meeting its regulated service obligations. Pricing is either fixed or based on an index rate with consideration potentially including variable components. Uncertainties regarding the variable consideration will be resolved when the transaction price is known at the point of delivering the energy. The obligation to deliver the electricity is satisfied over time as the customer receives and consumes the electricity. Wholesale customers are invoiced on the 10 th day of each month, with payment due by the 20 th day of the month. In the case of the sale of renewable energy certificates, the transaction price is allocated to the performance obligation to deliver the confirmed quantity of the certificates based on the stand alone selling price of each certificate. Revenue is recognized as control of the certificates is transferred to the customer. The customer is invoiced upon the completed transfer of the certificates, with payment due within ten business days. Wholesale also includes an annual agreement between the Company and one of its wholesale customers, Rio Grande Electric Cooperative (“RGEC”), which involves the provision of full requirements electric service from the Company to RGEC. The rates for this service are recalculated annually and require Federal Energy Regulatory Commission (“FERC”) approval. Wheeling (transmission). Wheeling involves the Company providing point-to-point transmission service, which includes the receipt of capacity and energy at designated point(s) and the transfer of such capacity and energy to designated point(s) of delivery on either a firm or non-firm basis for periods of one year or less. The performance obligation to provide capacity and transmit energy is satisfied over time as the Company performs. Transmission customers are invoiced on a monthly basis, with payment due within twenty days of receipt of the invoice. |
Depreciation, Depletion, and Amortization, Policy | Depreciation. The Company routinely evaluates the depreciable service lives, cost of removal and salvage values of its property, plant and equipment. Depreciation is provided on a straight-line basis over the estimated remaining lives of the assets (ranging in average from 5 to 48 years). When property subject to composite depreciation is retired or otherwise disposed of in the normal course of business, its cost together with the cost of removal, less salvage is charged to accumulated depreciation. For other property dispositions, the applicable cost and accumulated depreciation is removed from the balance sheet accounts and a gain or loss is recognized. |
New Accounting Standards, Policy | New Accounting Standards Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards either as equity or liabilities, and classification on the statements of cash flows. The Company adopted the new standard effective January 1, 2017. The adoption of the new standard did not have a material impact on the Company’s financial condition, results of operations or cash flows. The cumulative effect of the adoption of the new standard was to increase net operating loss carryforward deferred tax assets and retained earnings by $0.2 million on January 1, 2017. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to provide a framework that replaces the existing revenue recognition guidance, and has since modified the standard with several ASUs. The standard provides that an entity should recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. On January 1, 2018, the Company adopted the new accounting standard using the modified retrospective method. There was no cumulative effect adjustment at the initial application of the new standard. In addition, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the ongoing impact of the new standard to be immaterial to net income. As required by the standard, revenues of $1.9 million related to reimbursed costs of energy efficiency programs approved by the Company's regulators are reported in operating revenues from customers prospectively, as opposed to being offset with associated costs within operations and maintenance. Related expenses of an equal amount are reported in operations and maintenance expenses. See Note B, Revenues, for additional information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities, to enhance the reporting model for financial instruments by addressing certain aspects of recognition, measurement, presentation and disclosure. The Company adopted the new standard effective January 1, 2018. The adoption of ASU 2016-01 eliminates the requirements to classify investments in equity securities with readily determinable fair values into trading or available for sale and requires entities to measure equity investments at fair value and recognize any changes in fair value in the Statements of Operations. ASU 2016-01 requires a modified-retrospective approach and therefore comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Upon adoption of the new standard, the Company recorded a cumulative effect adjustment, net of income taxes, to increase retained earnings by $41.0 million with an offset to accumulated other comprehensive income ("AOCI"). In addition, the Company recorded net losses of $3.8 million related to equity securities still held at March 31, 2018. In March 2018, the FASB issued ASU 2018-04, Investments - Debt Securities (Topic 320) and Regulated Operations (Topic 980), which provides clarification to ASU 2016-01. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments, to reduce diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The Company adopted the new standard effective January 1, 2018. ASU 2016-15 was applied using a retrospective transition method to each period presented. Accordingly, the Company presented in the Statement of Cash Flows insurance proceeds received for equipment of $4.2 million and $0.7 million , respectively, for the three months ended March 31, 2018 and 2017 as cash inflows from investing activities. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 amends Accounting Standards Codification 715, Compensation - Retirement Benefits, to require companies to present the service cost component of net benefit cost in the income statement line items where compensation cost is reported. Companies will present all other components of net benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income. In addition, only the service cost component will be eligible for capitalization in assets. The Company adopted the new standard effective January 1, 2018. The amendments in ASU 2017-07 were applied retrospectively for the income statement presentation of the service cost component and the other components of net benefit costs. The Company elected to apply the practical expedient and used the amounts disclosed in its pension and other postretirement benefit plan note for the 2017 comparative period as the estimation basis for applying the retrospective presentation requirements. See Note J, Employee Benefits, for additional information. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("SAB 118"), to add various SEC paragraphs for clarification due to The Federal Tax Cuts and Jobs Act of 2017 ("TCJA"). The Company adopted ASU 2018-05 upon issuance and implemented SAB 118 in December of 2017 in conjunction with the enactment of the TCJA. New Accounting Standards to be Adopted in the Future In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring qualitative and quantitative disclosures on leasing agreements. ASU 2016-02 maintains a distinction between finance leases and operating leases similar to the distinction under previous lease guidance for capital leases and operating leases. The impact of leases reported in the Company's operating results and statement of cash flows is expected to be similar to previous GAAP. ASU 2016-02 requires the recognition in the statement of financial position, by the lessee, of a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. How leases are recorded in regard to financial position represents a significant change from previous GAAP guidance. The lessee is permitted to make an accounting policy election to not recognize lease assets and lease liabilities for short-term leases. Implementation of the standard will be required for reporting periods beginning after December 15, 2018. Adoption of the new lease accounting standard will require the Company to apply the new standard to the earliest period using a modified retrospective approach. The Company is currently in the process of evaluating the impact of the new standard, which includes continuing to monitor activities of the FASB, including the impact of the recently issued ASU 2018-01, and the proposed project to allow entities to adopt the standard with a cumulative effect adjustment as of the beginning of the adoption year, while maintaining prior year comparative financial information and disclosures as reported. ASU 2018-01, Land Easement Practical expedient