x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | 39-0508315 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer x | Smaller Reporting Company ¨ | |
(Do not check if a smaller reporting company) |
PART I | |
PART II | |
PART III | |
PART IV | |
SIGNATURES |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota |
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
PSCo | Public Service Company of Colorado |
SPS | Southwestern Public Service Company |
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |
CFTC | Commodity Futures Trading Commission |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
DOT | United States Department of Transportation |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
IRS | Internal Revenue Service |
MPSC | Michigan Public Service Commission |
MPUC | Minnesota Public Utilities Commission |
NERC | North American Electric Reliability Corporation |
NRC | Nuclear Regulatory Commission |
PSCW | Public Service Commission of Wisconsin |
SEC | Securities and Exchange Commission |
Electric, Purchased Gas and Resource Adjustment Clauses | |
CIP | Conservation improvement program |
PGA | Purchased gas adjustment |
Other Terms and Abbreviations | |
AFUDC | Allowance for funds used during construction |
ALJ | Administrative law judge |
APBO | Accumulated postretirement benefit obligation |
ARO | Asset retirement obligation |
ASU | FASB Accounting Standards Update |
C&I | Commercial and Industrial |
CAA | Clean Air Act |
CapX2020 | Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort |
CO2 | Carbon dioxide |
CPCN | Certificate of public convenience and necessity |
CPP | Clean Power Plan |
CSAPR | Cross-State Air Pollution Rule |
CWIP | Construction work in progress |
ETR | Effective tax rate |
FASB | Financial Accounting Standards Board |
GAAP | Generally accepted accounting principles |
GHG | Greenhouse gas |
ITC | Investment tax credit |
LNG | Liquefied natural gas |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
Moody’s | Moody’s Investor Services |
NAAQS | National Ambient Air Quality Standard |
Native load | Customer demand of retail and wholesale customers whereby a utility has an obligation to serve under statute or long-term contract |
NOL | Net operating loss |
NOx | Nitrogen oxide |
O&M | Operating and maintenance |
OCI | Other comprehensive income |
PCB | Polychlorinated biphenyl |
PI | Prairie Island nuclear generating plant |
PJM | PJM Interconnection, LLC |
PM | Particulate matter |
PPA | Purchased power agreement |
PRP | Potentially responsible party |
PTC | Production tax credit |
PV | Photovoltaic |
REC | Renewable energy credit |
ROE | Return on equity |
RPS | Renewable portfolio standards |
RTO | Regional Transmission Organization |
SO2 | Sulfur dioxide |
SPP | Southwest Power Pool, Inc. |
Standard & Poor’s | Standard & Poor’s Ratings Services |
Measurements | |
KV | Kilovolts |
KWh | Kilowatt hours |
Mcf | Thousand cubic feet |
MMBtu | Million British thermal units |
MW | Megawatts |
MWh | Megawatt hours |
System Peak Demand (in MW) | |||||||||||
2013 | 2014 | 2015 | 2016 Forecast | ||||||||
NSP System | 9,524 | 8,848 | 8,621 | 9,327 |
• | The addition of 800 MW of wind and 400 MW of utility scale solar to the pre-2020 time-frame; |
• | The addition of 1000 MW of wind and 1000 MW of utility scale solar between 2020-2030; |
• | The retirement of Sherco Unit 2 in 2023 and Sherco Unit 1 in 2026; |
• | The addition of a 230 MW natural gas combustion turbine in North Dakota by 2025; |
• | Replacement of Sherco coal generation with a 786 MW natural gas combined cycle unit at the Sherco site no later than 2026; and |
• | Operation of the Monticello and PI nuclear plants through their current license periods in the early 2030’s. |
Coal (a) | Nuclear | Natural Gas | Weighted Average Owned Fuel Cost | ||||||||||||||||||||||
NSP System Generating Plants | Cost | Percent | Cost | Percent | Cost | Percent | |||||||||||||||||||
2015 | $ | 2.15 | 47 | % | $ | 0.83 | 40 | % | $ | 3.89 | 13 | % | $ | 1.85 | |||||||||||
2014 | 2.23 | 52 | 0.89 | 42 | 6.27 | 6 | 1.94 | ||||||||||||||||||
2013 | 2.20 | 49 | 0.95 | 40 | 5.08 | 11 | 2.03 |
(a) | Includes refuse-derived fuel and wood. |
• | Current nuclear fuel supply contracts cover 100 percent of uranium concentrates requirements through 2018 and approximately 59 percent of the requirements for 2019 through 2030; |
• | Current contracts for conversion services cover 100 percent of the requirements through 2021 and approximately 54 percent of the requirements for 2022 through 2030; and |
• | Current enrichment service contracts cover 100 percent of the requirements through 2026 and approximately 34 percent of the requirements for 2027 through 2030. |
• | Renewable energy comprised 23.3 percent and 24.2 percent of the NSP System’s total energy for 2015 and 2014, respectively; |
• | Wind energy comprised 13.6 percent and 13.7 percent of the total energy for 2015 and 2014, respectively; |
• | Hydroelectric energy comprised 7.3 percent and 7.8 percent of the total energy for 2015 and 2014, respectively; and |
• | Biomass and solar power comprised approximately 2.4 percent and 2.7 percent of the total energy for 2015 and 2014, respectively. |
• | Collectively, the NSP System had approximately 2,210 and 1,860 MWs of wind energy on its system at the end of 2015 and 2014, respectively. In addition to receiving purchased wind energy under these agreements, the NSP System also typically receives wind RECs, which are used to meet state renewable resource requirements. |
• | The average cost per MWh of wind energy under the existing contracts was approximately $42 and $41 for 2015 and 2014, respectively. The cost per MWh of wind energy varies by contract and may be influenced by a number of factors including regulation, state-specific renewable resource requirements, and the year of contract execution. Generally, contracts executed in 2015 continued to benefit from improvements in technology, excess capacity among manufacturers, and motivation to commence new construction prior to the anticipated expiration of the Federal PTCs. In December 2015, the Federal PTCs were extended through 2019 with a phase down beginning in 2017. |
Year Ended Dec. 31 | |||||||||||
2015 | 2014 | 2013 | |||||||||
Electric sales (Millions of KWh) | |||||||||||
Residential | 1,863 | 1,984 | 1,990 | ||||||||
Large commercial and industrial | 1,868 | 1,823 | 1,698 | ||||||||
Small commercial and industrial | 2,877 | 2,902 | 2,837 | ||||||||
Public authorities and other | 39 | 42 | 36 | ||||||||
Total retail | 6,647 | 6,751 | 6,561 | ||||||||
Sales for resale | — | — | 1 | ||||||||
Total energy sold | 6,647 | 6,751 | 6,562 | ||||||||
Number of customers at end of period | |||||||||||
Residential | 215,135 | 214,350 | 213,665 | ||||||||
Large commercial and industrial | 120 | 114 | 107 | ||||||||
Small commercial and industrial | 39,254 | 38,939 | 38,549 | ||||||||
Public authorities and other | 1,175 | 1,144 | 1,149 | ||||||||
Total customers | 255,684 | 254,547 | 253,470 | ||||||||
Electric revenues (Thousands of Dollars) | |||||||||||
