Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WR | |
Entity Registrant Name | WESTAR ENERGY INC /KS | |
Entity Central Index Key | 54507 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 132,236,503 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $6,074 | $4,556 | ||
Accounts receivable, net of allowance for doubtful accounts of $3,073 and $4,916, respectively | 236,285 | 267,327 | ||
Fuel inventory and supplies | 265,967 | 247,406 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 19,747 | 29,636 | ||
Prepaid expenses | 18,842 | 15,793 | ||
Regulatory assets | 103,925 | 105,549 | ||
Other | 23,725 | 30,655 | ||
Total Current Assets | 674,565 | 700,922 | ||
Property, plant and equipment, net | 8,232,333 | 8,162,908 | ||
OTHER ASSETS: | ||||
Regulatory assets | 756,382 | 754,229 | ||
Nuclear decommissioning trust | 190,354 | 185,016 | ||
Other | 280,112 | 265,353 | ||
Total Other Assets | 1,226,848 | 1,204,598 | ||
TOTAL ASSETS | 10,409,735 | 10,347,001 | ||
CURRENT LIABILITIES: | ||||
Short-term debt | 425,400 | 257,600 | ||
Accounts payable | 203,138 | 219,351 | ||
Accrued dividends | 46,425 | 44,971 | ||
Accrued taxes | 110,957 | 74,356 | ||
Accrued interest | 89,821 | [1] | 79,707 | [1] |
Regulatory liabilities | 57,185 | 55,142 | ||
Other | 75,461 | 90,571 | ||
Total Current Liabilities | 1,036,702 | 849,631 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 3,090,722 | 3,215,539 | ||
Deferred income taxes | 1,488,721 | 1,475,487 | ||
Unamortized investment tax credits | 210,280 | 211,040 | ||
Regulatory liabilities | 289,468 | 288,343 | ||
Accrued employee benefits | 529,229 | 532,622 | ||
Asset retirement obligations | 233,659 | 230,668 | ||
Other | 77,397 | 75,799 | ||
Total Long-Term Liabilities | 6,057,685 | 6,196,063 | ||
COMMITMENTS AND CONTINGENCIES (See Notes 10 and 11) | ||||
Westar Energy, Inc. Shareholders' Equity: | ||||
Common stock, par value $5 per share; authorized 275,000,000 shares; issued and outstanding 127,064,039 shares and 126,503,748 shares, respective to each date | 660,831 | 658,437 | ||
Paid-in capital | 1,788,787 | 1,781,120 | ||
Retained earnings | 858,172 | 855,299 | ||
Total Westar Energy, Inc. Shareholders' Equity | 3,307,790 | 3,294,856 | ||
Noncontrolling Interests | 7,558 | 6,451 | ||
Total Equity | 3,315,348 | 3,301,307 | ||
TOTAL LIABILITIES AND EQUITY | 10,409,735 | 10,347,001 | ||
Variable Interest Entity [Member] | ||||
CURRENT ASSETS: | ||||
Property, plant and equipment, net | 275,989 | 278,573 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt | 28,315 | 27,933 | ||
Accrued interest | 68 | [1] | 2,961 | [1] |
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | $138,209 | $166,565 | ||
[1] | Included in accrued interest on our consolidated balance sheets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $7,072 | $5,309 |
Common stock, par value | $5 | $5 |
Common stock, shares authorized | 275,000,000 | 275,000,000 |
Common stock, shares issued | 132,166,154 | 131,687,454 |
Common stock, shares outstanding | 132,166,154 | 131,687,454 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | $590,807 | $628,556 |
OPERATING EXPENSES: | ||
Fuel and purchased power | 155,482 | 173,839 |
Network Transmission Cost | 56,812 | 51,958 |
Operating and maintenance | 85,080 | 91,790 |
Depreciation and amortization | 74,586 | 70,110 |
Selling, general and administrative | 55,418 | 56,486 |
Taxes, Miscellaneous | 37,871 | 34,832 |
Total Operating Expenses | 465,249 | 479,015 |
INCOME FROM OPERATIONS | 125,558 | 149,541 |
OTHER INCOME (EXPENSE): | ||
Investment earnings (losses) | 2,480 | 2,378 |
Other income | 2,814 | 5,917 |
Other expense | -5,713 | -5,664 |
Total Other Income | -419 | 2,631 |
Interest expense | 44,298 | 46,241 |
INCOME BEFORE INCOME TAXES | 80,841 | 105,931 |
Income tax expense | 27,678 | 34,961 |
NET INCOME | 53,163 | 70,970 |
Less: Net income attributable to noncontrolling interests | 2,183 | 2,015 |
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC. | $50,980 | $68,955 |
Earnings Per Share [Abstract] | ||
Earnings Per Share, Basic | $0.38 | $0.53 |
Earnings Per Share, Diluted | $0.38 | $0.52 |
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING | ||
Weighted Average Number of Shares Outstanding , Basic | 132,395,497 | 129,004,112 |
Weighted Average Number of Shares Outstanding, Diluted | 135,539,631 | 131,269,363 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.36 | $0.35 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $53,163 | $70,970 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 74,586 | 70,110 |
Amortization of nuclear fuel | 4,960 | 5,966 |
Amortization of deferred regulatory gain from sale leaseback | -1,374 | -1,374 |
Amortization of corporate-owned life insurance | 5,747 | 5,884 |
Non-cash compensation | 2,226 | 1,796 |
Net deferred income taxes and credits | 26,573 | 34,787 |
Stock-based compensation excess tax benefits | -1,073 | 636 |
Allowance for equity funds used during construction | -1,950 | -5,006 |
Changes in working capital items: | ||
Accounts receivable | 31,042 | 16,892 |
Fuel inventory and supplies | -18,404 | -9,956 |
Prepaid expenses and other | 4,638 | -2,255 |
Accounts payable | 17,321 | 1,422 |
Accrued taxes | 40,007 | 33,428 |
Other current liabilities | -20,327 | 2,838 |
Changes in other assets | -17,034 | 3,650 |
Changes in other liabilities | 12,394 | 8,524 |
Cash Flows from Operating Activities | 212,495 | 238,312 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | -187,223 | -218,329 |
Purchase of securities - trusts | -7,345 | -2,707 |
Sale of securities - trusts | 7,847 | 3,745 |
Proceeds from investment in corporate-owned life insurance | 1,144 | 1,121 |
Investment in affiliated company | 0 | 1,362 |
Other investing activities | -717 | -1,230 |
Cash Flows used in Investing Activities | -186,294 | -216,038 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 167,800 | 44,139 |
Retirements of long-term debt | -125,000 | 0 |
Repayment of capital leases | -886 | -755 |
Borrowings against cash surrender value of corporate-owned life insurance | 1,045 | 861 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | -899 | -1,040 |
Stock-based compensation excess tax benefits | 1,073 | -636 |
Issuance of common stock | 8,206 | 10,317 |
Distributions to shareholders of noncontrolling interests | -1,076 | 1 |
Cash dividends paid | -43,787 | -41,591 |
Other financing activities | -3,234 | -1,843 |
Cash Flows from Financing Activities | -24,683 | -17,696 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,518 | 4,578 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 4,556 | 4,487 |
End of period | 6,074 | 9,065 |
Variable Interest Entity [Member] | ||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Retirements of long-term debt | ($27,925) | ($27,148) |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2014 | $3,301,307 | $658,437 | $1,781,120 | $855,299 | $6,451 |
Beginning Balance (Shares) at Dec. 31, 2014 | 131,687,454 | ||||
Net income | 53,163 | 0 | 0 | 50,980 | 2,183 |
Issuance of stock | 8,206 | 1,314 | 6,892 | 0 | 0 |
Issuance of stock (shares) | 262,827 | ||||
Issuance Of Stock For Comprensation And Reinvested Dividends, Shares | 215,873 | ||||
Issuance Of Stock For Compensation And Reinvested Dividends | 3,028 | 1,080 | 1,948 | ||
Tax withholding related to stock compensation | -3,234 | -3,234 | |||
Dividends on common stock | -48,107 | 0 | 0 | -48,107 | 0 |
Stock compensation expense | 2,205 | 2,205 | |||
Tax Benefit on stock compensation | 1,073 | 0 | 1,073 | 0 | 0 |
Distributions to shareholders of noncontrolling interests | -1,076 | -1,076 | |||
Stockholders' Equity, Other | -1,217 | ||||
Ending Balance at Mar. 31, 2015 | $3,315,348 | $660,831 | $1,788,787 | $858,172 | $7,558 |
Ending Balance (Shares) at Mar. 31, 2015 | 132,166,154 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes in Equity Parenthetical (Parentheticals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
DIVIDENDS DECLARED PER COMMON SHARE | $0.36 | $0.35 |
Description_Of_Business
Description Of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | DESCRIPTION OF BUSINESS |
We are the largest electric utility in Kansas. Unless the context otherwise indicates, all references in this Quarterly Report on Form 10-Q to "the company," "we," "us," "our" and similar words are to Westar Energy, Inc. and its consolidated subsidiaries. The term "Westar Energy" refers to Westar Energy, Inc., a Kansas corporation incorporated in 1924, alone and not together with its consolidated subsidiaries. | |
We provide electric generation, transmission and distribution services to approximately 698,000 customers in Kansas. Westar Energy provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Kansas Gas and Electric Company (KGE), Westar Energy's wholly owned subsidiary, provides these services in south-central and southeastern Kansas, including the city of Wichita. Both Westar Energy and KGE conduct business using the name Westar Energy. Our corporate headquarters is located at 818 South Kansas Avenue, Topeka, Kansas 66612. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||
Principles of Consolidation | ||||||||
We prepare our unaudited condensed consolidated financial statements in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements presented in accordance with generally accepted accounting principles (GAAP) for the United States of America have been condensed or omitted. Our condensed consolidated financial statements include all operating divisions, majority owned subsidiaries and variable interest entities (VIEs) of which we maintain a controlling interest or are the primary beneficiary reported as a single reportable segment. Undivided interests in jointly-owned generation facilities are included on a proportionate basis. Intercompany accounts and transactions have been eliminated in consolidation. In our opinion, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of the consolidated financial statements, have been included. | ||||||||
The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in our 2014 Form 10-K. | ||||||||
Use of Management's Estimates | ||||||||
When we prepare our condensed consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We evaluate our estimates on an ongoing basis, including those related to depreciation, unbilled revenue, valuation of investments, forecasted fuel costs included in our retail energy cost adjustment (RECA) billed to customers, income taxes, pension and post-retirement benefits, our asset retirement obligations including the decommissioning of Wolf Creek, environmental issues, VIEs, contingencies and litigation. Actual results may differ from those estimates under different assumptions or conditions. The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year. | ||||||||
Fuel Inventory and Supplies | ||||||||
We state fuel inventory and supplies at average cost. Following are the balances for fuel inventory and supplies stated separately. | ||||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(In Thousands) | ||||||||
Fuel inventory | $ | 86,401 | $ | 70,416 | ||||
Supplies | 179,566 | 176,990 | ||||||
Fuel inventory and supplies | $ | 265,967 | $ | 247,406 | ||||
Allowance for Funds Used During Construction | ||||||||
Allowance for funds used during construction (AFUDC) represents the allowed cost of capital used to finance utility construction activity. We compute AFUDC by applying a composite rate to qualified construction work in progress. We credit other income (for equity funds) and interest expense (for borrowed funds) for the amount of AFUDC capitalized as construction cost on the accompanying consolidated statements of income as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars In Thousands) | ||||||||
Borrowed funds | $ | 2,029 | $ | 3,731 | ||||
Equity funds | 1,950 | 5,006 | ||||||
Total | $ | 3,979 | $ | 8,737 | ||||
Average AFUDC Rates | 4 | % | 7.3 | % | ||||
Earnings Per Share | ||||||||
We have participating securities in the form of unvested restricted share units (RSUs) with nonforfeitable rights to dividend equivalents that receive dividends on an equal basis with dividends declared on common shares. As a result, we apply the two-class method of computing basic and diluted earnings per share (EPS). | ||||||||
To compute basic EPS, we divide the earnings allocated to common stock by the weighted average number of common shares outstanding. Diluted EPS includes the effect of potential issuances of common shares resulting from our forward sale agreements and RSUs with forfeitable rights to dividend equivalents. We compute the dilutive effect of potential issuances of common shares using the treasury stock method. | ||||||||
The following table reconciles our basic and diluted EPS from net income. | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars In Thousands, Except Per Share Amounts) | ||||||||
Net income | $ | 53,163 | $ | 70,970 | ||||
Less: Net income attributable to noncontrolling interests | 2,183 | 2,015 | ||||||
Net income attributable to Westar Energy, Inc. | 50,980 | 68,955 | ||||||
Less: Net income allocated to RSUs | 118 | 183 | ||||||
Net income allocated to common stock | $ | 50,862 | $ | 68,772 | ||||
Weighted average equivalent common shares outstanding – basic | 132,395,497 | 129,004,112 | ||||||
Effect of dilutive securities: | ||||||||
RSUs | 175,876 | 66,427 | ||||||
Forward sale agreements | 2,968,258 | 2,198,824 | ||||||
Weighted average equivalent common shares outstanding – diluted (a) | 135,539,631 | 131,269,363 | ||||||
Earnings per common share, basic | $ | 0.38 | $ | 0.53 | ||||
Earnings per common share, diluted | $ | 0.38 | $ | 0.52 | ||||
_______________ | ||||||||
(a)We had no antidilutive securities for the three months ended March 31, 2015 and 2014. | ||||||||
Supplemental Cash Flow Information | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In Thousands) | ||||||||
CASH PAID FOR (RECEIVED FROM): | ||||||||
Interest on financing activities, net of amount capitalized | $ | 38,927 | $ | 39,028 | ||||
Interest on financing activities of VIEs | 5,651 | 6,515 | ||||||