for Transition to Topic 842, provides an optional practical expedient to not evaluate existing or expired land easements under Topic 842, if those land easements were not previously accounted for as leases under Accounting Standards Codification ("ASC") Topic 840. The Company currently anticipates that it will apply the practical expedient under ASU 2018-01 to its existing or expired land easements as part of its transition to Topic 842. The Company's evaluation process also includes evaluating the impact, if any, on changes to business processes, systems and controls to support recognition and disclosure under the new guidance; however, at this time the Company is unable to determine the impact this standard will have on the financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 changes how companies measure and recognize credit impairment for many financial assets. The new current expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets that are in the scope of the standard. The ASU also makes targeted amendments to the current impairment model for available-for-sale debt securities. ASU 2016-13 will be required for reporting periods beginning after December 15, 2019. ASU 2016-13 will be applied in a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is implemented. The Company is currently assessing the future impact of ASU 2016-13. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), as a result of concerns raised due to the TCJA. More specifically, because the remeasurement of deferred taxes due to the change in the federal corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within AOCI (referred to as stranded tax effects) do not reflect the appropriate tax rate. ASU 2018-02 generally allows companies to reclassify stranded taxes from AOCI to retained earnings. The amount of the adjustment would be the difference between the historical federal corporate income tax rate of 35% and the newly enacted 21% federal corporate income tax rate. The provisions of ASU 2018-02 are effective for fiscal years and interim periods within that reporting period beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim periods for reporting periods for which financial statements have not been issued. The Company is currently evaluating the impact of ASU 2018-02 and its impact on regulated utilities. At March 31, 2018, stranded taxes in AOCI are approximately $7.2 million . |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition, Policy | Revenues . The Company recognizes revenue associated with contracts with customers when performance obligations under the terms of the contract with the customer are satisfied. Revenue is measured as the amount of consideration the Company receives in exchange for transferring goods or providing services to the customer. Taxes collected concurrently with revenue producing activities are excluded from revenue. Unbilled revenues are recorded for estimated amounts of energy delivered in the period following the customer's last billing cycle to the end of the reporting period. Unbilled revenues are estimated based on monthly generation volumes and by applying an average revenue/kilowatt-hour ("kWh") to the number of estimated kWhs delivered but not billed. Accounts receivable included accrued unbilled revenues of $20.0 million at March 31, 2018 and $22.2 million at December 31, 2017 . The Company presents revenues net of sales taxes in its statements of operations. The Company recognizes revenue when performance obligations under the terms of the contract with the customer are satisfied. Revenue is measured as the amount of consideration the Company receives in exchange for transferring goods or providing services to the customer. Taxes collected concurrently with revenue producing activities are excluded from revenue. The Company has elected the optional invoice practical expedient for Wholesale and Wheeling revenues, as the invoice amount will correspond directly to the value provided by the Company's performance to date. Retail. Retail contracts represent the Company's primary revenue source. The Company has determined that retail electric service to residential, commercial and industrial, and public authority customers represents an implied daily contract with the customer. The contract is comprised of an obligation to supply and distribute electricity and related capacity. Revenue is recognized, over time, equal to the product of the applicable tariff rates, as approved by the Public Utility Commission of Texas (the "PUCT") and the New Mexico Public Regulation Commission, (the "NMPRC), and the volume of the electricity delivered to the customer, or through the passage of time based upon providing the service of standing ready. Unbilled revenues are recognized at month end based on estimated monthly generation volumes and by applying an average revenue per kWh to the number of estimated kWhs delivered but not billed to customers, and recorded as a receivable for the period following the last billing cycle to the end of the reporting period. Retail customers receive a bill monthly, with payment due sixteen days after issuance. Wholesale. Wholesale contracts primarily include forward power sales into markets outside the Company’s service territory when the Company has competitive generation capacity available, after meeting its regulated service obligations. Pricing is either fixed or based on an index rate with consideration potentially including variable components. Uncertainties regarding the variable consideration will be resolved when the transaction price is known at the point of delivering the energy. The obligation to deliver the electricity is satisfied over time as the customer receives and consumes the electricity. Wholesale customers are invoiced on the 10 th day of each month, with payment due by the 20 th day of the month. In the case of the sale of renewable energy certificates, the transaction price is allocated to the performance obligation to deliver the confirmed quantity of the certificates based on the stand alone selling price of each certificate. Revenue is recognized as control of the certificates is transferred to the customer. The customer is invoiced upon the completed transfer of the certificates, with payment due within ten business days. Wholesale also includes an annual agreement between the Company and one of its wholesale customers, Rio Grande Electric Cooperative (“RGEC”), which involves the provision of full requirements electric service from the Company to RGEC. The rates for this service are recalculated annually and require Federal Energy Regulatory Commission (“FERC”) approval. Wheeling (transmission). Wheeling involves the Company providing point-to-point transmission service, which includes the receipt of capacity and energy at designated point(s) and the transfer of such capacity and energy to designated point(s) of delivery on either a firm or non-firm basis for periods of one year or less. The performance obligation to provide capacity and transmit energy is satisfied over time as the Company performs. Transmission customers are invoiced on a monthly basis, with payment due within twenty days of receipt of the invoice. |
Revenues Alternative Revenue Pr
Revenues Alternative Revenue Programs (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition for Alternative Revenue Programs, Policy | alternative revenue program revenue relating to the Company’s potential bonus awards from the PUCT and the NMPRC mandated energy efficiency programs. Both the PUCT and the NMPRC allow for the potential to earn an incentive bonus if the Company achieves its approved energy efficiency goals under the applicable programs. The Company recognizes revenue related to the energy efficiency program incentives at the point in time that the amount is objectively determinable generally based upon an approved order from the regulator, is probable of recovery, and if it is expected to be collected within 24 months . |
Principles Of Preparation (Tabl
Principles Of Preparation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Disclosures (in thousands) Three Months Ended March 31, 2018 2017 Cash paid (received) for: Interest on long-term debt and borrowings under the revolving credit facility $ 11,967 $ 11,721 Income tax refunded, net (1,060 ) (697 ) Non-cash investing and financing activities: Changes in accrued plant additions (108 ) (3,335 ) Grants of restricted shares of common stock 513 540 Issuance of performance shares 1,499 932 |
Revenues (Table)
Revenues (Table) | 3 Months Ended |
Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | The following table disaggregates revenue from contracts with customers, for the three and twelve months ended March 31, 2018 (in thousands): March 31, 2018 Three Months Ended Twelve Months Ended Retail $ 146,628 $ 826,148 Wholesale 24,143 72,641 Wheeling (transmission) 4,286 18,133 Total revenues from contracts with customers 175,057 916,922 Other 656 4,253 Total operating revenues $ 175,713 $ 921,175 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Upon adoption of ASU 2016-01, Financial Instruments-Overall, the Company recorded, on January 1, 2018, a cumulative effect adjustment, net of income taxes, to increase retained earnings by $41.0 million with an offset to AOCI. Changes in Accumulated Other Comprehensive Income (Loss) (net of tax) by component are presented below (in thousands): Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Debt Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Marketable Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at beginning of period as previously reported $ (17,790 ) $ 40,190 $ (11,342 ) $ 11,058 $ (23,928 ) $ 28,463 $ (11,651 ) $ (7,116 ) Cumulative effect adjustment — (41,028 ) — (41,028 ) — — — — Other comprehensive income before reclassifications — (2,159 ) — (2,159 ) — 6,165 — 6,165 Amounts reclassified from accumulated other comprehensive income (loss) (685 ) 404 89 (192 ) (529 ) (1,756 ) 52 (2,233 ) Balance at end of period $ (18,475 ) $ (2,593 ) $ (11,253 ) $ (32,321 ) $ (24,457 ) $ 32,872 $ (11,599 ) $ (3,184 ) Twelve Months Ended March 31, 2018 Twelve Months Ended March 31, 2017 Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Marketable Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Unrecognized Pension and Post-retirement Benefit Costs Net Unrealized Gains (Losses) on Marketable Securities Net Losses on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at beginning of period as previously reported $ (24,457 ) $ 32,872 $ (11,599 ) $ (3,184 ) $ (30,256 ) $ 28,394 $ (11,770 ) $ (13,632 ) Cumulative effect adjustment — (41,028 ) — (41,028 ) — — — — Other comprehensive income before reclassifications 7,951 11,927 — 19,878 7,363 11,327 — 18,690 Amounts reclassified from accumulated other comprehensive income (loss) (1,969 ) (6,364 ) 346 (7,987 ) (1,564 ) (6,849 ) 171 (8,242 ) Balance at end of period $ (18,475 ) $ (2,593 ) $ (11,253 ) $ (32,321 ) $ (24,457 ) $ 32,872 $ (11,599 ) $ (3,184 ) |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from Accumulated Other Comprehensive Income (Loss) for the three and twelve months ended March 31, 2018 and 2017 are as follows (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Components Three Months Ended March 31, Twelve Months Ended March 31, Affected Line Item in the Statements of Operations 2018 2017 2018 2017 Amortization of pension and post-retirement benefit costs: Prior service benefit $ 2,416 $ 2,416 $ 9,657 $ 8,157 Miscellaneous non-operating income Net loss (1,575 ) (1,694 ) (6,657 ) (5,436 ) Miscellaneous non-operating deductions 841 722 3,000 2,721 Income (loss) before income taxes Income tax effect (156 ) (193 ) (1,031 ) (1,157 ) Income tax (benefit) expense 685 529 1,969 1,564 Net income (loss) Marketable securities: Net realized gain (loss) on sale of securities (518 ) 2,191 7,917 8,443 Investment and interest income, net (518 ) 2,191 7,917 8,443 Income (loss) before income taxes Income tax effect 114 (435 ) (1,553 ) (1,594 ) Income tax (benefit) expense (404 ) 1,756 6,364 6,849 Net income (loss) Loss on cash flow hedge: Amortization of loss (139 ) (130 ) (541 ) (506 ) Interest on long-term debt and revolving credit facility (139 ) (130 ) (541 ) (506 ) Income (loss) before income taxes Income tax effect 50 78 195 335 Income tax (benefit) expense (89 ) (52 ) (346 ) (171 ) Net income (loss) Total reclassifications $ 192 $ 2,233 $ 7,987 $ 8,242 |
Palo Verde Palo Verde (Tables)
Palo Verde Palo Verde (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Company Share of Recovered Costs | Amount Credited to Customers through Fuel Period Credited Costs Recovery Period Amount Refunded Adjustment Clauses to Customers July 2015 - June 2016 $ 1,779 $ 1,432 March 2017 July 2016 - June 2017 1,413 1,121 March 2018 |
Palo Verde Generating Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Schedule of Jointly Owned Utility Plants | Palo Verde Operations and Maintenance Expense . Included in "operations and maintenance" in the Company's Statements of Operations are expenses associated with Palo Verde as follows (in thousands): 2018 2017 Three months ended March 31, $ 22,175 $ 21,608 Twelve months ended March 31, 99,931 96,179 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and Diluted Earnings Per Share . The basic and diluted earnings per share are presented below (in thousands except for share data): Three Months Ended March 31, Twelve Months Ended March 31, 2018 2017 2018 2017 Weighted average number of common shares outstanding: Basic number of common shares outstanding 40,491,194 40,387,235 40,440,189 40,366,024 Dilutive effect of unvested performance awards — — 123,436 69,665 Diluted number of common shares outstanding 40,491,194 40,387,235 40,563,625 40,435,689 Basic net income (loss) per common share: Net income (loss) $ (6,966 ) $ (3,989 ) $ 95,285 $ 98,587 Income allocated to participating restricted stock (48 ) (45 ) (353 ) (349 ) Net income (loss) available to common shareholders $ (7,014 ) $ (4,034 ) $ 94,932 $ 98,238 Diluted net income (loss) per common share: Net income (loss) $ (6,966 ) $ (3,989 ) $ 95,285 $ 98,587 Income reallocated to participating restricted stock (48 ) (45 ) (353 ) (349 ) Net income (loss) available to common shareholders $ (7,014 ) $ (4,034 ) $ 94,932 $ 98,238 Basic net income (loss) per common share: Distributed earnings $ 0.335 $ 0.31 $ 1.34 $ 1.24 Undistributed earnings (losses) (0.505 ) (0.41 ) 1.01 1.19 Basic net income (loss) per common share $ (0.170 ) $ (0.10 ) $ 2.35 $ 2.43 Diluted net income (loss) per common share: Distributed earnings $ 0.335 $ 0.31 $ 1.34 $ 1.24 Undistributed earnings (losses) (0.505 ) (0.41 ) 1.00 1.19 Diluted net income (loss) per common share $ (0.170 ) $ (0.10 ) $ 2.34 $ 2.43 |
Schedule of Antidilutive Securities Excluded From Computation Of Earnings Per Share | The number of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below: Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Restricted stock awards 72,218 78,025 66,288 58,344 Performance shares (a) 45,977 — 11,494 47,246 ________________________ (a) Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The net periodic benefit cost recognized for the three and twelve months ended March 31, 2018 and 2017 , is made up of the components listed below as determined using the projected unit credit actuarial cost method (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Components of net periodic benefit cost: Service cost $ 2,758 $ 2,270 $ 9,006 $ 8,366 Interest cost 3,223 3,248 13,034 13,022 Expected return on plan assets (5,315 ) (4,808 ) (19,696 ) (18,975 ) Amortization of: Net loss 2,100 2,089 8,465 7,540 Prior service benefit (878 ) (878 ) (3,506 ) (3,506 ) Net periodic benefit cost $ 1,888 $ 1,921 $ 7,303 $ 6,447 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The net periodic benefit recognized for the three and twelve months ended March 31, 2018 and 2017 , is made up of the components listed below (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Components of net periodic benefit: Service cost $ 700 $ 588 $ 2,348 $ 2,642 Interest cost 565 678 2,610 2,972 Expected return on plan assets (613 ) (470 ) (2,050 ) (1,845 ) Amortization of: Prior service benefit (1,538 ) (1,538 ) (6,151 ) (4,651 ) Net gain (525 ) (395 ) (1,808 ) (2,104 ) Net periodic benefit $ (1,411 ) $ (1,137 ) $ (5,051 ) $ (2,986 ) |
Financial Instruments And Inv28
Financial Instruments And Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
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, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Pollution Control Bonds $ 157,699 $ 166,779 $ 157,676 $ 169,186 Senior Notes 993,514 1,147,504 993,426 1,211,922 RGRT Senior Notes (1) 44,897 46,620 44,886 47,070 RCF (1) 233,067 233,067 173,533 173,533 Total $ 1,429,177 $ 1,593,970 $ 1,369,521 $ 1,601,711 _______________ (1) Nuclear fuel financing, as of March 31, 2018 and December 31, 2017 , is funded through $45 million Rio Grande Resources Trust ("RGRT") Senior Notes and $89.1 million and $88.5 million , respectively, under the RCF. As of March 31, 2018 and December 31, 2017 , $144.0 million and $85.0 million , respectively, 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 c urrent 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): March 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 $ 5,995 $ (114 ) $ 10,376 $ (407 ) $ 16,371 $ (521 ) U.S. Government Bonds 34,018 (940 ) 18,325 (1,215 ) 52,343 (2,155 ) Municipal Debt Obligations 4,227 (109 ) 7,031 (581 ) 11,258 (690 ) Corporate Debt Obligations 20,855 (609 ) 3,769 (301 ) 24,624 (910 ) Total $ 65,095 $ (1,772 ) $ 39,501 $ (2,504 ) $ 104,596 $ (4,276 ) _________________ (1) Includes 147 securities. December 31, 2017 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 $ 4,700 $ (46 ) $ 10,099 $ (165 ) $ 14,799 $ (211 ) U.S. Government Bonds 28,866 (416 ) 18,186 (969 ) 47,052 (1,385 ) Municipal Debt Obligations 4,290 (73 ) 9,736 (742 ) 14,026 (815 ) Corporate Debt Obligations 10,685 (107 ) 4,475 (331 ) 15,160 (438 ) Total Debt Securities 48,541 (642 ) 42,496 (2,207 ) 91,037 (2,849 ) Domestic Equity Securities 962 (210 ) — — 962 (210 ) Total $ 49,503 $ (852 ) $ 42,496 $ (2,207 ) $ 91,999 $ (3,059 ) _________________ (2) Includes 146 securities. |
