Operations and Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Significant Accounting Policies

NOTE 1.  OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Inventories. Inventories are stated at the lower of cost or market. Amounts removed from inventory are recorded on an average cost basis.

	June 30,	December 31,
Inventories	2011	2010
Millions
Fuel	$23.5	$22.9
Materials and Supplies	37.8	37.1
Total Inventories	$61.3	$60.0

	June 30,	December 31,
Prepayments and Other Current Assets	2011	2010
Millions
Deferred Fuel Adjustment Clause	$15.0	$20.6
Other	5.6	8.0
Total Prepayments and Other Current Assets	$20.6	$28.6

	June 30,	December 31,
Other Non-Current Liabilities	2011	2010
Millions
Asset Retirement Obligation	$52.0	$50.3
Other	48.9	43.1
Total Other Non-Current Liabilities	$100.9	$93.4

Supplemental Statement of Cash Flows Information.

For the Six Months Ended June 30,	2011	2010
Millions
Cash Paid During the Period for Interest - Net of Amounts Capitalized	$21.9	$16.3
Cash Paid During the Period for Income Taxes	$0.4	$1.5
Noncash Investing and Financing Activities
Increase (Decrease) in Accounts Payable for Capital Additions to Property, Plant and Equipment	$(13.2)	$4.4
AFUDC - Equity	$1.1	$2.1

Subsequent Events. The Company performed an evaluation of subsequent events for potential recognition and disclosure through the time of the financial statements issuance.

New Accounting Standards.

Fair Value. In May 2011, the FASB issued an accounting standards update on fair value measurement. This update requires disclosure of a sensitivity analysis for fair value measurements within Level 3 and the valuation processes used. This guidance is effective for the quarter ended March 31, 2012, and is not expected to have a material impact on our consolidated financial position, results of operations or cash flows.

Statement of Comprehensive Income. In June 2011, the FASB issued an accounting standards update on the presentation of comprehensive income. This guidance will be effective for the quarter ended March 31, 2012 and will modify our presentation of other comprehensive income, moving it from the footnotes to the face of the financial statements in a single, continuous statement of comprehensive income. The components of net income and other comprehensive income are unchanged and EPS continues to be based on net income.