Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | WR | |
Entity Registrant Name | WESTAR ENERGY INC /KS | |
Entity Central Index Key | 54,507 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 141,253,324 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 2,266 | $ 4,556 | |
Accounts receivable, net of allowance for doubtful accounts of $4,503 and $4,596, respectively | 266,330 | 267,327 | |
Fuel inventory and supplies | 279,026 | 247,406 | |
Deferred Tax Assets, Net of Valuation Allowance, Current | 20,073 | 29,636 | |
Prepaid expenses | 18,147 | 15,793 | |
Regulatory assets | 123,961 | 105,549 | |
Other | 43,729 | 30,655 | |
Total Current Assets | 753,532 | 700,922 | |
Property, plant and equipment, net | 8,340,478 | 8,162,908 | |
OTHER ASSETS: | |||
Regulatory assets | 726,923 | 754,229 | |
Nuclear decommissioning trust | 191,934 | 185,016 | |
Other | 261,886 | 265,353 | |
Total Other Assets | 1,180,743 | 1,204,598 | |
TOTAL ASSETS | 10,548,159 | 10,347,001 | |
CURRENT LIABILITIES: | |||
Short-term debt | 307,100 | 257,600 | |
Accounts payable | 185,307 | 219,351 | |
Accrued dividends | 49,736 | 44,971 | |
Accrued taxes | 87,792 | 74,356 | |
Accrued interest | [1] | 48,036 | 79,707 |
Regulatory liabilities | 60,860 | 55,142 | |
Other | 77,779 | 90,571 | |
Total Current Liabilities | 844,925 | 849,631 | |
LONG-TERM LIABILITIES: | |||
Long-term debt, net | 3,091,655 | 3,215,539 | |
Deferred income taxes | 1,511,299 | 1,475,487 | |
Unamortized investment tax credits | 209,520 | 211,040 | |
Regulatory liabilities | 283,451 | 288,343 | |
Accrued employee benefits | 524,191 | 532,622 | |
Asset retirement obligations | 283,194 | 230,668 | |
Other | 77,287 | 75,799 | |
Total Long-Term Liabilities | $ 6,118,770 | $ 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 129,272,835 shares and 128,254,229 shares, respective to each date | $ 705,893 | $ 658,437 | |
Paid-in capital | 1,997,661 | 1,781,120 | |
Retained earnings | 870,820 | 855,299 | |
Total Westar Energy, Inc. Shareholders' Equity | 3,574,374 | 3,294,856 | |
Noncontrolling Interests | 10,090 | 6,451 | |
Total Equity | 3,584,464 | 3,301,307 | |
TOTAL LIABILITIES AND EQUITY | 10,548,159 | 10,347,001 | |
Variable Interest Entity [Member] | |||
CURRENT ASSETS: | |||
Property, plant and equipment, net | 273,406 | 278,573 | |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 28,315 | 27,933 | |
Accrued interest | [1] | 2,458 | 2,961 |
LONG-TERM LIABILITIES: | |||
Long-term debt, net | $ 138,173 | $ 166,565 | |
[1] | Included in accrued interest on our consolidated balance sheets. |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
CURRENT ASSETS: | |||
Allowance for doubtful accounts | $ 4,569 | $ 5,309 | |
Westar Energy, Inc. Shareholders' Equity: | |||
Common stock, par value | $ 5 | $ 5 | |
Common stock, shares authorized | 275,000,000 | 275,000,000 | |
Common stock, shares issued | 141,178,618 | 131,687,454 | |
Common stock, shares outstanding | 141,178,618 | 131,687,454 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES | $ 589,563 | $ 612,668 | $ 1,180,370 | $ 1,241,224 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 140,080 | 164,779 | 295,561 | 338,618 |
Network Transmission Cost | 57,352 | 55,533 | 114,164 | 107,491 |
Operating and maintenance | 82,739 | 101,839 | 167,819 | 193,629 |
Depreciation and amortization | 76,759 | 70,882 | 151,345 | 140,992 |
Selling, general and administrative | 63,663 | 62,168 | 119,082 | 118,653 |
Taxes, Miscellaneous | 37,494 | 34,738 | 75,365 | 69,571 |
Total Operating Expenses | 458,087 | 489,939 | 923,336 | 968,954 |
INCOME FROM OPERATIONS | 131,476 | 122,729 | 257,034 | 272,270 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings (losses) | 1,634 | 3,175 | 4,113 | 5,553 |
Other income | 15,121 | 5,658 | 17,935 | 11,575 |
Other expense | (2,633) | (2,287) | (8,345) | (7,952) |
Total Other Income | 14,122 | 6,546 | 13,703 | 9,176 |
Interest expense | 45,516 | 47,303 | 89,814 | 93,543 |
INCOME BEFORE INCOME TAXES | 100,082 | 81,972 | 180,923 | 187,903 |
Income tax expense | 33,839 | 26,150 | 61,517 | 61,111 |
NET INCOME | 66,243 | 55,822 | 119,406 | 126,792 |
Less: Net income attributable to noncontrolling interests | 2,533 | 2,349 | 4,716 | 4,365 |
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC. | $ 63,710 | $ 53,473 | $ 114,690 | $ 122,427 |
Earnings Per Share [Abstract] | ||||
Earnings Per Share, Basic | $ 0.47 | $ 0.41 | $ 0.85 | $ 0.95 |
Earnings Per Share, Diluted | $ 0.46 | $ 0.40 | $ 0.84 | $ 0.93 |
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING | ||||
Weighted Average Number of Shares Outstanding , Basic | 135,939,197 | 129,363,382 | 134,177,136 | 129,184,767 |
Weighted Average Number of Shares Outstanding, Diluted | 137,412,152 | 131,973,139 | 136,329,603 | 131,778,584 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.36 | $ 0.35 | $ 0.72 | $ 0.70 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 119,406 | $ 126,792 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 151,345 | 140,992 |
Amortization of nuclear fuel | 10,085 | 10,304 |
Amortization of deferred regulatory gain from sale leaseback | (2,748) | (2,748) |
Amortization of corporate-owned life insurance | 9,042 | 8,712 |
Non-cash compensation | 4,241 | 3,945 |
Net deferred income taxes and credits | 54,740 | 58,097 |
Stock-based compensation excess tax benefits | (1,178) | 544 |
Allowance for equity funds used during construction | (2,041) | (9,718) |
Changes in working capital items: | ||
Accounts receivable | 998 | (10,586) |
Fuel inventory and supplies | (31,307) | (16,248) |
Prepaid expenses and other | (40,195) | (4,891) |
Accounts payable | (2,873) | (16,199) |
Accrued taxes | 16,893 | 8,293 |
Other current liabilities | (65,908) | (32,477) |
Changes in other assets | (9,712) | 1,828 |
Changes in other liabilities | 21,046 | 16,674 |
Cash Flows from Operating Activities | 231,834 | 283,314 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (334,905) | (427,124) |
Purchase of securities - trusts | (9,980) | (4,410) |
Sale of securities - trusts | 10,263 | 5,552 |
Investment in corporate-owned life insurance | 14,845 | 15,903 |
Proceeds from investment in corporate-owned life insurance | 1,192 | 1,773 |
Investment in affiliated company | 0 | 1,418 |
Other investing activities | (653) | (1,544) |
Cash Flows used in Investing Activities | (348,928) | (440,238) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 49,500 | 208,533 |
Proceeds from long-term debt | 0 | 171,785 |
Retirements of long-term debt | (125,000) | (177,500) |
Repayment of capital leases | (1,721) | (1,628) |
Borrowings against cash surrender value of corporate-owned life insurance | 56,622 | 56,577 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (899) | (1,123) |
Stock-based compensation excess tax benefits | 1,178 | (544) |
Issuance of common stock | 256,394 | 20,699 |
Distributions to shareholders of noncontrolling interests | 1,076 | 0 |
Cash dividends paid | (89,035) | (84,419) |
Other financing activities | (3,234) | (1,887) |
Cash Flows from Financing Activities | 114,804 | 163,188 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (2,290) | 6,264 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 4,556 | 4,487 |
End of period | 2,266 | 10,751 |
Variable Interest Entity [Member] | ||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Retirements of long-term debt | $ (27,925) | $ (27,305) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2013 | $ 3,068,531 | $ 641,271 | $ 1,696,727 | $ 724,776 | $ 5,757 |
Beginning Balance (Shares) at Dec. 31, 2013 | 128,254,229 | ||||
Net income | 126,792 | $ 0 | 0 | 122,427 | 4,365 |
Issuance of stock | 20,699 | $ 3,780 | 16,919 | 0 | 0 |
Issuance of stock (shares) | 755,961 | ||||
Issuance Of Stock For Compensation And Reinvested Dividends, Shares | 262,645 | ||||
Issuance Of Stock For Compensation And Reinvested Dividends | 4,212 | $ 1,313 | 2,899 | ||
Tax withholding related to stock compensation | (1,887) | (1,887) | |||
Dividends on common stock | (90,761) | 0 | 0 | (90,761) | 0 |
Stock compensation expense | 3,903 | 3,903 | |||
Tax Benefit on stock compensation | (544) | 0 | (544) | 0 | 0 |
Distributions to shareholders of noncontrolling interests | 0 | ||||
Ending Balance at Jun. 30, 2014 | 3,130,943 | $ 646,364 | 1,718,017 | 756,442 | 10,120 |
Ending Balance (Shares) at Jun. 30, 2014 | 129,272,835 | ||||
Stockholders' Equity, Other | (2) | (2) | |||
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 | 119,406 | $ 0 | 0 | 114,690 | 4,716 |
Issuance of stock | 256,394 | $ 46,041 | 210,353 | 0 | 0 |
Issuance of stock (shares) | 9,208,267 | ||||
Issuance Of Stock For Compensation And Reinvested Dividends, Shares | 282,897 | ||||
Issuance Of Stock For Compensation And Reinvested Dividends | 5,532 | $ 1,415 | 4,117 | ||
Tax withholding related to stock compensation | (3,234) | (3,234) | |||
Dividends on common stock | (99,169) | 0 | 0 | (99,169) | 0 |
Stock compensation expense | 4,196 | 4,196 | |||
Tax Benefit on stock compensation | 1,178 | 0 | 1,178 | 0 | 0 |
Deconsolidation of variable interest entity | 1,076 | 1,076 | |||
Distributions to shareholders of noncontrolling interests | 1,076 | ||||
Ending Balance at Jun. 30, 2015 | 3,584,464 | $ 705,893 | 1,997,661 | $ 870,820 | 10,090 |
Ending Balance (Shares) at Jun. 30, 2015 | 141,178,618 | ||||