NON-CASH INVESTING TRANSACTIONS: | ||||||||
Property, plant and equipment additions | 63,265 | 79,844 | ||||||
NON-CASH FINANCING TRANSACTIONS: | ||||||||
Issuance of stock for compensation and reinvested dividends | 3,028 | 1,710 | ||||||
Assets acquired through capital leases | 294 | 446 | ||||||
New Accounting Pronouncements | ||||||||
We prepare our consolidated financial statements in accordance with GAAP for the United States of America. To address current issues in accounting, the Financial Accounting Standards Board (FASB) issued the following new accounting pronouncement which may affect our accounting and/or disclosure. | ||||||||
Presentation of Financial Statements | ||||||||
In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. The amendments in this guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We have elected to adopt effective December 31, 2015, and do not expect this to have a material impact to our financial statements. |
Rate_Matters_And_Regulation
Rate Matters And Regulation | 3 Months Ended |
Mar. 31, 2015 | |
Regulated Operations [Abstract] | |
Rate Matters And Regulation | RATE MATTERS AND REGULATION |
KCC Proceedings | |
In March 2015, the Kansas Corporation Commission (KCC) issued an order allowing us to adjust our prices to include updated transmission costs as reflected in the transmission formula rate discussed below. The new prices were effective in April 2015 and are expected to increase our annual retail revenues by approximately $7.2 million. | |
In March 2015, we filed an application with the KCC to adjust our prices to include costs associated with investments in environmental projects during 2014. We expect to implement the new prices in June 2015 and estimate that this will increase our annual retail revenues by approximately $10.8 million. | |
In March 2015, we filed an application with the KCC to increase our prices by $152.0 million to include, among other things, the additional investment in La Cygne Generating Station (La Cygne) environmental upgrades, the investment to extend the life of Wolf Creek and programs to improve reliability. We expect the KCC to issue an order on our request by late October 2015. | |
In December 2014, the KCC approved an order allowing us to adjust our prices to include costs incurred for property taxes. The new prices were effective in January 2015 and are expected to increase our annual retail revenues by approximately $4.9 million. | |
FERC Proceedings | |
Our transmission formula rate that includes projected 2015 transmission capital expenditures and operating costs was effective in January 2015 and is expected to decrease our annual transmission revenues by approximately $4.6 million. This updated rate provided the basis for our request with the KCC to adjust our retail prices to include updated transmission costs as discussed above. | |
In August 2014, the KCC filed a complaint against us with the Federal Energy Regulatory Commission (FERC) under Section 206 of the Federal Power Act (FPA). The complaint seeks to lower our 10.8% base return on equity (ROE) used in determining our transmission formula rate to approximately 8.9%, which would result in a refund obligation of approximately $19.0 million on an annualized basis, and based on our current rate base would reduce our future transmission revenues by approximately $19.0 million on an annualized basis. We filed a response to the complaint opposing any change to the ROE and subsequently on December 18, 2014, the FERC ordered that this matter be set for hearing and settlement judge procedures. Based on settlement discussions between the parties, we have recorded a liability of $6.0 million for our estimated refund obligation from the refund effective date of August 20, 2014, through March 31, 2015. Our estimated refund obligation is based on a base ROE of 9.8%. In addition, we estimate our future transmission revenues would be reduced by approximately $10.0 million on an annualized basis as a result of the reduced ROE. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Financial And Derivative Instruments and Trading Securities [Abstract] | ||||||||||||||||||||
Financial And Derivative Instruments And Trading Securities | FINANCIAL INSTRUMENTS AND TRADING SECURITIES | |||||||||||||||||||
Values of Financial Instruments | ||||||||||||||||||||
GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. The three levels of the hierarchy and examples are as follows: | ||||||||||||||||||||
• | Level 1 - Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges. | |||||||||||||||||||
• | Level 2 - Pricing inputs are not quoted prices in active markets, but are either directly or indirectly observable. The types of assets and liabilities included in level 2 are typically measured at net asset value, comparable to actively traded securities or contracts, such as treasury securities with pricing interpolated from recent trades of similar securities, or priced with models using highly observable inputs. | |||||||||||||||||||
• | Level 3 - Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in level 3 are those with inputs requiring significant management judgment or estimation. Level 3 includes investments in private equity, real estate securities and other alternative investments, which are measured at net asset value. | |||||||||||||||||||
We record cash and cash equivalents, short-term borrowings and variable rate debt on our consolidated balance sheets at cost, which approximates fair value. We measure the fair value of fixed rate debt, a level 2 measurement, based on quoted market prices for the same or similar issues or on the current rates offered for instruments of the same remaining maturities and redemption provisions. The recorded amount of accounts receivable and other current financial instruments approximates fair value. | ||||||||||||||||||||
All of our level 2 investments are held in investment funds that are measured at fair value using daily net asset values. In addition, we maintain certain level 3 investments in private equity, alternative investments and real estate securities that are also measured at fair value using net asset value, but require significant unobservable market information to measure the fair value of the underlying investments. The underlying investments in private equity are measured at fair value utilizing both market- and income-based models, public company comparables, investment cost or the value derived from subsequent financings. Adjustments are made when actual performance differs from expected performance; when market, economic or company-specific conditions change; and when other news or events have a material impact on the security. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments. The fair value of these investments is measured using a variety of primarily market-based models utilizing inputs such as security prices, maturity, call features, ratings and other developments related to specific securities. The underlying real estate investments are measured at fair value using a combination of market- and income-based models utilizing market discount rates, projected cash flows and the estimated value into perpetuity. | ||||||||||||||||||||
We measure fair value based on information available as of the measurement date. The following table provides the carrying values and measured fair values of our fixed-rate debt. | ||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Fixed-rate debt | $ | 2,980,000 | $ | 3,413,513 | $ | 3,105,000 | $ | 3,488,410 | ||||||||||||
Fixed-rate debt of VIEs | 166,278 | 183,356 | 194,204 | 213,579 | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
The following table provides the amounts and their corresponding level of hierarchy for our assets that are measured at fair value. | ||||||||||||||||||||
As of March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nuclear Decommissioning Trust: | ||||||||||||||||||||
Domestic equity funds | $ | — | $ | 52,013 | $ | 6,061 | $ | 58,074 | ||||||||||||
International equity funds | — | 34,860 | — | 34,860 | ||||||||||||||||
Core bond fund | — | 19,627 | — | 19,627 | ||||||||||||||||
High-yield bond fund | — | 13,556 | — | 13,556 | ||||||||||||||||
Emerging market bond fund | — | 12,465 | — | 12,465 | ||||||||||||||||
Other fixed income fund | — | 4,862 | — | 4,862 | ||||||||||||||||
Combination debt/equity/other funds | — | 19,867 | — | 19,867 | ||||||||||||||||
Alternative investment fund | — | — | 16,784 | 16,784 | ||||||||||||||||
Real estate securities fund | — | — | 9,758 | 9,758 | ||||||||||||||||
Cash equivalents | 501 | — | — | 501 | ||||||||||||||||
Total Nuclear Decommissioning Trust | 501 | 157,250 | 32,603 | 190,354 | ||||||||||||||||
Trading Securities: | ||||||||||||||||||||
Domestic equity funds | — | 18,649 | — | 18,649 | ||||||||||||||||
International equity fund | — | 4,450 | — | 4,450 | ||||||||||||||||
Core bond fund | — | 12,466 | — | 12,466 | ||||||||||||||||
Cash equivalents | 169 | — | — | 169 | ||||||||||||||||
Total Trading Securities | 169 | 35,565 | — | 35,734 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 670 | $ | 192,815 | $ | 32,603 | $ | 226,088 | ||||||||||||
As of December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nuclear Decommissioning Trust: | ||||||||||||||||||||
Domestic equity funds | $ | — | $ | 54,925 | $ | 6,047 | $ | 60,972 | ||||||||||||
International equity funds | — | 30,791 | — | 30,791 | ||||||||||||||||
Core bond fund | — | 19,289 | — | 19,289 | ||||||||||||||||
High-yield bond fund | — | 13,198 | — | 13,198 | ||||||||||||||||
Emerging market bond fund | — | 10,988 | — | 10,988 | ||||||||||||||||
Other fixed income fund | — | 4,779 | — | 4,779 | ||||||||||||||||
Combination debt/equity/other funds | — | 18,141 | — | 18,141 | ||||||||||||||||
Alternative investment fund | — | — | 16,970 | 16,970 | ||||||||||||||||
Real estate securities fund | — | — | 9,548 | 9,548 | ||||||||||||||||
Cash equivalents | 340 | — | — | 340 | ||||||||||||||||
Total Nuclear Decommissioning Trust | 340 | 152,111 | 32,565 | 185,016 | ||||||||||||||||
Trading Securities: | ||||||||||||||||||||
Domestic equity funds | — | 18,698 | — | 18,698 | ||||||||||||||||
International equity fund | — | 4,252 | — | 4,252 | ||||||||||||||||
Core bond fund | — | 12,379 | — | 12,379 | ||||||||||||||||
Cash equivalents | 168 | — | — | 168 | ||||||||||||||||
Total Trading Securities | 168 | 35,329 | — | 35,497 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 508 | $ | 187,440 | $ | 32,565 | $ | 220,513 | ||||||||||||
The following table provides reconciliations of assets held in the Nuclear Decommissioning Trust (NDT) measured at fair value using significant level 3 inputs for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||
Domestic | Alternative | Real Estate | Net | |||||||||||||||||
Equity Funds | Investment Fund | Securities Fund | Balance | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Balance as of December 31, 2014 | $ | 6,047 | $ | 16,970 | $ | 9,548 | $ | 32,565 | ||||||||||||
Total realized and unrealized gains (losses) included in: | ||||||||||||||||||||
Regulatory liabilities | 338 | (186 | ) | 210 | 362 | |||||||||||||||
Purchases | 100 | — | 97 | 197 | ||||||||||||||||
Sales | (424 | ) | — | (97 | ) | (521 | ) | |||||||||||||
Balance as of March 31, 2015 | $ | 6,061 | $ | 16,784 | $ | 9,758 | $ | 32,603 | ||||||||||||
Balance as of December 31, 2013 | $ | 5,817 | $ | 15,675 | $ | 8,511 | $ | 30,003 | ||||||||||||
Total realized and unrealized gains (losses) included in: | ||||||||||||||||||||
Regulatory liabilities | 162 | 427 | 301 | 890 | ||||||||||||||||
Purchases | 50 | — | 76 | 126 | ||||||||||||||||
Sales | (45 | ) | — | (76 | ) | (121 | ) | |||||||||||||
Balance as of March 31, 2014 | $ | 5,984 | $ | 16,102 | $ | 8,812 | $ | 30,898 | ||||||||||||
Portions of the gains and losses contributing to changes in net assets in the above table are unrealized. The following table summarizes the unrealized gains and losses we recorded to regulatory liabilities on our consolidated financial statements during the three months ended March 31, 2015 and 2014, attributed to level 3 assets and liabilities. See Note 3, "Rate Matters and Regulation," in the 2014 Form 10-K for additional information regarding our regulatory assets and liabilities. | ||||||||||||||||||||
Domestic | Alternative Investment Fund | Real Estate | Net | |||||||||||||||||
Equity Funds | Securities Fund | Balance | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | $ | (86 | ) | $ | (186 | ) | $ | 112 | $ | (160 | ) | |||||||||
Three Months Ended March 31, 2014 | 117 | 427 | 224 | 768 | ||||||||||||||||
Some of our investments in the NDT and our trading securities portfolio are measured at net asset value and do not have readily determinable fair values. These investments are either with investment companies or companies that follow accounting guidance consistent with investment companies. In certain situations these investments may have redemption restrictions. The following table provides additional information on these investments. | ||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | As of March 31, 2015 | ||||||||||||||||||
Fair Value | Unfunded | Fair Value | Unfunded | Redemption | Length of | |||||||||||||||
Commitments | Commitments | Frequency | Settlement | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nuclear Decommissioning Trust: | ||||||||||||||||||||
Domestic equity funds | $ | 6,061 | $ | 2,248 | $ | 6,047 | $ | 2,348 | (a) | (a) | ||||||||||
Alternative investment fund | 16,784 | — | 16,970 | — | (b) | (b) | ||||||||||||||
Real estate securities fund | 9,758 | — | 9,548 | — | Quarterly | 80 days | ||||||||||||||
Total Nuclear Decommissioning Trust | 32,603 | 2,248 | 32,565 | 2,348 | ||||||||||||||||
Trading Securities: | ||||||||||||||||||||
Domestic equity funds | 18,649 | — | 18,698 | — | Upon Notice | 1 day | ||||||||||||||
International equity funds | 4,450 | — | 4,252 | — | Upon Notice | 1 day | ||||||||||||||
Core bond fund | 12,466 | — | 12,379 | — | Upon Notice | 1 day | ||||||||||||||