Residential | $ | 244,417 | $ | 254,277 | $ | 247,081 | |||||
Large commercial and industrial | 141,007 | 136,435 | 125,151 | ||||||||
Small commercial and industrial | 284,427 | 282,016 | 267,796 | ||||||||
Public authorities and other | 6,576 | 6,636 | 6,184 | ||||||||
Total retail | 676,427 | 679,364 | 646,212 | ||||||||
Interchange revenues from NSP-Minnesota | 163,255 | 145,102 | 136,917 | ||||||||
Other electric revenues | (4,684 | ) | 5,282 | 6,039 | |||||||
Total electric revenues | $ | 834,998 | $ | 829,748 | $ | 789,168 | |||||
KWh sales per retail customer | 25,997 | 26,522 | 25,885 | ||||||||
Revenue per retail customer | $ | 2,646 | $ | 2,669 | $ | 2,549 | |||||
Residential revenue per KWh | 13.12 | ¢ | 12.82 | ¢ | 12.42 | ¢ | |||||
Large commercial and industrial revenue per KWh | 7.55 | 7.48 | 7.37 | ||||||||
Small commercial and industrial revenue per KWh | 9.89 | 9.72 | 9.44 | ||||||||
Total retail revenue per KWh | 10.18 | 10.06 | 9.85 |
Year Ended Dec. 31 | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
NSP System | Millions of KWh | Percent of Generation | Millions of KWh | Percent of Generation | Millions of KWh | Percent of Generation | |||||||||||
Coal | 15,961 | 35 | % | 18,079 | 39 | % | 15,844 | 36 | % | ||||||||
Nuclear | 12,425 | 27 | 13,434 | 29 | 12,161 | 28 | |||||||||||
Natural Gas | 6,689 | 15 | 3,402 | 7 | 5,550 | 13 | |||||||||||
Wind (a) | 6,235 | 14 | 6,243 | 14 | 5,481 | 13 | |||||||||||
Hydroelectric | 3,326 | 7 | 3,560 | 8 | 3,223 | 7 | |||||||||||
Other (b) | 1,083 | 2 | 1,417 | 3 | 1,323 | 3 | |||||||||||
Total | 45,719 | 100 | % | 46,135 | 100 | % | 43,582 | 100 | % | ||||||||
Owned generation | 33,818 | 74 | % | 33,641 | 73 | % | 29,249 | 67 | % | ||||||||
Purchased generation | 11,901 | 26 | 12,494 | 27 | 14,333 | 33 | |||||||||||
Total | 45,719 | 100 | % | 46,135 | 100 | % | 43,582 | 100 | % |
(a) | This category includes wind energy de-bundled from RECs and also includes Windsource RECs. The NSP System uses RECs to meet or exceed state resource requirements and may sell surplus RECs. |
(b) | Includes energy from other sources, including solar, biomass, oil and refuse. Distributed generation from the Solar*Rewards program is not included, and was approximately eight, seven, and eight million net KWh for 2015, 2014, and 2013, respectively. |
2015 | $ | 4.11 | |
2014 | 6.52 | ||
2013 | 4.51 |
Year Ended Dec. 31 | |||||||||||
2015 | 2014 | 2013 | |||||||||
Natural gas deliveries (Thousands of MMBtu) | |||||||||||
Residential | 6,584 | 8,098 | 7,505 | ||||||||
Commercial and industrial | 9,116 | 10,626 | 10,131 | ||||||||
Total retail | 15,700 | 18,724 | 17,636 | ||||||||
Transportation and other | 4,756 | 4,729 | 4,344 | ||||||||
Total deliveries | 20,456 | 23,453 | 21,980 | ||||||||
Number of customers at end of period | |||||||||||
Residential | 99,316 | 98,325 | 96,974 | ||||||||
Commercial and industrial | 12,902 | 12,773 | 12,646 | ||||||||
Total retail | 112,218 | 111,098 | 109,620 | ||||||||
Transportation and other | 25 | 23 | 23 | ||||||||
Total customers | 112,243 | 111,121 | 109,643 | ||||||||
Natural gas revenues (Thousands of Dollars) | |||||||||||
Residential | $ | 61,277 | $ | 82,851 | $ | 67,745 | |||||
Commercial and industrial | 55,677 | 82,181 | 63,896 | ||||||||
Total retail | 116,954 | 165,032 | 131,641 | ||||||||
Transportation and other | 3,193 | 4,597 | 1,226 | ||||||||
Total natural gas revenues | $ | 120,147 | $ | 169,629 | $ | 132,867 | |||||
MMBtu sales per retail customer | 139.91 | 168.54 | 160.88 | ||||||||
Revenue per retail customer | $ | 1,042 | $ | 1,485 | $ | 1,201 | |||||
Residential revenue per MMBtu | 9.31 | 10.23 | 9.03 | ||||||||
Commercial and industrial revenue per MMBtu | 6.11 | 7.73 | 6.31 | ||||||||
Transportation and other revenue per MMBtu | 0.67 | 0.97 | 0.28 |
• | Sites of former MGPs operated by us, our predecessors or other entities; and |
• | Third party sites, such as landfills, for which we are alleged to be a PRP that sent hazardous materials and wastes. |
• | The risks associated with use of radioactive material in the production of energy, the management, handling, storage and disposal and the current lack of a long-term disposal solution for radioactive materials; |
• | Limitations on the amounts and types of insurance available to cover losses that might arise in connection with nuclear operations; and |
• | Uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of their licensed lives. For example, similar to pensions, interest rate and other assumptions regarding decommissioning costs may change based on economic conditions and changes in the expected life of the asset may cause our funding obligations to change. |
Electric Utility Generating Stations: | ||||||||
Station, Location and Unit | Fuel | Installed | Summer 2015 Net Dependable Capability (MW) | |||||
Steam: | ||||||||
Bay Front-Ashland, Wis., 3 Units | Coal/Wood/Natural Gas | 1948-1956 | 56 | |||||
French Island-La Crosse, Wis., 2 Units | Wood/Refuse-derived fuel | 1940-1948 | 16 | (a) | ||||
Combustion Turbine: | ||||||||
Flambeau Station-Park Falls, Wis., 1 Unit | Natural Gas | 1969 | 12 | |||||
French Island-La Crosse, Wis., 2 Units | Natural Gas | 1974 | 122 | |||||
Wheaton-Eau Claire, Wis., 4 Units | Natural Gas | 1973 | 183 | |||||
Hydro: | ||||||||
Various locations, 63 Units | Hydro | Various | 135 | |||||
Total | 524 |
(a) | Refuse-derived fuel is made from municipal solid waste. |
Conductor Miles | ||
345 KV | 1,152 | |
161 KV | 1,577 | |
115 KV | 1,810 | |
Less than 115 KV | 32,355 |
Miles | ||
Distribution | 2,342 |
• | Dividends are subject to the FERC’s jurisdiction under the Federal Power Act, which prohibits the payment of dividends out of capital accounts; payment of dividends is allowed out of retained earnings only. |
• | The most restrictive dividend limitation for NSP-Wisconsin is imposed by its state regulatory commission. NSP-Wisconsin cannot pay annual dividends during 2015 in excess of approximately $33.3 million if its calendar year average equity-to-total capitalization ratio is or falls below the state commission authorized level of 52.5 percent, as calculated consistent with PSCW requirements. NSP-Wisconsin’s calendar year average equity-to-total capitalization ratio calculated on this basis was 52.6 percent at Dec. 31, 2015 and $2.4 million in retained earnings was not restricted. |
(Thousands of Dollars) | 2015 | 2014 | ||||||
First quarter | $ | 13,315 | $ | 8,057 | ||||
Second quarter | 11,993 | 16,243 | ||||||
Third quarter | 13,664 | 11,486 | ||||||
Fourth quarter | 15,321 | 14,957 |
(Millions of Dollars) | 2015 | 2014 | ||||||
Electric revenues | $ | 835 | $ | 830 | ||||
Electric fuel and purchased power | (430 | ) | (445 | ) | ||||
Electric margin | $ | 405 | $ | 385 |
(Millions of Dollars) | 2015 vs. 2014 | |||
Interchange agreement billings with NSP-Minnesota | $ | 12 | ||
Retail rate increase | 4 | |||
Estimated impact of weather | (6 | ) | ||
Retail sales growth, excluding weather impact | (4 | ) | ||
Fuel and purchased power cost recovery | (2 | ) | ||
Other, net | 1 | |||
Total increase in electric revenues | $ | 5 |
