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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

or

 

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission file number 000-50039

 

OLD DOMINION ELECTRIC COOPERATIVE

(Exact name of registrant as specified in its charter)

 

 

 

VIRGINIA

 

23-7048405

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S.  employer

identification no.)

 

4201 Dominion Boulevard, Glen Allen, Virginia

 

23060

(Address of principal executive offices)

 

(Zip code)

 

(804) 747-0592

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definitions of “larger accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Larger accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The Registrant is a membership corporation and has no authorized or outstanding equity securities.

 

 


GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

 

Abbreviation or Acronym

 

Definition

 

 

 

ACES

 

Alliance for Cooperative Energy Services Power Marketing, LLC

 

 

 

Alstom

 

Alstom Power, Inc.

 

 

 

Bear Island

 

Bear Island Paper WB LLC

 

 

 

Clover

 

Clover Power Station

 

 

 

EPC

 

Engineering, procurement, and construction

 

 

 

FERC

 

Federal Energy Regulatory Commission

 

 

 

GAAP

 

Accounting principles generally accepted in the United States

 

 

 

Mitsubishi

 

Mitsubishi Hitachi Power Systems Americas, Inc.

 

 

 

MW

 

Megawatt(s)

 

 

 

MWh

 

Megawatt hour(s)

 

 

 

North Anna

 

North Anna Nuclear Power Station

 

 

 

North Anna Unit 3

 

A potential additional nuclear-powered generating unit at North Anna

 

 

 

ODEC, We, Our, Us

 

Old Dominion Electric Cooperative

 

 

 

PJM

 

PJM Interconnection, LLC

 

 

 

REC

 

Rappahannock Electric Cooperative

 

 

 

RTO

 

Regional transmission organization

 

 

 

TEC

 

TEC Trading, Inc.

 

 

 

Virginia Power

 

Virginia Electric and Power Company

 

 

 

Wildcat Point

 

Wildcat Point Generation Facility

 

 

 

WOPC

 

White Oak Power Constructors

 

 

 

XBRL

 

Extensible Business Reporting Language

 

 

2


OLD DOMINION ELECTRIC COOPERATIVE

INDEX

 

 

 

Page

Number

 

 

 

PART I.  Financial Information

 

 

 

 

 

Item 1.  Financial Statements

 

 

 

 

 

Condensed Consolidated Balance Sheets – March 31, 2018 (unaudited) and December 31, 2017

 

4

 

 

 

Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital (unaudited) – Three Months Ended March 31, 2018 and 2017

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2018 and 2017

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

15

 

 

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

25

 

 

 

Item 4.  Controls and Procedures

 

25

 

 

 

PART II.  Other Information

 

26

 

 

 

Item 1.  Legal Proceedings

 

26

 

 

 

Item 1A.  Risk Factors

 

27

 

 

 

Item 6.  Exhibits

 

28

 

3


OLD DOMINION ELECTRIC COOPERATIVE

PART 1.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

March 31,

2018

 

 

December 31,

2017

 

 

 

(in thousands)

 

 

 

(unaudited)

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

Electric Plant:

 

 

 

 

 

 

 

 

Property, plant, and equipment

 

$

1,755,224

 

 

$

1,754,236

 

Less accumulated depreciation

 

 

(902,394

)

 

 

(891,701

)

Net Property, plant, and equipment

 

 

852,830

 

 

 

862,535

 

Nuclear fuel, at amortized cost

 

 

15,243

 

 

 

18,089

 

Construction work in progress

 

 

850,043

 

 

 

822,667

 

Net Electric Plant

 

 

1,718,116

 

 

 

1,703,291

 

Investments:

 

 

 

 

 

 

 

 

Nuclear decommissioning trust

 

 

181,590

 

 

 

183,681

 

Lease deposits

 

 

96,890

 

 

 

106,812

 

Unrestricted investments and other

 

 

7,312

 

 

 

7,009

 

Total Investments

 

 

285,792

 

 

 

297,502

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

747

 

 

 

4,084

 

Restricted cash and cash equivalents

 

 

10,633

 

 

 

 

Accounts receivable

 

 

11,262

 

 

 

10,379

 

Accounts receivable–members

 

 

48,761

 

 

 

83,133

 

Fuel, materials, and supplies

 

 

47,831

 

 

 

52,766

 