Unrealized Holding Losses Included In Pre-Tax Income | For the three and twelve months ended March 31, 2018 and 2017 , the Company recognized other than temporary impairment losses on its available-for-sale securities as follows (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Unrealized holding losses included in pre-tax income $ — $ — $ — $ (196 ) |
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): March 31, 2018 December 31, 2017 Fair Value Unrealized Gains Fair Value Unrealized Gains Description of Securities: Federal Agency Mortgage Backed Securities $ 9,469 $ 143 $ 5,933 $ 203 U.S. Government Bonds 2,205 92 11,129 256 Municipal Debt Obligations 1,073 92 2,558 109 Corporate Debt Obligations 11,444 546 19,514 1,067 Total Debt Securities 24,191 873 39,134 1,635 Domestic Equity Securities — — 120,065 45,587 International Equity Securities — — 28,804 5,908 Cash and Cash Equivalents — — 6,864 — Total $ 24,191 $ 873 $ 194,867 $ 53,130 |
Contractual Year For Maturity Of Available-For-Sale Securities | The contractual year for maturity of these available-for-sale debt securities as of March 31, 2018 , is as follows (in thousands): Total 2018 2019 2023 through 2027 2028 and Beyond Federal Agency Mortgage Backed Securities $ 25,840 $ — $ 16 $ 261 $ 25,563 U.S. Government Bonds 54,548 1,894 28,263 11,415 12,976 Municipal Debt Obligations 12,331 76 5,483 5,735 1,037 Corporate Debt Obligations 36,068 213 17,518 7,151 11,186 |
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, 2018 and 2017 , and the related effects on pre-tax income are as follows (in thousands): Three Months Ended Twelve Months Ended March 31, March 31, 2018 2017 2018 2017 Proceeds from sales or maturities of available-for-sale securities $ 11,757 $ 26,055 $ 82,739 $ 93,245 Gross realized gains included in pre-tax income $ 9 $ 2,587 $ 9,195 $ 9,968 Gross realized losses included in pre-tax income (527 ) (396 ) (1,278 ) (1,329 ) Gross unrealized losses included in pre-tax income — — — (196 ) Net gains included in pre-tax income $ (518 ) $ 2,191 $ 7,917 $ 8,443 |
Unrealized Gain (Loss) on Investments | The unrealized gains and losses recognized during the three months ended March 31, 2018 and related effects on pre-tax income are as follows (in thousands): Three Months Ended March 31, 2018 Net gains and (losses) recognized on equity securities $ (1,991 ) Less: Net gains and (losses) recognized on equity securities sold 1,790 Unrealized gains and (losses) recognized on equity securities still held at reporting date $ (3,781 ) |
Fair Value, Measurement Inputs, Disclosure | The fair value of the NDT and investments in debt securities at March 31, 2018 and December 31, 2017 , 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, 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 $ 1,726 $ — $ — $ 1,726 Equity Securities: Domestic $ 119,344 $ 119,344 $ — $ — International 28,542 28,542 — — Total Equity Securities 147,886 147,886 — — Available for Sale Debt Securities: Federal Agency Mortgage Backed Securities 25,840 — 25,840 — U.S. Government Bonds 54,548 54,548 — — Municipal Debt Obligations 12,331 — 12,331 — Corporate Debt Obligations 36,068 — 36,068 — Total Available for Sale Debt Securities 128,787 54,548 74,239 — Cash and Cash Equivalents 7,409 7,409 — — Total $ 284,082 $ 209,843 $ 74,239 $ — Description of Securities Fair Value as of December 31, 2017 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 $ 1,735 $ — $ — $ 1,735 Available for Sale: Federal Agency Mortgage Backed Securities $ 20,732 $ — $ 20,732 $ — U.S. Government Bonds 58,181 58,181 — — Municipal Debt Obligations 16,584 — 16,584 — Corporate Debt Obligations 34,674 — 34,674 — Subtotal, Debt Securities 130,171 58,181 71,990 — Domestic 121,027 121,027 — — International 28,804 28,804 — — Subtotal, Equity Securities 149,831 149,831 — — Cash and Cash Equivalents 6,864 6,864 — — Total $ 286,866 $ 214,876 $ 71,990 $ — |
Principles Of Preparation (Accr
Principles Of Preparation (Accrued Unbilled Revenues) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Accrued unbilled revenues | $ 20 | $ 22.2 |
Principles Of Preparation (Depr
Principles Of Preparation (Depreciation) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 48 years |
Principles Of Preparation Narra
Principles Of Preparation Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Jan. 01, 2018 | Jan. 01, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Proceeds from insurance settlement, investing activities | $ 4,175 | $ 742 | |||
Federal statutory tax rate | 21.00% | 35.00% | 35.00% | ||
Decrease in accumulated other comprehensive income | $ (32,321) | $ 11,058 | |||
Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in operating loss carryforward deferred tax assets | $ 200 | ||||
Increase in retained earnings | $ 200 | ||||
Accounting Standards Update 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of reimbursable expense | 1,900 | ||||
Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in retained earnings | $ 41,000 | ||||
Decrease in accumulated other comprehensive income | $ (41,000) | ||||
Accounting Standards Update 2016-15 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Proceeds from insurance settlement, investing activities | 4,175 | $ 742 | |||
Potential Impact of Adopting Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease in accumulated other comprehensive income | (7,200) | ||||
Decommisioning Fund Investments | US Treasury and Government | Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Unrealized loss on securities | $ 3,800 |
Principles Of Preparation (Supp
Principles Of Preparation (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest on long-term debt and borrowings under the revolving credit facility | $ 11,967 | $ 11,721 |
Proceeds from income tax refunds | (1,060) | (697) |
Changes in accrued plant additions | (108) | (3,335) |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued | 513 | 540 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued | $ 1,499 | $ 932 |
Disaggregation of Revenues (Det
Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 175,057 | $ 916,922 | ||
Other | 656 | 4,253 | ||
Total operating revenues | 175,713 | $ 171,335 | 921,175 | $ 900,462 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 146,628 | 826,148 | ||
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 24,143 | 72,641 | ||
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 4,286 | $ 18,133 |
Revenues Narrative (Details)
Revenues Narrative (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Recovery period per ASC 980-605-25 | Maximum | |
Disaggregation of Revenue [Line Items] | |
Surcharge Or Refund Period | 24 months |
Retail | |
Disaggregation of Revenue [Line Items] | |
Customer Payment Terms | 16 days |
Wholesale | |
Disaggregation of Revenue [Line Items] | |
Number Of Customers | 1 |
Wholesale | Maximum | |
Disaggregation of Revenue [Line Items] | |
Customer Payment Terms | 10 days |
Transmission | Maximum | |
Disaggregation of Revenue [Line Items] | |
Customer Payment Terms | 20 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenues Accounts Receivable (D
Revenues Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Mar. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Provision for Doubtful Accounts | $ 0.5 | $ 3.2 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Jan. 01, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), beginning balance | $ 11,058 | |||||
Accumulated Other Comprehensive Income (Loss), ending balance | (32,321) | $ (32,321) | ||||
Accumulated Defined Benefit Plans Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 0 | $ 0 | ||||
Accumulated Net Unrealized Investment Gain (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (41,028) | 0 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | 0 | ||||
AOCI Attributable to Parent | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (41,028) | $ 0 | ||||
Accumulated Defined Benefit Plans Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), beginning balance | (17,790) | $ (23,928) | (24,457) | $ (30,256) | ||
Other Comprehensive Income (Loss) before Reclassifications | 0 | 0 | 7,951 | 7,363 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (685) | (529) | (1,969) | (1,564) | ||
Accumulated Other Comprehensive Income (Loss), ending balance | (18,475) | (24,457) | (18,475) | (24,457) | ||
Accumulated Net Unrealized Investment Gain (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), beginning balance | 40,190 | 28,463 | 32,872 | 28,394 | ||