(Millions of Dollars) | 2015 vs. 2014 | |||
Interchange agreement billings with NSP-Minnesota | $ | 21 | ||
Fuel recovery | 8 | |||
Retail rate increase | 4 | |||
Estimated impact of weather | (6 | ) | ||
Retail sales growth, excluding weather impact | (4 | ) | ||
Other, net | (3 | ) | ||
Total increase in electric margin | $ | 20 |
(Millions of Dollars) | 2015 | 2014 | ||||||
Natural gas revenues | $ | 120 | $ | 170 | ||||
Cost of natural gas sold and transported | (71 | ) | (114 | ) | ||||
Natural gas margin | $ | 49 | $ | 56 |
(Millions of Dollars) | 2015 vs. 2014 | |||
Purchased natural gas adjustment clause recovery | $ | (44 | ) | |
Estimated impact of weather | (5 | ) | ||
Retail sales decline, excluding weather impact | (1 | ) | ||
Total decrease in natural gas revenues | $ | (50 | ) |
(Millions of Dollars) | 2015 vs. 2014 | |||
Estimated impact of weather | $ | (5 | ) | |
Retail sales decline, excluding weather impact | (1 | ) | ||
Other, net | (1 | ) | ||
Total decrease in natural gas margin | $ | (7 | ) |
(Millions of Dollars) | 2015 vs. 2014 | |||
Interchange agreement billings with NSP-Minnesota | $ | (12 | ) | |
Labor and contract labor | 2 | |||
Other, net | (2 | ) | ||
Total decrease in O&M expenses | $ | (12 | ) |
/s/ BEN FOWKE | /s/ TERESA S. MADDEN | |
Ben Fowke | Teresa S. Madden | |
Chairman and Chief Executive Officer | Executive Vice President, Chief Financial Officer | |
Feb. 22, 2016 | Feb. 22, 2016 |
/s/ DELOITTE & TOUCHE LLP | |
Minneapolis, Minnesota | |
February 22, 2016 |
Year Ended Dec. 31 | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating revenues | |||||||||||
Electric | $ | 834,998 | $ | 829,748 | $ | 789,168 | |||||
Natural gas | 120,147 | 169,629 | 132,867 | ||||||||
Other | 1,396 | 1,085 | 1,003 | ||||||||
Total operating revenues | 956,541 | 1,000,462 | 923,038 | ||||||||
Operating expenses | |||||||||||
Electric fuel and purchased power, non-affiliates | 10,795 | 19,595 | 18,129 | ||||||||
Purchased power, affiliates | 419,028 | 425,471 | 416,173 | ||||||||
Cost of natural gas sold and transported | 70,988 | 114,250 | 81,572 | ||||||||
Operating and maintenance expenses | 179,413 | 191,213 | 175,522 | ||||||||
Conservation program expenses | 11,695 | 11,537 | 12,333 | ||||||||
Depreciation and amortization | 91,245 | 79,654 | 76,897 | ||||||||
Taxes (other than income taxes) | 28,181 | 27,114 | 25,231 | ||||||||
Loss on Monticello life cycle management/extended power uprate project | 5,237 | — | — | ||||||||
Total operating expenses | 816,582 | 868,834 | 805,857 | ||||||||
Operating income | 139,959 | 131,628 | 117,181 | ||||||||
Other income, net | 883 | 270 | 253 | ||||||||
Allowance for funds used during construction — equity | 7,253 | 7,060 | 4,259 | ||||||||
Interest charges and financing costs | |||||||||||
Interest charges — includes other financing costs of $1,738, $1,570, and $1,538, respectively | 32,731 | 29,273 | 27,797 | ||||||||
Allowance for funds used during construction — debt | (3,510 | ) | (3,360 | ) | (1,981 | ) | |||||
Total interest charges and financing costs | 29,221 | 25,913 | 25,816 | ||||||||
Income before income taxes | 118,874 | 113,045 | 95,877 | ||||||||
Income taxes | 44,238 | 42,403 | 36,409 | ||||||||
Net income | $ | 74,636 | $ | 70,642 | $ | 59,468 |
Year Ended Dec. 31 | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 74,636 | $ | 70,642 | $ | 59,468 | |||||
Other comprehensive income | |||||||||||
Derivative instruments: | |||||||||||
Reclassification of losses to net income, net of tax of $51 for the years ended Dec. 31, 2015, 2014, and 2013, respectively. | 76 | 76 | 76 | ||||||||
Other comprehensive income | 76 | 76 | 76 | ||||||||
Comprehensive income | $ | 74,712 | $ | 70,718 | $ | 59,544 |
Year Ended Dec. 31 | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating activities | |||||||||||
Net income | $ | 74,636 | $ | 70,642 | $ | 59,468 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 92,656 | 80,875 | 78,048 | ||||||||
Deferred income taxes | 45,833 | 45,396 | 25,789 | ||||||||
Amortization of investment tax credits | (528 | ) | (527 | ) | (664 | ) | |||||
Allowance for equity funds used during construction | (7,253 | ) | (7,060 | ) | (4,259 | ) | |||||
Loss on Monticello life cycle management/extended power uprate project | 5,237 | — | — | ||||||||
Provision for bad debts | 3,947 | 4,431 | 3,988 | ||||||||
Net derivative losses (gains) | 482 | 10 | (279 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 71 | (5,558 | ) | (12,702 | ) | ||||||
Accrued unbilled revenues | 5,869 | (1,933 | ) | (2,496 | ) | ||||||
Inventories | 3,126 | (3,210 | ) | (1,879 | ) | ||||||
Other current assets | 7,135 | (3,501 | ) | (3,749 | ) | ||||||
Accounts payable | (7,626 | ) | 2,936 | (1,811 | ) | ||||||
Net regulatory assets and liabilities | (27,114 | ) | (34,697 | ) | (2,062 | ) | |||||
Other current liabilities | 5,147 | (911 | ) | 7,589 | |||||||
Pension and other employee benefit obligations | (3,177 | ) | (6,134 | ) | (8,759 | ) | |||||
Change in other noncurrent assets | 209 | (113 | ) | 232 | |||||||
Change in other noncurrent liabilities | 716 | 2,534 | 1,119 | ||||||||
Net cash provided by operating activities | 199,366 | 143,180 | 137,573 | ||||||||
Investing activities | |||||||||||
Utility capital/construction expenditures | (251,797 | ) | (288,209 | ) | (201,278 | ) | |||||
Allowance for equity funds used during construction | 7,253 | 7,060 | 4,259 | ||||||||
Other, net | (224 | ) | (166 | ) | (421 | ) | |||||
Net cash used in investing activities | (244,768 | ) | (281,315 | ) | (197,440 | ) | |||||
Financing activities | |||||||||||
Proceeds from (repayments of) short-term borrowings, net | (68,000 | ) | 10,000 | 29,000 | |||||||
Proceeds from notes payable to affiliates | — | 30 | — | ||||||||
Repayments of notes payable to affiliates | — | — | (80 | ) | |||||||
Proceeds from issuance of long-term debt | 97,969 | 98,534 | — | ||||||||
Repayments of long-term debt | (87 | ) | (107 | ) | (160 | ) | |||||
Capital contributions from parent | 69,243 | 73,432 | 58,977 | ||||||||
Dividends paid to parent | (53,929 | ) | (43,818 | ) | (30,980 | ) | |||||
Net cash provided by financing activities | 45,196 | 138,071 | 56,757 | ||||||||
Net change in cash and cash equivalents | (206 | ) | (64 | ) | (3,110 | ) | |||||
Cash and cash equivalents at beginning of period | 1,285 | 1,349 | 4,459 | ||||||||
Cash and cash equivalents at end of period | $ | 1,079 | $ | 1,285 | $ | 1,349 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (27,491 | ) | $ | (24,442 | ) | $ | (24,376 | ) | ||
Cash received (paid) for income taxes, net | 5,762 | 3,474 | (9,842 | ) | |||||||
Supplemental disclosure of non-cash investing transactions: | |||||||||||
Property, plant and equipment additions in accounts payable | $ | 16,729 | $ | 35,267 | $ | 27,222 |
Dec. 31 | |||||||
2015 | 2014 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,079 | $ | 1,285 | |||
Accounts receivable, net | 56,378 | 60,396 | |||||
Accrued unbilled revenues | 47,698 | 53,567 | |||||
Inventories | 21,559 | 24,685 | |||||
Regulatory assets | 16,146 | 20,036 | |||||
Prepaid taxes | 25,976 | 28,628 | |||||