Stockholders' Equity, Other | $ (70) | $ (69) | $ (1) |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes in Equity Parenthetical (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.36 | $ 0.35 | $ 0.72 | $ 0.70 |
Description Of Business
Description Of Business | 6 Months Ended |
Jun. 30, 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 700,000 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 Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 (AROs) 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 and six months ended June 30, 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 June 30, 2015 December 31, 2014 (In Thousands) Fuel inventory $ 94,450 $ 70,416 Supplies 184,576 176,990 Fuel inventory and supplies $ 279,026 $ 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars In Thousands) Borrowed funds $ 552 $ 3,213 $ 2,581 $ 6,944 Equity funds 90 4,712 2,041 9,718 Total $ 642 $ 7,925 $ 4,622 $ 16,662 Average AFUDC Rates 1.2 % 6.8 % 3.2 % 7.0 % 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 issuable 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars In Thousands, Except Per Share Amounts) Net income $ 66,243 $ 55,822 $ 119,406 $ 126,792 Less: Net income attributable to noncontrolling interests 2,533 2,349 4,716 4,365 Net income attributable to Westar Energy, Inc. 63,710 53,473 114,690 122,427 Less: Net income allocated to RSUs 141 148 257 336 Net income allocated to common stock $ 63,569 $ 53,325 $ 114,433 $ 122,091 Weighted average equivalent common shares outstanding – basic 135,939,197 129,363,382 134,177,136 129,184,767 Effect of dilutive securities: RSUs 121,234 164,641 127,999 122,221 Forward sale agreements 1,351,721 2,445,116 2,024,468 2,471,596 Weighted average equivalent common shares outstanding – diluted (a) 137,412,152 131,973,139 136,329,603 131,778,584 Earnings per common share, basic $ 0.47 $ 0.41 $ 0.85 $ 0.95 Earnings per common share, diluted $ 0.46 $ 0.40 $ 0.84 $ 0.93 _______________ (a) We had no antidilutive securities for the three and six months ended June 30, 2015 and 2014 . Supplemental Cash Flow Information Six Months Ended June 30, 2015 2014 (In Thousands) CASH PAID FOR: Interest on financing activities, net of amount capitalized $ 82,297 $ 80,373 Interest on financing activities of VIEs 5,651 6,526 Income taxes, net of refunds 126 236 NON-CASH INVESTING TRANSACTIONS: Property, plant and equipment additions 66,861 90,395 NON-CASH FINANCING TRANSACTIONS: Issuance of stock for compensation and reinvested dividends 5,532 4,212 Assets acquired through capital leases 1,102 1,195 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. Revenue Recognition In May 2014, the FASB issued guidance that addresses revenue from contracts with customers. The objective of the new guidance is to establish principles to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue from contracts with customers. This guidance was effective for fiscal years beginning after December 15, 2016. However, in July 2015, the FASB approved to defer the effective date by one year. Early application of the standard is permitted for fiscal years beginning after December 15, 2016. The standard permits the use of either the retrospective application or cumulative effect transition method. We have not yet selected a transition method or determined the impact on our consolidated financial statements but we do not expect it to be material. Presentation of Financial Statements In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Regulated Operations [Abstract] | |
Rate Matters And Regulation | RATE MATTERS AND REGULATION KCC Proceedings In May 2015, the Kansas Corporation Commission (KCC) issued an order allowing us to adjust our prices to include costs associated with investments in environmental projects during 2014. The new prices became effective in June 2015 and are expected to increase our annual retail revenues by approximately $10.8 million . In March 2015, the KCC issued an order allowing us to adjust our prices to include updated transmission costs as reflected in the transmission formula rate (TFR) discussed below. The new prices became 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 increase our prices by $152.0 million to include, among other things, additional investment in La Cygne Generating Station (La Cygne) environmental upgrades, investment to extend the life of Wolf Creek and costs related to programs to improve reliability. We subsequently reduced our request to $130.0 million due primarily to updating the estimated investments for La Cygne and Wolf Creek with actual costs through May 2015. In July 2015, the KCC staff and intervenors in our rate case filed testimony with the KCC stating their proposed adjustments to our electric prices. The KCC staff's proposed adjustments would result in an increase in our prices by approximately $55.0 million . Subsequently, we filed with the KCC additional testimony to rebut the KCC staff's and intervenors' findings, conclusions and proposed adjustments. We cannot predict the outcome of the rate case and expect the KCC to issue an order on our request by late October 2015 with new prices effective November 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 TFR 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 to 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 sought to lower our base return on equity (ROE) used in determining our TFR, which would result in a refund obligation and reduce our future transmission revenues. In June 2015, we filed a settlement agreement with the FERC, which if approved, would result in an ROE of 10.3% , which consists of a 9.8% base ROE plus a 0.5% incentive ROE for participation in an RTO. In July 2015, FERC staff filed initial comments supporting the proposed settlement. As a result, we have recorded a liability of $8.6 million for our estimated refund obligation from the refund effective date of August 20, 2014 through June 30, 2015. 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 As of December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In Thousands) Fixed-rate debt $ 2,980,000 $ 3,207,527 $ 3,105,000 $ 3,488,410 Fixed-rate debt of VIEs 166,278 181,951 194,204 213,579 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 June 30, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Nuclear Decommissioning Trust: Domestic equity funds $ — $ 52,432 $ 5,910 $ 58,342 International equity funds — 35,297 — 35,297 Core bond fund — 19,435 — 19,435 High-yield bond fund — 13,710 — 13,710 Emerging market bond fund — 12,462 — 12,462 Other fixed income fund — 4,906 — 4,906 Combination debt/equity/other funds — 20,002 — 20,002 Alternative investment fund — — 17,425 17,425 Real estate securities fund — — 10,042 10,042 Cash equivalents 313 — — 313 Total Nuclear Decommissioning Trust 313 158,244 33,377 191,934 Trading Securities: Domestic equity funds — 18,207 — 18,207 International equity fund — 4,510 — 4,510 Core bond fund — 12,264 — 12,264 Cash equivalents 168 — — 168 Total Trading Securities 168 34,981 — 35,149 Total Assets Measured at Fair Value $ 481 $ 193,225 $ 33,377 $ 227,083 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 measured at fair value using significant level 3 inputs for the three and six months ended June 30, 2015 . Domestic Equity Funds Alternative Investment Fund Real Estate Securities Fund Net Balance (In Thousands) Balance as of March 31, 2015 $ 6,061 $ 16,784 $ 9,758 $ 32,603 Total realized and unrealized gains (losses) included in: Regulatory liabilities 226 641 284 1,151 Purchases — — 100 100 Sales (377 ) — (100 ) (477 ) Balance as of June 30, 2015 $ 5,910 $ 17,425 $ 10,042 $ 33,377 Balance as of December 31, 2014 $ 6,047 $ 16,970 $ 9,548 $ 32,565 Total realized and unrealized gains (losses) included in: Regulatory liabilities 563 455 494 1,512 Purchases 100 — 197 297 Sales (800 ) — (197 ) (997 ) Balance as of June 30, 2015 $ 5,910 $ 17,425 $ 10,042 $ 33,377 The following table provides reconciliations of assets measured at fair value using significant level 3 inputs for the three and six months ended June 30, 2014 . Domestic Equity Funds Alternative Investment Fund Real Estate Securities Fund Net Balance (In Thousands) Balance as of March 31, 2014 $ 5,984 $ 16,102 $ 8,812 $ 30,898 Total realized and unrealized gains (losses) included in: Regulatory liabilities 447 344 214 1,005 Purchases 46 — 89 135 Sales (189 ) — (89 ) (278 ) Balance as of June 30, 2014 $ 6,288 $ 16,446 $ 9,026 $ 31,760 Balance as of December 31, 2013 $ 5,817 $ 15,675 $ 8,511 $ 30,003 Total realized and unrealized gains (losses) included in: Regulatory liabilities 609 771 515 1,895 Purchases 96 — 166 262 Sales (234 ) — (166 ) (400 ) Balance as of June 30, 2014 $ 6,288 $ 16,446 $ 9,026 $ 31,760 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 and six months ended June 30, 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 Equity Funds Alternative Investment Fund Real Estate Securities Fund Net Balance (In Thousands) Three months ended June 30, 2015 $ (150 ) $ 641 $ 185 $ 676 Three months ended June 30, 2014 259 344 124 727 Six months ended June 30, 2015 (236 ) 455 297 516 Six months ended June 30, 2014 375 772 349 1,496 Some of our investments in the Nuclear Decommissioning Trust (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 June 30, 2015 As of December 31, 2014 As of June 30, 2015 Fair Value Unfunded Commitments Fair Value Unfunded Commitments Redemption Frequency Length of Settlement (In Thousands) Nuclear Decommissioning Trust: Domestic equity funds $ 5,910 $ 2,148 $ 6,047 $ 2,348 (a) (a) Alternative investment fund (b) 17,425 — 16,970 — Quarterly 65 days Real estate securities fund 10,042 — 9,548 — Quarterly 80 days Total Nuclear Decommissioning Trust 33,377 2,148 32,565 2,348 Trading Securities: Domestic equity funds 18,207 — 18,698 — Upon Notice 1 day International equity funds 4,510 — 4,252 — Upon Notice 1 day Core bond fund 12,264 — 12,379 — Upon Notice 1 day Total Trading Securities 34,981 — 35,329 — Total $ 68,358 $ 2,148 $ 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 is expected to be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. (b) 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , and December 31, 2014 , we measured the fair value of trust assets at $35.1 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 June 30, 2015 , we recorded no unrealized gain or loss on assets still held. For the six months ended June 30, 2015 , we recorded unrealized gains of $0.7 million on assets still held. For the three and six months ended June 30, 2014 , we recorded unrealized gains of $1.1 million and $1.6 million on assets still held, respectively. 