Deferred energy

 

 

55,942

 

 

 

3,669

 

Prepayments and other

 

 

3,690

 

 

 

5,274

 

Total Current Assets

 

 

178,866

 

 

 

159,305

 

Deferred Charges:

 

 

 

 

 

 

 

 

Regulatory assets

 

 

43,221

 

 

 

45,284

 

Other

 

 

3,144

 

 

 

3,780

 

Total Deferred Charges

 

 

46,365

 

 

 

49,064

 

Total Assets

 

$

2,229,139

 

 

$

2,209,162

 

CAPITALIZATION AND LIABILITIES:

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

 

 

Patronage capital

 

$

418,647

 

 

$

415,384

 

Non-controlling interest

 

 

5,747

 

 

 

5,744

 

Total Patronage capital and Non-controlling interest

 

 

424,394

 

 

 

421,128

 

Long-term debt

 

 

1,198,528

 

 

 

1,198,396

 

Revolving credit facility

 

 

67,000

 

 

 

43,400

 

Total long-term debt and revolving credit facility

 

 

1,265,528

 

 

 

1,241,796

 

Total Capitalization

 

 

1,689,922

 

 

 

1,662,924

 

Current Liabilities:

 

 

 

 

 

 

 

 

Long-term debt due within one year

 

 

40,792

 

 

 

40,792

 

Accounts payable

 

 

81,908

 

 

 

92,259

 

Accounts payable–members

 

 

50,049

 

 

 

59,064

 

Accrued expenses

 

 

23,773

 

 

 

6,391

 

Regulatory liability–revenue deferral

 

 

11,250

 

 

 

15,000

 

Obligations under long-term lease

 

 

105,508

 

 

 

103,683

 

Total Current Liabilities

 

 

313,280

 

 

 

317,189

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

 

 

 

Asset retirement obligations

 

 

126,698

 

 

 

126,470

 

Regulatory liabilities

 

 

97,773

 

 

 

101,237

 

Other

 

 

1,466

 

 

 

1,342

 

Total Deferred Credits and Other Liabilities

 

 

225,937

 

 

 

229,049

 

Commitments and Contingencies

 

 

 

 

 

 

Total Capitalization and Liabilities

 

$

2,229,139

 

 

$

2,209,162

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


OLD DOMINION ELECTRIC COOPERATIVE

CONDENSED CONSOLIDATED STATEMENTS OF REVENUES,

EXPENSES, AND PATRONAGE CAPITAL (UNAUDITED)

 

 

 

Three Months Ended

March 31,

 

 

 

2018

 

 

2017

 

 

 

(in thousands)

 

Operating Revenues

 

$

228,009

 

 

$

189,779

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel

 

 

32,916

 

 

 

17,683

 

Purchased power

 

 

167,145

 

 

 

122,116

 

Transmission

 

 

33,146

 

 

 

23,742

 

Deferred energy

 

 

(52,272

)

 

 

(21,538

)

Operations and maintenance

 

 

13,401

 

 

 

12,473

 

Administrative and general

 

 

11,602

 

 

 

11,130

 

Depreciation and amortization

 

 

11,678

 

 

 

11,343

 

Amortization of regulatory asset/liability, net

 

 

(2,803

)

 

 

830

 

Accretion of asset retirement obligations

 

 

1,330

 

 

 

1,255

 

Taxes, other than income taxes

 

 

2,137

 

 

 

2,104

 

Total Operating Expenses

 

 

218,280

 

 

 

181,138

 

Operating Margin

 

 

9,729

 

 

 

8,641

 

Other expense, net

 

 

(1,217

)

 

 

(949

)

Investment income

 

 

1,845

 

 

 

1,521

 

Interest charges, net

 

 

(7,090

)

 

 

(6,244

)

Income taxes

 

 

(1

)

 

 

Net Margin including Non-controlling interest

 

 

3,266

 

 

 

2,969

 

Non-controlling interest

 

 

(3

)

 

 

(1

)

Net Margin attributable to ODEC

 

 

3,263

 

 

 

2,968

 

Patronage Capital - Beginning of Period

 

 

415,384

 

 

 

402,857

 

Patronage Capital - End of Period

 

$

418,647

 

 

$

405,825

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5


OLD DOMINION ELECTRIC COOPERATIVE

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

 

2017

 

 

 

(in thousands)

