Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | OLD DOMINION ELECTRIC COOPERATIVE |
Entity Central Index Key | 0000885568 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity File Number | 000-50039 |
Entity Tax Identification Number | 23-7048405 |
Entity Address, Address Line One | 4201 Dominion Boulevard |
Entity Address, City or Town | Glen Allen |
Entity Address, State or Province | VA |
Entity Incorporation, State or Country Code | VA |
Entity Address, Postal Zip Code | 23060 |
City Area Code | 804 |
Local Phone Number | (804) 747-0592 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Electric Plant: | ||
Property, plant, and equipment | $ 2,466,172 | $ 2,454,568 |
Less accumulated depreciation | (915,175) | (869,478) |
Net Property, plant, and equipment | 1,550,997 | 1,585,090 |
Nuclear fuel, at amortized cost | 15,360 | 14,694 |
Construction work in progress | 38,882 | 40,112 |
Net Electric Plant | 1,605,239 | 1,639,896 |
Investments: | ||
Nuclear decommissioning trust | 198,075 | 173,951 |
Unrestricted investments and other | 7,570 | 8,066 |
Total Investments | 205,645 | 182,017 |
Current Assets: | ||
Cash and cash equivalents | 22,583 | 8,649 |
Restricted cash and cash equivalents | 24,130 | 14,329 |
Accounts receivable | 11,311 | 9,310 |
Accounts receivable–members | 88,727 | 84,410 |
Fuel, materials, and supplies | 60,828 | 54,494 |
Deferred energy | 8,214 | 26,069 |
Prepayments and other | 3,802 | 4,648 |
Total Current Assets | 219,595 | 201,909 |
Deferred Charges: | ||
Regulatory assets | 46,624 | 38,016 |
Other | 21,416 | 5,063 |
Total Deferred Charges | 68,040 | 43,079 |
Total Assets | 2,098,519 | 2,066,901 |
CAPITALIZATION AND LIABILITIES: | ||
Patronage capital | 438,241 | 428,663 |
Non-controlling interest | 5,830 | 5,776 |
Total Patronage capital and Non-controlling interest | 444,071 | 434,439 |
Long-term debt | 1,158,530 | 1,158,141 |
Total Capitalization | 1,602,601 | 1,592,580 |
Current Liabilities: | ||
Long-term debt due within one year | 40,792 | 40,792 |
Accounts payable | 120,381 | 113,477 |
Accounts payable–members | 47,644 | 57,549 |
Accrued expenses | 23,327 | 5,997 |
Regulatory liability–deferral of gain on sale of asset | 9,431 | 37,723 |
Total Current Liabilities | 241,575 | 255,538 |
Deferred Credits and Other Liabilities: | ||
Asset retirement obligations | 134,642 | 130,488 |
Regulatory liabilities | 105,872 | 87,300 |
Other | 13,829 | 995 |
Total Deferred Credits and Other Liabilities | 254,343 | 218,783 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 2,098,519 | $ 2,066,901 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Revenues, Expenses, And Patronage Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 252,729 | $ 257,586 | $ 708,493 | $ 712,247 |
Type of Revenue [Extensible List] | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember |
Operating Expenses: | ||||
Fuel | $ 51,000 | $ 65,134 | $ 143,921 | $ 147,573 |
Purchased power | 83,851 | 71,059 | 238,828 | 299,645 |
Transmission | 38,107 | 39,916 | 121,476 | 105,145 |
Deferred energy | 15,403 | 17,482 | 17,855 | (18,086) |
Operations and maintenance | 23,721 | 15,236 | 59,638 | 48,236 |
Administrative and general | 11,358 | 11,593 | 38,395 | 34,848 |
Depreciation and amortization | 17,207 | 17,057 | 51,539 | 45,818 |
Amortization of regulatory asset/(liability), net | (9,163) | (2,816) | (26,342) | (7,457) |
Accretion of asset retirement obligations | 1,386 | 1,330 | 4,154 | 3,991 |
Taxes, other than income taxes | 2,350 | 2,597 | 7,185 | 7,315 |
Total Operating Expenses | 235,220 | 238,588 | 656,649 | 667,028 |
Operating Margin | 17,509 | 18,998 | 51,844 | 45,219 |
Other income (expense), net | (41) | (689) | (43) | (2,962) |
Investment income | 1,358 | 1,949 | 5,369 | 6,470 |
Interest income on North Anna Unit 3 cost recovery | 141 | |||
Interest charges, net | (15,648) | (16,862) | (47,519) | (38,874) |
Income taxes | (4) | (19) | (4) | |
Net Margin including Non-controlling interest | 3,174 | 3,396 | 9,632 | 9,990 |
Non-controlling interest | (16) | (54) | (12) | |
Net Margin attributable to ODEC | 3,158 | 3,396 | 9,578 | 9,978 |
Patronage Capital - Beginning of Period | 435,083 | 421,966 | 428,663 | 415,384 |
Patronage Capital - End of Period | $ 438,241 | $ 425,362 | $ 438,241 | $ 425,362 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net Margin including Non-controlling interest | $ 9,632 | $ 9,990 |
Adjustments to reconcile net margin to net cash provided by operating activities: | ||
Depreciation and amortization | 51,539 | 45,818 |
Other non-cash charges | 12,674 | 13,820 |
Amortization of lease obligations | 4,468 | |
Interest on lease deposits | (1,671) | |
Change in current assets | (11,806) | 4,613 |
Change in deferred energy | 17,855 | (18,086) |
Change in current liabilities | 18,063 | 10,638 |
Change in regulatory assets and liabilities | (38,127) | (2,364) |
Change in deferred charges-other and deferred credits and other liabilities-other | (3,225) | (2,285) |
Net Cash Provided by Operating Activities | 56,605 | 64,941 |