Total Trading Securities | 35,565 | — | 35,329 | — | ||||||||||||||||
Total | $ | 68,168 | $ | 2,248 | $ | 67,894 | $ | 2,348 | ||||||||||||
_______________ | ||||||||||||||||||||
(a) | This investment is in three long-term private equity funds that do not permit early withdrawal. Our investments in these funds cannot be distributed until the underlying investments have been liquidated which may take years from the date of initial liquidation. Two funds have begun to make distributions. Our initial investment in the third fund occurred in the third quarter of 2013. This fund's term will be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. | |||||||||||||||||||
(b) | This fund had an initial lock-up period of 24 months, which expired in April 2015. Redemptions are allowed, on a quarterly basis, after 24 months at the sole discretion of the fund's board of directors. A 65-day notice of redemption is required. There is a holdback on final redemptions. | |||||||||||||||||||
Price Risk | ||||||||||||||||||||
We use various types of fuel, including coal, natural gas, uranium and diesel to operate our plants and also purchase power to meet customer demand. Our prices and consolidated financial results are exposed to market risks from commodity price changes for electricity and other energy-related products as well as from interest rates. Volatility in these markets impacts our costs of purchased power, costs of fuel for our generating plants and our participation in energy markets. We strive to manage our customers' and our exposure to market risks through regulatory, operating and financing activities and, when we deem appropriate, we economically hedge a portion of these risks through the use of derivative financial instruments for non-trading purposes. | ||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||
We have entered into numerous fixed and variable rate debt obligations. We manage our interest rate risk related to these debt obligations by limiting our exposure to variable interest rate debt, diversifying maturity dates and entering into treasury yield hedge transactions. We may also use other financial derivative instruments such as interest rate swaps. |
Financial_Investments
Financial Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Financial Investments | FINANCIAL INVESTMENTS | |||||||||||||||||||||||
We report our investments in equity and debt securities at fair value and use the specific identification method to determine their realized gains and losses. We classify these investments as either trading securities or available-for-sale securities as described below. | ||||||||||||||||||||||||
Trading Securities | ||||||||||||||||||||||||
We hold equity and debt investments which we classify as trading securities in a trust used to fund certain retirement benefit obligations. As of March 31, 2015, and December 31, 2014, we measured the fair value of trust assets at $35.7 million and $35.5 million, respectively. We include unrealized gains or losses on these securities in investment earnings on our consolidated statements of income. For the three months ended March 31, 2015 and 2014, we recorded unrealized gains of $0.7 million and $0.5 million, respectively, on the assets still held. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
We hold investments in a trust for the purpose of funding the decommissioning of Wolf Creek. We have classified these investments as available-for-sale and have recorded all such investments at their fair market value as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||
Using the specific identification method to determine cost, we realized gains on our available-for-sale securities of $0.2 million and $0.1 million during the three months ended March 31, 2015 and 2014, respectively. We record net realized and unrealized gains and losses in regulatory liabilities on our consolidated balance sheets. This reporting is consistent with the method we use to account for the decommissioning costs we recover in our prices. Gains or losses on assets in the trust fund are recorded as increases or decreases, respectively, to regulatory liabilities and could result in lower or higher funding requirements for decommissioning costs, which we believe would be reflected in the prices paid by our customers. | ||||||||||||||||||||||||
The following table presents the cost, gross unrealized gains and losses, fair value and allocation of investments in the NDT fund as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||
Security Type | Cost | Gain | Loss | Fair Value | Allocation | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Domestic equity funds | $ | 42,167 | $ | 15,914 | $ | (7 | ) | $ | 58,074 | 31 | % | |||||||||||||
International equity funds | 30,608 | 4,689 | (437 | ) | 34,860 | 18 | % | |||||||||||||||||
Core bond fund | 18,911 | 716 | — | 19,627 | 10 | % | ||||||||||||||||||
High-yield bond fund | 13,517 | 39 | — | 13,556 | 7 | % | ||||||||||||||||||
Emerging market bond fund | 14,062 | — | (1,597 | ) | 12,465 | 7 | % | |||||||||||||||||
Other fixed income fund | 4,827 | 35 | — | 4,862 | 3 | % | ||||||||||||||||||
Combination debt/equity/other funds | 16,010 | 4,419 | (562 | ) | 19,867 | 10 | % | |||||||||||||||||
Alternative investment fund | 15,000 | 1,784 | — | 16,784 | 9 | % | ||||||||||||||||||
Real estate securities fund | 10,717 | — | (959 | ) | 9,758 | 5 | % | |||||||||||||||||
Cash equivalents | 501 | — | — | 501 | <1% | |||||||||||||||||||
Total | $ | 166,320 | $ | 27,596 | $ | (3,562 | ) | $ | 190,354 | 100 | % | |||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Domestic equity funds | $ | 46,126 | $ | 14,853 | $ | (7 | ) | $ | 60,972 | 33 | % | |||||||||||||
International equity funds | 27,521 | 3,683 | (413 | ) | 30,791 | 17 | % | |||||||||||||||||
Core bond fund | 18,811 | 478 | — | 19,289 | 10 | % | ||||||||||||||||||
High-yield bond fund | 13,342 | — | (144 | ) | 13,198 | 7 | % | |||||||||||||||||
Emerging market bond fund | 12,556 | — | (1,568 | ) | 10,988 | 6 | % | |||||||||||||||||
Other fixed income fund | 4,798 | — | (19 | ) | 4,779 | 3 | % | |||||||||||||||||
Combination debt/equity/other funds | 14,975 | 3,786 | (620 | ) | 18,141 | 10 | % | |||||||||||||||||
Alternative investment fund | 15,000 | 1,970 | — | 16,970 | 9 | % | ||||||||||||||||||
Real estate securities fund | 10,619 | — | (1,071 | ) | 9,548 | 5 | % | |||||||||||||||||
Cash equivalents | 340 | — | — | 340 | <1% | |||||||||||||||||||
Total | $ | 164,088 | $ | 24,770 | $ | (3,842 | ) | $ | 185,016 | 100 | % | |||||||||||||
The following table presents the fair value and the gross unrealized losses of the available-for-sale securities held in the NDT fund aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2015, and December 31, 2014. | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Domestic equity funds | $ | — | $ | — | $ | 363 | $ | (7 | ) | $ | 363 | $ | (7 | ) | ||||||||||
International equity funds | 7,233 | (437 | ) | — | — | 7,233 | (437 | ) | ||||||||||||||||
Emerging market bond fund | — | — | 12,465 | (1,597 | ) | 12,465 | (1,597 | ) | ||||||||||||||||
Combination debt/equity/other funds | — | — | 6,397 | (562 | ) | 6,397 | (562 | ) | ||||||||||||||||
Real estate securities fund | — | — | 9,758 | (959 | ) | 9,758 | (959 | ) | ||||||||||||||||
Total | $ | 7,233 | $ | (437 | ) | $ | 28,983 | $ | (3,125 | ) | $ | 36,216 | $ | (3,562 | ) | |||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Domestic equity funds | $ | — | $ | — | $ | 263 | $ | (7 | ) | $ | 263 | $ | (7 | ) | ||||||||||
International equity funds | 5,905 | (413 | ) | — | — | 5,905 | (413 | ) | ||||||||||||||||
High-yield bond fund | 13,198 | (144 | ) | — | — | 13,198 | (144 | ) | ||||||||||||||||
Emerging market bond fund | — | — | 10,988 | (1,568 | ) | 10,988 | (1,568 | ) | ||||||||||||||||
Other fixed income funds | 4,779 | (19 | ) | — | — | 4,779 | (19 | ) | ||||||||||||||||
Combination debt/equity/other funds | — | — | 5,892 | (620 | ) | 5,892 | (620 | ) | ||||||||||||||||
Real estate securities fund | — | — | 9,548 | (1,071 | ) | 9,548 | (1,071 | ) | ||||||||||||||||
Total | $ | 23,882 | $ | (576 | ) | $ | 26,691 | $ | (3,266 | ) | $ | 50,573 | $ | (3,842 | ) | |||||||||
Debt_Financing
Debt Financing | 3 Months Ended |
Mar. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Debt Financing | DEBT FINANCING |
In February 2014, Westar Energy had extended the term of its $270.0 million credit facility to February 2017, $20.0 million of which was set to terminate in February 2016. In April 2015, the $20.0 million was extended to also terminate in February 2017. | |
In January 2015, Westar Energy redeemed $125.0 million in principal amount of first mortgage bonds bearing stated interest at 5.95% and maturing January 2035. |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Taxes | TAXES |
We recorded income tax expense of $27.7 million with an effective income tax rate of 34% for the three months ended March 31, 2015, and income tax expense of $35.0 million with an effective income tax rate of 33% for the same period of 2014. | |
As of March 31, 2015, and December 31, 2014, our unrecognized income tax benefits totaled $3.2 million. We do not expect significant changes in our unrecognized income tax benefits in the next 12 months. | |
As of March 31, 2015, and December 31, 2014, we had no amounts accrued for interest related to our unrecognized income tax benefits. We accrued no penalties at either March 31, 2015, or December 31, 2014. | |
As of March 31, 2015, and December 31, 2014, we had recorded $1.5 million for probable assessments of taxes other than income taxes. | |
Effective January 1, 2014, we adopted new regulations released by the Internal Revenue Service and the United States Treasury Department regarding deduction and capitalization of expenditures related to tangible property, including the tax treatment of, among other things, materials and supplies and the determination of whether expenditures with respect to tangible property are a deductible repair or must be capitalized, and regulations regarding dispositions of property under the Modified Accelerated Cost Recovery System. The adoption of these regulations did not have a material impact on our consolidated financial results. |
Pension_and_PostRetirement_Ben
Pension and Post-Retirement Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension And Post-Retirement Benefit Plans | PENSION AND POST-RETIREMENT BENEFIT PLANS | ||||||||||||||||
The following table summarizes the net periodic costs for our pension and post-retirement benefit plans prior to the effects of capitalization. | |||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In Thousands) | |||||||||||||||||
Components of Net Periodic Cost (Benefit): | |||||||||||||||||
Service cost | $ | 5,348 | $ | 4,055 | $ | 361 | $ | 345 | |||||||||
Interest cost | 10,753 | 10,400 | 1,422 | 1,588 | |||||||||||||
Expected return on plan assets | (10,059 | ) | (9,109 | ) | (1,654 | ) | (1,644 | ) | |||||||||
Amortization of unrecognized: | |||||||||||||||||
Prior service costs | 130 | 131 | 114 | 631 | |||||||||||||
Actuarial loss (gain), net | 7,661 | 4,840 | 95 | (185 | ) | ||||||||||||
Net periodic cost before regulatory adjustment | 13,833 | 10,317 | 338 | 735 | |||||||||||||
Regulatory adjustment (a) | 1,797 | 4,002 | 1,013 | 1,124 | |||||||||||||
Net periodic cost | $ | 15,630 | $ | 14,319 | $ | 1,351 | $ | 1,859 | |||||||||
_______________ | |||||||||||||||||
(a) | The regulatory adjustment represents the difference between current period pension or post-retirement benefit expense and the amount of such expense recognized in setting our prices. | ||||||||||||||||
During the three months ended March 31, 2015 and 2014, we contributed $8.5 million and $10.4 million, respectively, to the Westar Energy pension trust. |
Wolf_Creek_Pension_and_PostRet
Wolf Creek Pension and Post-Retirement Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||
Wolf Creek Pension And Post-Retirement Benefit Plans | WOLF CREEK PENSION AND POST-RETIREMENT BENEFIT PLANS | ||||||||||||||||
As a co-owner of Wolf Creek, KGE is indirectly responsible for 47% of the liabilities and expenses associated with the Wolf Creek pension and post-retirement benefit plans. The following table summarizes the net periodic costs for KGE's 47% share of the Wolf Creek pension and post-retirement benefit plans prior to the effects of capitalization. | |||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In Thousands) | |||||||||||||||||
Components of Net Periodic Cost (Benefit): | |||||||||||||||||
Service cost | $ | 1,899 | $ | 1,424 | $ | 34 | $ | 43 | |||||||||
Interest cost | 2,254 | 2,117 | 79 | 116 | |||||||||||||
Expected return on plan assets | (2,261 | ) | (2,021 | ) | — | — | |||||||||||
Amortization of unrecognized: | |||||||||||||||||
Prior service costs | 14 | 14 | — | — | |||||||||||||
Actuarial loss, net | 1,482 | 747 | 1 | 41 | |||||||||||||
Net periodic cost before regulatory adjustment | 3,388 | 2,281 | 114 | 200 | |||||||||||||
Regulatory adjustment (a) | (304 | ) | 501 | — | — | ||||||||||||
Net periodic cost | $ | 3,084 | $ | 2,782 | $ | 114 | $ | 200 | |||||||||
_______________ | |||||||||||||||||
(a) | The regulatory adjustment represents the difference between current period pension or post-retirement benefit expense and the amount of such expense recognized in setting our prices. | ||||||||||||||||
During the three months ended March 31, 2015, we funded $1.3 million of Wolf Creek's pension plan contributions. During the three months ended March 31, 2014, we did not fund Wolf Creek's pension plan. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES |
Federal Clean Air Act | |
We must comply with the federal Clean Air Act (CAA), state laws and implementing federal and state regulations that impose, among other things, limitations on emissions generated from our operations, including sulfur dioxide (SO2), particulate matter (PM), nitrogen oxides (NOx), carbon monoxide (CO), mercury and acid gases. | |