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 June 30, 2015 , and December 31, 2014 . Using the specific identification method to determine cost, we realized a loss of $0.6 million during the three months ended June 30, 2015 , and a loss of $0.5 million during the six months ended June 30, 2015 , on our available-for-sale securities. We realized no gains on our available-for-sale securities for the three months ended June 30, 2014 , and a gain of $0.1 million for the six months ended June 30, 2014 . 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 June 30, 2015 , and December 31, 2014 . Gross Unrealized Security Type Cost Gain Loss Fair Value Allocation (Dollars In Thousands) As of June 30, 2015 Domestic equity funds $ 42,157 $ 16,301 $ (116 ) $ 58,342 31 % International equity funds 30,819 4,778 (300 ) 35,297 19 % Core bond fund 19,163 272 — 19,435 10 % High-yield bond fund 13,819 — (109 ) 13,710 7 % Emerging market bond fund 14,135 — (1,673 ) 12,462 6 % Other fixed income fund 4,889 17 — 4,906 3 % Combination debt/equity/other funds 16,124 4,424 (546 ) 20,002 10 % Alternative investment fund 15,000 2,425 — 17,425 9 % Real estate securities fund 10,816 — (774 ) 10,042 5 % Cash equivalents 313 — — 313 <1% Total $ 167,235 $ 28,217 $ (3,518 ) $ 191,934 100 % 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 June 30, 2015 , and December 31, 2014 . Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Thousands) As of June 30, 2015 Domestic equity funds $ — $ — $ 354 $ (116 ) $ 354 $ (116 ) International equity funds 7,415 (300 ) — — 7,415 (300 ) High-yield bond fund 13,710 (109 ) — — 13,710 (109 ) Emerging market bond fund — — 12,462 (1,673 ) 12,462 (1,673 ) Combination debt/equity/other funds — — 6,457 (546 ) 6,457 (546 ) Real estate securities fund — — 10,042 (774 ) 10,042 (774 ) Total $ 21,125 $ (409 ) $ 29,315 $ (3,109 ) $ 50,440 $ (3,518 ) 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 | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Debt Financing | DEBT FINANCING In February 2014 , Westar Energy 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. As of June 30, 2015, and December 31, 2014, Westar Energy had no borrowed amounts or letters of credit outstanding under this revolving credit facility. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Taxes | TAXES We recorded income tax expense of $33.8 million with an effective income tax rate of 34% for the three months ended June 30, 2015 , and income tax expense of $26.2 million with an effective income tax rate of 32% for the same period of 2014 . We recorded income tax expense of $61.5 million with an effective income tax rate of 34% for the six months ended June 30, 2015 , and income tax expense of $61.1 million with an effective income tax rate of 33% for the same period of 2014 . As of June 30, 2015 , and December 31, 2014 , our unrecognized income tax benefits totaled $3.3 million and $3.2 million , respectively. We do not expect significant changes in our unrecognized income tax benefits in the next 12 months. As of June 30, 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 June 30, 2015 , or December 31, 2014 . As of June 30, 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 Post-Retirement Ben
Pension and Post-Retirement Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension And Post-Retirement Benefit Plans | PENSION AND POST-RETIREMENT BENEFIT PLANS The following tables summarize 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 June 30, 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 8,053 4,840 95 (185 ) Net periodic cost before regulatory adjustment 14,225 10,317 338 735 Regulatory adjustment (a) 1,534 4,002 1,013 1,124 Net periodic cost $ 15,759 $ 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. Pension Benefits Post-retirement Benefits Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands) Components of Net Periodic Cost (Benefit): Service cost $ 10,696 $ 8,110 $ 722 $ 691 Interest cost 21,507 20,800 2,845 3,175 Expected return on plan assets (20,118 ) (18,219 ) (3,307 ) (3,288 ) Amortization of unrecognized: Prior service costs 260 262 227 1,262 Actuarial loss (gain), net 15,714 9,681 190 (371 ) Net periodic cost before regulatory adjustment 28,059 20,634 677 1,469 Regulatory adjustment (a) 3,332 8,003 2,026 2,247 Net periodic cost $ 31,391 $ 28,637 $ 2,703 $ 3,716 _______________ (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 six months ended June 30, 2015 and 2014 , we contributed $19.4 million and $19.0 million , respectively, to the Westar Energy pension trust. |
Wolf Creek Pension and Post-Ret
Wolf Creek Pension and Post-Retirement Benefit Plans | 6 Months Ended |
Jun. 30, 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 tables summarize 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 June 30, 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. Pension Benefits Post-retirement Benefits Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands) Components of Net Periodic Cost (Benefit): Service cost $ 3,797 $ 2,847 $ 69 $ 87 Interest cost 4,508 4,235 157 232 Expected return on plan assets (4,522 ) (4,042 ) — — Amortization of unrecognized: Prior service costs 28 29 — — Actuarial loss, net 2,965 1,493 1 82 Net periodic cost before regulatory adjustment 6,776 4,562 227 401 Regulatory adjustment (a) (608 ) 1,002 — — Net periodic cost $ 6,168 $ 5,564 $ 227 $ 401 _______________ (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 six months ended June 30, 2015 , we funded $2.5 million of Wolf Creek's pension plan contributions. During the six months ended June 30, 2014 , we did not fund Wolf Creek's pension plan contributions. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 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 (SO 2 ), particulate matter (PM), nitrogen oxides (NOx), carbon monoxide (CO), mercury and acid gases. Emissions from our generating facilities, including PM, SO 2 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 (KDHE) 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 SO 2 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. In July 2015, the U.S. Court of Appeals found the EPA erred in certain SO 2 and ozone season NOx emissions budgets for several states and sent these back to the EPA for reconsideration, but upheld the remainder of the rule. 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, and any possible revisions, of CSAPR. 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 SO 2 , 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 rule 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 revised the NAAQS for both NOx and SO 2 . In March 2015, a federal court approved a consent decree between the EPA and environmental groups. The decree includes specific SO 2 emissions criteria for certain electric generating plants that, if met, requires the EPA to promulgate attainment/nonattainment designations for areas surrounding these plants by July 2016. Tecumseh Energy Center (TEC) meets this criteria. We are working with KDHE to determine the appropriate designation for the areas surrounding the facility. In addition, we continue to communicate with our regulatory agencies regarding these standards and evaluate what impact the revised NAAQS could have on our operations and consolidated financial results. If areas surrounding our facilities are designated as nonattainment and/or we are required to install additional equipment to control emissions at our facilities, it 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 (CO 2 ) and other gases referred to as GHGs, which are believed by many to contribute to climate change. Various regulations under the federal CAA limit CO 2 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 August 2015, the EPA issued a rule establishing new source performance standards that limit CO 2 emissions for new, modified and reconstructed coal and natural gas fueled electric generating units to various levels per Megawatt hour (MWh) depending on various characteristics of the units. In August 2015, the EPA also issued a rule establishing guidelines for states to regulate CO 2 emissions from existing power plants. The standards for existing plants are known as the Clean Power Plan (CPP). Interim emissions performance rates must be achieved beginning in 2022 and final emissions performance rates must be achieved by 2030. Legal challenges to the CPP are expected. We are evaluating the CPP and cannot at this time determine the impact of the CPP 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. Mercury and Air Toxics Standards In 2012, the Mercury and Air Toxics Standards (MATS) rule became effective. Under the MATS rule the EPA regulates the emissions of mercury, non-mercury metals, acid gases and organics. MATS required compliance to begin in April 2015, three years after the effective date. Sources could petition their state air regulatory agency to ask for an additional year to prepare for compliance. We petitioned the KDHE and our petition request was granted. Our current compliance date is April 2016 for all of our MATS affected units. In June 2015, the U.S. Supreme Court reversed and remanded a decision by the U.S. Court of Appeals for the District of Columbia Circuit regarding the need for the EPA to consider costs during the initial phase of MATS development. On remand, the court could instruct the EPA on the cost benefit analysis needed to support the rule, vacate the rule in its entirety or take other action. MATS will remain in effect during the remand proceedings unless a stay is requested and granted. There will not be a material impact on our operations or consolidated financial results if MATS in its current form becomes a final rule. We are unable to predict the impact on our operations or consolidated financial results if MATS is vacated and the EPA proposes a replacement rule. 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 June 2015, the EPA along with the U.S. Army Corps of Engineers issued a final rule, effective August 2015, defining the Waters of the United States for purposes of the CWA. This rulemaking has the potential to impact all programs under the CWA. Expansion of regulated waterways is possible under the rule depending on regulating authority interpretation, which could impact several permitting programs. Also in June 2015, a group of states filed a lawsuit challenging the rule. We are currently evaluating this more stringent rule. The resulting impact of the rule 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 full impact and costs associated with future regulations of CCBs, we have recorded an increase of approximately $48.8 million to our ARO and property, plant and equipment to recognize estimated future costs associated with closure and post-closure of disposal sites. We believe further impact on our operations or consolidated financial results could be material. See Note 11, "Asset Retirement Obligations," for additional information. Renewable Energy Standard In May 2015, Kansas repealed a state mandate to maintain a minimum amount of renewable energy sources, effective January 1, 2016. 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 is currently evaluating alternatives for expanding its existing on-site spent nuclear fuel storage to provide additional capacity prior to 2025. We cannot predict when, or if, an off-site storage site or alternative disposal site will be available to receive Wolf Creek's spent nuclear fuel and will continue to monitor this activity. FERC Proceedings See Note 3, "Rate Matters and Regulation - FERC Proceedings," for information regarding a complaint that was filed by the KCC against us with the FERC under Section 206 of the FPA. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS In 2015, we recorded an approximately $48.8 million increase in our ARO in response to the EPA's published rule to regulate CCBs. The increase is to recognize costs associated with closure and post-closure of disposal sites to be compliant. See Note 10, "Commitments and Contingencies - Regulation of Coal Combustion Byproducts," for additional information. The change in the balance of our ARO liability from December 31, 2014, through June 30, 2015, is summarized in the following table. (In Thousands) Balance as of December 31, 2014 $ 230,668 Liabilities incurred 48,767 Liabilities settled (1,139 ) Accretion expense 6,132 Revisions in estimated cash flows (1,234 ) Balance as of June 30, 2015 $ 283,194 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Class of Stock [Line Items] | |
Common Stock | COMMON STOCK During the six months ended June 30, 2015 , Westar Energy issued 9.2 million shares of common stock with a physical settlement amount of $254.6 million to settle all outstanding forward sale transactions. Westar Energy used the proceeds from this transaction to repay short-term borrowings, with such borrowed amounts principally used for investments in capital equipment, as well as for working capital and general corporate purposes. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 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 June 30, 2015 December 31, 2014 (In Thousands) Assets: Property, plant and equipment of variable interest entities, net $ 273,406 $ 278,573 Regulatory assets (a) 8,513 7,882 Liabilities: Current maturities of long-term debt of variable interest entities $ 28,315 $ 27,933 Accrued interest (b) 2,458 2,961 Long-term debt of variable interest entities, net 138,173 166,565 _______________ (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 Accoun22
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
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 (AROs) 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 issuable 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. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Utility Inventory | Following are the balances for fuel inventory and supplies stated separately. As of As of June 30, 2015 December 31, 2014 (In Thousands) Fuel inventory $ 94,450 $ 70,416 Supplies 184,576 176,990 Fuel inventory and supplies $ 279,026 $ 247,406 |
Allowance For Funds Used During Construction | 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars In Thousands) Borrowed funds $ 552 $ 3,213 $ 2,581 $ 6,944 Equity funds 90 4,712 2,041 9,718 Total $ 642 $ 7,925 $ 4,622 $ 16,662 Average AFUDC Rates 1.2 % 6.8 % 3.2 % 7.0 % |
Reconciliation Of Basic And Diluted EPS | The following table reconciles our basic and diluted EPS from net income. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars In Thousands, Except Per Share Amounts) Net income $ 66,243 $ 55,822 $ 119,406 $ 126,792 Less: Net income attributable to noncontrolling interests 2,533 2,349 4,716 4,365 Net income attributable to Westar Energy, Inc. 63,710 53,473 114,690 122,427 Less: Net income allocated to RSUs 141 148 257 336 Net income allocated to common stock $ 63,569 $ 53,325 $ 114,433 $ 122,091 Weighted average equivalent common shares outstanding – basic 135,939,197 129,363,382 134,177,136 129,184,767 Effect of dilutive securities: RSUs 121,234 164,641 127,999 122,221 Forward sale agreements 1,351,721 2,445,116 2,024,468 2,471,596 Weighted average equivalent common shares outstanding – diluted (a) 137,412,152 131,973,139 136,329,603 131,778,584 Earnings per common share, basic $ 0.47 $ 0.41 $ 0.85 $ 0.95 Earnings per common share, diluted $ 0.46 $ 0.40 $ 0.84 $ 0.93 _______________ (a) We had no antidilutive securities for the three and six months ended June 30, 2015 and 2014 . |
Supplemental Cash Flow Information | Six Months Ended June 30, 2015 2014 (In Thousands) CASH PAID FOR: Interest on financing activities, net of amount capitalized $ 82,297 $ 80,373 Interest on financing activities of VIEs 5,651 6,526 Income taxes, net of refunds 126 236 NON-CASH INVESTING TRANSACTIONS: Property, plant and equipment additions 66,861 90,395 NON-CASH FINANCING TRANSACTIONS: Issuance of stock for compensation and reinvested dividends 5,532 4,212 Assets acquired through capital leases 1,102 1,195 |
Financial Instruments and Ris24
Financial Instruments and Risk Management (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 June 30, 2015 As of December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In Thousands) Fixed-rate debt $ 2,980,000 $ 3,207,527 $ 3,105,000 $ 3,488,410 Fixed-rate debt of VIEs 166,278 181,951 194,204 213,579 | |