Investing Activities: | ||
Purchases of held to maturity securities | (2,875) | (362) |
Proceeds from sale of held to maturity securities | 3,078 | 76,137 |
Purchases of available for sale securities | (53,828) | |
Proceeds from sale of available for sale securities | 53,828 | |
Increase in other investments | (4,069) | (6,116) |
Electric plant additions | (28,747) | (48,431) |
Proceeds from sale of asset | 115,000 | |
Net Cash (Used for)/Provided by Investing Activities | (32,613) | 136,228 |
Financing Activities: | ||
Debt issuance costs | (257) | (255) |
Payment of obligation under long-term lease | (75,951) | |
Draws on revolving credit facility | 167,250 | 372,950 |
Repayments on revolving credit facility | (167,250) | (416,350) |
Net Cash Used for Financing Activities | (257) | (119,606) |
Net Change in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 23,735 | 81,563 |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Beginning of Period | 22,978 | 4,084 |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - End of Period | $ 46,713 | $ 85,647 |
General
General | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our consolidated financial position as of September 30, 2019, our consolidated results of operations for the three and nine months ended September 30, 2019 and 2018, and cash flows for the nine months ended September 30, 2019 and 2018. The consolidated results of operations for the three and nine months ended September 30, 2019, are not necessarily indicative of the results to be expected for the entire year. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission. The accompanying financial statements reflect the consolidated accounts of Old Dominion Electric Cooperative and TEC. We are a not-for-profit wholesale power supply cooperative, incorporated under the laws of the Commonwealth of Virginia in 1948. We have two classes of members. Our eleven Class A members are customer-owned electric distribution cooperatives engaged in the retail sale of power to member customers located in Virginia, Delaware, and Maryland. Our sole Class B member is TEC, a taxable corporation owned by our member distribution cooperatives. Our board of directors is composed of two representatives from each of the member distribution cooperatives and one representative from TEC. In accordance with Consolidation Accounting, TEC is considered a variable interest entity for which we are the primary beneficiary. We have eliminated all intercompany balances and transactions in consolidation. The assets and liabilities and non-controlling interest of TEC are recorded at carrying value and the consolidated assets were $5.8 million as of September 30, 2019 and December 31, 2018. The income taxes reported on our Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital relate to the tax provision for TEC. As TEC is wholly-owned by our Class A members, its equity is presented as a non-controlling interest in our consolidated financial statements. Our rates are set periodically by a formula that was accepted for filing by FERC, but are not regulated by the public service commissions of the states in which our member distribution cooperatives operate. We comply with the Uniform System of Accounts as prescribed by FERC. In conformity with GAAP, the accounting policies and practices applied by us in the determination of rates are also employed for financial reporting purposes. The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Actual results could differ from those estimates. We did not have any other comprehensive income for the periods presented. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 64,128 $ 64,128 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 133,947 — — — Unrestricted investments and other (3) 98 — 98 — Derivatives - gas and power (4) 1,210 — 157 1,053 Total Financial Assets $ 199,383 $ 64,128 $ 255 $ 1,053 Derivatives - gas and power (4) $ 13,510 $ 13,510 $ — $ — Total Financial Liabilities $ 13,510 $ 13,510 $ — $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 59,150 $ 59,150 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 114,801 — — — Unrestricted investments and other (3) 394 — 394 — Derivatives - gas and power (4) 784 — 784 — Total Financial Assets $ 175,129 $ 59,150 $ 1,178 $ — Derivatives - gas and power (4) $ 591 $ 591 $ — $ — Total Financial Liabilities $ 591 $ 591 $ — $ — (1) For additional information about our nuclear decommissioning trust, see Note 4—Investments below. (2) Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Balance Sheet. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts (Level 1 and Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. We recorded the fair value of financial transmission rights (Level 3) in 2019 and as of September 30, 2019, the fair value was $1.1 million. Sensitivity in the market price of financial transmission rights could impact the fair value. The unrealized gain (change in market value) was reported in regulatory assets in our Condensed Consolidated Balance Sheet as of September 30, 2019. |