Emissions from our generating facilities, including PM, SO2 and NOx, have been determined by regulation to reduce visibility by causing or contributing to regional haze. Under federal laws, such as the Clean Air Visibility Rule, and pursuant to an agreement with the Kansas Department of Health and Environment and the Environmental Protection Agency (EPA), we are required to install, operate and maintain controls to reduce emissions found to cause or contribute to regional haze. | |
Cross-State Air Pollution Rule | |
In 2011, the EPA finalized the Cross-State Air Pollution Rule (CSAPR) requiring 28 states, including Kansas, Missouri and Oklahoma, to further reduce emissions of SO2 and NOx. In April 2014, the U.S. Supreme Court reversed a 2012 decision by the U.S. Court of Appeals for the District of Columbia Circuit that had vacated CSAPR and remanded CSAPR back to the U.S. Court of Appeals for further proceedings consistent with the U.S. Supreme Court decision. In June 2014, the U.S. Department of Justice, on behalf of the EPA, filed a motion to lift the CSAPR stay. In October 2014, the U.S. Court of Appeals granted the motion to lift the CSAPR stay and established a schedule to hear arguments on the remaining outstanding issues, which began in March 2015. A decision is expected later this year. During the CSAPR stay, we installed various emission controls at our generation facilities that we expect reduces the impact of CSAPR. We are unable to determine the full impact of reinstatement of CSAPR until the U.S. Court of Appeals and the EPA take further action, however, we are prepared to comply with CSAPR in its current form. | |
National Ambient Air Quality Standards | |
Under the federal CAA, the EPA sets National Ambient Air Quality Standards (NAAQS) for certain emissions considered harmful to public health and the environment, including two classes of PM, ozone, NOx (a precursor to ozone), CO and SO2, which result from fossil fuel combustion. Areas meeting the NAAQS are designated attainment areas while those that do not meet the NAAQS are considered nonattainment areas. Each state must develop a plan to bring nonattainment areas into compliance with the NAAQS. NAAQS must be reviewed by the EPA at five-year intervals. | |
In December 2014, the EPA published a proposed rule revising NAAQS for ozone and to make certain other changes, including extending the ozone monitoring season by at least one month. The EPA intends to issue a final rule regarding the ozone NAAQS by October 2015 and make attainment/nonattainment designations for any revised standards by October 2017. We are currently reviewing this proposed new standard and cannot at this time predict the impact it may have on our operations, but it could be material. Nonattainment designations on areas that impact our operations could have a material impact on our consolidated financial results. | |
In December 2012, the EPA strengthened an existing NAAQS for one class of PM. In December 2014, the EPA designated the entire state of Kansas as unclassifiable/in attainment with the standard. We cannot at this time predict the impact this designation may have on our operations or consolidated financial results, but it could be material. | |
In 2010, the EPA strengthened the NAAQS for both NOx and SO2. We continue to communicate with our regulators regarding these standards and are currently evaluating what impact this could have on our operations and consolidated financial results. If we are required to install additional equipment to control emissions at our facilities, the revised NAAQS could have a material impact on our operations and consolidated financial results. | |
Greenhouse Gases | |
Byproducts of burning coal and other fossil fuels include carbon dioxide (CO2) and other gases referred to as GHGs, which are believed by many to contribute to climate change. The EPA is currently, and has further proposed, using the federal CAA to limit CO2 and other GHG emissions, and other measures are being imposed or offered by individual states, municipalities and regional agreements with the goal of reducing GHG emissions. | |
In January 2014, the EPA re-proposed a New Source Performance Standard that would limit CO2 emissions for new coal and natural gas fueled electric generating units. The re-proposal would limit CO2 emissions to 1,000 lbs per Megawatt hour (MWh) generated for larger natural gas units and 1,100 lbs per MWh generated for smaller natural gas units and coal units. The EPA issued proposed standards addressing CO2 emissions for modified, reconstructed and existing power plants in June 2014. The standards for existing plants is known as the Clean Power Plan. The EPA anticipates issuing final rules for new, modified, reconstructed and existing power plants by summer 2015 and requiring states to submit their state plans to the EPA by summer 2016. The EPA is expected to propose in summer 2015 a federal plan that will implement the Clean Power Plan for states that fail to submit adequate state plans, with such federal plan expected to be finalized by summer 2016. While the Clean Power Plan is not yet final, various legal and judicial challenges to it have been filed. We cannot at this time determine the impact of such proposals on our operations or consolidated financial results, but we believe the costs to comply could be material. | |
Under regulations formerly known as the Tailoring Rule, the EPA regulates GHG emissions from certain stationary sources. The regulations are implemented pursuant to two federal CAA programs, the Prevention of Significant Deterioration (PSD) and Title V Operating Permit Programs, that impose recordkeeping and monitoring requirements and also mandate the implementation of best available control technology (BACT) for projects that cause a significant increase in GHG emissions (currently defined to be more than 75,000 tons or more per year or 100,000 tons or more per year, depending on various factors). In June 2014, the U.S. Supreme Court ruled that the EPA had exceeded its statutory authority in issuing the Tailoring Rule by regulating under the PSD program sources based solely on their GHG emissions. However, the U.S. Supreme Court also held that the EPA could impose GHG BACT requirements for sources already required to implement PSD for other pollutants. Therefore, if future modifications to our sources require PSD review for other pollutants, it may also trigger GHG BACT requirements. The EPA has issued guidance on what BACT entails for the control of GHGs and individual states are now required to determine what controls are required for facilities within their jurisdiction on a case-by-case basis. We cannot at this time determine the impact of these regulations on our future operations or consolidated financial results as we would not be required to implement BACT until we construct a new major source or make a major modification of an existing major source. The cost of compliance, however, could be material. | |
Water | |
We discharge some of the water used in our operations. This water may contain substances deemed to be pollutants. Revised rules governing such discharges from coal-fired power plants are expected to be issued by the EPA by the end of September 2015. Although we cannot at this time determine the timing or impact of compliance with any new regulations, more stringent regulations could have a material impact on our operations or consolidated financial results. | |
In October 2014, the EPA’s final standards for cooling intake structures at power plants to protect aquatic life took effect. The standards, based on Section 316(b) of the federal Clean Water Act (CWA), require subject facilities to choose among seven Best Technology Available options to reduce fish impingement. In addition, some facilities must conduct studies to assist permitting authorities to determine whether and what site-specific controls, if any, would be required to reduce entrainment of aquatic organisms. Our current analysis indicates this rule will not have a significant impact on our coal plants that employ cooling towers. Biological monitoring may be required for LaCygne and Wolf Creek. We are currently evaluating the rule's impact on those two plants and cannot predict the resulting impact on our operations or consolidated financial results, but we do not expect it to be material. | |
In April 2014, the EPA along with the U.S. Army Corps of Engineers issued a proposed rule defining the Waters of the United States for purposes of the CWA. The related public comment period closed in November 2014. This rulemaking has the potential to impact all programs under the CWA. Expansion of regulated waterways is possible under the proposal, which could impact several permitting programs. Although we cannot at this time determine the timing or impact of compliance with any new regulations, more stringent regulations could have a material impact on our operations or consolidated financial results. | |
Regulation of Coal Combustion Byproducts | |
In the course of operating our coal generation plants, we produce coal combustion byproducts (CCBs), including fly ash, gypsum and bottom ash. We recycle some of our ash production, principally by selling to the aggregate industry. The EPA published a rule to regulate CCBs in April 2015, which we believe will require additional CCB handling, processing and storage equipment and potential closure of certain ash disposal areas. While we cannot at this time estimate the impact and costs associated with future regulations of CCBs, we believe the impact on our operations or consolidated financial results could be material. | |
Renewable Energy Standard | |
Kansas law mandates that we maintain a minimum amount of renewable energy sources. Through 2015, net renewable generation capacity must be 10% of the average peak retail demand for the three prior years, subject to limited exceptions. This requirement increases to 15% for years 2016 through 2019 and 20% for 2020 and thereafter. With our existing wind generation facilities, purchased power contracts and renewable energy credits, we are able to satisfy the net renewable generation requirement through 2015. With our agreements to purchase an additional 400 megawatts of installed design capacity from wind generation facilities, which will begin later in 2015 through 2016, we expect to meet the increased requirements for 2020 and thereafter. If we are unable to meet future requirements, our operations and consolidated financial results could be adversely impacted. | |
Storage of Spent Nuclear Fuel | |
In 2010, the DOE filed a motion with the NRC to withdraw its then pending application to construct a national repository for the disposal of spent nuclear fuel and high-level radioactive waste at Yucca Mountain, Nevada. An NRC board denied the DOE's motion to withdraw its application and the DOE appealed that decision to the full NRC. In 2011, the NRC issued an evenly split decision on the appeal and also ordered the licensing board to close out its work on the DOE's application by the end of 2011 due to a lack of funding. These agency actions prompted the States of Washington and South Carolina, and a county in South Carolina, to file a lawsuit in a federal Court of Appeals asking the court to compel the NRC to resume its license review and to issue a decision on the license application. In August 2013, the court ordered the NRC to resume its review of the DOE's application. The NRC has not yet issued its decision. Wolf Creek has an on-site storage facility designed to hold all spent fuel generated at the plant through 2025 and believes it will be able to expand on-site storage as needed past 2025. We cannot predict when, or if, an alternative disposal site will be available to receive Wolf Creek's spent nuclear fuel and will continue to monitor this activity. | |
FERC Proceedings | |
In August 2014, the KCC filed a complaint against us with the FERC under Section 206 of the FPA. See Note 3, "Rate Matters and Regulation," for additional information. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | LEGAL PROCEEDINGS |
We and our subsidiaries are involved in various legal, environmental and regulatory proceedings. We believe that adequate provisions have been made and accordingly believe that the ultimate disposition of such matters will not have a material effect on our consolidated financial results. See Note 3, "Rate Matters and Regulation," and Note 10, "Commitments and Contingencies," for additional information. |
Common_Stock
Common Stock | 3 Months Ended |
Mar. 31, 2015 | |
Class of Stock [Line Items] | |
Common Stock | COMMON STOCK |
During the three months ended March 31, 2015, Westar Energy issued 0.2 million shares of common stock with a physical settlement amount of $7.5 million to completely settle certain forward sale transactions under the March 2013 master forward sale agreement. Under that agreement Westar Energy had been required to settle any forward transaction within 18 months of the date of the transaction. Assuming physical share settlement of the approximately 8.9 million shares associated with all outstanding forward sale transactions as of March 31, 2015, Westar Energy would have received aggregate proceeds of approximately $247.2 million based on a weighted-average forward price of $27.73 per share. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Variable Interest Entities [Abstract] | ||||||||
Variable Interest Entities | VARIABLE INTEREST ENTITIES | |||||||
In determining the primary beneficiary of a VIE, we assess the entity's purpose and design, including the nature of the entity's activities and the risks that the entity was designed to create and pass through to its variable interest holders. A reporting enterprise is deemed to be the primary beneficiary of a VIE if it has (a) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. The trusts holding our 8% interest in Jeffrey Energy Center (JEC) and our 50% interest in La Cygne unit 2 are VIEs of which we are the primary beneficiary. | ||||||||