Deferred income taxes | 3,138 | 8,201 | |||||
Prepayments and other | 2,387 | 6,918 | |||||
Total current assets | 174,361 | 203,716 | |||||
Property, plant and equipment, net | 1,828,079 | 1,674,281 | |||||
Other assets | |||||||
Regulatory assets | 289,196 | 280,693 | |||||
Other investments | 4,042 | 3,818 | |||||
Other | 5,211 | 4,612 | |||||
Total other assets | 298,449 | 289,123 | |||||
Total assets | $ | 2,300,889 | $ | 2,167,120 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 1,131 | $ | 1,235 | |||
Short-term debt | 10,000 | 78,000 | |||||
Notes payable to affiliates | 500 | 500 | |||||
Accounts payable | 34,317 | 61,530 | |||||
Accounts payable to affiliates | 24,538 | 26,524 | |||||
Dividends payable to parent | 15,322 | 14,957 | |||||
Regulatory liabilities | 11,781 | 16,940 | |||||
Environmental liabilities | 17,155 | 29,116 | |||||
Accrued interest | 7,945 | 7,658 | |||||
Other | 15,778 | 12,265 | |||||
Total current liabilities | 138,467 | 248,725 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 393,569 | 348,180 | |||||
Deferred investment tax credits | 8,560 | 9,089 | |||||
Regulatory liabilities | 141,289 | 132,674 | |||||
Environmental liabilities | 77,441 | 78,620 | |||||
Customer advances | 18,480 | 17,623 | |||||
Pension and employee benefit obligations | 49,889 | 51,313 | |||||
Other | 16,347 | 16,151 | |||||
Total deferred credits and other liabilities | 705,575 | 653,650 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 666,462 | 567,056 | |||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Dec. 31, 2015 and 2014, respectively | 93,300 | 93,300 | |||||
Additional paid in capital | 394,553 | 322,276 | |||||
Retained earnings | 302,741 | 282,398 | |||||
Accumulated other comprehensive loss | (209 | ) | (285 | ) | |||
Total common stockholder’s equity | 790,385 | 697,689 | |||||
Total liabilities and equity | $ | 2,300,889 | $ | 2,167,120 |
Common Stock | Accumulated Other Comprehensive Income (Loss) | Total Common Stockholder’s Equity | ||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | Retained Earnings | |||||||||||||||||||
Balance at Dec. 31, 2012 | 933,000 | $ | 93,300 | $ | 189,867 | $ | 234,376 | $ | (437 | ) | $ | 517,106 | ||||||||||
Net income | 59,468 | 59,468 | ||||||||||||||||||||
Other comprehensive income | 76 | 76 | ||||||||||||||||||||
Common dividends declared to parent | (31,345 | ) | (31,345 | ) | ||||||||||||||||||
Contribution of capital by parent | 58,977 | 58,977 | ||||||||||||||||||||
Balance at Dec. 31, 2013 | 933,000 | $ | 93,300 | $ | 248,844 | $ | 262,499 | $ | (361 | ) | $ | 604,282 | ||||||||||
Net income | 70,642 | 70,642 | ||||||||||||||||||||
Other comprehensive income | 76 | 76 | ||||||||||||||||||||
Common dividends declared to parent | (50,743 | ) | (50,743 | ) | ||||||||||||||||||
Contribution of capital by parent | 73,432 | 73,432 | ||||||||||||||||||||
Balance at Dec. 31, 2014 | 933,000 | $ | 93,300 | $ | 322,276 | $ | 282,398 | $ | (285 | ) | $ | 697,689 | ||||||||||
Net income | 74,636 | 74,636 | ||||||||||||||||||||
Other comprehensive income | 76 | 76 | ||||||||||||||||||||
Common dividends declared to parent | (54,293 | ) | (54,293 | ) | ||||||||||||||||||
Contribution of capital by parent | 72,277 | 72,277 | ||||||||||||||||||||
Balance at Dec. 31, 2015 | 933,000 | $ | 93,300 | $ | 394,553 | $ | 302,741 | $ | (209 | ) | $ | 790,385 |
Dec. 31 | |||||||
2015 | 2014 | ||||||
Long-Term Debt | |||||||
First Mortgage Bonds, Series due: | |||||||
Oct. 1, 2018, 5.25% | $ | 150,000 | $ | 150,000 | |||
June 15, 2024, 3.3% | 200,000 | 100,000 | |||||
Sept. 1, 2038, 6.375% | 200,000 | 200,000 | |||||
Oct. 1, 2042, 3.7% | 100,000 | 100,000 | |||||
City of La Crosse Resource Recovery Bond, Series due Nov. 1, 2021, 6% (a) | 18,600 | 18,600 | |||||
Fort McCoy System Acquisition, due Oct. 15, 2030, 7% | 490 | 523 | |||||
Other | 1,634 | 1,687 | |||||
Unamortized discount | (3,131 | ) | (2,519 | ) | |||
Total | 667,593 | 568,291 | |||||
Less current maturities | 1,131 | 1,235 | |||||
Total long-term debt | $ | 666,462 | $ | 567,056 | |||
Common Stockholder’s Equity | |||||||
Common stock — 1,000,000 shares authorized of $100 par value; | |||||||
933,000 shares outstanding at Dec. 31, 2015 and 2014, respectively | $ | 93,300 | $ | 93,300 | |||
Additional paid in capital | 394,553 | 322,276 | |||||
Retained earnings | 302,741 | 282,398 | |||||
Accumulated other comprehensive loss | (209 | ) | (285 | ) | |||
Total common stockholder’s equity | $ | 790,385 | $ | 697,689 |
(a) | Resource recovery financing |
1. | Summary of Significant Accounting Policies |
• | Certain costs, which would otherwise be charged to expense or OCI, are deferred as regulatory assets based on the expected ability to recover the costs in future rates; and |
• | Certain credits, which would otherwise be reflected as income or OCI, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred. |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Accounts receivable, net (a) | ||||||||
Accounts receivable | $ | 61,506 | $ | 66,217 | ||||
Less allowance for bad debts | (5,128 | ) | (5,821 | ) | ||||
$ | 56,378 | $ | 60,396 |
(a) | Accounts receivable, net includes an immaterial amount due from affiliates for 2015 and 2014, respectively. |
(Thousands of Dollars) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 6,785 | $ | 6,494 | ||||
Fuel | 6,528 | 6,654 | ||||||
Natural gas | 8,246 | 11,537 | ||||||
$ | 21,559 | $ | 24,685 |
(Thousands of Dollars) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 2,411,562 | $ | 2,061,669 | ||||
Natural gas plant | 275,376 | 255,465 | ||||||
Common and other property | 132,329 | 125,938 | ||||||
CWIP | 65,755 | 231,413 | ||||||
Total property, plant and equipment | 2,885,022 | 2,674,485 | ||||||
Less accumulated depreciation | (1,056,943 | ) | (1,000,204 | ) | ||||
$ | 1,828,079 | $ | 1,674,281 |
4. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Dec. 31, 2015 | |||
Borrowing limit | $ | 150 | ||
Amount outstanding at period end | 10 | |||
Average amount outstanding | 6 | |||
Maximum amount outstanding | 18 | |||
Weighted average interest rate, computed on a daily basis | 0.44 | % | ||
Weighted average interest rate at period end | 0.70 |
(Amounts in Millions, Except Interest Rates) | Twelve Months Ended Dec. 31, 2015 | Twelve Months Ended Dec. 31, 2014 | Twelve Months Ended Dec. 31, 2013 | |||||||||
Borrowing limit | $ | 150 | $ | 150 | $ | 150 | ||||||
Amount outstanding at period end | 10 | 78 | 68 | |||||||||
Average amount outstanding | 39 | 46 | 20 | |||||||||
Maximum amount outstanding | 122 | 101 | 71 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.44 | % | 0.27 | % | 0.31 | % | ||||||
Weighted average interest rate at period end | 0.70 | 0.55 | 0.27 |
• | The credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65 percent. NSP-Wisconsin was in compliance as its debt-to-total capitalization ratio was 46 percent and 48 percent at Dec. 31, 2015 and 2014, respectively. If NSP-Wisconsin does not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. |