Derivatives And Hedging
Derivatives And Hedging | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives And Hedging | 3. We are exposed to market price risk by purchasing power to supply the power requirements of our member distribution cooperatives that are not met by our owned generation. In addition, the purchase of fuel to operate our generating facilities also exposes us to market price risk. To manage this exposure, we utilize derivative instruments. See Note 1 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. Changes in the fair value of our derivative instruments accounted for at fair value are recorded as a regulatory asset or regulatory liability. The change in these accounts is included in the operating activities section of our Condensed Consolidated Statements of Cash Flows. Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows: Quantity As of September 30, As of December 31, Commodity Unit of Measure 2019 2018 Natural gas MMBTU 78,230,000 36,790,000 Purchased power - financial transmission rights MWh 7,761,538 — The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Fair Value As of September 30, As of December 31, Balance Sheet Location 2019 2018 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 157 $ 784 Financial transmission rights Deferred charges-other 1,053 — Total derivatives in an asset position $ 1,210 $ 784 Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 13,510 $ 591 Total derivatives in a liability position $ 13,510 $ 591 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Nine Months Ended September 30, 2019 and 2018 Amount of Gain Location of Amount of Gain (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Nine Months Accounted Derivatives as of Asset/Liability Ended Ended Regulatory Accounting September 30, into Income September 30, September 30, 2019 2018 2019 2018 2019 2018 (in thousands) (in thousands) Natural $ (13,603 ) $ 1,032 Fuel $ (5,175 ) $ 980 $ (15,081 ) $ (130 ) Purchased power 1,053 — Purchased power 3,334 — (2,068 ) — Total $ (12,550 ) $ 1,032 $ (1,841 ) $ 980 $ (17,149 ) $ (130 ) Our hedging activities expose us to credit-related risks. We use hedging instruments, including forwards, futures, financial transmission rights, and options, to mitigate our power market price risks. Because we rely substantially on the use of hedging instruments, we are exposed to the risk that counterparties will default in performance of their obligations to us. Although we assess the creditworthiness of counterparties and other credit issues related to these hedging instruments, and we may require our counterparties to post collateral with us, defaults may still occur. Defaults may take the form of failure to physically deliver purchased energy or failure to pay. If a default occurs, we may be forced to enter into alternative contractual arrangements or purchase energy in the forward, short-term, or spot markets at then-current market prices that may exceed the prices previously agreed upon with the defaulting counterparty. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Investments | 4. Investments were as follows as of September 30, 2019 and December 31, 2018: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) September 30, 2019 Nuclear decommissioning trust (1) Debt securities $ 58,898 $ 4,764 $ — $ 63,662 $ 63,662 Equity securities 84,610 52,971 (3,634 ) 133,947 133,947 Cash and other 466 — — 466 466 Total Nuclear Decommissioning Trust $ 143,974 $ 57,735 $ (3,634 ) $ 198,075 $ 198,075 Unrestricted investments Government obligations $ 5,354 $ 6 $ — $ 5,360 $ 5,354 Total Unrestricted Investments $ 5,354 $ 6 $ — $ 5,360 $ 5,354 Other Equity securities $ 89 $ 9 $ — $ 98 $ 98 Non-marketable equity investments 2,118 2,240 — 4,358 2,118 Total Other $ 2,207 $ 2,249 $ — $ 4,456 $ 2,216 $ 205,645 December 31, 2018 Nuclear decommissioning trust (1) Debt securities $ 56,055 $ 2,955 $ — $ 59,010 $ 59,010 Equity securities 83,453 38,611 (7,264 ) 114,800 114,800 Cash and other 141 — — 141 141 Total Nuclear Decommissioning Trust $ 139,649 $ 41,566 $ (7,264 ) $ 173,951 $ 173,951 Unrestricted investments Government obligations $ 4,935 $ — $ (5 ) $ 4,930 $ 4,935 Debt securities 595 — (2 ) 593 595 Total Unrestricted Investments $ 5,530 $ — $ (7 ) $ 5,523 $ 5,530 Other Equity securities $ 347 $ 46 $ — $ 393 $ 393 Non-marketable equity investments 2,143 2,080 — 4,223 2,143 Total Other $ 2,490 $ 2,126 $ — $ 4,616 $ 2,536 $ 182,017 (1) Investments in the nuclear decommissioning trust are restricted for the use of funding our share of the asset retirement obligations of the future decommissioning of North Anna. See Note 3 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively. Contractual maturities of debt securities as of September 30, 2019, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 63,662 $ — $ 63,662 Held to maturity 5,354 — — — 5,354 Total $ 5,354 $ — $ 63,662 $ — $ 69,016 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust. |
Other