We assess all entities with which we become involved to determine whether such entities are VIEs and, if so, whether or not we are the primary beneficiary of the entities. We also continuously assess whether we are the primary beneficiary of the VIEs with which we are involved. Prospective changes in facts and circumstances may cause us to reconsider our determination as it relates to the identification of the primary beneficiary. | ||||||||
8% Interest in Jeffrey Energy Center | ||||||||
Under an agreement that expires in January 2019, we lease an 8% interest in JEC from a trust. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 8% interest in JEC and lease it to a third party, and does not hold any other assets. We meet the requirements to be considered the primary beneficiary of the trust. In determining the primary beneficiary of the trust, we concluded that the activities of the trust that most significantly impact its economic performance and that we have the power to direct include (1) the operation and maintenance of the 8% interest in JEC, (2) our ability to exercise a purchase option at the end of the agreement at the lesser of fair value or a fixed amount and (3) our option to require refinancing of the trust's debt. We have the potential to receive benefits from the trust that could potentially be significant if the fair value of the 8% interest in JEC at the end of the agreement is greater than the fixed amount. The possibility of lower interest rates upon refinancing the debt also creates the potential for us to receive significant benefits. | ||||||||
50% Interest in La Cygne Unit 2 | ||||||||
Under an agreement that expires in September 2029, KGE entered into a sale-leaseback transaction with a trust under which the trust purchased KGE's 50% interest in La Cygne unit 2 and subsequently leased it back to KGE. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 50% interest in La Cygne unit 2 and lease it back to KGE, and does not hold any other assets. We meet the requirements to be considered the primary beneficiary of the trust. In determining the primary beneficiary of the trust, we concluded that the activities of the trust that most significantly impact its economic performance and that we have the power to direct include (1) the operation and maintenance of the 50% interest in La Cygne unit 2, (2) our ability to exercise a purchase option at the end of the agreement at the lesser of fair value or a fixed amount and (3) our option to require refinancing of the trust's debt. We have the potential to receive benefits from the trust that could potentially be significant if the fair value of the 50% interest in La Cygne unit 2 at the end of the agreement is greater than the fixed amount. The possibility of lower interest rates upon refinancing the debt also creates the potential for us to receive significant benefits. | ||||||||
Financial Statement Impact | ||||||||
We have recorded the following assets and liabilities on our consolidated balance sheets related to the VIEs described above. | ||||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(In Thousands) | ||||||||
Assets: | ||||||||
Property, plant and equipment of variable interest entities, net | $ | 275,989 | $ | 278,573 | ||||
Regulatory assets (a) | 8,213 | 7,882 | ||||||
Liabilities: | ||||||||
Current maturities of long-term debt of variable interest entities | $ | 28,315 | $ | 27,933 | ||||
Accrued interest (b) | 68 | 2,961 | ||||||
Long-term debt of variable interest entities, net | 138,209 | 166,565 | ||||||
_______________ | ||||||||
(a) Included in long-term regulatory assets on our consolidated balance sheets. | ||||||||
(b) Included in accrued interest on our consolidated balance sheets. | ||||||||
All of the liabilities noted in the table above relate to the purchase of the property, plant and equipment. The assets of the VIEs can be used only to settle obligations of the VIEs and the VIEs' debt holders have no recourse to our general credit. We have not provided financial or other support to the VIEs and are not required to provide such support. We did not record any gain or loss upon initial consolidation of the VIEs. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements | |||||||
We prepare our consolidated financial statements in accordance with GAAP for the United States of America. To address current issues in accounting, the Financial Accounting Standards Board (FASB) issued the following new accounting pronouncement which may affect our accounting and/or disclosure. | ||||||||
Presentation of Financial Statements | ||||||||
In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. The amendments in this guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We have elected to adopt effective December 31, 2015, and do not expect this to have a material impact to our financial statements. | ||||||||
Principles Of Consolidation | Principles of Consolidation | |||||||
We prepare our unaudited condensed consolidated financial statements in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements presented in accordance with generally accepted accounting principles (GAAP) for the United States of America have been condensed or omitted. Our condensed consolidated financial statements include all operating divisions, majority owned subsidiaries and variable interest entities (VIEs) of which we maintain a controlling interest or are the primary beneficiary reported as a single reportable segment. Undivided interests in jointly-owned generation facilities are included on a proportionate basis. Intercompany accounts and transactions have been eliminated in consolidation. In our opinion, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of the consolidated financial statements, have been included. | ||||||||
Use Of Management's Estimates | Use of Management's Estimates | |||||||
When we prepare our condensed consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We evaluate our estimates on an ongoing basis, including those related to depreciation, unbilled revenue, valuation of investments, forecasted fuel costs included in our retail energy cost adjustment (RECA) billed to customers, income taxes, pension and post-retirement benefits, our asset retirement obligations including the decommissioning of Wolf Creek, environmental issues, VIEs, contingencies and litigation. Actual results may differ from those estimates under different assumptions or conditions. | ||||||||
Fuel Inventory And Supplies | Fuel Inventory and Supplies | |||||||
We state fuel inventory and supplies at average cost. | ||||||||
Allowance For Funds Used During Construction | Allowance for Funds Used During Construction | |||||||
Allowance for funds used during construction (AFUDC) represents the allowed cost of capital used to finance utility construction activity. We compute AFUDC by applying a composite rate to qualified construction work in progress. We credit other income (for equity funds) and interest expense (for borrowed funds) for the amount of AFUDC capitalized as construction cost | ||||||||
Earnings Per Share | Earnings Per Share | |||||||
We have participating securities in the form of unvested restricted share units (RSUs) with nonforfeitable rights to dividend equivalents that receive dividends on an equal basis with dividends declared on common shares. As a result, we apply the two-class method of computing basic and diluted earnings per share (EPS). | ||||||||
To compute basic EPS, we divide the earnings allocated to common stock by the weighted average number of common shares outstanding. Diluted EPS includes the effect of potential issuances of common shares resulting from our forward sale agreements and RSUs with forfeitable rights to dividend equivalents. We compute the dilutive effect of potential issuances of common shares using the treasury stock method. | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In Thousands) | ||||||||
CASH PAID FOR (RECEIVED FROM): | ||||||||
Interest on financing activities, net of amount capitalized | $ | 38,927 | $ | 39,028 | ||||
Interest on financing activities of VIEs | 5,651 | 6,515 | ||||||
NON-CASH INVESTING TRANSACTIONS: | ||||||||
Property, plant and equipment additions | 63,265 | 79,844 | ||||||
NON-CASH FINANCING TRANSACTIONS: | ||||||||
Issuance of stock for compensation and reinvested dividends | 3,028 | 1,710 | ||||||
Assets acquired through capital leases | 294 | 446 | ||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Utility Inventory | Following are the balances for fuel inventory and supplies stated separately. | |||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(In Thousands) | ||||||||
Fuel inventory | $ | 86,401 | $ | 70,416 | ||||
Supplies | 179,566 | 176,990 | ||||||
Fuel inventory and supplies | $ | 265,967 | $ | 247,406 | ||||
Allowance For Funds Used During Construction | on the accompanying consolidated statements of income as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars In Thousands) | ||||||||
Borrowed funds | $ | 2,029 | $ | 3,731 | ||||
Equity funds | 1,950 | 5,006 | ||||||
Total | $ | 3,979 | $ | 8,737 | ||||
Average AFUDC Rates | 4 | % | 7.3 | % | ||||
Reconciliation Of Basic And Diluted EPS | The following table reconciles our basic and diluted EPS from net income. | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars In Thousands, Except Per Share Amounts) | ||||||||
Net income | $ | 53,163 | $ | 70,970 | ||||
Less: Net income attributable to noncontrolling interests | 2,183 | 2,015 | ||||||
Net income attributable to Westar Energy, Inc. | 50,980 | 68,955 | ||||||
Less: Net income allocated to RSUs | 118 | 183 | ||||||
Net income allocated to common stock | $ | 50,862 | $ | 68,772 | ||||
Weighted average equivalent common shares outstanding – basic | 132,395,497 | 129,004,112 | ||||||
Effect of dilutive securities: | ||||||||
RSUs | 175,876 | 66,427 | ||||||
Forward sale agreements | 2,968,258 | 2,198,824 | ||||||
Weighted average equivalent common shares outstanding – diluted (a) | 135,539,631 | 131,269,363 | ||||||
Earnings per common share, basic | $ | 0.38 | $ | 0.53 | ||||
Earnings per common share, diluted | $ | 0.38 | $ | 0.52 | ||||
_______________ | ||||||||
(a)We had no antidilutive securities for the three months ended March 31, 2015 and 2014. | ||||||||
Supplemental Cash Flow Information | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In Thousands) | ||||||||
CASH PAID FOR (RECEIVED FROM): | ||||||||
Interest on financing activities, net of amount capitalized | $ | 38,927 | $ | 39,028 | ||||
Interest on financing activities of VIEs | 5,651 | 6,515 | ||||||
NON-CASH INVESTING TRANSACTIONS: | ||||||||
Property, plant and equipment additions | 63,265 | 79,844 | ||||||
NON-CASH FINANCING TRANSACTIONS: | ||||||||
Issuance of stock for compensation and reinvested dividends | 3,028 | 1,710 | ||||||
Assets acquired through capital leases | 294 | 446 | ||||||
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Financial And Derivative Instruments and Trading Securities [Abstract] | ||||||||||||||||||||
Carrying Values And Fair Values Of Financial Instruments | The following table provides the carrying values and measured fair values of our fixed-rate debt. | |||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Fixed-rate debt | $ | 2,980,000 | $ | 3,413,513 | $ | 3,105,000 | $ | 3,488,410 | ||||||||||||
Fixed-rate debt of VIEs | 166,278 | 183,356 | 194,204 | 213,579 | ||||||||||||||||
Fair Value Of Assets And Liabilities | The following table provides the amounts and their corresponding level of hierarchy for our assets that are measured at fair value. | |||||||||||||||||||
As of March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nuclear Decommissioning Trust: | ||||||||||||||||||||
Domestic equity funds | $ | — | $ | 52,013 | $ | 6,061 | $ | 58,074 | ||||||||||||
International equity funds | — | 34,860 | — | 34,860 | ||||||||||||||||
Core bond fund | — | 19,627 | — | 19,627 | ||||||||||||||||
High-yield bond fund | — | 13,556 | — | 13,556 | ||||||||||||||||
Emerging market bond fund | — | 12,465 | — | 12,465 | ||||||||||||||||
Other fixed income fund | — | 4,862 | — | 4,862 | ||||||||||||||||
Combination debt/equity/other funds | — | 19,867 | — | 19,867 | ||||||||||||||||
Alternative investment fund | — | — | 16,784 | 16,784 | ||||||||||||||||
Real estate securities fund | — | — | 9,758 | 9,758 | ||||||||||||||||
Cash equivalents | 501 | — | — | 501 | ||||||||||||||||
Total Nuclear Decommissioning Trust | 501 | 157,250 | 32,603 | 190,354 | ||||||||||||||||
Trading Securities: | ||||||||||||||||||||
Domestic equity funds | — | 18,649 | — | 18,649 | ||||||||||||||||
International equity fund | — | 4,450 | — | 4,450 | ||||||||||||||||
Core bond fund | — | 12,466 | — | 12,466 | ||||||||||||||||
Cash equivalents | 169 | — | — | 169 | ||||||||||||||||
Total Trading Securities | 169 | 35,565 | — | 35,734 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 670 | $ | 192,815 | $ | 32,603 | $ | 226,088 | ||||||||||||
As of December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nuclear Decommissioning Trust: | ||||||||||||||||||||
Domestic equity funds | $ | — | $ | 54,925 | $ | 6,047 | $ | 60,972 | ||||||||||||
International equity funds | — | 30,791 | — | 30,791 | ||||||||||||||||
Core bond fund | — | 19,289 | — | 19,289 | ||||||||||||||||
High-yield bond fund | — | 13,198 | — | 13,198 | ||||||||||||||||
Emerging market bond fund | — | 10,988 | — | 10,988 | ||||||||||||||||
Other fixed income fund | — | 4,779 | — | 4,779 | ||||||||||||||||
Combination debt/equity/other funds | — | 18,141 | — | 18,141 | ||||||||||||||||
Alternative investment fund | — | — | 16,970 | 16,970 | ||||||||||||||||
Real estate securities fund | — | — | 9,548 | 9,548 | ||||||||||||||||
Cash equivalents | 340 | — | — | 340 | ||||||||||||||||
Total Nuclear Decommissioning Trust | 340 | 152,111 | 32,565 | 185,016 | ||||||||||||||||
Trading Securities: | ||||||||||||||||||||
Domestic equity funds | — | 18,698 | — | 18,698 | ||||||||||||||||
International equity fund | — | 4,252 | — | 4,252 | ||||||||||||||||
Core bond fund | — | 12,379 | — | 12,379 | ||||||||||||||||
Cash equivalents | 168 | — | — | 168 | ||||||||||||||||