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 June 30, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Nuclear Decommissioning Trust: Domestic equity funds $ — $ 52,432 $ 5,910 $ 58,342 International equity funds — 35,297 — 35,297 Core bond fund — 19,435 — 19,435 High-yield bond fund — 13,710 — 13,710 Emerging market bond fund — 12,462 — 12,462 Other fixed income fund — 4,906 — 4,906 Combination debt/equity/other funds — 20,002 — 20,002 Alternative investment fund — — 17,425 17,425 Real estate securities fund — — 10,042 10,042 Cash equivalents 313 — — 313 Total Nuclear Decommissioning Trust 313 158,244 33,377 191,934 Trading Securities: Domestic equity funds — 18,207 — 18,207 International equity fund — 4,510 — 4,510 Core bond fund — 12,264 — 12,264 Cash equivalents 168 — — 168 Total Trading Securities 168 34,981 — 35,149 Total Assets Measured at Fair Value $ 481 $ 193,225 $ 33,377 $ 227,083 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 measured at fair value using significant level 3 inputs for the three and six months ended June 30, 2015 . Domestic Equity Funds Alternative Investment Fund Real Estate Securities Fund Net Balance (In Thousands) Balance as of March 31, 2015 $ 6,061 $ 16,784 $ 9,758 $ 32,603 Total realized and unrealized gains (losses) included in: Regulatory liabilities 226 641 284 1,151 Purchases — — 100 100 Sales (377 ) — (100 ) (477 ) Balance as of June 30, 2015 $ 5,910 $ 17,425 $ 10,042 $ 33,377 Balance as of December 31, 2014 $ 6,047 $ 16,970 $ 9,548 $ 32,565 Total realized and unrealized gains (losses) included in: Regulatory liabilities 563 455 494 1,512 Purchases 100 — 197 297 Sales (800 ) — (197 ) (997 ) Balance as of June 30, 2015 $ 5,910 $ 17,425 $ 10,042 $ 33,377 | The following table provides reconciliations of assets measured at fair value using significant level 3 inputs for the three and six months ended June 30, 2014 . Domestic Equity Funds Alternative Investment Fund Real Estate Securities Fund Net Balance (In Thousands) Balance as of March 31, 2014 $ 5,984 $ 16,102 $ 8,812 $ 30,898 Total realized and unrealized gains (losses) included in: Regulatory liabilities 447 344 214 1,005 Purchases 46 — 89 135 Sales (189 ) — (89 ) (278 ) Balance as of June 30, 2014 $ 6,288 $ 16,446 $ 9,026 $ 31,760 Balance as of December 31, 2013 $ 5,817 $ 15,675 $ 8,511 $ 30,003 Total realized and unrealized gains (losses) included in: Regulatory liabilities 609 771 515 1,895 Purchases 96 — 166 262 Sales (234 ) — (166 ) (400 ) Balance as of June 30, 2014 $ 6,288 $ 16,446 $ 9,026 $ 31,760 |
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 and six months ended June 30, 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 Equity Funds Alternative Investment Fund Real Estate Securities Fund Net Balance (In Thousands) Three months ended June 30, 2015 $ (150 ) $ 641 $ 185 $ 676 Three months ended June 30, 2014 259 344 124 727 Six months ended June 30, 2015 (236 ) 455 297 516 Six months ended June 30, 2014 375 772 349 1,496 | |
Investments In Financial Instruments | The following table provides additional information on these investments. As of June 30, 2015 As of December 31, 2014 As of June 30, 2015 Fair Value Unfunded Commitments Fair Value Unfunded Commitments Redemption Frequency Length of Settlement (In Thousands) Nuclear Decommissioning Trust: Domestic equity funds $ 5,910 $ 2,148 $ 6,047 $ 2,348 (a) (a) Alternative investment fund (b) 17,425 — 16,970 — Quarterly 65 days Real estate securities fund 10,042 — 9,548 — Quarterly 80 days Total Nuclear Decommissioning Trust 33,377 2,148 32,565 2,348 Trading Securities: Domestic equity funds 18,207 — 18,698 — Upon Notice 1 day International equity funds 4,510 — 4,252 — Upon Notice 1 day Core bond fund 12,264 — 12,379 — Upon Notice 1 day Total Trading Securities 34,981 — 35,329 — Total $ 68,358 $ 2,148 $ 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 is expected to be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. (b) There is a holdback on final redemptions. |
Financial Investments (Tables)
Financial Investments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , and December 31, 2014 . Gross Unrealized Security Type Cost Gain Loss Fair Value Allocation (Dollars In Thousands) As of June 30, 2015 Domestic equity funds $ 42,157 $ 16,301 $ (116 ) $ 58,342 31 % International equity funds 30,819 4,778 (300 ) 35,297 19 % Core bond fund 19,163 272 — 19,435 10 % High-yield bond fund 13,819 — (109 ) 13,710 7 % Emerging market bond fund 14,135 — (1,673 ) 12,462 6 % Other fixed income fund 4,889 17 — 4,906 3 % Combination debt/equity/other funds 16,124 4,424 (546 ) 20,002 10 % Alternative investment fund 15,000 2,425 — 17,425 9 % Real estate securities fund 10,816 — (774 ) 10,042 5 % Cash equivalents 313 — — 313 <1% Total $ 167,235 $ 28,217 $ (3,518 ) $ 191,934 100 % 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 | June 30, 2015 , and December 31, 2014 . Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In Thousands) As of June 30, 2015 Domestic equity funds $ — $ — $ 354 $ (116 ) $ 354 $ (116 ) International equity funds 7,415 (300 ) — — 7,415 (300 ) High-yield bond fund 13,710 (109 ) — — 13,710 (109 ) Emerging market bond fund — — 12,462 (1,673 ) 12,462 (1,673 ) Combination debt/equity/other funds — — 6,457 (546 ) 6,457 (546 ) Real estate securities fund — — 10,042 (774 ) 10,042 (774 ) Total $ 21,125 $ (409 ) $ 29,315 $ (3,109 ) $ 50,440 $ (3,518 ) 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 Post-Retirement B26
Pension and Post-Retirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Costs [Table Text Block] | The following tables summarize 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 June 30, 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 8,053 4,840 95 (185 ) Net periodic cost before regulatory adjustment 14,225 10,317 338 735 Regulatory adjustment (a) 1,534 4,002 1,013 1,124 Net periodic cost $ 15,759 $ 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. Pension Benefits Post-retirement Benefits Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands) Components of Net Periodic Cost (Benefit): Service cost $ 10,696 $ 8,110 $ 722 $ 691 Interest cost 21,507 20,800 2,845 3,175 Expected return on plan assets (20,118 ) (18,219 ) (3,307 ) (3,288 ) Amortization of unrecognized: Prior service costs 260 262 227 1,262 Actuarial loss (gain), net 15,714 9,681 190 (371 ) Net periodic cost before regulatory adjustment 28,059 20,634 677 1,469 Regulatory adjustment (a) 3,332 8,003 2,026 2,247 Net periodic cost $ 31,391 $ 28,637 $ 2,703 $ 3,716 _______________ (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 Post-R27
Wolf Creek Pension and Post-Retirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Wolf Creek Pension And Post-Retirement Benefit Plans [Line Items] | |
Schedule of Net Periodic Benefit Costs [Table Text Block] | The following tables summarize 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 June 30, 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 8,053 4,840 95 (185 ) Net periodic cost before regulatory adjustment 14,225 10,317 338 735 Regulatory adjustment (a) 1,534 4,002 1,013 1,124 Net periodic cost $ 15,759 $ 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. Pension Benefits Post-retirement Benefits Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands) Components of Net Periodic Cost (Benefit): Service cost $ 10,696 $ 8,110 $ 722 $ 691 Interest cost 21,507 20,800 2,845 3,175 Expected return on plan assets (20,118 ) (18,219 ) (3,307 ) (3,288 ) Amortization of unrecognized: Prior service costs 260 262 227 1,262 Actuarial loss (gain), net 15,714 9,681 190 (371 ) Net periodic cost before regulatory adjustment 28,059 20,634 677 1,469 Regulatory adjustment (a) 3,332 8,003 2,026 2,247 Net periodic cost $ 31,391 $ 28,637 $ 2,703 $ 3,716 _______________ (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 tables summarize 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 June 30, 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. Pension Benefits Post-retirement Benefits Six Months Ended June 30, 2015 2014 2015 2014 (In Thousands) Components of Net Periodic Cost (Benefit): Service cost $ 3,797 $ 2,847 $ 69 $ 87 Interest cost 4,508 4,235 157 232 Expected return on plan assets (4,522 ) (4,042 ) — — Amortization of unrecognized: Prior service costs 28 29 — — Actuarial loss, net 2,965 1,493 1 82 Net periodic cost before regulatory adjustment 6,776 4,562 227 401 Regulatory adjustment (a) (608 ) 1,002 — — Net periodic cost $ 6,168 $ 5,564 $ 227 $ 401 _______________ (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. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Asset Retirement Obligations [Table Text Block] | The change in the balance of our ARO liability from December 31, 2014, through June 30, 2015, is summarized in the following table. (In Thousands) Balance as of December 31, 2014 $ 230,668 Liabilities incurred 48,767 Liabilities settled (1,139 ) Accretion expense 6,132 Revisions in estimated cash flows (1,234 ) Balance as of June 30, 2015 $ 283,194 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 December 31, 2014 (In Thousands) Assets: Property, plant and equipment of variable interest entities, net $ 273,406 $ 278,573 Regulatory assets (a) 8,513 7,882 Liabilities: Current maturities of long-term debt of variable interest entities $ 28,315 $ 27,933 Accrued interest (b) 2,458 2,961 Long-term debt of variable interest entities, net 138,173 166,565 _______________ (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) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of customers in Kansas | 700,000 |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Fuel Inventory And Supplies) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Public Utilities, Inventory [Line Items] | ||
Total | $ 279,026 | $ 247,406 |
Fuel Inventory [Member] | ||
Public Utilities, Inventory [Line Items] | ||
Public Utility Inventory | 94,450 | 70,416 |
Supplies [Member] | ||
Public Utilities, Inventory [Line Items] | ||
Public Utility Inventory | $ 184,576 | $ 176,990 |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Allowance For Funds Used During Construction) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Borrowed funds | $ (552) | $ (3,213) | $ (2,581) | $ (6,944) |