Other | 9 Months Ended |
Sep. 30, 2019 | |
Other [Abstract] | |
Other | 5. Wildcat Point Generation Facility We own Wildcat Point, an approximate 1,000 Additionally, in 2017, we filed a complaint in the United States District Court for the Eastern District of Virginia against WOPC, alleging that WOPC breached the EPC contract. Later that year, the United States District Court for the Eastern District of Virginia ordered that the WOPC complaint against Alstom and us, our complaint against WOPC, and a separate complaint filed by WOPC against Mitsubishi, be consolidated into one case. The trial date, originally scheduled for February 3, 2020, has been moved to May 4, 2020. If it is ultimately determined that we owe any such amounts to WOPC, the amounts are not expected to have a material impact on our financial position or results of operations due to our ability to collect such amounts through rates to our member distribution cooperatives. Revolving Credit Facility We maintain a revolving credit facility to cover our short-term and Cash and Cash Equivalents For purposes of our Condensed Consolidated Statements of Cash Flows, we consider all unrestricted highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: As of September 30, 2019 2018 (in thousands) Cash and cash equivalents $ 22,583 $ 71,447 Restricted cash and cash equivalents 24,130 14,200 Total $ 46,713 $ 85,647 Restricted cash and cash equivalents relates to funds held in escrow for payments related to the construction of Wildcat Point. Revenue Recognition Our operating revenues are derived from sales to our members and non-members. We supply power requirements (energy and demand) to our eleven member distribution cooperatives subject to substantially identical wholesale power contracts with each of them. We bill our member distribution cooperatives monthly and each member distribution cooperative is required to pay us monthly for power furnished under its wholesale power contract. We transfer control of the electricity over time and our member distribution cooperatives simultaneously receive and consume the benefits of the electricity. The amount we invoice our member distribution cooperatives on a monthly basis corresponds directly to the value to the member distribution cooperatives of our performance, which is determined by our formula rate included in the wholesale power contract. We also sell excess energy and renewable energy credits to non-members at prevailing market prices as control is transferred. We sell excess purchased and generated energy to PJM, TEC, or third parties. Sales to TEC consist of sales of excess energy that we do not need to meet the actual needs of our member distribution cooperatives. TEC’s sales to third parties are reflected as non-member revenues. For the three and nine months ended September 30, 2019 and 2018, we had no sales to TEC and TEC had no sales to third parties. Our operating revenues for the three and nine months ended September 30, 2019 and 2018, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 237,661 $ 230,408 $ 678,789 $ 657,521 Renewable energy credit sales to member distribution cooperatives 4 2 21 14 Total sales to member distribution cooperatives $ 237,665 $ 230,410 $ 678,810 $ 657,535 Non-members Sales to non-members, excluding renewable energy credit sales $ 11,812 $ 24,791 $ 25,011 $ 51,762 Renewable energy credit sales to non-members 3,252 2,385 4,672 2,950 Total sales to non-members $ 15,064 $ 27,176 $ 29,683 $ 54,712 Total operating revenues $ 252,729 $ 257,586 $ 708,493 $ 712,247 |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | 6. In February 2016, the FASB issued ASU 2016-02 Leases. This update revised accounting guidance for the recognition, measurement, presentation, and disclosure of leasing arrangements. The update requires the recognition of lease assets and liabilities for those leases currently classified as operating leases while also refining the definition of a lease. In addition, lessees are required to disclose key information about the amount, timing, and uncertainty of cash flows arising from leasing arrangements. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements, which provides an adoption method that would allow companies to apply the new guidance to the financial statements in the period of adoption and thereafter, and not apply the new guidance to comparative periods presented. Effective January 1, 2019, we elected the adoption method provided by ASU 2018-11 (Topic 842) and are not adjusting prior year comparative financial statements. We also elected the package of practical expedients under the transition guidance which permits us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under ASU 2018-11 (Topic 842). Additionally, we elected the practical expedient related to land easements, allowing us to not reassess our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. Upon adoption of the new lease standard, we recognized right-of-use assets and offsetting lease liabilities totaling approximately $0.1 million. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses in Financial Instruments, and issued subsequent amendments to the initial guidance in November 2018 with ASU No. 2018-19, in April 2019 with ASU No. 2019-04, and in May 2019 with ASU No. 2019-05. The ASU amends the guidance on the impairment of financial instruments and adds an impairment model, known as the current expected credit loss (“CECL”) model. The CECL model requires an entity to recognize its current estimate of all expected credit losses, rather than incurred losses, and applies to trade receivables and other receivables. The CECL model is designed to capture expected credit losses through the establishment of an allowance account, which will be presented as an offset to the amortized cost basis of the related financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is applied using the modified-retrospective approach. We are currently evaluating the impact of this pronouncement. We plan to adopt this standard for the fiscal year beginning January 1, 2020. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02 Leases. This update revised accounting guidance for the recognition, measurement, presentation, and disclosure of leasing arrangements. The update requires the recognition of lease assets and liabilities for those leases currently classified as operating leases while also refining the definition of a lease. In addition, lessees are required to disclose key information about the amount, timing, and uncertainty of cash flows arising from leasing arrangements. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements, which provides an adoption method that would allow companies to apply the new guidance to the financial statements in the period of adoption and thereafter, and not apply the new guidance to comparative periods presented. Effective January 1, 2019, we elected the adoption method provided by ASU 2018-11 (Topic 842) and are not adjusting prior year comparative financial statements. We also elected the package of practical expedients under the transition guidance which permits us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under ASU 2018-11 (Topic 842). Additionally, we elected the practical expedient related to land easements, allowing us to not reassess our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. Upon adoption of the new lease standard, we recognized right-of-use assets and offsetting lease liabilities totaling approximately $0.1 million In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses in Financial Instruments, and issued subsequent amendments to the initial guidance in November 2018 with ASU No. 2018-19, in April 2019 with ASU No. 2019-04, and in May 2019 with ASU No. 2019-05. The ASU amends the guidance on the impairment of financial instruments and adds an impairment model, known as the current expected credit loss (“CECL”) model. The CECL model requires an entity to recognize its current estimate of all expected credit losses, rather than incurred losses, and applies to trade receivables and other receivables. The CECL model is designed to capture expected credit losses through the establishment of an allowance account, which will be presented as an offset to the amortized cost basis of the related financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is applied using the modified-retrospective approach. We are currently evaluating the impact of this pronouncement. We plan to adopt this standard for the fiscal year beginning January 1, 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 64,128 $ 64,128 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 133,947 — — — Unrestricted investments and other (3) 98 — 98 — Derivatives - gas and power (4) 1,210 — 157 1,053 Total Financial Assets $ 199,383 $ 64,128 $ 255 $ 1,053 Derivatives - gas and power (4) $ 13,510 $ 13,510 $ — $ — Total Financial Liabilities $ 13,510 $ 13,510 $ — $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (in thousands) Nuclear decommissioning trust (1) $ 59,150 $ 59,150 $ — $ — Nuclear decommissioning trust - net asset value (1)(2) 114,801 — — — Unrestricted investments and other (3) 394 — 394 — Derivatives - gas and power (4) 784 — 784 — Total Financial Assets $ 175,129 $ 59,150 $ 1,178 $ — Derivatives - gas and power (4) $ 591 $ 591 $ — $ — Total Financial Liabilities $ 591 $ 591 $ — $ — (1) For additional information about our nuclear decommissioning trust, see Note 4—Investments below. (2) Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Balance Sheet. (3) Unrestricted investments and other includes investments that are related to equity securities. (4) Derivatives - gas and power represent natural gas futures contracts (Level 1 and Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. |
Derivatives And Hedging (Tables
Derivatives And Hedging (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule Of Outstanding Derivative Instruments | Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows: Quantity As of September 30, As of December 31, Commodity Unit of Measure 2019 2018 Natural gas MMBTU 78,230,000 36,790,000 Purchased power - financial transmission rights MWh 7,761,538 — |