• | The credit facility has a cross-default provision that provides NSP-Wisconsin will be in default on its borrowings under the facility if NSP-Wisconsin or any of its subsidiaries whose total assets exceed 15 percent of NSP-Wisconsin’s consolidated total assets, default on certain indebtedness in an aggregate principal amount exceeding $75 million. |
• | NSP-Wisconsin was in compliance with all financial covenants on its debt agreements as of Dec. 31, 2015 and 2014. |
• | The interest rates under the line of credit are based on Eurodollar borrowing margins ranging from 87.5 to 175 basis points per year based on the applicable long-term credit ratings. |
• | The commitment fees, also based on applicable long-term credit ratings, are calculated on the unused portion of the lines of credit at a range of 7.5 to 27.5 basis points per year. |
Credit Facility (a) | Drawn (b) | Available | ||||||||
$ | 150 | $ | 10 | $ | 140 |
(a) | This credit facility matures in October 2019. |
(b) | Includes outstanding commercial paper. |
(Amounts in Millions, Except Interest Rates) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Notes payable to affiliates | $ | 0.5 | $ | 0.5 | ||||
Weighted average interest rate | 0.87 | % | 0.51 | % |
5. | Joint Ownership of Transmission Facilities |
(Thousands of Dollars) | Plant in Service | Accumulated Depreciation | CWIP | Ownership % | |||||||||||
Electric Transmission: | |||||||||||||||
CapX2020 Transmission | $ | 154,394 | $ | 6,863 | $ | 1,633 | 80 | % | |||||||
La Crosse, Wis. to Madison, Wis. | — | — | 18,894 | 37 | |||||||||||
Total NSP-Wisconsin | $ | 154,394 | $ | 6,863 | $ | 20,527 |
6. | Income Taxes |
• | Immediate expensing, or “bonus depreciation,” of 50 percent for property placed in service in 2015, 2016, and 2017; 40 percent for property placed in service in 2018; and 30 percent for property placed in service in 2019. Additionally, some longer production period property placed in service in 2020 will be eligible for bonus depreciation; |
• | PTCs at 100 percent of the credit rate ($0.023 per KWh) for wind energy projects that begin construction by the end of 2016; 80 percent of the credit rate for projects that begin construction in 2017; 60 percent of the credit rate for projects that begin construction in 2018; and 40 percent of the credit rate for projects that begin construction in 2019. The wind energy PTC was not extended for projects that begin construction after 2019; |
• | ITCs at 30 percent for commercial solar projects that begin construction by the end of 2019; 26 percent for projects that begin construction in 2020; 22 percent for projects that begin construction in 2021; and 10 percent for projects thereafter; |
• | R&E credit was permanently extended; and |
• | Delay of two years (until 2020) of the excise tax on certain employer-provided health insurance plans. |
• | The R&E credit was extended for 2014; |
• | PTCs were extended for projects that began construction before the end of 2014 with certain projects qualifying into future years; and |
• | 50 percent bonus depreciation was extended one year through 2014. Additionally, some longer production period property placed in service in 2015 is also eligible for 50 percent bonus depreciation. |
• | The top tax rate for dividends increased from 15 percent to 20 percent. The 20 percent dividend rate is now consistent with the tax rates for capital gains; |
• | The R&E credit was extended for 2012 and 2013; |
• | PTCs were extended for projects that began construction before the end of 2013 with certain projects qualifying into future years; and |
• | 50 percent bonus depreciation was extended one year through 2013. Additionally, some longer production period property placed in service in 2014 is also eligible for 50 percent bonus depreciation. |
(Millions of Dollars) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 0.2 | $ | 0.1 | ||||
Unrecognized tax benefit — Temporary tax positions | 4.3 | 2.9 | ||||||
Total unrecognized tax benefit | $ | 4.5 | $ | 3.0 |
(Millions of Dollars) | 2015 | 2014 | 2013 | |||||||||
Balance at Jan. 1 | $ | 3.0 | $ | 1.5 | $ | 1.3 | ||||||
Additions based on tax positions related to the current year | 1.9 | 1.9 | 0.7 | |||||||||
Reductions based on tax positions related to the current year | (0.3 | ) | (0.2 | ) | — | |||||||
Additions for tax positions of prior years | 0.8 | 0.1 | 0.5 | |||||||||
Reductions for tax positions of prior years | (0.9 | ) | (0.2 | ) | — | |||||||
Settlements with taxing authorities | — | (0.1 | ) | (1.0 | ) | |||||||
Balance at Dec. 31 | $ | 4.5 | $ | 3.0 | $ | 1.5 |
(Millions of Dollars) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
NOL and tax credit carryforwards | $ | (0.9 | ) | $ | (0.9 | ) |
(Millions of Dollars) | 2015 | 2014 | ||||
Federal NOL carryforward | 103 | 49 | ||||
Federal tax credit carryforwards | 5 | 5 | ||||
State NOL carryforward | 3 | 3 |
2015 | 2014 | 2013 | |||||||
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increases (decreases) in tax from: | |||||||||
State income taxes, net of federal income tax benefit | 4.8 | 4.9 | 5.0 | ||||||
Change in unrecognized tax benefits | 0.1 | — | — | ||||||
Tax credits recognized | (0.7 | ) | (0.7 | ) | (0.9 | ) | |||
Regulatory differences — utility plant items | (1.7 | ) | (1.6 | ) | (0.9 | ) | |||
Other, net | (0.3 | ) | (0.1 | ) | (0.2 | ) | |||
Effective income tax rate | 37.2 | % | 37.5 | % | 38.0 | % |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Current federal tax expense (benefit) | $ | (4,715 | ) | $ | (3,932 | ) | $ | 5,902 | ||||
Current state tax expense | 2,150 | 453 | 4,628 | |||||||||
Current change in unrecognized tax expense | 1,498 | 1,013 | 754 | |||||||||
Deferred federal tax expense | 40,580 | 38,321 | 23,794 | |||||||||
Deferred state tax expense | 6,675 | 8,042 | 2,720 | |||||||||
Deferred change in unrecognized tax (benefit) | (1,422 | ) | (967 | ) | (725 | ) | ||||||
Deferred investment tax credits | (528 | ) | (527 | ) | (664 | ) | ||||||
Total income tax expense | $ | 44,238 | $ | 42,403 | $ | 36,409 |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Deferred tax expense excluding items below | $ | 51,084 | $ | 49,793 | $ | 27,516 | ||||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (5,200 | ) | (4,346 | ) | (1,676 | ) | ||||||
Tax expense allocated to other comprehensive income | (51 | ) | (51 | ) | (51 | ) | ||||||
Deferred tax expense | $ | 45,833 | $ | 45,396 | $ | 25,789 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Deferred tax liabilities: | ||||||||
Difference between book and tax bases of property | $ | 382,592 | $ | 319,265 | ||||
Regulatory assets | 78,233 | 72,670 | ||||||
Employee benefits | 18,028 | 18,691 | ||||||
Other | 10,190 | 14,453 | ||||||
Total deferred tax liabilities | $ | 489,043 | $ | 425,079 | ||||
Deferred tax assets: | ||||||||
Environmental remediation | $ | 37,938 | $ | 43,207 | ||||
NOL carryforward | 37,508 | 18,283 | ||||||
Regulatory liabilities | 9,328 | 10,460 | ||||||
Deferred investment tax credits | 5,312 | 5,628 | ||||||
Tax credit carryforward | 4,760 | 4,515 | ||||||
Other | 3,134 | 3,007 | ||||||
Total deferred tax assets | $ | 97,980 | $ | 85,100 | ||||