Equity funds | 90 | 4,712 | 2,041 | 9,718 |
Total | $ 642 | $ 7,925 | $ 4,622 | $ 16,662 |
Average AFUDC rates | 1.20% | 6.80% | 3.20% | 7.00% |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Reconciliation Of Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $ 141 | $ 148 | $ 257 | $ 336 |
Net income allocated to common stock | $ 63,569 | $ 53,325 | $ 114,433 | $ 122,091 |
Weighted Average Number of Shares Outstanding , Basic | 135,939,197 | 129,363,382 | 134,177,136 | 129,184,767 |
RSUs | 121,234 | 164,641 | 127,999 | 122,221 |
Forward sale agreements | 1,351,721 | 2,445,116 | 2,024,468 | 2,471,596 |
Weighted average equivalent common shares outstanding - diluted | 137,412,152 | 131,973,139 | 136,329,603 | 131,778,584 |
Earnings Per Share, Basic | $ 0.47 | $ 0.41 | $ 0.85 | $ 0.95 |
Earnings Per Share, Diluted | $ 0.46 | $ 0.40 | $ 0.84 | $ 0.93 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 0 | 0 |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Paid For (Received From) | ||
Interest on financing activities | $ 82,297 | $ 80,373 |
Income taxes, net of refunds | 126 | 236 |
Noncash Investing and Financing Transactions | ||
Property, plant and equipment | 66,861 | 90,395 |
Issuance of common stock for reinvested dividends and compensation plans | 5,532 | 4,212 |
Deconsolidation of VIE | (1,076) | |
Assets acquired through capital leases | 1,102 | 1,195 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash Paid For (Received From) | ||
Interest on financing activities | $ 5,651 | $ 6,526 |
Rate Matters And Regulation (Na
Rate Matters And Regulation (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
FERC 206 [Member] | |
Regulatory Proceedings [Line Items] | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 10 |
Loss Contingency Accrual | 8.6 |
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] | 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 | 4.6 |
Westar Energy [Member] | Kansas Corporation Commission [Member] | General Rate Case [Member] | |
Regulatory Proceedings [Line Items] | |
Public Utilities, Requested Rate Increase (Decrease), Amount | 152 |
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | 130 |
Kansas Corporation Commission Staff [Member] | Kansas Corporation Commission [Member] | General Rate Case [Member] | |
Regulatory Proceedings [Line Items] | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 55 |
Total Return on Equity [Member] | FERC 206 [Member] | |
Regulatory Proceedings [Line Items] | |
Public Utilities, Requested Return on Equity, Percentage | 10.30% |
Base Return on Equity [Member] | FERC 206 [Member] | |
Regulatory Proceedings [Line Items] | |
Public Utilities, Requested Return on Equity, Percentage | 9.80% |
Incentive Return on Equity [Member] | FERC 206 [Member] | |
Regulatory Proceedings [Line Items] | |
Public Utilities, Approved Return on Equity, Percentage | 0.50% |
Financial Instruments and Ris36
Financial Instruments and Risk Management (Carrying Values And Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed Rate Debt Member | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 2,980,000 | $ 3,105,000 |
Fair Value | 3,207,527 | 3,488,410 |
Fixed Rate Debt Of Variable Interest Entities Member | ||
Debt Instrument [Line Items] | ||
Carrying Value | 166,278 | 194,204 |
Fair Value | $ 181,951 | $ 213,579 |
Financial Instruments and Ris37
Financial Instruments and Risk Management (Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | $ 191,934 | $ 185,016 |
Trading securities | 35,149 | 35,497 |
Total assets measured at fair value | 227,083 | 220,513 |
Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 313 | 340 |
Trading securities | 168 | 168 |
Total assets measured at fair value | 481 | 508 |
Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 158,244 | 152,111 |
Trading securities | 34,981 | 35,329 |
Total assets measured at fair value | 193,225 | 187,440 |
Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 33,377 | 32,565 |
Trading securities | 0 | 0 |
Total assets measured at fair value | 33,377 | 32,565 |
Domestic Equity [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 58,342 | 60,972 |
Trading securities | 18,207 | 18,698 |
Domestic Equity [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 [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 52,432 | 54,925 |
Trading securities | 18,207 | 18,698 |
Domestic Equity [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 5,910 | 6,047 |
Trading securities | 0 | 0 |
International Equity [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 35,297 | 30,791 |
Trading securities | 4,510 | 4,252 |
International Equity [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 [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 35,297 | 30,791 |
Trading securities | 4,510 | 4,252 |
International Equity [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 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 19,435 | 19,289 |
Trading securities | 12,264 | 12,379 |
Core Bonds [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 [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 19,435 | 19,289 |
Trading securities | 12,264 | 12,379 |
Core Bonds [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 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 13,710 | 13,198 |
High-Yield Bonds [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
High-Yield Bonds [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 13,710 | 13,198 |
High-Yield Bonds [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Emerging Market Bonds [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 12,462 | 10,988 |
Emerging Market Bonds [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Emerging Market Bonds [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 12,462 | 10,988 |
Emerging Market Bonds [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Other Fixed Income [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 4,906 | 4,779 |
Other Fixed Income [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Other Fixed Income [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 4,906 | 4,779 |
Other Fixed Income [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 | 20,002 | |
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 | 20,002 | |
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 | 17,425 | 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 | 17,425 | 16,970 |
Real Estate Securities [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 10,042 | 9,548 |
Real Estate Securities [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Real Estate Securities [Member] | Level 2 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 0 | 0 |
Real Estate Securities [Member] | Level 3 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 10,042 | 9,548 |
Cash Equivalents [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 313 | 340 |
Trading securities | 168 | 168 |
Cash Equivalents [Member] | Level 1 [Member] | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | ||
Nuclear decommissioning trust assets | 313 | 340 |
Trading securities | 168 | 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 Ris38
Financial Instruments and Risk Management (Reconciliations Of Assets And Liabilities At Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Balance at period start | $ 32,603 | $ 30,898 | $ 32,565 | $ 30,003 |
Regulatory liabilities | 1,151 | 1,005 | 1,512 | 1,895 |
Purchases | 100 | 135 | 297 | 262 |
Sales | (477) | (278) | (997) | (400) |
Balance at period end | 33,377 | 31,760 | 33,377 | 31,760 |
Domestic Equity [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Balance at period start | 6,061 | 5,984 | 6,047 | 5,817 |
Regulatory liabilities | 226 | 447 | 563 | 609 |
Purchases | 0 | 46 | 100 | 96 |
Sales | (377) | (189) | (800) | (234) |
Balance at period end | 5,910 | 6,288 | 5,910 | 6,288 |
Alternative Funds [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Balance at period start | 16,784 | 16,102 | 16,970 | 15,675 |
Regulatory liabilities | 641 | 344 | 455 | 771 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Balance at period end | 17,425 | 16,446 | 17,425 | 16,446 |
Real Estate Securities [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Balance at period start | 9,758 | 8,812 | 9,548 | 8,511 |
Regulatory liabilities | 284 | 214 | 494 | 515 |
Purchases | 100 | 89 | 197 | 166 |
Sales | (100) | (89) | (197) | (166) |
Balance at period end | $ 10,042 | $ 9,026 | $ 10,042 | $ 9,026 |
Financial Instruments and Ris39
Financial Instruments and Risk Management (Unrealized Gains And Losses On Financial Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Unrealized gain (loss) included in regulatory liabilities | $ 676 | $ 727 | $ 516 | $ 1,496 |
Domestic Equity [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Unrealized gain (loss) included in regulatory liabilities | (150) | (259) | (236) | 375 |
Alternative Funds [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Unrealized gain (loss) included in regulatory liabilities | 641 | (344) | 455 | 772 |
Real Estate Securities [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Unrealized gain (loss) included in regulatory liabilities | $ 185 | $ (124) | $ 297 | $ 349 |
Financial Instruments and Ris40