Total Trading Securities | 168 | 35,329 | — | 35,497 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 508 | $ | 187,440 | $ | 32,565 | $ | 220,513 | ||||||||||||
Reconciliations Of Assets And Liabilities At Fair Value | The following table provides reconciliations of assets held in the Nuclear Decommissioning Trust (NDT) measured at fair value using significant level 3 inputs for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||
Domestic | Alternative | Real Estate | Net | |||||||||||||||||
Equity Funds | Investment Fund | Securities Fund | Balance | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Balance as of December 31, 2014 | $ | 6,047 | $ | 16,970 | $ | 9,548 | $ | 32,565 | ||||||||||||
Total realized and unrealized gains (losses) included in: | ||||||||||||||||||||
Regulatory liabilities | 338 | (186 | ) | 210 | 362 | |||||||||||||||
Purchases | 100 | — | 97 | 197 | ||||||||||||||||
Sales | (424 | ) | — | (97 | ) | (521 | ) | |||||||||||||
Balance as of March 31, 2015 | $ | 6,061 | $ | 16,784 | $ | 9,758 | $ | 32,603 | ||||||||||||
Balance as of December 31, 2013 | $ | 5,817 | $ | 15,675 | $ | 8,511 | $ | 30,003 | ||||||||||||
Total realized and unrealized gains (losses) included in: | ||||||||||||||||||||
Regulatory liabilities | 162 | 427 | 301 | 890 | ||||||||||||||||
Purchases | 50 | — | 76 | 126 | ||||||||||||||||
Sales | (45 | ) | — | (76 | ) | (121 | ) | |||||||||||||
Balance as of March 31, 2014 | $ | 5,984 | $ | 16,102 | $ | 8,812 | $ | 30,898 | ||||||||||||
Unrealized Gains And Losses On Fair Value Assets And Liabilities | The following table summarizes the unrealized gains and losses we recorded to regulatory liabilities on our consolidated financial statements during the three months ended March 31, 2015 and 2014, attributed to level 3 assets and liabilities. See Note 3, "Rate Matters and Regulation," in the 2014 Form 10-K for additional information regarding our regulatory assets and liabilities. | |||||||||||||||||||
Domestic | Alternative Investment Fund | Real Estate | Net | |||||||||||||||||
Equity Funds | Securities Fund | Balance | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | $ | (86 | ) | $ | (186 | ) | $ | 112 | $ | (160 | ) | |||||||||
Three Months Ended March 31, 2014 | 117 | 427 | 224 | 768 | ||||||||||||||||
Investments In Financial Instruments | The following table provides additional information on these investments. | |||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | As of March 31, 2015 | ||||||||||||||||||
Fair Value | Unfunded | Fair Value | Unfunded | Redemption | Length of | |||||||||||||||
Commitments | Commitments | Frequency | Settlement | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nuclear Decommissioning Trust: | ||||||||||||||||||||
Domestic equity funds | $ | 6,061 | $ | 2,248 | $ | 6,047 | $ | 2,348 | (a) | (a) | ||||||||||
Alternative investment fund | 16,784 | — | 16,970 | — | (b) | (b) | ||||||||||||||
Real estate securities fund | 9,758 | — | 9,548 | — | Quarterly | 80 days | ||||||||||||||
Total Nuclear Decommissioning Trust | 32,603 | 2,248 | 32,565 | 2,348 | ||||||||||||||||
Trading Securities: | ||||||||||||||||||||
Domestic equity funds | 18,649 | — | 18,698 | — | Upon Notice | 1 day | ||||||||||||||
International equity funds | 4,450 | — | 4,252 | — | Upon Notice | 1 day | ||||||||||||||
Core bond fund | 12,466 | — | 12,379 | — | Upon Notice | 1 day | ||||||||||||||
Total Trading Securities | 35,565 | — | 35,329 | — | ||||||||||||||||
Total | $ | 68,168 | $ | 2,248 | $ | 67,894 | $ | 2,348 | ||||||||||||
_______________ | ||||||||||||||||||||
(a) | This investment is in three long-term private equity funds that do not permit early withdrawal. Our investments in these funds cannot be distributed until the underlying investments have been liquidated which may take years from the date of initial liquidation. Two funds have begun to make distributions. Our initial investment in the third fund occurred in the third quarter of 2013. This fund's term will be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. | |||||||||||||||||||
(b) | This fund had an initial lock-up period of 24 months, which expired in April 2015. Redemptions are allowed, on a quarterly basis, after 24 months at the sole discretion of the fund's board of directors. A 65-day notice of redemption is required. There is a holdback on final redemptions. |
Financial_Investments_Tables
Financial Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Cost And Fair Value Of Investments | The following table presents the cost, gross unrealized gains and losses, fair value and allocation of investments in the NDT fund as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||
Security Type | Cost | Gain | Loss | Fair Value | Allocation | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Domestic equity funds | $ | 42,167 | $ | 15,914 | $ | (7 | ) | $ | 58,074 | 31 | % | |||||||||||||
International equity funds | 30,608 | 4,689 | (437 | ) | 34,860 | 18 | % | |||||||||||||||||
Core bond fund | 18,911 | 716 | — | 19,627 | 10 | % | ||||||||||||||||||
High-yield bond fund | 13,517 | 39 | — | 13,556 | 7 | % | ||||||||||||||||||
Emerging market bond fund | 14,062 | — | (1,597 | ) | 12,465 | 7 | % | |||||||||||||||||
Other fixed income fund | 4,827 | 35 | — | 4,862 | 3 | % | ||||||||||||||||||
Combination debt/equity/other funds | 16,010 | 4,419 | (562 | ) | 19,867 | 10 | % | |||||||||||||||||
Alternative investment fund | 15,000 | 1,784 | — | 16,784 | 9 | % | ||||||||||||||||||
Real estate securities fund | 10,717 | — | (959 | ) | 9,758 | 5 | % | |||||||||||||||||
Cash equivalents | 501 | — | — | 501 | <1% | |||||||||||||||||||
Total | $ | 166,320 | $ | 27,596 | $ | (3,562 | ) | $ | 190,354 | 100 | % | |||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Domestic equity funds | $ | 46,126 | $ | 14,853 | $ | (7 | ) | $ | 60,972 | 33 | % | |||||||||||||
International equity funds | 27,521 | 3,683 | (413 | ) | 30,791 | 17 | % | |||||||||||||||||
Core bond fund | 18,811 | 478 | — | 19,289 | 10 | % | ||||||||||||||||||
High-yield bond fund | 13,342 | — | (144 | ) | 13,198 | 7 | % | |||||||||||||||||
Emerging market bond fund | 12,556 | — | (1,568 | ) | 10,988 | 6 | % | |||||||||||||||||
Other fixed income fund | 4,798 | — | (19 | ) | 4,779 | 3 | % | |||||||||||||||||
Combination debt/equity/other funds | 14,975 | 3,786 | (620 | ) | 18,141 | 10 | % | |||||||||||||||||
Alternative investment fund | 15,000 | 1,970 | — | 16,970 | 9 | % | ||||||||||||||||||
Real estate securities fund | 10,619 | — | (1,071 | ) | 9,548 | 5 | % | |||||||||||||||||
Cash equivalents | 340 | — | — | 340 | <1% | |||||||||||||||||||
Total | $ | 164,088 | $ | 24,770 | $ | (3,842 | ) | $ | 185,016 | 100 | % | |||||||||||||
Fair Value And Gross Unrealized Losses Of Available-For-Sale Securities | The following table presents the fair value and the gross unrealized losses of the available-for-sale securities held in the NDT fund aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2015, and December 31, 2014. | |||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Domestic equity funds | $ | — | $ | — | $ | 363 | $ | (7 | ) | $ | 363 | $ | (7 | ) | ||||||||||
International equity funds | 7,233 | (437 | ) | — | — | 7,233 | (437 | ) | ||||||||||||||||
Emerging market bond fund | — | — | 12,465 | (1,597 | ) | 12,465 | (1,597 | ) | ||||||||||||||||
Combination debt/equity/other funds | — | — | 6,397 | (562 | ) | 6,397 | (562 | ) | ||||||||||||||||
Real estate securities fund | — | — | 9,758 | (959 | ) | 9,758 | (959 | ) | ||||||||||||||||
Total | $ | 7,233 | $ | (437 | ) | $ | 28,983 | $ | (3,125 | ) | $ | 36,216 | $ | (3,562 | ) | |||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Domestic equity funds | $ | — | $ | — | $ | 263 | $ | (7 | ) | $ | 263 | $ | (7 | ) | ||||||||||
International equity funds | 5,905 | (413 | ) | — | — | 5,905 | (413 | ) | ||||||||||||||||
High-yield bond fund | 13,198 | (144 | ) | — | — | 13,198 | (144 | ) | ||||||||||||||||
Emerging market bond fund | — | — | 10,988 | (1,568 | ) | 10,988 | (1,568 | ) | ||||||||||||||||
Other fixed income funds | 4,779 | (19 | ) | — | — | 4,779 | (19 | ) | ||||||||||||||||
Combination debt/equity/other funds | — | — | 5,892 | (620 | ) | 5,892 | (620 | ) | ||||||||||||||||
Real estate securities fund | — | — | 9,548 | (1,071 | ) | 9,548 | (1,071 | ) | ||||||||||||||||
Total | $ | 23,882 | $ | (576 | ) | $ | 26,691 | $ | (3,266 | ) | $ | 50,573 | $ | (3,842 | ) | |||||||||
Pension_and_PostRetirement_Ben1
Pension and Post-Retirement Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||
Schedule of Net Periodic Benefit Costs [Table Text Block] | The following table summarizes the net periodic costs for our pension and post-retirement benefit plans prior to the effects of capitalization. | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In Thousands) | |||||||||||||||||
Components of Net Periodic Cost (Benefit): | |||||||||||||||||
Service cost | $ | 5,348 | $ | 4,055 | $ | 361 | $ | 345 | |||||||||
Interest cost | 10,753 | 10,400 | 1,422 | 1,588 | |||||||||||||
Expected return on plan assets | (10,059 | ) | (9,109 | ) | (1,654 | ) | (1,644 | ) | |||||||||
Amortization of unrecognized: | |||||||||||||||||
Prior service costs | 130 | 131 | 114 | 631 | |||||||||||||
Actuarial loss (gain), net | 7,661 | 4,840 | 95 | (185 | ) | ||||||||||||
Net periodic cost before regulatory adjustment | 13,833 | 10,317 | 338 | 735 | |||||||||||||
Regulatory adjustment (a) | 1,797 | 4,002 | 1,013 | 1,124 | |||||||||||||
Net periodic cost | $ | 15,630 | $ | 14,319 | $ | 1,351 | $ | 1,859 | |||||||||
_______________ | |||||||||||||||||
(a) | The regulatory adjustment represents the difference between current period pension or post-retirement benefit expense and the amount of such expense recognized in setting our prices. | ||||||||||||||||
Wolf_Creek_Pension_and_PostRet1
Wolf Creek Pension and Post-Retirement Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Wolf Creek Pension And Post-Retirement Benefit Plans [Line Items] | |||||||||||||||||
Schedule of Net Periodic Benefit Costs [Table Text Block] | The following table summarizes the net periodic costs for our pension and post-retirement benefit plans prior to the effects of capitalization. | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In Thousands) | |||||||||||||||||
Components of Net Periodic Cost (Benefit): | |||||||||||||||||
Service cost | $ | 5,348 | $ | 4,055 | $ | 361 | $ | 345 | |||||||||
Interest cost | 10,753 | 10,400 | 1,422 | 1,588 | |||||||||||||
Expected return on plan assets | (10,059 | ) | (9,109 | ) | (1,654 | ) | (1,644 | ) | |||||||||
Amortization of unrecognized: | |||||||||||||||||
Prior service costs | 130 | 131 | 114 | 631 | |||||||||||||
Actuarial loss (gain), net | 7,661 | 4,840 | 95 | (185 | ) | ||||||||||||
Net periodic cost before regulatory adjustment | 13,833 | 10,317 | 338 | 735 | |||||||||||||
Regulatory adjustment (a) | 1,797 | 4,002 | 1,013 | 1,124 | |||||||||||||
Net periodic cost | $ | 15,630 | $ | 14,319 | $ | 1,351 | $ | 1,859 | |||||||||
_______________ | |||||||||||||||||
(a) | The regulatory adjustment represents the difference between current period pension or post-retirement benefit expense and the amount of such expense recognized in setting our prices. | ||||||||||||||||
Wolf Creek [Member] | |||||||||||||||||
Wolf Creek Pension And Post-Retirement Benefit Plans [Line Items] | |||||||||||||||||
Schedule of Net Periodic Benefit Costs [Table Text Block] | The following table summarizes the net periodic costs for KGE's 47% share of the Wolf Creek pension and post-retirement benefit plans prior to the effects of capitalization. | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In Thousands) | |||||||||||||||||
Components of Net Periodic Cost (Benefit): | |||||||||||||||||
Service cost | $ | 1,899 | $ | 1,424 | $ | 34 | $ | 43 | |||||||||
Interest cost | 2,254 | 2,117 | 79 | 116 | |||||||||||||
Expected return on plan assets | (2,261 | ) | (2,021 | ) | — | — | |||||||||||
Amortization of unrecognized: | |||||||||||||||||
Prior service costs | 14 | 14 | — | — | |||||||||||||
Actuarial loss, net | 1,482 | 747 | 1 | 41 | |||||||||||||
Net periodic cost before regulatory adjustment | 3,388 | 2,281 | 114 | 200 | |||||||||||||
Regulatory adjustment (a) | (304 | ) | 501 | — | — | ||||||||||||
Net periodic cost | $ | 3,084 | $ | 2,782 | $ | 114 | $ | 200 | |||||||||
_______________ | |||||||||||||||||
(a) | The regulatory adjustment represents the difference between current period pension or post-retirement benefit expense and the amount of such expense recognized in setting our prices. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Variable Interest Entities [Abstract] | ||||||||
Assets And Liabilities of VIEs | We have recorded the following assets and liabilities on our consolidated balance sheets related to the VIEs described above. | |||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(In Thousands) | ||||||||
Assets: | ||||||||
Property, plant and equipment of variable interest entities, net | $ | 275,989 | $ | 278,573 | ||||
Regulatory assets (a) | 8,213 | 7,882 | ||||||
Liabilities: | ||||||||
Current maturities of long-term debt of variable interest entities | $ | 28,315 | $ | 27,933 | ||||
Accrued interest (b) | 68 | 2,961 | ||||||
Long-term debt of variable interest entities, net | 138,209 | 166,565 | ||||||
_______________ | ||||||||
(a) Included in long-term regulatory assets on our consolidated balance sheets. | ||||||||
(b) Included in accrued interest on our consolidated balance sheets. |
Description_Of_Business_Detail
Description Of Business (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of customers in Kansas | 698,000 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Fuel Inventory And Supplies) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ||
Total | $265,967 | $247,406 |
Fuel Inventory [Member] | ||
Public Utilities, Inventory [Line Items] | ||
Public Utilitiy Inventory | 86,401 | 70,416 |
Supplies [Member] | ||
Public Utilities, Inventory [Line Items] | ||
Public Utilitiy Inventory | $179,566 | $176,990 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Allowance For Funds Used During Construction) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||