Net deferred tax liability | $ | 391,063 | $ | 339,979 |
7. | Benefit Plans and Other Postretirement Benefits |
• | Investment returns in 2015, 2014 and 2013 were below the assumed level of 7.25 percent for all years; and |
• | In 2016, NSP-Wisconsin’s expected investment-return assumption is 7.10 percent. |
2015 | 2014 | |||||
Domestic and international equity securities | 41 | % | 39 | % | ||
Long-duration fixed income and interest rate swap securities | 23 | 23 | ||||
Short-to-intermediate fixed income securities | 14 | 14 | ||||
Alternative investments | 20 | 22 | ||||
Cash | 2 | 2 | ||||
Total | 100 | % | 100 | % |
Dec. 31, 2015 | ||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents | $ | 6,005 | $ | — | $ | — | $ | 6,005 | ||||||||
Derivatives | — | 89 | — | 89 | ||||||||||||
Government securities | — | 13,048 | — | 13,048 | ||||||||||||
Corporate bonds | — | 10,454 | — | 10,454 | ||||||||||||
Asset-backed securities | — | 101 | — | 101 | ||||||||||||
Common stock | 4,213 | — | — | 4,213 | ||||||||||||
Private equity investments | — | — | 5,967 | 5,967 | ||||||||||||
Commingled funds | — | 76,817 | — | 76,817 | ||||||||||||
Real estate | — | — | 2,413 | 2,413 | ||||||||||||
Other | — | 207 | — | 207 | ||||||||||||
Total | $ | 10,218 | $ | 100,716 | $ | 8,380 | $ | 119,314 |
Dec. 31, 2014 | ||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents | $ | 7,910 | $ | — | $ | — | $ | 7,910 | ||||||||
Derivatives | — | 28 | — | 28 | ||||||||||||
Government securities | — | 16,084 | — | 16,084 | ||||||||||||
Corporate bonds | — | 13,231 | — | 13,231 | ||||||||||||
Asset-backed securities | — | 162 | — | 162 | ||||||||||||
Mortgage-backed securities | — | 475 | — | 475 | ||||||||||||
Common stock | 4,424 | — | — | 4,424 | ||||||||||||
Private equity investments | — | — | 7,078 | 7,078 | ||||||||||||
Commingled funds | — | 81,806 | — | 81,806 | ||||||||||||
Real estate | — | — | 2,510 | 2,510 | ||||||||||||
Securities lending collateral obligation and other | — | (995 | ) | — | (995 | ) | ||||||||||
Total | $ | 12,334 | $ | 110,791 | $ | 9,588 | $ | 132,713 |
(Thousands of Dollars) | Jan. 1, 2015 | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Purchases, Issuances and Settlements, Net | Transfer Out of Level 3 | Dec. 31, 2015 | ||||||||||||||||||
Private equity investments | $ | 7,078 | $ | 1,326 | $ | (1,836 | ) | $ | (601 | ) | $ | — | $ | 5,967 | ||||||||||
Real estate | 2,510 | 334 | (556 | ) | 125 | — | 2,413 | |||||||||||||||||
Total | $ | 9,588 | $ | 1,660 | $ | (2,392 | ) | $ | (476 | ) | $ | — | $ | 8,380 |
(Thousands of Dollars) | Jan. 1, 2014 | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Purchases, Issuances and Settlements, Net | Transfers Out of Level 3 | Dec. 31, 2014 | ||||||||||||||||||
Private equity investments | $ | 7,502 | $ | 1,197 | $ | (1,197 | ) | $ | (424 | ) | $ | — | $ | 7,078 | ||||||||||
Real estate | 2,299 | 166 | (234 | ) | 279 | — | 2,510 | |||||||||||||||||
Total | $ | 9,801 | $ | 1,363 | $ | (1,431 | ) | $ | (145 | ) | $ | — | $ | 9,588 |
(Thousands of Dollars) | Jan. 1, 2013 | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Purchases, Issuances and Settlements, Net | Transfers Out of Level 3 (a) | Dec. 31, 2013 | ||||||||||||||||||
Asset-backed securities | $ | 749 | $ | — | $ | — | $ | — | $ | (749 | ) | $ | — | |||||||||||
Mortgage-backed securities | 2,128 | — | — | — | (2,128 | ) | — | |||||||||||||||||
Private equity investments | 8,545 | 1,083 | (1,960 | ) | (166 | ) | — | 7,502 | ||||||||||||||||
Real estate | 3,472 | (129 | ) | 247 | 450 | (1,741 | ) | 2,299 | ||||||||||||||||
Total | $ | 14,894 | $ | 954 | $ | (1,713 | ) | $ | 284 | $ | (4,618 | ) | $ | 9,801 |
(a) | Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value measurements and were subsequently sold during 2013. |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Accumulated Benefit Obligation at Dec. 31 | $ | 140,917 | $ | 153,590 | ||||
Change in Projected Benefit Obligation: | ||||||||
Obligation at Jan. 1 | $ | 165,669 | $ | 163,930 | ||||
Service cost | 4,759 | 4,527 | ||||||
Interest cost | 6,520 | 7,257 | ||||||
Actuarial (gain) loss | (11,159 | ) | 9,126 | |||||
Benefit payments | (13,244 | ) | (19,171 | ) | ||||
Obligation at Dec. 31 | $ | 152,545 | $ | 165,669 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Change in Fair Value of Plan Assets: | ||||||||
Fair value of plan assets at Jan. 1 | $ | 132,713 | $ | 136,935 | ||||
Actual (loss) return on plan assets | (5,087 | ) | 6,916 | |||||
Employer contributions | 4,932 | 8,033 | ||||||
Benefit payments | (13,244 | ) | (19,171 | ) | ||||
Fair value of plan assets at Dec. 31 | $ | 119,314 | $ | 132,713 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Funded Status of Plans at Dec. 31: | ||||||||
Funded status (a) | $ | (33,231 | ) | $ | (32,956 | ) |
(a) | Amounts are recognized in noncurrent liabilities on NSP-Wisconsin’s consolidated balance sheets. |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | ||||||||
Net loss | $ | 86,614 | $ | 90,007 | ||||
Prior service cost | 556 | 667 | ||||||
Total | $ | 87,170 | $ | 90,674 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | ||||||||
Current regulatory assets | $ | 6,300 | $ | 6,728 | ||||
Noncurrent regulatory assets | 80,870 | 83,946 | ||||||
Total | $ | 87,170 | $ | 90,674 |
Measurement date | Dec. 31, 2015 | Dec. 31, 2014 |
2015 | 2014 | |||||
Significant Assumptions Used to Measure Benefit Obligations: | ||||||
Discount rate for year-end valuation | 4.66 | % | 4.11 | % | ||
Expected average long-term increase in compensation level | 4.00 | 3.75 | ||||
Mortality table | RP 2014 | RP 2014 |
• | $125.0 million in January 2016, of which $7.4 million was attributable to NSP-Wisconsin; |
• | $90.1 million in 2015, of which $4.9 million was attributable to NSP-Wisconsin; |
• | $130.6 million in 2014, of which $8.0 million was attributable to NSP-Wisconsin; and |
• | $192.4 million in 2013, of which $11.3 million was attributable to NSP-Wisconsin. |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Service cost | $ | 4,759 | $ | 4,527 | $ | 5,682 | ||||||
Interest cost | 6,520 | 7,257 | 6,924 | |||||||||
Expected return on plan assets | (9,483 | ) | (9,642 | ) | (9,995 | ) | ||||||
Amortization of prior service cost | 111 | 111 | 417 | |||||||||
Amortization of net loss | 6,804 | 6,617 | 7,924 | |||||||||
Net periodic pension cost | $ | 8,711 | $ | 8,870 | $ | 10,952 |
2015 | 2014 | 2013 | |||||||
Significant Assumptions Used to Measure Costs: | |||||||||
Discount rate | 4.11 | % | 4.75 | % | 4.00 | % | |||
Expected average long-term increase in compensation level | 3.75 | 3.75 | 3.75 | ||||||
Expected average long-term rate of return on assets | 7.25 | 7.25 | 7.25 |
2015 | 2014 | |||||
Domestic and international equity securities | 25 | % | 25 | % | ||
Short-to-intermediate fixed income securities | 57 | 57 | ||||
Alternative investments | 13 | 13 | ||||
Cash | 5 | 5 | ||||
Total | 100 | % | 100 | % |
Dec. 31, 2015 | ||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||
Government securities | — | 37 | — | 37 | ||||||||||||