Other Comprehensive Income (Loss) before Reclassifications | (2,159) | 6,165 | 11,927 | 11,327 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 404 | (1,756) | (6,364) | (6,849) | ||
Accumulated Other Comprehensive Income (Loss), ending balance | (2,593) | 32,872 | (2,593) | 32,872 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), beginning balance | (11,342) | (11,651) | (11,599) | (11,770) | ||
Other Comprehensive Income (Loss) before Reclassifications | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 89 | 52 | 346 | 171 | ||
Accumulated Other Comprehensive Income (Loss), ending balance | (11,253) | (11,599) | (11,253) | (11,599) | ||
AOCI Attributable to Parent | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), beginning balance | 11,058 | (7,116) | (3,184) | (13,632) | ||
Other Comprehensive Income (Loss) before Reclassifications | (2,159) | 6,165 | 19,878 | 18,690 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (192) | (2,233) | (7,987) | (8,242) | ||
Accumulated Other Comprehensive Income (Loss), ending balance | $ (32,321) | $ (3,184) | $ (32,321) | $ (3,184) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income Amounts Reclassified (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income (loss) before income taxes | $ (10,018) | $ (6,277) | $ 145,525 | $ 153,378 |
Income tax expense (benefit) | 3,052 | 2,288 | (50,240) | (54,791) |
Net income (loss) | (6,966) | (3,989) | 95,285 | 98,587 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,416 | 2,416 | 9,657 | 8,157 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,575) | (1,694) | (6,657) | (5,436) |
Accumulated Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 841 | 722 | 3,000 | 2,721 |
Reclassification from AOCI, Current Period, Tax | (156) | (193) | (1,031) | (1,157) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 685 | 529 | 1,969 | 1,564 |
Accumulated Net Unrealized Investment Gain (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (404) | 1,756 | 6,364 | 6,849 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (89) | (52) | (346) | (171) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 192 | 2,233 | 7,987 | 8,242 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized gain on sale of securities | (518) | 2,191 | 7,917 | 8,443 |
Income (loss) before income taxes | (518) | 2,191 | 7,917 | 8,443 |
Income tax expense (benefit) | 114 | (435) | (1,553) | (1,594) |
Net income (loss) | (404) | 1,756 | 6,364 | 6,849 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income (loss) before income taxes | (139) | (130) | (541) | (506) |
Income tax expense (benefit) | 50 | 78 | 195 | 335 |
Net income (loss) | (89) | (52) | (346) | (171) |
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest on long-term debt and revolving credit facility | $ (139) | $ (130) | $ (541) | $ (506) |
Regulation (Narrative) (Details
Regulation (Narrative) (Details) | May 01, 2018USD ($) | Apr. 25, 2018USD ($) | Apr. 13, 2018 | Mar. 15, 2018 | Mar. 01, 2018USD ($) | Feb. 15, 2018USD ($) | Jan. 01, 2018 | Dec. 18, 2017USD ($) | Nov. 01, 2017 | Aug. 01, 2017 | Jun. 29, 2017 | Feb. 22, 2017USD ($) | Jan. 10, 2017 | Sep. 27, 2016USD ($) | Aug. 25, 2016USD ($) | Jul. 01, 2016USD ($) | Jun. 08, 2016USD ($) | Mar. 31, 2018USD ($)MW | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 20, 2018MW |
Public Utilities, Requested Rate Decrease, Amount | $ 22,700,000 | |||||||||||||||||||||||
Nuclear Decommissioning Funding, Annual Recovery | $ 33,578,000 | $ 28,482,000 | ||||||||||||||||||||||
Over-collection of fuel revenues | $ 14,190,000 | $ 14,190,000 | $ 6,225,000 | |||||||||||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | |||||||||||||||||||||
PUCT | ||||||||||||||||||||||||
Over-collection of fuel revenues | $ 13,300,000 | $ 13,300,000 | ||||||||||||||||||||||
Reconcilable Fuel Expense | $ 271,300,000 | |||||||||||||||||||||||
Fuel Reconciliation Period | 24 months | |||||||||||||||||||||||
Fuel Over And Under Materiality Threshold Percentage | 4.00% | 4.00% | ||||||||||||||||||||||
PUCT | Community Solar At Montana Power Station | ||||||||||||||||||||||||
Electric Capacity | MW | 3 | |||||||||||||||||||||||
Number of customers subscribed | 1,500 | 1,500 | ||||||||||||||||||||||
Property, Plant and Equipment, Operational Date | May 31, 2017 | |||||||||||||||||||||||
PUCT | Community Solar at Newman | ||||||||||||||||||||||||
Electric capacity, requested | MW | 2 | |||||||||||||||||||||||
PUCT | Solar Facility At Newman Power Station | ||||||||||||||||||||||||
Electric Capacity | MW | 10 | |||||||||||||||||||||||
NMPRC | ||||||||||||||||||||||||
Over-collection of fuel revenues | $ 900,000 | $ 900,000 | ||||||||||||||||||||||
Reconcilable Fuel Expense | $ 181,000,000 | |||||||||||||||||||||||
Fuel Reconciliation Period | 39 months | |||||||||||||||||||||||
NMPRC | Holloman | ||||||||||||||||||||||||
Electric Capacity | MW | 5 | |||||||||||||||||||||||
FERC | ||||||||||||||||||||||||
Show Cause Orders issued, Number | 2 | |||||||||||||||||||||||
Number of public utilities affected | 48 | |||||||||||||||||||||||
2016 Energy Efficiency Programs | PUCT | ||||||||||||||||||||||||
Public Utilities Approved Performance Incentive Bonus Related To Energy Efficiency Program | $ 800,000 | |||||||||||||||||||||||
2016 Energy Efficiency Programs | NMPRC | ||||||||||||||||||||||||
Public Utilities Requested Performance Incentive Bonus Related To Energy Efficiency Program | $ 400,000 | |||||||||||||||||||||||
Public Utilities Approved Performance Incentive Bonus Related To Energy Efficiency Program | $ 400,000 | |||||||||||||||||||||||
Fixed Fuel Factor | PUCT | ||||||||||||||||||||||||
Increase (Decrease) In Fixed Fuel Factor, Percentage | (19.00%) | |||||||||||||||||||||||
Fixed Fuel Factor | PUCT | Subsequent Event | ||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | (29.00%) | |||||||||||||||||||||||
2017 Energy Efficiency Programs | PUCT | Subsequent Event | ||||||||||||||||||||||||
Public Utilities Requested Performance Incentive Bonus Related To Energy Efficiency Program | $ 1,100,000 | |||||||||||||||||||||||
2017 Energy Efficiency Programs | NMPRC | ||||||||||||||||||||||||
Public Utilities Requested Performance Incentive Bonus Related To Energy Efficiency Program | $ 400,000 | |||||||||||||||||||||||
Public Utilities Approved Performance Incentive Bonus Related To Energy Efficiency Program | $ 400,000 | |||||||||||||||||||||||
2015 Energy Efficiency Programs | NMPRC | ||||||||||||||||||||||||
Public Utilities Requested Performance Incentive Bonus Related To Energy Efficiency Program | $ 300,000 | |||||||||||||||||||||||
Public Utilities Approved Performance Incentive Bonus Related To Energy Efficiency Program | $ 300,000 | |||||||||||||||||||||||
Public Utilities, Regulatory Rate Making Impact | PUCT | ||||||||||||||||||||||||
Recovery of rate case expenses | $ 3,100,000 | |||||||||||||||||||||||
Period To Relate Back New Rates | 80 days | |||||||||||||||||||||||
Fuel Reconciliation Period | 167 days | |||||||||||||||||||||||
Public Utilities, Regulatory Rate Making Impact | NMPRC | ||||||||||||||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.48% | |||||||||||||||||||||||
Public Utilities, Regulatory Rate Making Impact | Non-Fuel Base Rate | PUCT | Four Corners Generating Station | ||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 3,700,000 | |||||||||||||||||||||||
Regulatory Current Asset, End Date for Recovery | Jul. 11, 2017 | |||||||||||||||||||||||
Public Utilities, Regulatory Rate Making Impact | Non-Fuel Base Rate | NMPRC | ||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 600,000 | |||||||||||||||||||||||
Public Utilities, Regulatory Rate Making Impact | Utility Cost Of Service | NMPRC | ||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 500,000 | |||||||||||||||||||||||
PUCT Docket No. 46831 | ||||||||||||||||||||||||
Recovery of rate case expenses | $ 3,400,000 | |||||||||||||||||||||||
Surcharge Or Refund Period | 3 years | |||||||||||||||||||||||
Minimum Distributive Generation Charge | $ 30 | |||||||||||||||||||||||
Nuclear Decommissioning Funding, Annual Recovery | 2,100,000 | |||||||||||||||||||||||
Requested Depreciation Expense, Decrease | $ 1,900,000 | |||||||||||||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.65% | |||||||||||||||||||||||
PUCT Docket No. 46831 | Four Corners decommissioning [Member] | ||||||||||||||||||||||||
Decommissioning Costs Increase (Decrease) | $ 5,500,000 | |||||||||||||||||||||||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 7 years | |||||||||||||||||||||||
PUCT Docket No. 46831 | Non-Fuel Base Rate | ||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 14,500,000 | |||||||||||||||||||||||
PUCT Docket No. 46610 | Fixed Fuel Factor | ||||||||||||||||||||||||
Increase (Decrease) In Fixed Fuel Factor, Percentage | 28.80% | |||||||||||||||||||||||
PUCT Docket No. 46308 | ||||||||||||||||||||||||
Reconcilable Fuel Expense | $ 436,600,000 | |||||||||||||||||||||||
Fuel Reconciliation Period | 36 months | 36 months | ||||||||||||||||||||||