Borrowed funds | ($2,029) | ($3,731) |
Equity funds | 1,950 | 5,006 |
Total | $3,979 | $8,737 |
Average AFUDC rates | 4.00% | 7.30% |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Reconciliation Of Basic And Diluted EPS) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||
Net Income Allocated to RSUs | $118 | $183 |
Net income allocated to common stock | $50,862 | $68,772 |
Weighted Average Number of Shares Outstanding , Basic | 132,395,497 | 129,004,112 |
RSUs | 175,876 | 66,427 |
Forward sale agreements | 2,968,258 | 2,198,824 |
Weighted average equivalent common shares outstanding - diluted | 135,539,631 | 131,269,363 |
Earnings Per Share, Basic | $0.38 | $0.53 |
Earnings Per Share, Diluted | $0.38 | $0.52 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 0 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Supplemental Cash Flow Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Paid For (Received From) | ||
Interest on financing activities | $38,927 | $39,028 |
Noncash Investing and Financing Transactions | ||
Property, plant and equipment | 63,265 | 79,844 |
Issuance of common stock for reinvested dividends and compensation plans | 3,028 | 1,710 |
Assets acquired through capital leases | 294 | 446 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash Paid For (Received From) | ||
Interest on financing activities | $5,651 | $6,515 |
Rate_Matters_And_Regulation_Na
Rate Matters And Regulation (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
FERC 206 [Member] | ||
Regulatory Proceedings [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $10 | |
Loss Contingency, Range of Possible Loss, Maximum | 19 | 19 |
Loss Contingency, Loss in Period | 6 | 6 |
Kansas Corporation Commission [Member] | Electric Transmission [Member] | ||
Regulatory Proceedings [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | 7.2 | |
Kansas Corporation Commission [Member] | Environmental Cost Recovery Rider [Member] | ||
Regulatory Proceedings [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | 10.8 | |
Kansas Corporation Commission [Member] | General Rate Case [Member] | ||
Regulatory Proceedings [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | 152 | |
Kansas Corporation Commission [Member] | Ad Valorem Tax [Member] | ||
Regulatory Proceedings [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | 4.9 | |
Federal Energy Regulatory Commission [Member] | Electric Transmission [Member] | ||
Regulatory Proceedings [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $4.60 |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Carrying Values And Fair Values Of Financial Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fixed Rate Debt Member | ||
Debt Instrument [Line Items] | ||
Carrying Value | $2,980,000 | $3,105,000 |
Fair Value | 3,413,513 | 3,488,410 |
Fixed Rate Debt Of Variable Interest Entities Member | ||
Debt Instrument [Line Items] | ||
Carrying Value | 166,278 | 194,204 |
Fair Value | $183,356 | $213,579 |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management (Fair Value Of Assets And Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | $190,354 | $185,016 |
Trading securities | 35,734 | 35,497 |
Total assets measured at fair value | 226,088 | 220,513 |
Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 501 | 340 |
Trading securities | 169 | 168 |
Total assets measured at fair value | 670 | 508 |
Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 157,250 | 152,111 |
Trading securities | 35,565 | 35,329 |
Total assets measured at fair value | 192,815 | 187,440 |
Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 32,603 | 32,565 |
Trading securities | 0 | 0 |
Total assets measured at fair value | 32,603 | 32,565 |
Domestic Equity Funds [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 58,074 | 60,972 |
Trading securities | 18,649 | 18,698 |
Domestic Equity Funds [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | 0 | 0 |
Domestic Equity Funds [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 52,013 | 54,925 |
Trading securities | 18,649 | 18,698 |
Domestic Equity Funds [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 6,061 | 6,047 |
Trading securities | 0 | 0 |
International Equity Funds [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 34,860 | 30,791 |
Trading securities | 4,450 | 4,252 |
International Equity Funds [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | 0 | 0 |
International Equity Funds [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 34,860 | 30,791 |
Trading securities | 4,450 | 4,252 |
International Equity Funds [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | 0 | 0 |
Core Bonds Fund [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 19,627 | 19,289 |
Trading securities | 12,466 | 12,379 |
Core Bonds Fund [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | 0 | 0 |
Core Bonds Fund [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 19,627 | 19,289 |
Trading securities | 12,466 | 12,379 |
Core Bonds Fund [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | 0 | 0 |
High-Yield Bonds Fund [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 13,556 | 13,198 |
High-Yield Bonds Fund [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
High-Yield Bonds Fund [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 13,556 | 13,198 |
High-Yield Bonds Fund [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Emerging Market Bonds Fund [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 12,465 | 10,988 |
Emerging Market Bonds Fund [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Emerging Market Bonds Fund [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 12,465 | 10,988 |
Emerging Market Bonds Fund [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Other Fixed Income Funds [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 4,862 | 4,779 |
Other Fixed Income Funds [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Other Fixed Income Funds [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 4,862 | 4,779 |
Other Fixed Income Funds [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Combination Debt Equity And Other Fund [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 19,867 | |
Combination Debt Equity And Other Fund [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | |
Combination Debt Equity And Other Fund [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 19,867 | |
Combination Debt Equity And Other Fund [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | |
Combination Debt and Equity Fund [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 18,141 | |
Combination Debt and Equity Fund [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | |
Combination Debt and Equity Fund [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 18,141 | |
Combination Debt and Equity Fund [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | |
Alternative Funds [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 16,784 | 16,970 |
Alternative Funds [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Alternative Funds [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Alternative Funds [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 16,784 | 16,970 |
Real Estate Securities Fund [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 9,758 | 9,548 |
Real Estate Securities Fund [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Real Estate Securities Fund [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Real Estate Securities Fund [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 9,758 | 9,548 |
Cash Equivalents [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 501 | 340 |
Trading securities | 169 | 168 |
Cash Equivalents [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 501 | 340 |
Trading securities | 169 | 168 |
Cash Equivalents [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | 0 | 0 |
Cash Equivalents [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Trading securities | $0 | $0 |
Financial_Instruments_and_Risk4
Financial Instruments and Risk Management (Reconcilations Of Assets And Liabilities At Fair Value) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Balance at period start | $32,565 | $30,003 |
Regulatory liabilities | 362 | 890 |
Purchases | 197 | 126 |
Sales | -521 | -121 |
Balance at period end | 32,603 | 30,898 |
Domestic Equity Funds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Balance at period start | 6,047 | 5,817 |
Regulatory liabilities | 338 | 162 |
Purchases | 100 | 50 |
Sales | -424 | -45 |
Balance at period end | 6,061 | 5,984 |
Alternative Funds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Balance at period start | 16,970 | 15,675 |
Regulatory liabilities | -186 | 427 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Balance at period end | 16,784 | 16,102 |
Real Estate Securities Fund [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Balance at period start | 9,548 | 8,511 |
Regulatory liabilities | 210 | 301 |
Purchases | 97 | 76 |
Sales | -97 | -76 |
Balance at period end | $9,758 | $8,812 |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management (Unrealized Gains And Losses On Financial Statements) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Unrealized gain (loss) included in regulatory liabilities | ($160) | $768 |
Domestic Equity Funds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Unrealized gain (loss) included in regulatory liabilities | -86 | 117 |
Alternative Funds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Unrealized gain (loss) included in regulatory liabilities | -186 | 427 |
Real Estate Securities Fund [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Unrealized gain (loss) included in regulatory liabilities | $112 | $224 |
Financial_Instruments_and_Risk6
Financial Instruments and Risk Management (Investments In Financial Instruments) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction Period | 15 years | |||
Nuclear decommissioning trust assets | $190,354 | $185,016 | ||
Trading securities | 35,734 | 35,497 | ||
Total | 226,088 | 220,513 | ||
Domestic Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 58,074 | 60,972 | ||
Trading securities | 18,649 | 18,698 | ||
Alternative Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 16,784 | 16,970 | ||
Real Estate Securities Fund [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 9,758 | 9,548 | ||
International Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 34,860 | 30,791 | ||
Trading securities | 4,450 | 4,252 | ||
Core Bonds Fund [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 19,627 | 19,289 | ||
Trading securities | 12,466 | 12,379 | ||
Fair Value [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 32,603 | 32,565 | ||
Trading securities | 35,565 | 35,329 | ||
Total | 68,168 | 67,894 | ||
Unfunded commitments | 2,248 | 2,348 | ||
Fair Value [Member] | Domestic Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 6,061 | 6,047 | ||
Trading securities | 18,649 | 18,698 | ||
Fair Value [Member] | Alternative Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 16,784 | 16,970 | ||
Investment redemption frequency | quarterly | |||
Fair Value [Member] | Real Estate Securities Fund [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Nuclear decommissioning trust assets | 9,758 | [1] | 9,548 | [1] |
Fair Value [Member] | International Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Trading securities | 4,450 | 4,252 | ||
Fair Value [Member] | Core Bonds Fund [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Trading securities | 12,466 | 12,379 | ||
Decommissioning Trust Assets [Member] | Fair Value [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 2,248 | 2,348 | ||
Decommissioning Trust Assets [Member] | Fair Value [Member] | Domestic Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 2,248 | 2,348 | ||
Decommissioning Trust Assets [Member] | Fair Value [Member] | Alternative Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 0 | 0 | ||
Decommissioning Trust Assets [Member] | Fair Value [Member] | Real Estate Securities Fund [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 0 | [1] | 0 | [1] |
Investment redemption frequency | Quarterly | |||
Investment redemption length of settlement | 80 days | |||
Trading Securities [Member] | Fair Value [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 0 | 0 | ||
Trading Securities [Member] | Fair Value [Member] | Domestic Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 0 | 0 | ||
Investment redemption frequency | Upon Notice | |||
Investment redemption length of settlement | 1 day | |||
Trading Securities [Member] | Fair Value [Member] | International Equity Funds [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | 0 | 0 | ||
Investment redemption frequency | Upon Notice | |||
Investment redemption length of settlement | 1 day | |||
Trading Securities [Member] | Fair Value [Member] | Core Bonds Fund [Member] | ||||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||||
Unfunded commitments | $0 | $0 | ||
Investment redemption frequency | Upon Notice | |||
Investment redemption length of settlement | 1 day | |||
[1] | This investment is in three long-term private equity funds that do not permit early withdrawal. Our investments in these funds cannot be distributed until the underlying investments have been liquidated which may take years from the date of initial liquidation. Two funds have begun to make distributions. Our initial investment in the third fund occurred in the third quarter of 2013. This fund's term will be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. |
Financial_Investments_Narrativ
Financial Investments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Trading Securities | $35,734,000 | $35,497,000 | |
Unrealized gains losses | 700,000 | 500,000 | |
Realized gains on available-for-sale-securities | $200,000 | $100,000 |
Financial_Investments_Cost_And
Financial Investments (Cost And Fair Value Of Investments) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | $166,320 | $164,088 | |