Insurance contracts | — | 44 | — | 44 | ||||||||||||
Corporate bonds | — | 68 | — | 68 | ||||||||||||
Asset-backed securities | — | 27 | — | 27 | ||||||||||||
Mortgage-backed securities | — | 33 | — | 33 | ||||||||||||
Commingled funds | — | 191 | — | 191 | ||||||||||||
Total | $ | 18 | $ | 400 | $ | — | $ | 418 |
Dec. 31, 2014 | ||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||
Government securities | — | 52 | — | 52 | ||||||||||||
Insurance contracts | — | 54 | — | 54 | ||||||||||||
Corporate bonds | — | 59 | — | 59 | ||||||||||||
Asset-backed securities | — | 4 | — | 4 | ||||||||||||
Mortgage-backed securities | — | 12 | — | 12 | ||||||||||||
Commingled funds | — | 304 | — | 304 | ||||||||||||
Other | — | (1 | ) | — | (1 | ) | ||||||||||
Total | $ | 28 | $ | 484 | $ | — | $ | 512 |
(Thousands of Dollars) | Jan. 1, 2013 | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Purchases, Issuances and Settlements, Net | Transfers Out of Level 3 (a) | Dec. 31, 2013 | ||||||||||||||||||
Asset-backed securities | $ | 1 | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | |||||||||||
Mortgage-backed securities | 54 | — | — | — | (54 | ) | — | |||||||||||||||||
Total | $ | 55 | $ | — | $ | — | $ | — | $ | (55 | ) | $ | — |
(a) | Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value measurements and were subsequently sold during 2013. |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Change in Projected Benefit Obligation: | ||||||||
Obligation at Jan. 1 | $ | 16,768 | $ | 17,153 | ||||
Service cost | 29 | 35 | ||||||
Interest cost | 653 | 791 | ||||||
Medicare subsidy reimbursements | 13 | 2 | ||||||
Plan participants’ contributions | 130 | 284 | ||||||
Actuarial gain | (1,645 | ) | (38 | ) | ||||
Benefit payments | (1,230 | ) | (1,459 | ) | ||||
Obligation at Dec. 31 | $ | 14,718 | $ | 16,768 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Change in Fair Value of Plan Assets: | ||||||||
Fair value of plan assets at Jan. 1 | $ | 512 | $ | 746 | ||||
Actual loss on plan assets | (12 | ) | (15 | ) | ||||
Plan participants’ contributions | 130 | 284 | ||||||
Employer contributions | 1,018 | 956 | ||||||
Benefit payments | (1,230 | ) | (1,459 | ) | ||||
Fair value of plan assets at Dec. 31 | $ | 418 | $ | 512 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Funded Status of Plans at Dec. 31: | ||||||||
Funded status | $ | (14,300 | ) | $ | (16,256 | ) | ||
Current liabilities | (1,017 | ) | (1,022 | ) | ||||
Noncurrent liabilities | (13,283 | ) | (15,234 | ) | ||||
Net postretirement amounts recognized on consolidated balance sheets | $ | (14,300 | ) | $ | (16,256 | ) |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | ||||||||
Net loss | $ | 8,402 | $ | 10,461 | ||||
Prior service credit | (2,485 | ) | (2,836 | ) | ||||
Total | $ | 5,917 | $ | 7,625 |
(Thousands of Dollars) | 2015 | 2014 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | ||||||||
Current regulatory assets | $ | 99 | $ | 95 | ||||
Noncurrent regulatory assets | 5,818 | 7,530 | ||||||
Total | $ | 5,917 | $ | 7,625 |
Measurement date | Dec. 31, 2015 | Dec. 31, 2014 |
2015 | 2014 | |||||
Significant Assumptions Used to Measure Benefit Obligations: | ||||||
Discount rate for year-end valuation | 4.65 | % | 4.08 | % | ||
Mortality table | RP 2014 | RP 2014 | ||||
Health care costs trend rate — initial | 6.00 | % | 6.50 | % |
One-Percentage Point | ||||||||
(Thousands of Dollars) | Increase | Decrease | ||||||
APBO | $ | 1,420 | $ | (1,208 | ) | |||
Service and interest components | 77 | (65 | ) |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Service cost | $ | 29 | $ | 35 | $ | 25 | ||||||
Interest cost | 653 | 791 | 760 | |||||||||
Expected return on plan assets | (30 | ) | (52 | ) | (42 | ) | ||||||
Amortization of transition obligation | — | — | 1 | |||||||||
Amortization of prior service credit | (351 | ) | (351 | ) | (351 | ) | ||||||
Amortization of net loss | 456 | 666 | 963 | |||||||||
Net periodic postretirement benefit cost | $ | 757 | $ | 1,089 | $ | 1,356 |
2015 | 2014 | 2013 | |||||||
Significant Assumptions Used to Measure Costs: | |||||||||
Discount rate | 4.08 | % | 4.82 | % | 4.10 | % | |||
Expected average long-term rate of return on assets | 5.80 | 7.08 | 7.11 |
(Thousands of Dollars) | Projected Pension Benefit Payments | Gross Projected Postretirement Health Care Benefit Payments | Expected Medicare Part D Subsidies | Net Projected Postretirement Health Care Benefit Payments | ||||||||||||
2016 | $ | 11,278 | $ | 1,443 | $ | 8 | $ | 1,435 | ||||||||
2017 | 11,893 | 1,324 | 6 | 1,318 | ||||||||||||
2018 | 11,746 | 1,278 | 5 | 1,273 | ||||||||||||
2019 | 12,920 | 1,244 | 4 | 1,240 | ||||||||||||
2020 | 13,404 | 1,203 | 4 | 1,199 | ||||||||||||
2021-2025 | 62,859 | 5,200 | 19 | 5,181 |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Multiemployer plan contributions: | ||||||||||||
Pension | $ | 944 | $ | 156 | $ | 130 | ||||||
Total | $ | 944 | $ | 156 | $ | 130 |
8. | Other Income, Net |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Interest income | $ | 332 | $ | 368 | $ | 538 | ||||||
Other nonoperating income | 789 | 321 | 152 | |||||||||
Insurance policy expense | (228 | ) | (409 | ) | (427 | ) | ||||||
Other nonoperating expense | (10 | ) | (10 | ) | (10 | ) | ||||||
Other income, net | $ | 883 | $ | 270 | $ | 253 |
9. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a)(b) | 2015 | 2014 | ||||
MMBtu of natural gas | 388 | 18 |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ | (285 | ) | $ | (361 | ) | $ | (437 | ) | |||
After-tax net realized losses on derivative transactions reclassified into earnings | 76 | 76 | 76 | |||||||||
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | $ | (209 | ) | $ | (285 | ) | $ | (361 | ) |
Dec. 31, 2015 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (a) | ||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total (b) | ||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 15 | $ | — | $ | 15 | $ | (11 | ) | $ | 4 | |||||||||||
Total current derivative assets | $ | — | $ | 15 | $ | — | $ | 15 | $ | (11 | ) | $ | 4 | |||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 194 | $ | — | $ | 194 | $ | (11 | ) | $ | 183 | |||||||||||
Total current derivative liabilities | $ | — | $ | 194 | $ | — | $ | 194 | $ | (11 | ) | $ | 183 |
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (a) | ||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total (c) | ||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 52 | $ | — | $ | 52 | $ | — | $ | 52 |
(a) | NSP-Wisconsin nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2015 and 2014. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
(b) | Included in other current assets balance of $2.4 million and other current liabilities balance of $15.8 million at Dec. 31, 2015 in the consolidated balance sheets. |
(c) | Included in other current assets balance of $6.9 million at Dec. 31, 2014 in the consolidated balance sheets. |
2015 | 2014 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 667,593 | $ | 742,565 | $ | 568,291 | $ | 670,665 |
10. | Rate Matters |
Electric Rate Request (Millions of Dollars) | NSP-Wisconsin Request | PSCW Approval | ||||||