Financial Instruments and Risk Management (Investments In Financial Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | $ 191,934 | $ 185,016 | |
Trading securities | 35,149 | 35,497 | |
Total | 227,083 | 220,513 | |
Asset Retirement Obligation, Revision of Estimate | (1,234) | ||
Domestic Equity [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 58,342 | 60,972 | |
Trading securities | 18,207 | 18,698 | |
Alternative Funds [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 17,425 | 16,970 | |
Real Estate Securities [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 10,042 | 9,548 | |
International Equity [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 35,297 | 30,791 | |
Trading securities | 4,510 | 4,252 | |
Core Bonds [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 19,435 | 19,289 | |
Trading securities | 12,264 | 12,379 | |
Fair Value [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 33,377 | 32,565 | |
Trading securities | 34,981 | 35,329 | |
Total | 68,358 | 67,894 | |
Unfunded commitments | 2,148 | 2,348 | |
Fair Value [Member] | Domestic Equity [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | [1] | 5,910 | 6,047 |
Trading securities | 18,207 | 18,698 | |
Fair Value [Member] | Alternative Funds [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 17,425 | 16,970 | |
Fair Value [Member] | Real Estate Securities [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Nuclear decommissioning trust assets | 10,042 | 9,548 | |
Fair Value [Member] | International Equity [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Trading securities | 4,510 | 4,252 | |
Fair Value [Member] | Core Bonds [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Trading securities | 12,264 | 12,379 | |
Decommissioning Trust Assets [Member] | Fair Value [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Unfunded commitments | 2,148 | 2,348 | |
Decommissioning Trust Assets [Member] | Fair Value [Member] | Domestic Equity [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Unfunded commitments | $ 2,148 | 2,348 | |
Investment redemption frequency | 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 is expected to be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. | ||
Decommissioning Trust Assets [Member] | Fair Value [Member] | Alternative Funds [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Unfunded commitments | $ 0 | 0 | |
Investment redemption frequency | Quarterly | ||
Investment redemption length of settlement | [2] | 65 days | |
Decommissioning Trust Assets [Member] | Fair Value [Member] | Real Estate Securities [Member] | |||
Financial and Derivative Instruments and Trading Securities [Line Items] | |||
Unfunded commitments | $ 0 | 0 | |
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 [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 [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 [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 is expected to be 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. | ||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjMwYTIyMzlkMDk4ZTQ3YmViMTBmNGQ2NmYzZjczZjQwfFRleHRTZWxlY3Rpb246M0Y3MUM2NDhENDlGNkNENDNFNTlBQkVBQkY2MUVEMjIM} |
Financial Investments (Narrativ
Financial Investments (Narrative) (Details) - Fair Value Hierarchy [Domain] - Summary of Investments, by Type [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading securities | $ 35,149 | $ 35,149 | $ 35,497 | ||
Unrealized gains losses | 0 | $ 1,100 | 700 | $ 1,600 | |
Realized gains on available-for-sale-securities | 600 | $ 0 | 500 | $ 100 | |
Revolving Credit Facility Lender Two [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Long-term Line of Credit | $ 0 | $ 0 | $ 0 |
Financial Investments (Cost And
Financial Investments (Cost And Fair Value Of Investments) (Details) - Fair Value Hierarchy [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 0 | $ 1,100 | $ 700 | $ 1,600 | |
Trading securities | 35,149 | 35,149 | $ 35,497 | ||
Cost | 167,235 | 167,235 | 164,088 | ||
Available-for-sale Securities, Gross Unrealized Gain | 28,217 | 24,770 | |||
Available-for-sale Securities, Gross Unrealized Loss | (3,518) | (3,842) | |||
Available-for-sale Securities | $ 191,934 | $ 191,934 | $ 185,016 | ||
Allocation | 100.00% | 100.00% | 100.00% | ||
Domestic Equity [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading securities | $ 18,207 | $ 18,207 | $ 18,698 | ||
Cost | 42,157 | 42,157 | 46,126 | ||
Available-for-sale Securities, Gross Unrealized Gain | 16,301 | 14,853 | |||
Available-for-sale Securities, Gross Unrealized Loss | (116) | (7) | |||
Available-for-sale Securities | $ 58,342 | $ 58,342 | $ 60,972 | ||
Allocation | 31.00% | 31.00% | 33.00% | ||
International Equity [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading securities | $ 4,510 | $ 4,510 | $ 4,252 | ||
Cost | 30,819 | 30,819 | 27,521 | ||
Available-for-sale Securities, Gross Unrealized Gain | 4,778 | 3,683 | |||
Available-for-sale Securities, Gross Unrealized Loss | (300) | (413) | |||
Available-for-sale Securities | $ 35,297 | $ 35,297 | $ 30,791 | ||
Allocation | 19.00% | 19.00% | 17.00% | ||
Core Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading securities | $ 12,264 | $ 12,264 | $ 12,379 | ||
Cost | 19,163 | 19,163 | 18,811 | ||
Available-for-sale Securities, Gross Unrealized Gain | 272 | 478 | |||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |||
Available-for-sale Securities | $ 19,435 | $ 19,435 | $ 19,289 | ||
Allocation | 10.00% | 10.00% | 10.00% | ||
High-Yield Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cost | $ 13,819 | $ 13,819 | $ 13,342 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | (109) | (144) | |||
Available-for-sale Securities | $ 13,710 | $ 13,710 | $ 13,198 | ||
Allocation | 7.00% | 7.00% | 7.00% | ||
Emerging Market Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cost | $ 14,135 | $ 14,135 | $ 12,556 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | (1,673) | (1,568) | |||
Available-for-sale Securities | $ 12,462 | $ 12,462 | $ 10,988 | ||
Allocation | 6.00% | 6.00% | 6.00% | ||
Other Fixed Income [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cost | $ 4,889 | $ 4,889 | $ 4,798 | ||
Available-for-sale Securities, Gross Unrealized Gain | 17 | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | 0 | (19) | |||
Available-for-sale Securities | $ 4,906 | $ 4,906 | $ 4,779 | ||
Allocation | 3.00% | 3.00% | 3.00% | ||
Combination Debt Equity And Other Fund [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cost | $ 16,124 | $ 16,124 | |||
Available-for-sale Securities, Gross Unrealized Gain | 4,424 | ||||
Available-for-sale Securities, Gross Unrealized Loss | (546) | ||||
Available-for-sale Securities | $ 20,002 | $ 20,002 | |||
Allocation | 10.00% | 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 | $ 15,000 | ||
Available-for-sale Securities, Gross Unrealized Gain | 2,425 | 1,970 | |||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |||
Available-for-sale Securities | $ 17,425 | $ 17,425 | $ 16,970 | ||
Allocation | 9.00% | 9.00% | 9.00% | ||
Real Estate Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cost | $ 10,816 | $ 10,816 | $ 10,619 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | (774) | (1,071) | |||
Available-for-sale Securities | $ 10,042 | $ 10,042 | $ 9,548 | ||
Allocation | 5.00% | 5.00% | 5.00% | ||
Cash Equivalents [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading securities | $ 168 | $ 168 | $ 168 | ||
Cost | 313 | 313 | 340 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | |||
Available-for-sale Securities, Gross Unrealized Loss | 0 | $ 0 | |||
Available-for-sale Securities | $ 313 | $ 313 | $ 340 |
Financial Investments (Fair Val
Financial Investments (Fair Value And The Gross Unrealized Losses Of the Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 0 | $ 1,100 | $ 700 | $ 1,600 | |
Fair Value, Less than 12 Months | 21,125 | 21,125 | $ 23,882 | ||
Gross Unrealized Losses, Less than 12 Months | (409) | (576) | |||
Fair Value, 12 Months or Greater | 29,315 | 29,315 | 26,691 | ||
Gross Unrealized Losses, 12 Months or Greater | (3,109) | (3,266) | |||
Fair Value, Total | 50,440 | 50,440 | 50,573 | ||
Gross Unrealized Losses, Total | (3,518) | (3,842) | |||
Domestic Equity [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 0 | 0 | 0 | ||
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |||
Fair Value, 12 Months or Greater | 354 | 354 | 263 | ||
Gross Unrealized Losses, 12 Months or Greater | (116) | (7) | |||
Fair Value, Total | 354 | 354 | 263 | ||
Gross Unrealized Losses, Total | (116) | (7) | |||
International Equity [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 7,415 | 7,415 | 5,905 | ||
Gross Unrealized Losses, Less than 12 Months | (300) | (413) | |||
Fair Value, 12 Months or Greater | 0 | 0 | 0 | ||
Gross Unrealized Losses, 12 Months or Greater | 0 | 0 | |||
Fair Value, Total | 7,415 | 7,415 | 5,905 | ||
Gross Unrealized Losses, Total | (300) | (413) | |||
Core Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 13,710 | 13,710 | 13,198 | ||
Gross Unrealized Losses, Less than 12 Months | (109) | (144) | |||
Fair Value, 12 Months or Greater | 0 | 0 | 0 | ||
Gross Unrealized Losses, 12 Months or Greater | 0 | 0 | |||
Fair Value, Total | 13,710 | 13,710 | 13,198 | ||
Gross Unrealized Losses, Total | (109) | (144) | |||
