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Investments
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investments

4.

Investments

Investments were as follows as of March 31, 2022 and December 31, 2021:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Carrying

 

Description

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

 

Value

 

 

 

(in thousands)

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear decommissioning trust (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

$

85,137

 

 

$

—

 

 

$

(3,285

)

 

$

81,852

 

 

$

81,852

 

Equity securities

 

 

93,280

 

 

 

84,236

 

 

 

(2,926

)

 

 

174,590

 

 

 

174,590

 

Cash and other

 

 

418

 

 

 

—

 

 

 

—

 

 

 

418

 

 

 

418

 

Total Nuclear Decommissioning Trust

 

$

178,835

 

 

$

84,236

 

 

$

(6,211

)

 

$

256,860

 

 

$

256,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrestricted investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government obligations

 

$

5,568

 

 

$

—

 

 

$

(20

)

 

$

5,548

 

 

$

5,568

 

Total Unrestricted Investments

 

$

5,568

 

 

$

—

 

 

$

(20

)

 

$

5,548

 

 

$

5,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

$

184

 

 

$

48

 

 

$

—

 

 

$

232

 

 

$

232

 

Non-marketable equity investments

 

 

2,149

 

 

 

2,203

 

 

 

—

 

 

 

4,352

 

 

 

2,149

 

Total Other

 

$

2,333

 

 

$

2,251

 

 

$

—

 

 

$

4,584

 

 

$

2,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

264,809

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear decommissioning trust (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

$

84,701

 

 

$

4,052

 

 

$

—

 

 

$

88,753

 

 

$

88,753

 

Equity securities

 

 

92,916

 

 

 

94,923

 

 

 

(408

)

 

 

187,431

 

 

 

187,431

 

Cash and other

 

 

474

 

 

 

—

 

 

 

—

 

 

 

474

 

 

 

474

 

Total Nuclear Decommissioning Trust

 

$

178,091

 

 

$

98,975

 

 

$

(408

)

 

$

276,658

 

 

$

276,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

$

157

 

 

$

55

 

 

$

—

 

 

$

212

 

 

$

212

 

Non-marketable equity investments

 

 

2,149

 

 

 

2,370

 

 

 

—

 

 

 

4,519

 

 

 

2,149

 

Total Other

 

$

2,306

 

 

$

2,425

 

 

$

—

 

 

$

4,731

 

 

$

2,361

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

279,019

 

 

 

(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 2021 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 March 31, 2022, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Less than

1 year

 

 

1-5 years

 

 

5-10 years

 

 

More than

10 years

 

 

Total

 

 

 

(in thousands)

 

Other (1)

 

$

—

 

 

$

—

 

 

$

81,852

 

 

$

—

 

 

$

81,852

 

Held to maturity

 

 

5,568

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,568

 

Total

 

$

5,568

 

 

$

—

 

 

$

81,852

 

 

$

—

 

 

$

87,420

 

 

 

 

(1)

The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.