Schedule Of Fair Value Of Derivative Instruments | The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows: Fair Value As of September 30, As of December 31, Balance Sheet Location 2019 2018 (in thousands) Derivatives in an asset position: Natural gas futures contracts Deferred charges-other $ 157 $ 784 Financial transmission rights Deferred charges-other 1,053 — Total derivatives in an asset position $ 1,210 $ 784 Derivatives in a liability position: Natural gas futures contracts Deferred credits and other liabilities-other $ 13,510 $ 591 Total derivatives in a liability position $ 13,510 $ 591 |
Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Nine Months Ended September 30, 2019 and 2018 Amount of Gain Location of Amount of Gain (Loss) Reclassified (Loss) Recognized Gain (Loss) from Regulatory Asset/Liability in Regulatory Reclassified into Income for the Derivatives Asset/Liability for from Regulatory Three Months Nine Months Accounted Derivatives as of Asset/Liability Ended Ended Regulatory Accounting September 30, into Income September 30, September 30, 2019 2018 2019 2018 2019 2018 (in thousands) (in thousands) Natural $ (13,603 ) $ 1,032 Fuel $ (5,175 ) $ 980 $ (15,081 ) $ (130 ) Purchased power 1,053 — Purchased power 3,334 — (2,068 ) — Total $ (12,550 ) $ 1,032 $ (1,841 ) $ 980 $ (17,149 ) $ (130 ) |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Schedule Of Investments | Investments were as follows as of September 30, 2019 and December 31, 2018: Gross Gross Unrealized Unrealized Fair Carrying Description Cost Gains Losses Value Value (in thousands) September 30, 2019 Nuclear decommissioning trust (1) Debt securities $ 58,898 $ 4,764 $ — $ 63,662 $ 63,662 Equity securities 84,610 52,971 (3,634 ) 133,947 133,947 Cash and other 466 — — 466 466 Total Nuclear Decommissioning Trust $ 143,974 $ 57,735 $ (3,634 ) $ 198,075 $ 198,075 Unrestricted investments Government obligations $ 5,354 $ 6 $ — $ 5,360 $ 5,354 Total Unrestricted Investments $ 5,354 $ 6 $ — $ 5,360 $ 5,354 Other Equity securities $ 89 $ 9 $ — $ 98 $ 98 Non-marketable equity investments 2,118 2,240 — 4,358 2,118 Total Other $ 2,207 $ 2,249 $ — $ 4,456 $ 2,216 $ 205,645 December 31, 2018 Nuclear decommissioning trust (1) Debt securities $ 56,055 $ 2,955 $ — $ 59,010 $ 59,010 Equity securities 83,453 38,611 (7,264 ) 114,800 114,800 Cash and other 141 — — 141 141 Total Nuclear Decommissioning Trust $ 139,649 $ 41,566 $ (7,264 ) $ 173,951 $ 173,951 Unrestricted investments Government obligations $ 4,935 $ — $ (5 ) $ 4,930 $ 4,935 Debt securities 595 — (2 ) 593 595 Total Unrestricted Investments $ 5,530 $ — $ (7 ) $ 5,523 $ 5,530 Other Equity securities $ 347 $ 46 $ — $ 393 $ 393 Non-marketable equity investments 2,143 2,080 — 4,223 2,143 Total Other $ 2,490 $ 2,126 $ — $ 4,616 $ 2,536 $ 182,017 (1) Investments in the nuclear decommissioning trust are restricted for the use of funding our share of the asset retirement obligations of the future decommissioning of North Anna. See Note 3 of the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively. |
Schedule Of Contractual Maturities Of Debt Securities | Contractual maturities of debt securities as of September 30, 2019, were as follows: Description Less than 1 year 1-5 years 5-10 years More than 10 years Total (in thousands) Other (1) $ — $ — $ 63,662 $ — $ 63,662 Held to maturity 5,354 — — — 5,354 Total $ 5,354 $ — $ 63,662 $ — $ 69,016 (1) The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust. |
Other (Tables)
Other (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other [Abstract] | |
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Reported Within Condensed Consolidated Balance Sheet and Shown in Condensed Consolidated Statement of Cash Flows | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: As of September 30, 2019 2018 (in thousands) Cash and cash equivalents $ 22,583 $ 71,447 Restricted cash and cash equivalents 24,130 14,200 Total $ 46,713 $ 85,647 |
Schedule of Operating Revenue | Our operating revenues for the three and nine months ended September 30, 2019 and 2018, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Member distribution cooperatives Sales to member distribution cooperatives, excluding renewable energy credit sales $ 237,661 $ 230,408 $ 678,789 $ 657,521 Renewable energy credit sales to member distribution cooperatives 4 2 21 14 Total sales to member distribution cooperatives $ 237,665 $ 230,410 $ 678,810 $ 657,535 Non-members Sales to non-members, excluding renewable energy credit sales $ 11,812 $ 24,791 $ 25,011 $ 51,762 Renewable energy credit sales to non-members 3,252 2,385 4,672 2,950 Total sales to non-members $ 15,064 $ 27,176 $ 29,683 $ 54,712 Total operating revenues $ 252,729 $ 257,586 $ 708,493 $ 712,247 |
General - Additional Informatio
General - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($)member_classmemberrepresentative | Dec. 31, 2018USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of classes of members | member_class | 2 | |
Number of Class A members | member | 11 | |
Number of representatives from each Class A member on the board of directors | 2 | |
Number of representatives from each Class B member on the board of directors | 1 | |
Consolidated assets | $ | $ 5.8 | $ 5.8 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | $ 199,383 | $ 175,129 |
Total Financial Liabilities | 13,510 | 591 |
Nuclear Decommissioning Trust [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 64,128 | 59,150 |
Nuclear Decommissioning Trust - Net Asset Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 133,947 | 114,801 |
Unrestricted Investment And Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 98 | 394 |
Derivatives - Gas And Power [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 1,210 | 784 |
Total Financial Liabilities | 13,510 | 591 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 64,128 | 59,150 |
Total Financial Liabilities | 13,510 | 591 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Nuclear Decommissioning Trust [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 64,128 | 59,150 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Nuclear Decommissioning Trust - Net Asset Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Unrestricted Investment And Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Derivatives - Gas And Power [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Liabilities | 13,510 | 591 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 255 | 1,178 |
Significant Other Observable Inputs (Level 2) [Member] | Nuclear Decommissioning Trust [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nuclear Decommissioning Trust - Net Asset Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Unrestricted Investment And Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 98 | 394 |
Significant Other Observable Inputs (Level 2) [Member] | Derivatives - Gas And Power [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 157 | $ 784 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | 1,053 | |
Significant Unobservable Inputs (Level 3) | Derivatives - Gas And Power [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Financial Assets | $ 1,053 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of financial transmission rights (level 3) | $ 1.1 |
Derivatives And Hedging (Schedu
Derivatives And Hedging (Schedule Of Outstanding Derivative Instruments) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019MMBTUMWh | Dec. 31, 2018MMBTU | |
Natural Gas [Member] | ||
Derivative [Line Items] | ||
Quantity | MMBTU | 78,230,000 | 36,790,000 |
Financial Transmission Rights [Member] | ||
Derivative [Line Items] | ||
Quantity | MWh | 7,761,538 |
Derivatives And Hedging (Sche_2
Derivatives And Hedging (Schedule Of Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Total derivatives in an asset position | $ 1,210 | $ 784 |
Total derivatives in a liability position | 13,510 | 591 |
Natural Gas Future Contracts [Member] | Deferred Charges - Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives in an asset position | 157 | 784 |
Natural Gas Future Contracts [Member] | Deferred Credits And Other Liabilities - Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives in a liability position | 13,510 | $ 591 |
Financial Transmission Rights [Member] | Deferred Charges - Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives in an asset position | $ 1,053 |
Derivatives And Hedging (Sche_3
Derivatives And Hedging (Schedule Of Derivative Instruments On The Statement Of Revenues, Expenses, And Patronage Capital) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives | $ (12,550) | $ 1,032 | $ (12,550) | $ 1,032 |
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income | (1,841) | 980 | (17,149) | (130) |
Natural Gas Future Contracts [Member] | Fuel [Member] | Operating Expense Fuel [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives | (13,603) | 1,032 | (13,603) | 1,032 |
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income | (5,175) | $ 980 | (15,081) | $ (130) |
Purchased Power [Member] | Purchased Power [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Regulatory Asset/Liability for Derivatives | 1,053 | 1,053 | ||
Amount Of Gain (Loss) Reclassified from Regulatory Asset/Liability into Income | $ 3,334 | $ (2,068) |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Schedule of Invested Securities [Line Items] | ||
Equity, Cost | $ 2,118 | $ 2,143 |
Equity Method Investment Gross Unrealized Gains | 2,240 | 2,080 |
Equity, Fair Value | 4,358 | 4,223 |
Other, Cost | 2,207 | 2,490 |
Other Gross Unrealized Gains | 2,249 | 2,126 |
Other, Fair Value | 4,456 | 4,616 |
Total Other | 2,216 | 2,536 |
Total Investments | 205,645 | 182,017 |
Total Nuclear Decommissioning Trust | 198,075 | 173,951 |
Held to maturity investments | 5,354 | |