Emerging Market Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 0 | 0 | 0 | ||
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |||
Fair Value, 12 Months or Greater | 12,462 | 12,462 | 10,988 | ||
Gross Unrealized Losses, 12 Months or Greater | (1,673) | (1,568) | |||
Fair Value, Total | 12,462 | 12,462 | 10,988 | ||
Gross Unrealized Losses, Total | (1,673) | (1,568) | |||
Other Fixed Income [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 4,779 | ||||
Gross Unrealized Losses, Less than 12 Months | (19) | ||||
Fair Value, 12 Months or Greater | 0 | ||||
Gross Unrealized Losses, 12 Months or Greater | 0 | ||||
Fair Value, Total | 4,779 | ||||
Gross Unrealized Losses, Total | (19) | ||||
Combination Debt Equity And Other Fund [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 0 | 0 | 0 | ||
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |||
Fair Value, 12 Months or Greater | 6,457 | 6,457 | 5,892 | ||
Gross Unrealized Losses, 12 Months or Greater | (546) | (620) | |||
Fair Value, Total | 6,457 | 6,457 | 5,892 | ||
Gross Unrealized Losses, Total | (546) | (620) | |||
Real Estate Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value, Less than 12 Months | 0 | 0 | 0 | ||
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |||
Fair Value, 12 Months or Greater | 10,042 | 10,042 | 9,548 | ||
Gross Unrealized Losses, 12 Months or Greater | (774) | (1,071) | |||
Fair Value, Total | $ 10,042 | 10,042 | $ 9,548 | ||
Gross Unrealized Losses, Total | $ (774) | $ (1,071) |
Debt Financing (Narrative) (Det
Debt Financing (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Jan. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Feb. 01, 2015 | Dec. 31, 2014 | Feb. 18, 2011 | |
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ 125,000,000 | $ 177,500,000 | ||||
Revolving Credit Facility Lender One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 0 | |||||
Revolving Credit Facility Lender Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Line of Credit | $ 0 | $ 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 270,000,000 | |||||
Line of Credit Facility, Increase(Decrease) in Maximum Borrowing Capacity | $ 20,000,000 | |||||
Westar Energy [Member] | Debt Instrument Three [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | |||||
Repayments of Long-term Debt | $ 125,000,000 |
Taxes Taxes (Narrative) (Detail
Taxes Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 33,839 | $ 26,150 | $ 61,517 | $ 61,111 | |
Effective income tax rate | 34.00% | 32.00% | 34.00% | 33.00% | |
Liability for unrecognized income tax benefits | $ 3,300 | $ 3,300 | $ 3,200 | ||
Interest on liability related to unrecognized income tax benefits | 0 | 0 | 0 | ||
Penalties accrued for unrecognized income tax benefits | 0 | 0 | 0 | ||
Accrual for taxes other than income taxes | $ 1,500 | $ 1,500 | $ 1,500 |
Pension and Post-Retirement B46
Pension and Post-Retirement Benefit Plans (Net Periodic Costs And Pension Contributions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Components of Net Periodic Cost (Benefit): | ||||||||
Pension Contributions | $ 19,400 | $ 19,000 | ||||||
Pension Benefits [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Service cost | $ 5,348 | $ 4,055 | 10,696 | 8,110 | ||||
Interest cost | 10,753 | 10,400 | 21,507 | 20,800 | ||||
Expected return on plan assets | (10,059) | (9,109) | (20,118) | (18,219) | ||||
Prior service costs | 130 | 131 | 260 | 262 | ||||
Actuarial loss, net | 8,053 | 4,840 | 15,714 | 9,681 | ||||
Net periodic cost before regulatory adjustment | 14,225 | 10,317 | 28,059 | 20,634 | ||||
Regulatory adjustment | 1,534 | [1] | 4,002 | [1] | 3,332 | [2] | 8,003 | [2] |
Net periodic cost | 15,759 | 14,319 | 31,391 | 28,637 | ||||
Post-Retirement Benefits [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Service cost | 361 | 345 | 722 | 691 | ||||
Interest cost | 1,422 | 1,588 | 2,845 | 3,175 | ||||
Expected return on plan assets | (1,654) | (1,644) | (3,307) | (3,288) | ||||
Prior service costs | 114 | 631 | 227 | 1,262 | ||||
Actuarial loss, net | 95 | (185) | 190 | (371) | ||||
Net periodic cost before regulatory adjustment | 338 | 735 | 677 | 1,469 | ||||
Regulatory adjustment | 1,013 | [1] | 1,124 | [1] | 2,026 | [2] | 2,247 | [2] |
Net periodic cost | $ 1,351 | $ 1,859 | $ 2,703 | $ 3,716 | ||||
[1] | 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. | |||||||
[2] | (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 Post-R47
Wolf Creek Pension and Post-Retirement Benefit Plans Wolf Creek Pension and Post-Retirement Benefit Plans (Net Periodic Costs and Pension Contributions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Components of Net Periodic Cost (Benefit): | ||||||||
Pension Contributions | $ 19,400 | $ 19,000 | ||||||
Wolf Creek [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Pension Contributions | $ 2,500 | 0 | ||||||
KGE [Member] | ||||||||
Subsidiary Interest in Defined Benefit Plans | 47.00% | |||||||
Pension Benefits [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Service cost | $ 5,348 | $ 4,055 | $ 10,696 | 8,110 | ||||
Interest cost | 10,753 | 10,400 | 21,507 | 20,800 | ||||
Expected return on plan assets | (10,059) | (9,109) | (20,118) | (18,219) | ||||
Prior service costs | 130 | 131 | 260 | 262 | ||||
Actuarial loss, net | 8,053 | 4,840 | 15,714 | 9,681 | ||||
Net periodic cost before regulatory adjustment | 14,225 | 10,317 | 28,059 | 20,634 | ||||
Regulatory adjustment | 1,534 | [1] | 4,002 | [1] | 3,332 | [2] | 8,003 | [2] |
Net periodic cost | 15,759 | 14,319 | 31,391 | 28,637 | ||||
Pension Benefits [Member] | Wolf Creek [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Service cost | 1,899 | 1,424 | 3,797 | 2,847 | ||||
Interest cost | 2,254 | 2,117 | 4,508 | 4,235 | ||||
Expected return on plan assets | (2,261) | (2,021) | (4,522) | (4,042) | ||||
Prior service costs | 14 | 14 | 28 | 29 | ||||
Actuarial loss, net | 1,482 | 747 | 2,965 | 1,493 | ||||
Net periodic cost before regulatory adjustment | 3,388 | 2,281 | 6,776 | 4,562 | ||||
Regulatory adjustment | (304) | [3] | 501 | [3] | (608) | [4] | 1,002 | [4] |
Net periodic cost | 3,084 | 2,782 | 6,168 | 5,564 | ||||
Post-Retirement Benefits [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Service cost | 361 | 345 | 722 | 691 | ||||
Interest cost | 1,422 | 1,588 | 2,845 | 3,175 | ||||
Expected return on plan assets | (1,654) | (1,644) | (3,307) | (3,288) | ||||
Prior service costs | 114 | 631 | 227 | 1,262 | ||||
Actuarial loss, net | 95 | (185) | 190 | (371) | ||||
Net periodic cost before regulatory adjustment | 338 | 735 | 677 | 1,469 | ||||
Regulatory adjustment | 1,013 | [1] | 1,124 | [1] | 2,026 | [2] | 2,247 | [2] |
Net periodic cost | 1,351 | 1,859 | 2,703 | 3,716 | ||||
Post-Retirement Benefits [Member] | Wolf Creek [Member] | ||||||||
Components of Net Periodic Cost (Benefit): | ||||||||
Service cost | 34 | 43 | 69 | 87 | ||||
Interest cost | 79 | 116 | 157 | 232 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Prior service costs | 0 | 0 | 0 | 0 | ||||
Actuarial loss, net | 1 | 41 | 1 | 82 | ||||
Net periodic cost before regulatory adjustment | 114 | 200 | 227 | 401 | ||||
Regulatory adjustment | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] |
Net periodic cost | $ 114 | $ 200 | $ 227 | $ 401 | ||||
[1] | 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. | |||||||
[2] | (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. | |||||||
[3] | (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. | |||||||
[4] | 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. |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation [Abstract] | ||
Asset Retirement Obligation | $ 283,194 | $ 230,668 |
Asset Retirement Obligation, Liabilities Settled | (1,139) | |
Asset Retirement Obligation, Accretion Expense | 6,132 | |
Asset Retirement Obligation, Liabilities Incurred | 48,767 | |
Asset Retirement Obligation, Cash Paid to Settle | $ (1,234) |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details) - 6 months ended Jun. 30, 2015 - USD ($) shares in Millions, $ in Millions | Total |
Forward Contract Indexed To Issuers Equity, Indexed Shares For Period | 9.2 |
Forward Contract Indexed to Issuer's Equity, Actual Proceeds | $ 254.6 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - 6 months ended Jun. 30, 2015 - USD ($) | Total |
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 | Jan. 1, 2019 |
La Cygne Generating Station [Member] | |
Variable Interest Entity [Line Items] | |
Variable interest entity percentage of asset held | 50.00% |
Agreement expiration date | Sep. 1, 2029 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets And Liabilities In Relation To VIEs) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Property, plant and equipment, net | $ 8,340,478 | $ 8,162,908 | |
Accrued interest | [1] | 48,036 | 79,707 |
Long-term debt, net | 3,091,655 | 3,215,539 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Property, plant and equipment, net | 273,406 | 278,573 | |
Regulatory assets | [2] | 8,513 | 7,882 |
Current maturities of long-term debt | 28,315 | 27,933 | |
Accrued interest | [1] | 2,458 | 2,961 |
Long-term debt, net | $ 138,173 | $ 166,565 | |
[1] | Included in accrued interest on our consolidated balance sheets. | ||
[2] | Included in long-term regulatory assets on our consolidated balance sheets. |