Fuel reconciliation effect, net amount | $ 5,000,000 | |||||||||||||||||||||||
Palo Verde Performance Award Period | 3 years | |||||||||||||||||||||||
NMPRC Case No. 15-00127-UT | ||||||||||||||||||||||||
Fuel Reconciliation Period | 24 months | |||||||||||||||||||||||
NMPRC Case No. 18-00016-UT | Subsequent Event | ||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (4,900,000) | |||||||||||||||||||||||
Maximum | FERC | ||||||||||||||||||||||||
Period to comply with order from regulatory agency | 60 days |
Palo Verde (Narrative) (Detail
Palo Verde (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Oct. 31, 2017 | Mar. 31, 2017 | Oct. 31, 2016 | Aug. 18, 2014 | Dec. 19, 2012 | Mar. 31, 2018 | Mar. 31, 2017 |
Jointly Owned Utility Plant Interests [Line Items] | ||||||||
Refund passed through to customers | $ 7,965 | $ 8,530 | ||||||
Suit Against Department of Energy for Spent Fuel | Palo Verde Generating Station | ||||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||||
Settlement Agreement, Counterparty's Name | United States Department of Energy | |||||||
Loss Contingency, Settlement Agreement, Date | August 18, 2014 | |||||||
Refund passed through to customers | $ 1,121 | $ 1,432 | ||||||
Proceeds from Legal Settlements | $ 1,413 | $ 1,779 | ||||||
Suit Against Department of Energy for Spent Fuel | Minimum | ||||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||||
Litigation, Period Covered | July 1, 2016 | July 1, 2015 | ||||||
Suit Against Department of Energy for Spent Fuel | Maximum | ||||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||||
Litigation, Period Covered | June 30, 2017 | June 30, 2016 |
Palo Verde Operations and Maint
Palo Verde Operations and Maintenance Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Jointly Owned Utility Plant Interests [Line Items] | ||||
Utilities Operating Expense, Maintenance and Operations | $ 80,160 | $ 79,187 | $ 321,254 | $ 317,518 |
Palo Verde Generating Station | ||||
Jointly Owned Utility Plant Interests [Line Items] | ||||
Utilities Operating Expense, Maintenance and Operations | $ 22,175 | $ 21,608 | $ 99,931 | $ 96,179 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Dividends, Common Stock [Abstract] | ||||
Dividends, Common Stock, Cash | $ 13,615 | $ 12,565 | $ 54,300 | $ 50,300 |
Common Stock (Basic And Diluted
Common Stock (Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic number of common shares outstanding | 40,491,194 | 40,387,235 | 40,440,189 | 40,366,024 |
Dilutive effect of unvested performance awards | 0 | 0 | 123,436 | 69,665 |
Diluted number of common shares outstanding | 40,491,194 | 40,387,235 | 40,563,625 | 40,435,689 |
Net income (loss) | $ (6,966) | $ (3,989) | $ 95,285 | $ 98,587 |
Income allocated to participating restricted stock | (48) | (45) | (353) | (349) |
Net income (loss) available to common shareholders, basic | (7,014) | (4,034) | 94,932 | 98,238 |
Income reallocated to participating restricted stock | (48) | (45) | (353) | (349) |
Net income (loss) available to common shareholders, diluted | $ (7,014) | $ (4,034) | $ 94,932 | $ 98,238 |
Earnings Per Share, Basic, Distributed | $ 0.335 | $ 0.31 | $ 1.34 | $ 1.24 |
Earnings (losses) Per Share, Basic, Undistributed | (0.505) | (0.41) | 1.01 | 1.19 |
Basic net income (loss) per common share | (0.170) | (0.10) | 2.35 | 2.43 |
Earnings Per Share, Diluted, Distributed | 0.335 | 0.31 | 1.34 | 1.24 |
Earnings (losses) Per Share, Diluted, Undistributed | (0.505) | (0.41) | 1 | 1.19 |
Diluted net income (loss) per common share | $ (0.170) | $ (0.10) | $ 2.34 | $ 2.43 |
Common Stock (Antidilutive Secu
Common Stock (Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Performance shares payout based upon performance | 0 | 0 | 0 | 0 | |
Performance shares payout level | 100.00% | 100.00% | 100.00% | 100.00% | |
Restricted Stock | |||||
Antidilutive Securities Excluded from the Computation of Diluted Earnings Per Share, Amount | 72,218 | 78,025 | 66,288 | 58,344 | |
Performance Shares | |||||
Antidilutive Securities Excluded from the Computation of Diluted Earnings Per Share, Amount | [1] | 45,977 | 0 | 11,494 | 47,246 |
[1] | Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period. |
Income Taxes (Income Tax Rates)
Income Taxes (Income Tax Rates) (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Income Tax [Line Items] | |||||
Effective tax rate | 30.50% | 36.50% | 34.50% | 35.70% | |
Federal statutory tax rate | 21.00% | 35.00% | 35.00% | ||
Income Tax Rate Capital Gains | 20.00% | 20.00% | 20.00% | 20.00% | |
Maximum | |||||
Income Tax [Line Items] | |||||
Period in which adjustments related to the Federal Tax Cuts and Jobs Act of 2017 needed to be made | 12 months |
Income Taxes (Details)
Income Taxes (Details) - Latest Tax Year | 3 Months Ended |
Mar. 31, 2018 | |
Internal Revenue Service (IRS) | |
Income Tax [Line Items] | |
Tax Year Closed | 2,012 |
TEXAS | |
Income Tax [Line Items] | |
Tax Year Closed | 2,012 |
NEW MEXICO | |
Income Tax [Line Items] | |
Tax Year Closed | 2,012 |
ARIZONA | |
Income Tax [Line Items] | |
Tax Year Closed | 2,012 |
Commitments, Contingencies An46
Commitments, Contingencies And Uncertainties (Narrative) (Details) - USD ($) $ in Millions | Aug. 17, 2015 | Mar. 31, 2018 |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 0.2 | |
Four Corners Coal Plant Participants | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Civil Penalty Amount | $ 1.5 | |
Loss Contingency Environmental Mitigation Project Cost | $ 6.7 |
Employee Benefits ASU Narrative
Employee Benefits ASU Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operations and maintenance | $ 80,160 | $ 79,187 | $ 321,254 | $ 317,518 |
Investment and interest income, net | 5,155 | 9,263 | 34,745 | 35,959 |
Miscellaneous non-operating income | 3,136 | 2,895 | 12,292 | 10,983 |
Miscellaneous non-operating deductions | 2,743 | 2,828 | 11,494 | 11,513 |
Other interest | $ 4,654 | 4,345 | $ 18,479 | 17,155 |
Accounting Standards Update 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operations and maintenance | 2,100 | 7,500 | ||
Investment and interest income, net | 5,300 | 20,800 | ||
Miscellaneous non-operating income | 2,800 | 10,300 | ||
Miscellaneous non-operating deductions | 2,100 | 7,500 | ||
Other interest | 3,900 | 16,000 | ||
Service Cost Component | 2,900 | 11,000 | ||
Net periodic benefit cost previously reported in operating income (including non-service cost components) | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operations and maintenance | $ 800 | $ 3,500 |
Employee Benefits (Retirement P
Employee Benefits (Retirement Plans And Other Postretirement Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Retirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,758 | $ 2,270 | $ 9,006 | $ 8,366 |
Interest cost | 3,223 | 3,248 | 13,034 | 13,022 |
Expected return on plan assets | (5,315) | (4,808) | (19,696) | (18,975) |
Amortization of net (gain) loss | 2,100 | 2,089 | 8,465 | 7,540 |
Amortization of prior service benefit | (878) | (878) | (3,506) | (3,506) |
Net periodic benefit cost (benefit) | 1,888 | 1,921 | 7,303 | 6,447 |
Other Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 700 | 588 | 2,348 | 2,642 |
Interest cost | 565 | 678 | 2,610 | 2,972 |
Expected return on plan assets | (613) | (470) | (2,050) | (1,845) |
Amortization of net (gain) loss | (525) | (395) | (1,808) | (2,104) |
Amortization of prior service benefit | (1,538) | (1,538) | (6,151) | (4,651) |
Net periodic benefit cost (benefit) | $ (1,411) | $ (1,137) | $ (5,051) | $ (2,986) |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Retirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Employer Contribution | $ 2.9 |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 9.4 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Employer Contribution | 0.1 |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 0.5 |
Financial Instruments And Inv50
Financial Instruments And Investments (Carrying Amount and Fair Value Amounts) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Carrying (Reported) Amount, Fair Value Disclosure | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 1,429,177 | $ 1,369,521 | |
Carrying (Reported) Amount, Fair Value Disclosure | Pollution Control Bonds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 157,699 | 157,676 | |
Carrying (Reported) Amount, Fair Value Disclosure | Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 993,514 | 993,426 | |
Carrying (Reported) Amount, Fair Value Disclosure | RGRT Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | [1] | 44,897 | 44,886 |
Carrying (Reported) Amount, Fair Value Disclosure | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | [1] | 233,067 | 173,533 |
Estimate of Fair Value Measurement | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 1,593,970 | 1,601,711 | |
Estimate of Fair Value Measurement | Pollution Control Bonds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 166,779 | 169,186 | |