 

Operating Activities:

 

 

 

 

 

 

 

 

Net Margin including Non-controlling interest

 

$

3,266

 

 

$

2,969

 

Adjustments to reconcile net margin to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

11,678

 

 

 

11,343

 

Other non-cash charges

 

 

4,476

 

 

 

4,769

 

Amortization of lease obligations

 

 

1,825

 

 

 

1,685

 

Interest on lease deposits

 

 

(728

)

 

 

(751

)

Change in current assets

 

 

40,008

 

 

 

17,156

 

Change in deferred energy

 

 

(52,272

)

 

 

(21,538

)

Change in current liabilities

 

 

(505

)

 

 

6,854

 

Change in regulatory assets and liabilities

 

 

(1,370

)

 

 

(418

)

Change in deferred charges-other and deferred credits and other liabilities-other

 

 

(87

)

 

 

(833

)

Net Cash Provided by Operating Activities

 

 

6,291

 

 

 

21,236

 

Investing Activities:

 

 

 

 

 

 

 

 

Purchases of held to maturity securities

 

 

(240

)

 

 

(2,523

)

Proceeds from sale of held to maturity securities

 

 

10,650

 

 

 

2,000

 

Increase in other investments

 

 

(1,755

)

 

 

(1,499

)

Electric plant additions

 

 

(30,995

)

 

 

(51,290

)

Net Cash Used for Investing Activities

 

 

(22,340

)

 

 

(53,312

)

Financing Activities:

 

 

 

 

 

 

 

 

Debt issuance costs

 

 

(255

)

 

 

 

Draws on revolving credit facility

 

 

155,750

 

 

 

183,250

 

Repayments on revolving credit facility

 

 

(132,150

)

 

 

(153,500

)

Net Cash Provided by Financing Activities

 

 

23,345

 

 

 

29,750

 

Net Change in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

 

 

7,296

 

 

 

(2,326

)

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Beginning of Period

 

 

4,084

 

 

 

2,946

 

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - End of Period

 

$

11,380

 

 

$

620

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

6


OLD DOMINION ELECTRIC COOPERATIVE

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

 

1.

General

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 March 31, 2018, our consolidated results of operations for the three months ended March 31, 2018 and 2017, and cash flows for the three months ended March 31, 2018 and 2017.  The consolidated results of operations for the three months ended March 31, 2018, 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 2017 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 $5.7 million as of March 31, 2018 and December 31, 2017.  The income taxes reported on our Condensed Consolidated Statement 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.  See Note 5—Other—FERC Proceeding Related to Formula Rate below.

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 do not have any other comprehensive income for the periods presented.

 

 

 

2.

Fair Value Measurements

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.

7


The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017: 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

March 31,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

2018

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

(in thousands)

 

Nuclear decommissioning trust (1)

$

58,787

 

 

$

58,787

 

 

$

 

 

$

 

Nuclear decommissioning trust - net asset value (1)(2)

 

122,803

 

 

 

 

 

 

 

 

 

 

Unrestricted investments and other (3)

 

324

 

 

 

 

 

 

324

 

 

 

 

Total Financial Assets

$

181,914

 

 

$

58,787

 

 

$

324

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives - gas and power (4)

$

1,142

 

 

$

639

 

 

$

503

 

 

$

 

Total Financial Liabilities

$

1,142

 

 

$

639

 

 

$

503

 

 

$

 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

December 31,

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

2017

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

(in thousands)

 

Nuclear decommissioning trust (1)

$

59,723

 

 

$

59,723

 

 

$

 

 

$

 

Nuclear decommissioning trust - net asset value (1)(2)

 

123,958

 

 

 

 

 

 

 

 

 

 

Unrestricted investments and other (3)

 

308

 

 

 

 

 

 

308

 

 

 

 

Total Financial Assets

$

183,989

 

 

$

59,723

 

 

$

308

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives - gas and power (4)

$

1,034

 

 

$

975

 

 

$

59

 

 

$

 

Total Financial Liabilities

$

1,034

 

 

$

975

 

 

$

59

 

 

$

 

 

 

(1)

For additional information about our nuclear decommissioning trust see Note 4 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 are indexed against NYMEX.  Level 2 are valued by ACES using observable market inputs for similar transactions.  For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2017 Annual Report on Form 10-K.

We did not have any financial assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category.