Government Obligations [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Held to maturity investments | 5,354 | 4,935 |
Held to maturity investments, Gross Unrealized Gains | 6 | |
Held to maturity investments, Gross Unrealized Losses | (5) | |
Held to maturity investments, Fair Value | 5,360 | 4,930 |
Unrestricted Investments [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Held to maturity investments | 5,354 | 5,530 |
Held to maturity investments, Gross Unrealized Gains | 6 | |
Held to maturity investments, Gross Unrealized Losses | (7) | |
Held to maturity investments, Fair Value | 5,360 | 5,523 |
Debt Securities [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Held to maturity investments | 595 | |
Held to maturity investments, Gross Unrealized Losses | (2) | |
Held to maturity investments, Fair Value | 593 | |
Nuclear Decommissioning Trust [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Investments, Debt securities, Cost | 58,898 | 56,055 |
Investments, Debt securities, Gross Unrealized Gains | 4,764 | 2,955 |
Investments, Debt securities | 63,662 | 59,010 |
Investments, Equity securities, Cost | 84,610 | 83,453 |
Investments, Equity securities, Gross Unrealized Gains | 52,971 | 38,611 |
Investments, Equity securities, Gross Unrealized Losses | (3,634) | (7,264) |
Investments, Equity securities | 133,947 | 114,800 |
Investments, Cash and other | 466 | 141 |
Investments, Cost | 143,974 | 139,649 |
Investments, Gross Unrealized Gains | 57,735 | 41,566 |
Investments, Gross Unrealized Loss | (3,634) | (7,264) |
Total Nuclear Decommissioning Trust | 198,075 | 173,951 |
Other [Member] | ||
Schedule of Invested Securities [Line Items] | ||
Investments, Equity securities, Cost | 89 | 347 |
Investments, Equity securities, Gross Unrealized Gains | 9 | 46 |
Total Investments | $ 98 | $ 393 |
Investments (Schedule Of Contra
Investments (Schedule Of Contractual Maturities Of Debt Securities) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Investments [Abstract] | |
Other debt securities, 5-10 years | $ 63,662 |
Other debt securities, Total | 63,662 |
Held to maturity securities, Less than 1 year | 5,354 |
Held to maturity securities, 5-10 years | 0 |
Held to maturity investments | 5,354 |
Contractual maturities of securities, Less than 1 year | 5,354 |
Contractual maturities of securities, 5-10 years | 63,662 |
Contractual maturities of securities, Total | $ 69,016 |
Other - Additional Information
Other - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)MW | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
March 4, 2022 through March 1, 2024 [Member] | |||||
Public Utilities General Disclosures [Line Items] | |||||
Sales to TEC | $ 0 | $ 0 | $ 0 | $ 0 | |
Sales to Non member | 0 | $ 0 | 0 | $ 0 | |
Revolving Credit Facility | |||||
Public Utilities General Disclosures [Line Items] | |||||
Line of credit outstanding | 0 | 0 | $ 0 | ||
Revolving Credit Facility | Through March 3, 2022 [Member] | |||||
Public Utilities General Disclosures [Line Items] | |||||
Credit facility, maximum borrowing capacity | 500,000,000 | 500,000,000 | |||
Revolving Credit Facility | March 4, 2022 through March 1, 2024 [Member] | |||||
Public Utilities General Disclosures [Line Items] | |||||
Credit facility, maximum borrowing capacity | 400,000,000 | 400,000,000 | |||
Letter of Credit [Member] | |||||
Public Utilities General Disclosures [Line Items] | |||||
Line of credit outstanding | 500,000 | $ 500,000 | $ 2,500,000 | ||
Wildcat Point [Member] | |||||
Public Utilities General Disclosures [Line Items] | |||||
Power facility output | MW | 1,000 | ||||
Amount of liquidated damages | $ 53,200,000 | $ 53,200,000 |
Other - (Reconciliation of Cash
Other - (Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Reported Within Balance Sheet and Cash Flows) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 22,583 | $ 8,649 | $ 71,447 | |
Restricted cash and cash equivalents | 24,130 | 14,329 | 14,200 | |
Cash, cash equivalents, restricted cash and cash equivalents | $ 46,713 | $ 22,978 | $ 85,647 | $ 4,084 |
Other - (Schedule of Operating
Other - (Schedule of Operating Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other [Abstract] | ||||
Sales to member distribution cooperatives, excluding renewable energy credit sales | $ 237,661 | $ 230,408 | $ 678,789 | $ 657,521 |
Renewable energy credit sales to member distribution cooperatives | 4 | 2 | 21 | 14 |
Total sales to member distribution cooperatives | 237,665 | 230,410 | 678,810 | 657,535 |
Sales to non-members, excluding renewable energy credit sales | 11,812 | 24,791 | 25,011 | 51,762 |
Renewable energy credit sales to non-members | 3,252 | 2,385 | 4,672 | 2,950 |
Total sales to non-members | 15,064 | 27,176 | 29,683 | 54,712 |
Total operating revenues | $ 252,729 | $ 257,586 | $ 708,493 | $ 712,247 |
Type of Revenue [Extensible List] | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember | us-gaap:ElectricityMember |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Right-of-use assets and offsetting lease liabilities | $ 0.1 |