Available-for-sale Securities, Gross Unrealized Gain | 27,596 | 24,770 | |
Available-for-sale Securities, Gross Unrealized Loss | -3,562 | -3,842 | |
Available-for-sale Securities | 190,354 | 185,016 | |
Allocation | 100.00% | 100.00% | |
Domestic Equity Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 42,167 | 46,126 | |
Available-for-sale Securities, Gross Unrealized Gain | 15,914 | 14,853 | |
Available-for-sale Securities, Gross Unrealized Loss | -7 | -7 | |
Available-for-sale Securities | 58,074 | 60,972 | |
Allocation | 31.00% | 33.00% | |
International Equity Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 30,608 | 27,521 | |
Available-for-sale Securities, Gross Unrealized Gain | 4,689 | 3,683 | |
Available-for-sale Securities, Gross Unrealized Loss | -437 | -413 | |
Available-for-sale Securities | 34,860 | 30,791 | |
Allocation | 18.00% | 17.00% | |
Core Bonds Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 18,911 | 18,811 | |
Available-for-sale Securities, Gross Unrealized Gain | 716 | 478 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |
Available-for-sale Securities | 19,627 | 19,289 | |
Allocation | 10.00% | 10.00% | |
High-Yield Bonds Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 13,517 | 13,342 | |
Available-for-sale Securities, Gross Unrealized Gain | 39 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | -144 | |
Available-for-sale Securities | 13,556 | 13,198 | |
Allocation | 7.00% | 7.00% | |
Emerging Market Bonds Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 14,062 | 12,556 | |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss | -1,597 | -1,568 | |
Available-for-sale Securities | 12,465 | 10,988 | |
Allocation | 7.00% | 6.00% | |
Other Fixed Income Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 4,827 | 4,798 | |
Available-for-sale Securities, Gross Unrealized Gain | 35 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | -19 | |
Available-for-sale Securities | 4,862 | 4,779 | |
Allocation | 3.00% | 3.00% | |
Combination Debt Equity And Other Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 16,010 | ||
Available-for-sale Securities, Gross Unrealized Gain | 4,419 | ||
Available-for-sale Securities, Gross Unrealized Loss | -562 | ||
Available-for-sale Securities | 19,867 | ||
Allocation | 10.00% | ||
Combination Debt and Equity Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 14,975 | ||
Available-for-sale Securities, Gross Unrealized Gain | 3,786 | ||
Available-for-sale Securities, Gross Unrealized Loss | -620 | ||
Available-for-sale Securities | 18,141 | ||
Allocation | 10.00% | ||
Alternative Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 15,000 | 15,000 | |
Available-for-sale Securities, Gross Unrealized Gain | 1,784 | 1,970 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |
Available-for-sale Securities | 16,784 | 16,970 | |
Allocation | 9.00% | 9.00% | |
Real Estate Securities Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 10,717 | 10,619 | |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss | -959 | -1,071 | |
Available-for-sale Securities | 9,758 | 9,548 | |
Allocation | 5.00% | 5.00% | |
Cash Equivalents [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 501 | 340 | |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |
Available-for-sale Securities | $501 | $340 |
Financial_Investments_Fair_Val
Financial Investments (Fair Value And The Gross Unrealized Losses Of the Available-For-Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $700,000 | $500,000 | |
Fair Value, Less than 12 Months | 7,233,000 | 23,882,000 | |
Gross Unrealized Losses, Less than 12 Months | -437,000 | -576,000 | |
Fair Value, 12 Months or Greater | 28,983,000 | 26,691,000 | |
Gross Unrealized Losses, 12 Months or Greater | -3,125,000 | -3,266,000 | |
Fair Value, Total | 36,216,000 | 50,573,000 | |
Gross Unrealized Losses, Total | -3,562,000 | -3,842,000 | |
Domestic Equity Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 0 | 0 | |
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |
Fair Value, 12 Months or Greater | 363,000 | 263,000 | |
Gross Unrealized Losses, 12 Months or Greater | -7,000 | -7,000 | |
Fair Value, Total | 363,000 | 263,000 | |
Gross Unrealized Losses, Total | -7,000 | -7,000 | |
International Equity Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 7,233,000 | 5,905,000 | |
Gross Unrealized Losses, Less than 12 Months | -437,000 | -413,000 | |
Fair Value, 12 Months or Greater | 0 | 0 | |
Gross Unrealized Losses, 12 Months or Greater | 0 | 0 | |
Fair Value, Total | 7,233,000 | 5,905,000 | |
Gross Unrealized Losses, Total | -437,000 | -413,000 | |
Emerging Market Bonds Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 0 | 0 | |
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |
Fair Value, 12 Months or Greater | 12,465,000 | 10,988,000 | |
Gross Unrealized Losses, 12 Months or Greater | -1,597,000 | -1,568,000 | |
Fair Value, Total | 12,465,000 | 10,988,000 | |
Gross Unrealized Losses, Total | -1,597,000 | -1,568,000 | |
High-Yield Bonds Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 13,198,000 | ||
Gross Unrealized Losses, Less than 12 Months | -144,000 | ||
Fair Value, 12 Months or Greater | 0 | ||
Gross Unrealized Losses, 12 Months or Greater | 0 | ||
Fair Value, Total | 13,198,000 | ||
Gross Unrealized Losses, Total | -144,000 | ||
Other Fixed Income Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 4,779,000 | ||
Gross Unrealized Losses, Less than 12 Months | -19,000 | ||
Fair Value, 12 Months or Greater | 0 | ||
Gross Unrealized Losses, 12 Months or Greater | 0 | ||
Fair Value, Total | 4,779,000 | ||
Gross Unrealized Losses, Total | -19,000 | ||
Combination Debt Equity And Other Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 0 | 0 | |
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |
Fair Value, 12 Months or Greater | 6,397,000 | 5,892,000 | |
Gross Unrealized Losses, 12 Months or Greater | -562,000 | -620,000 | |
Fair Value, Total | 6,397,000 | 5,892,000 | |
Gross Unrealized Losses, Total | -562,000 | -620,000 | |
Real Estate Securities Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 0 | 0 | |
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |
Fair Value, 12 Months or Greater | 9,758,000 | 9,548,000 | |
Gross Unrealized Losses, 12 Months or Greater | -959,000 | -1,071,000 | |
Fair Value, Total | 9,758,000 | 9,548,000 | |
Gross Unrealized Losses, Total | ($959,000) | ($1,071,000) |
Debt_Financing_Narrative_Detai
Debt Financing (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 | Apr. 01, 2015 | |
Rate | ||||
Debt Instrument [Line Items] | ||||
Proceeds from (Repayments of) First Mortgage Bond | $125,000,000 | $0 | ||
Revolving Credit Facility Lender Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 270,000,000 | |||
Line of Credit Facility, Increase(Decrease) in Maximum Borrowing Capacity | 20,000,000 | |||
Debt Instrument Three [Member] | Westar Energy [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from (Repayments of) First Mortgage Bond | $125,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% |
Taxes_Taxes_Narrative_Details
Taxes Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Income tax expense | $27,678,000 | $34,961,000 | |
Effective income tax rate | 34.00% | 33.00% | |
Liability for unrecognized income tax benefits | 3,200,000 | 3,200,000 | |
Interest on liability related to unrecognized income tax benefits | 0 | 0 | |
Penalties accrued for unrecognized income tax benefits | 0 | 0 | |
Accrual for taxes other than income taxes | $1,500,000 | $1,500,000 |
Pension_and_PostRetirement_Ben2
Pension and Post-Retirement Benefit Plans (Net Periodic Costs And Pension Contributions) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Components of Net Periodic Cost (Benefit): | ||
Pension Contributions | $8,500,000 | $10,400,000 |
Pension Benefits [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Service cost | 5,348,000 | 4,055,000 |
Interest cost | 10,753,000 | 10,400,000 |
Expected return on plan assets | -10,059,000 | -9,109,000 |
Prior service costs | 130,000 | 131,000 |
Actuarial loss, net | 7,661,000 | 4,840,000 |
Net periodic cost before regulatory adjustment | 13,833,000 | 10,317,000 |
Regulatory adjustment | 1,797,000 | 4,002,000 |
Net periodic cost | 15,630,000 | 14,319,000 |
Post-Retirement Benefits [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Service cost | 361,000 | 345,000 |
Interest cost | 1,422,000 | 1,588,000 |
Expected return on plan assets | -1,654,000 | -1,644,000 |
Prior service costs | 114,000 | 631,000 |
Actuarial loss, net | 95,000 | -185,000 |
Net periodic cost before regulatory adjustment | 338,000 | 735,000 |
Regulatory adjustment | 1,013,000 | 1,124,000 |
Net periodic cost | $1,351,000 | $1,859,000 |
Wolf_Creek_Pension_and_PostRet2
Wolf Creek Pension and Post-Retirement Benefit Plans Wolf Creek Pension and Post-Retirement Benefit Plans (Net Periodic Costs and Pension Contributions) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Components of Net Periodic Cost (Benefit): | ||
Pension Contributions | $8,500,000 | $10,400,000 |
Wolf Creek [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Pension Contributions | 1,300,000 | 0 |
KGE [Member] | ||
Subsidiary Interest in Defined Benefit Plans | 47.00% | |
Pension Benefits [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Service cost | 5,348,000 | 4,055,000 |
Interest cost | 10,753,000 | 10,400,000 |
Expected return on plan assets | -10,059,000 | -9,109,000 |
Prior service costs | 130,000 | 131,000 |
Actuarial loss, net | 7,661,000 | 4,840,000 |
Net periodic cost before regulatory adjustment | 13,833,000 | 10,317,000 |
Regulatory adjustment | 1,797,000 | 4,002,000 |
Net periodic cost | 15,630,000 | 14,319,000 |
Pension Benefits [Member] | Wolf Creek [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Service cost | 1,899,000 | 1,424,000 |
Interest cost | 2,254,000 | 2,117,000 |
Expected return on plan assets | -2,261,000 | -2,021,000 |
Prior service costs | 14,000 | 14,000 |
Actuarial loss, net | 1,482,000 | 747,000 |
Net periodic cost before regulatory adjustment | 3,388,000 | 2,281,000 |
Regulatory adjustment | -304,000 | 501,000 |
Net periodic cost | 3,084,000 | 2,782,000 |
Post-Retirement Benefits [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Service cost | 361,000 | 345,000 |
Interest cost | 1,422,000 | 1,588,000 |
Expected return on plan assets | -1,654,000 | -1,644,000 |
Prior service costs | 114,000 | 631,000 |
Actuarial loss, net | 95,000 | -185,000 |
Net periodic cost before regulatory adjustment | 338,000 | 735,000 |
Regulatory adjustment | 1,013,000 | 1,124,000 |
Net periodic cost | 1,351,000 | 1,859,000 |
Post-Retirement Benefits [Member] | Wolf Creek [Member] | ||
Components of Net Periodic Cost (Benefit): | ||
Service cost | 34,000 | 43,000 |
Interest cost | 79,000 | 116,000 |
Expected return on plan assets | 0 | 0 |
Prior service costs | 0 | 0 |
Actuarial loss, net | 1,000 | 41,000 |
Net periodic cost before regulatory adjustment | 114,000 | 200,000 |
Regulatory adjustment | 0 | 0 |
Net periodic cost | $114,000 | $200,000 |
Common_Stock_Common_Stock_Deta
Common Stock Common Stock (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
months | |
Forward Contract Indexed To Issuers Equity, Indexed Shares For Period | 0.2 |
Forward Contract Indexed to Issuer's Equity, Actual Proceeds | $7.50 |
Forward Contract Indexed to Issuer's Equity, Settlement Period | 18 |
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 8.9 |
Forward Contract Indexed to Issuer's Equity, Estimated Proceeds | $247.20 |
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $27.73 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Initial Consolidation, Gain (Loss) | $0 |
Jeffrey Energy Center [Member] | |
Variable Interest Entity [Line Items] | |
Variable interest entity percentage of asset held | 8.00% |
Agreement expiration date | 1-Jan-19 |
La Cygne Generating Station [Member] | |
Variable Interest Entity [Line Items] | |
Variable interest entity percentage of asset held | 50.00% |
Agreement expiration date | 1-Sep-29 |
Variable_Interest_Entities_Ass
Variable Interest Entities (Assets And Liabilities In Relation To VIEs) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ||||
Property, plant and equipment, net | $8,232,333 | $8,162,908 | ||
Accrued interest | 89,821 | [1] | 79,707 | [1] |
Long-term debt, net | 3,090,722 | 3,215,539 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Property, plant and equipment, net | 275,989 | 278,573 | ||
Regulatory assets | 8,213 | [2] | 7,882 | [2] |
Current maturities of long-term debt | 28,315 | 27,933 | ||
Accrued interest | 68 | [1] | 2,961 | [1] |
Long-term debt, net | $138,209 | $166,565 | ||
[1] | Included in accrued interest on our consolidated balance sheets. | |||
[2] | Included in long-term regulatory assets on our consolidated balance sheets. |
Uncategorized_Items
Uncategorized Items | 1/1/2014 - 3/31/2014 | |||||||||||||||
USD ($) | ||||||||||||||||
[us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation] | -1,843,000 | -1,843,000 | ||||||||||||||
[us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition] | 1,776,000 | 1,776,000 | ||||||||||||||
[us-gaap_DividendsCommonStock] | 45,320,000 | 0 | 0 | 0 | 45,320,000 | |||||||||||
[us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities] | -636,000 | 0 | 0 | 0 | ||||||||||||
[us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders] | -1,000 | |||||||||||||||
[us-gaap_ProfitLoss] | 0 | 0 | 2,015,000 | 68,955,000 | ||||||||||||
[us-gaap_SharesOutstanding] | 128,254,229 | 128,813,670 | ||||||||||||||
[us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest] | 1,696,727,000 | 641,271,000 | 5,757,000 | 724,776,000 | 1,705,254,000 | 644,068,000 | 7,771,000 | 748,411,000 | ||||||||
[us-gaap_StockIssuedDuringPeriodSharesNewIssues] | 369,159 | |||||||||||||||
[us-gaap_StockIssuedDuringPeriodValueNewIssues] | 10,317,000 | 8,471,000 | 1,846,000 | 0 | 0 | |||||||||||
[wr_IssuanceOfStockForCompensationAndReinvestedDividends] | 1,710,000 | 759,000 | 951,000 | |||||||||||||
[wr_IssuanceOfStockForComprensationAndReinvestedDividendsShares] | 190,282 |