Estimate of Fair Value Measurement | Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 1,147,504 | 1,211,922 | |
Estimate of Fair Value Measurement | RGRT Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | [1] | 46,620 | 47,070 |
Estimate of Fair Value Measurement | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | [1] | $ 233,067 | $ 173,533 |
[1] | Nuclear fuel financing, as of March 31, 2018 and December 31, 2017, is funded through $45 million Rio Grande Resources Trust ("RGRT") Senior Notes and $89.1 million and $88.5 million, respectively, under the RCF. As of March 31, 2018 and December 31, 2017, $144.0 million and $85.0 million, respectively, was outstanding under the RCF for working capital or general corporate purposes. The interest rate on the Company's borrowings under the RCF is reset throughout the quarter reflecting current market rates. Consequently, the carrying value approximates fair value. |
Financial Instruments And Inv51
Financial Instruments And Investments (Long-Term Debt and Short-Term Borrowings - Narratives) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments | $ 284,082 | $ 286,866 |
Nuclear Fuel Financing | ||
Financial Instruments and Investments [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 89,100 | 88,500 |
Working Capital and General Purpose | ||
Financial Instruments and Investments [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 144,000 | 85,000 |
RGRT Senior Notes | ||
Financial Instruments and Investments [Line Items] | ||
Long-term Debt, Gross | $ 45,000 | $ 45,000 |
Financial Instruments And Inv52
Financial Instruments And Investments (Marketable Securities Fair Value And Unrealized Losses) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018USD ($)securities | Dec. 31, 2017USD ($)securities | ||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | [1] | $ 49,503 | |||
Marketable Securities Unrealized Losses Less Than 12 Months | [1] | (852) | |||
Marketable Securities Fair Value 12 Months or Longer | [1] | 42,496 | |||
Marketable Securities Unrealized Losses 12 Months or Longer | [1] | (2,207) | |||
Marketable Securities Fair Value Total | [1] | 91,999 | |||
Marketable Securities Unrealized Losses Total | [1] | $ (3,059) | |||
Number of securities | securities | 147 | 146 | |||
Debt Securities | |||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | $ 65,095 | [2] | $ 48,541 | [1] | |
Marketable Securities Unrealized Losses Less Than 12 Months | (1,772) | [2] | (642) | [1] | |
Marketable Securities Fair Value 12 Months or Longer | 39,501 | [2] | 42,496 | [1] | |
Marketable Securities Unrealized Losses 12 Months or Longer | (2,504) | [2] | (2,207) | [1] | |
Marketable Securities Fair Value Total | 104,596 | [2] | 91,037 | [1] | |
Marketable Securities Unrealized Losses Total | (4,276) | [2] | (2,849) | [1] | |
Federal Agency Mortgage Backed Securities | |||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | 5,995 | [2] | 4,700 | [1] | |
Marketable Securities Unrealized Losses Less Than 12 Months | (114) | [2] | (46) | [1] | |
Marketable Securities Fair Value 12 Months or Longer | 10,376 | [2] | 10,099 | [1] | |
Marketable Securities Unrealized Losses 12 Months or Longer | (407) | [2] | (165) | [1] | |
Marketable Securities Fair Value Total | 16,371 | [2] | 14,799 | [1] | |
Marketable Securities Unrealized Losses Total | (521) | [2] | (211) | [1] | |
U.S. Government Bonds | |||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | 34,018 | [2] | 28,866 | [1] | |
Marketable Securities Unrealized Losses Less Than 12 Months | (940) | [2] | (416) | [1] | |
Marketable Securities Fair Value 12 Months or Longer | 18,325 | [2] | 18,186 | [1] | |
Marketable Securities Unrealized Losses 12 Months or Longer | (1,215) | [2] | (969) | [1] | |
Marketable Securities Fair Value Total | 52,343 | [2] | 47,052 | [1] | |
Marketable Securities Unrealized Losses Total | (2,155) | [2] | (1,385) | [1] | |
Municipal Obligations | |||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | 4,227 | [2] | 4,290 | [1] | |
Marketable Securities Unrealized Losses Less Than 12 Months | (109) | [2] | (73) | [1] | |
Marketable Securities Fair Value 12 Months or Longer | 7,031 | [2] | 9,736 | [1] | |
Marketable Securities Unrealized Losses 12 Months or Longer | (581) | [2] | (742) | [1] | |
Marketable Securities Fair Value Total | 11,258 | [2] | 14,026 | [1] | |
Marketable Securities Unrealized Losses Total | (690) | [2] | (815) | [1] | |
Corporate Obligations | |||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | 20,855 | [2] | 10,685 | [1] | |
Marketable Securities Unrealized Losses Less Than 12 Months | (609) | [2] | (107) | [1] | |
Marketable Securities Fair Value 12 Months or Longer | 3,769 | [2] | 4,475 | [1] | |
Marketable Securities Unrealized Losses 12 Months or Longer | (301) | [2] | (331) | [1] | |
Marketable Securities Fair Value Total | 24,624 | [2] | 15,160 | [1] | |
Marketable Securities Unrealized Losses Total | $ (910) | [2] | (438) | [1] | |
Domestic Equity Securities | Equity Securities | |||||
Financial Instruments and Investments [Line Items] | |||||
Marketable Securities Fair Value Less than 12 Months | [1] | 962 | |||
Marketable Securities Unrealized Losses Less Than 12 Months | [1] | (210) | |||
Marketable Securities Fair Value 12 Months or Longer | [1] | 0 | |||
Marketable Securities Unrealized Losses 12 Months or Longer | [1] | 0 | |||
Marketable Securities Fair Value Total | [1] | 962 | |||
Marketable Securities Unrealized Losses Total | [1] | $ (210) | |||
[1] | Includes 146 securities. | ||||
[2] | Includes 147 securities. |
Financial Instruments And Inv53
Financial Instruments And Investments (Unrealized Holding Losses Included In Pre-Tax Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Financial Instruments And Investments [Abstract] | ||||
Unrealized losses included in pre-tax income | $ 0 | $ 0 | $ 0 | $ (196) |
Financial Instruments And Inv54
Financial Instruments And Investments (Marketable Securities Fair Value and Unrecognized Gross Unrealized Gains) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gain | $ 873 | $ 53,130 |
Marketable Securities Fair Value, Total | 24,191 | 194,867 |
Debt Securities | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 24,191 | 39,134 |
Available-for-sale Securities, Gross Unrealized Gain | 873 | 1,635 |
Federal Agency Mortgage Backed Securities | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 9,469 | 5,933 |
Available-for-sale Securities, Gross Unrealized Gain | 143 | 203 |
U.S. Government Bonds | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 2,205 | 11,129 |
Available-for-sale Securities, Gross Unrealized Gain | 92 | 256 |
Municipal Obligations | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 1,073 | 2,558 |
Available-for-sale Securities, Gross Unrealized Gain | 92 | 109 |
Corporate Obligations | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 11,444 | 19,514 |
Available-for-sale Securities, Gross Unrealized Gain | 546 | 1,067 |
Equity Securities | Domestic Equity Securities | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 0 | 120,065 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 45,587 |
Equity Securities | International Equity Securities | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Unrealized Gain Position, Fair Value | 0 | 28,804 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 5,908 |
Cash | Held in trust Decommissioning Fund Investment | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Cash | $ 0 | $ 6,864 |
Financial Instruments And Inv55
Financial Instruments And Investments (Contractual Year For Maturity Of Available-For-Sale Securities ) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Federal Agency Mortgage Backed Securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | $ 25,840 |
2,018 | 0 |
2019 through 2022 | 16 |
2023 through 2027 | 261 |
2028 and Beyond | 25,563 |
U.S. Government Bonds | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 54,548 |
2,018 | 1,894 |
2019 through 2022 | 28,263 |
2023 through 2027 | 11,415 |
2028 and Beyond | 12,976 |
Municipal Obligations | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 12,331 |
2,018 | 76 |
2019 through 2022 | 5,483 |
2023 through 2027 | 5,735 |
2028 and Beyond | 1,037 |
Corporate Obligations | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 36,068 |
2,018 | 213 |
2019 through 2022 | 17,518 |
2023 through 2027 | 7,151 |
2028 and Beyond | $ 11,186 |
Financial Instruments And Inv56
Financial Instruments And Investments (Sale Of Securities And The Related Effects On Pre-Tax Income ) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Investment [Line Items] | ||||
Proceeds from sales or maturities of available-for-sale securities | $ 26,055 | $ 82,739 | $ 93,245 | |
Proceeds from Sale of Available-for-sale Securities, Debt | $ 11,757 | |||
Gross realized gains included in pre-tax income | 9 | 2,587 | 9,195 | 9,968 |