 

 

 

 

3.

Derivatives and Hedging

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 2017 Annual Report on Form 10-K.

8


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.

Excluding contracts accounted for as normal purchase/normal sale, we had the following outstanding derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantity

 

 

 

 

 

As of

 

 

As of

 

Commodity

 

Unit of Measure

 

March 31, 2018

 

 

December 31, 2017

 

Natural Gas

 

MMBTU

 

 

23,050,000

 

 

 

23,700,000

 

 

 

The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows:

 

 

 

 

 

Fair Value

 

 

 

 

 

As of

March 31,

 

 

As of

December 31,

 

 

 

Balance Sheet Location

 

2018

 

 

2017

 

 

 

 

 

(in thousands)

 

Derivatives in a liability position:

 

 

 

 

 

 

 

 

 

 

Natural gas futures contracts

 

Deferred credits and other liabilities-other

 

$

1,142

 

 

$

1,034

 

Total derivatives in a liability position

 

 

 

$

1,142

 

 

$

1,034

 

 

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three Months Ended March 31, 2018 and 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Gain

 

 

 

Amount of Gain

 

 

Location of

 

(Loss) Reclassified

 

 

 

(Loss) Recognized

 

 

Gain (Loss)

 

from Regulatory

 

 

 

in Regulatory

 

 

Reclassified

 

Asset/Liability

 

Derivatives

 

Asset/Liability for

 

 

from Regulatory

 

into Income for

 

Accounted for Utilizing

 

Derivatives as of

 

 

Asset/Liability

 

the Three Months

 

Regulatory Accounting

 

March 31,

 

 

into Income

 

Ended March 31,

 

 

 

2018

 

 

2017

 

 

 

 

2018

 

 

2017

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

Natural gas futures contracts

 

$

(1,260

)

 

$

4,519

 

 

Fuel

 

$

(804

)

 

$

(131

)

Total

 

$

(1,260

)

 

$

4,519

 

 

 

 

$

(804

)

 

$

(131

)

 

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.

 

 

 

9


4.

Investments

Investments were as follows as of March 31, 2018 and December 31, 2017:

 

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Carrying

 

Description

 

Designation

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

Value

 

 

 

 

 

(in thousands)

 

March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear decommissioning trust (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

Available for sale

 

$

54,743

 

 

$

3,759

 

 

$

 

 

$

58,502

 

 

$

58,502

 

Equity securities

 

Available for sale

 

 

79,193

 

 

 

44,398

 

 

 

(788

)

 

 

122,803

 

 

 

122,803

 

Cash and other

 

Available for sale

 

 

285

 

 

 

 

 

 

 

 

 

285

 

 

 

285

 

Total Nuclear Decommissioning Trust

 

 

 

$

134,221

 

 

$

48,157

 

 

$

(788

)

 

$

181,590

 

 

$

181,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Deposits (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government obligations

 

Held to maturity

 

$

96,890

 

 

$

419

 

 

$

 

 

$

97,309

 

 

$

96,890

 

Total Lease Deposits

 

 

 

$

96,890

 

 

$

419

 

 

$

 

 

$

97,309

 

 

$

96,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrestricted investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government obligations

 

Held to maturity

 

$

2,346

 

 

$

 

 

$

(12

)

 

$

2,334

 

 

$

2,346

 

Debt securities

 

Held to maturity

 

 

2,457

 

 

 

 

 

 

(6

)

 

 

2,451

 

 

 

2,457

 

Total Unrestricted Investments

 

 

 

$

4,803

 

 

$

 

 

$

(18

)

 

$

4,785

 

 

$

4,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

Trading

 

$

241

 

 

$

83

 

 

$

 

 

$

324

 

 

$

324

 

Non-marketable equity investments

 

Equity

 

 

2,185

 

 

 

2,087

 

 

 

 

 

 

4,272

 

 

 

2,185

 

Total Other

 

 

 

$

2,426

 

 

$

2,170

 

 

$

 

 

$

4,596

 

 

$

2,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

285,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear decommissioning trust (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

Available for sale

 

$

54,375

 

 

$

5,029

 

 

$

 

 

$

59,404

 

 

$

59,404

 

Equity securities

 

Available for sale

 

 

77,838

 

 

 

46,474

 

 

 

(354

)

 

 

123,958

 

 

 

123,958