Gross realized losses included in pre-tax income | (527) | (396) | (1,278) | (1,329) |
Gross unrealized losses included in pre-tax income | 0 | 0 | 0 | (196) |
Net gains included in pre-tax income | $ (518) | $ 2,191 | $ 7,917 | $ 8,443 |
Financial Instruments And Inv57
Financial Instruments And Investments Unrealized gains and losses on equity securities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Unrealized Gains and losses recognized [Line Items] | |
Net gains and (losses) recognized on equity securities | $ (1,991) |
Less: Net (gains) and losses recognized on equity securities sold | 1,790 |
Unrealized gains and (losses) recognized on equity securities still held at reporting date | $ (3,781) |
Financial Instruments And Inv58
Financial Instruments And Investments (Company's Decommissioning Trust Funds And Investments In Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | $ 284,082 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 209,843 | |
Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 74,239 | |
Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Cash | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 7,409 | |
Cash | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 7,409 | |
Cash | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Cash | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | $ 286,866 | |
Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 214,876 | |
Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 71,990 | |
Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Federal Agency Mortgage Backed Securities | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 20,732 | |
Federal Agency Mortgage Backed Securities | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Federal Agency Mortgage Backed Securities | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 20,732 | |
Federal Agency Mortgage Backed Securities | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
U.S. Government Bonds | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 58,181 | |
U.S. Government Bonds | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 58,181 | |
U.S. Government Bonds | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
U.S. Government Bonds | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Municipal Obligations | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 16,584 | |
Municipal Obligations | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Municipal Obligations | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 16,584 | |
Municipal Obligations | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Corporate Obligations | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 34,674 | |
Corporate Obligations | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Corporate Obligations | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 34,674 | |
Corporate Obligations | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Debt Securities | ||
Financial Instruments and Investments [Line Items] | ||
Trading Securities | 1,726 | 1,735 |
Debt Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Trading Securities | 0 | 0 |
Debt Securities | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Trading Securities | 0 | 0 |
Debt Securities | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Trading Securities | 1,726 | 1,735 |
Debt Securities | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 130,171 | |
Debt Securities | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 58,181 | |
Debt Securities | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 71,990 | |
Debt Securities | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Equity Securities | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 147,886 | |
Equity Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 147,886 | |
Equity Securities | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Equity Securities | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Equity Securities | Domestic Equity Securities | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 119,344 | |
Equity Securities | Domestic Equity Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 119,344 | |
Equity Securities | Domestic Equity Securities | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Equity Securities | Domestic Equity Securities | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Equity Securities | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 149,831 | |
Equity Securities | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 149,831 | |
Equity Securities | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Equity Securities | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Equity Securities | International Equity Securities | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 28,542 | |
Equity Securities | International Equity Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 28,542 | |
Equity Securities | International Equity Securities | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Equity Securities | International Equity Securities | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Cash | Held in trust Decommissioning Fund Investment | ||
Financial Instruments and Investments [Line Items] | ||
Cash | 0 | 6,864 |
Cash | Held in trust Decommissioning Fund Investment | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Cash | 6,864 | |
Cash | Held in trust Decommissioning Fund Investment | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Cash | 0 | |
Cash | Held in trust Decommissioning Fund Investment | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Cash | 0 | |
Available-for-sale Securities | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 128,787 | |
Available-for-sale Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 54,548 | |
Available-for-sale Securities | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 74,239 | |
Available-for-sale Securities | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | Federal Agency Mortgage Backed Securities | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 25,840 | |
Available-for-sale Securities | Federal Agency Mortgage Backed Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | Federal Agency Mortgage Backed Securities | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 25,840 | |
Available-for-sale Securities | Federal Agency Mortgage Backed Securities | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | U.S. Government Bonds | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 54,548 | |
Available-for-sale Securities | U.S. Government Bonds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 54,548 | |
Available-for-sale Securities | U.S. Government Bonds | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | U.S. Government Bonds | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | Municipal Obligations | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 12,331 | |
Available-for-sale Securities | Municipal Obligations | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | Municipal Obligations | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 12,331 | |
Available-for-sale Securities | Municipal Obligations | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | Corporate Obligations | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 36,068 | |
Available-for-sale Securities | Corporate Obligations | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 0 | |
Available-for-sale Securities | Corporate Obligations | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | 36,068 | |
Available-for-sale Securities | Corporate Obligations | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Decommissioning Fund Investments, Fair Value | $ 0 | |
Domestic Equity Securities | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 121,027 | |
Domestic Equity Securities | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 121,027 | |
Domestic Equity Securities | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
Domestic Equity Securities | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
International Equity Securities | Decommisioning Fund Investments | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 28,804 | |
International Equity Securities | Decommisioning Fund Investments | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 28,804 | |
International Equity Securities | Decommisioning Fund Investments | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | 0 | |
International Equity Securities | Decommisioning Fund Investments | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments and Investments [Line Items] | ||
Available-for-sale Securities | $ 0 |
Financial Instruments And Inv59
Financial Instruments And Investments Transfers Between Levels (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Description | no | no | no | no |
Fair Value, Assets, Level 2 to Level 1 Transfers, Description | no | no | no | no |
Fair Value, Asset, Level 3 Purchases, (Sales), Issuances, (Settlements) | $ 0 | $ 0 | $ 0 | $ 0 |