Capital investments | $ | 23.0 | $ | 13.9 | ||||
ROE & other capital structure adjustments | — | (3.8 | ) | |||||
Generation and transmission expenses (excluding fuel and purchased power) | 37.2 | 42.7 | ||||||
O&M expenses | 11.1 | 3.2 | ||||||
Sales forecast | (27.0 | ) | (27.0 | ) | ||||
Rate increase - non-fuel and purchased power | 44.3 | 29.0 | ||||||
Rate reduction - fuel and purchased power | (16.9 | ) | (21.4 | ) | ||||
Total electric rate increase | $ | 27.4 | $ | 7.6 |
Natural Gas Rate Request (Millions of Dollars) | NSP-Wisconsin Request | PSCW Approval | ||||||
Capital investments | $ | 3.7 | $ | 3.7 | ||||
ROE & other capital structure adjustments | — | (0.4 | ) | |||||
O&M expenses | 3.2 | 1.9 | ||||||
Environmental remediation expenses | 2.9 | 2.9 | ||||||
Sales forecast | (3.9 | ) | (3.9 | ) | ||||
Total natural gas rate increase | $ | 5.9 | $ | 4.2 |
11. | Commitments and Contingencies |
(Millions of Dollars) | Coal | Natural gas supply | Natural gas storage and transportation | |||||||||
2016 | $ | 6.7 | $ | 9.7 | $ | 13.1 | ||||||
2017 | 2.5 | 0.2 | 10.4 | |||||||||
2018 | 2.5 | — | 4.7 | |||||||||
2019 | 0.8 | — | 3.1 | |||||||||
2020 | 0.8 | — | 1.9 | |||||||||
Thereafter | 2.5 | — | 11.6 | |||||||||
Total (a) | $ | 15.8 | $ | 9.9 | $ | 44.8 |
(a) | Excludes additional amounts allocated to NSP-Wisconsin through intercompany charges. |
(Millions of Dollars) | ||||
2016 | $ | 0.9 | ||
2017 | 1.0 | |||
2018 | 0.9 | |||
2019 | 0.9 | |||
2020 | 0.8 | |||
Thereafter | 7.0 | |||
Total | $ | 11.5 |
(Thousands of Dollars) | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Current assets | $ | 377 | $ | 246 | ||||
Property, plant and equipment, net | 2,199 | 2,278 | ||||||
Other noncurrent assets | 127 | 122 | ||||||
Total assets | $ | 2,703 | $ | 2,646 | ||||
Current liabilities | $ | 1,246 | $ | 1,349 | ||||
Mortgages and other long-term debt payable | 537 | 486 | ||||||
Other noncurrent liabilities | 51 | 48 | ||||||
Total liabilities | $ | 1,834 | $ | 1,883 |
(Millions of Dollars) | Guarantee Amount | Current Exposure | Term or Expiration Date | Triggering Event | ||||||||
Guarantee of customer loans for the Farm Rewiring Program | $ | 1.0 | $ | 0.1 | 2020 | (a) |
(a) | The debtor becomes the subject of bankruptcy or other insolvency proceedings. |
(Thousands of Dollars) | Beginning Balance Jan. 1, 2015 | Accretion | Cash Flow Revisions | Ending Balance Dec. 31, 2015 (a) | ||||||||||||
Electric plant | ||||||||||||||||
Steam production asbestos | $ | 2,049 | $ | 45 | $ | 51 | $ | 2,145 | ||||||||
Steam production ash containment | 374 | 14 | 229 | 617 | ||||||||||||
Electric distribution | 37 | 1 | 34 | 72 | ||||||||||||
Other | 412 | 15 | (36 | ) | 391 | |||||||||||
Natural gas plant | ||||||||||||||||
Gas distribution | 6,127 | 240 | — | 6,367 | ||||||||||||
Common and other property | ||||||||||||||||
Common miscellaneous | 91 | 4 | — | 95 | ||||||||||||
Total liability (b) | $ | 9,090 | $ | 319 | $ | 278 | $ | 9,687 |
(a) | There were no ARO liabilities recognized or settled during the year ended Dec. 31, 2015. |
(b) | Included in other long-term liabilities balance in the consolidated balance sheet. |
(Thousands of Dollars) | Beginning Balance Jan. 1, 2014 | Liabilities Recognized | Accretion | Cash Flow Revisions (a) | Ending Balance Dec. 31, 2014 (b) | |||||||||||||||
Electric plant | ||||||||||||||||||||
Steam production asbestos | $ | 2,005 | $ | — | $ | 44 | $ | — | $ | 2,049 | ||||||||||
Steam production ash containment | 361 | — | 13 | — | 374 | |||||||||||||||
Electric distribution | 36 | — | 1 | — | 37 | |||||||||||||||
Other | 289 | 113 | 10 | — | 412 | |||||||||||||||
Natural gas plant | ||||||||||||||||||||
Gas distribution | 75 | 402 | 5 | 5,645 | 6,127 | |||||||||||||||
Common and other property | ||||||||||||||||||||
Common miscellaneous | 87 | — | 3 | 1 | 91 | |||||||||||||||
Total liability (c) | $ | 2,853 | $ | 515 | $ | 76 | $ | 5,646 | $ | 9,090 |
(a) | In 2014, revisions were made to various AROs due to revised estimated cash flows and the timing of those cash flows. Changes in estimated excavation costs and the timing of future retirement activities resulted in revisions to AROs related to gas distribution. |
(b) | There were no ARO liabilities settled during the year ended Dec. 31, 2014. |
(c) | Included in other long-term liabilities balance in the consolidated balance sheet. |
12. | Regulatory Assets and Liabilities |
(Thousands of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||
Regulatory Assets | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||
Environmental remediation costs | 1, 11 | Various | $ | 6,702 | $ | 160,699 | $ | 4,376 | $ | 147,793 | ||||||||||
Pension and retiree medical obligations (a) | 7 | Various | 6,415 | 86,778 | 6,837 | 91,601 | ||||||||||||||
Recoverable deferred taxes on AFUDC recorded in plant | 1 | Plant lives | — | 20,586 | — | 16,711 | ||||||||||||||
State commission adjustments | 1 | Plant lives | 724 | 12,945 | 488 | 11,650 | ||||||||||||||
Losses on reacquired debt | 4 | Term of related debt | 803 | 4,134 | 801 | 4,936 | ||||||||||||||
Deferred income tax adjustment | 1, 6 | Typically plant lives | — | 2,250 | — | 1,514 | ||||||||||||||
Recoverable purchased natural gas and electric energy costs | Less than one year | 1,032 | — | 6,946 | — | |||||||||||||||
Monticello EPU | N/A | — | — | — | 5,237 | |||||||||||||||
Other | Various | 470 | 1,804 | 588 | 1,251 | |||||||||||||||
Total regulatory assets | $ | 16,146 | $ | 289,196 | $ | 20,036 | $ | 280,693 |
(a) | Includes the non-qualified pension plan. |
(Thousands of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||||||||
Regulatory Liabilities | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||
Plant removal costs | 11 | Plant lives | $ | — | $ | 132,311 | $ | — | $ | 123,105 | ||||||||||
Investment tax credit deferrals | 1, 6 | Various | — | 8,869 | — | 9,397 | ||||||||||||||
Deferred electric production and natural gas costs | 1 | Less than one year | 9,386 | — | — | — | ||||||||||||||
DOE settlement | 11 | One to two years | 1,996 | — | 4,931 | — | ||||||||||||||
Conservation programs | 1 | Less than one year | 339 | — | 1,010 | — | ||||||||||||||
Excess depreciation reserve | Less than one year | 60 | — | 10,999 | — | |||||||||||||||
Other | Various | — | 109 | — | 172 | |||||||||||||||
Total regulatory liabilities | $ | 11,781 | $ | 141,289 | $ | 16,940 | $ | 132,674 |
13. | Other Comprehensive Income |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Year Ended Dec. 31, 2015 | Year Ended Dec. 31, 2014 | ||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (285 | ) | $ | (361 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 76 | 76 | ||||||
Net current period OCI | 76 | 76 | ||||||
Accumulated other comprehensive loss at Dec. 31 | $ | (209 | ) | $ | (285 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Year Ended Dec. 31, 2015 | Year Ended Dec. 31, 2014 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 127 | (a) | $ | 127 | (a) | |||
Total, pre-tax | 127 | 127 | |||||||
Tax benefit | (51 | ) | (51 | ) | |||||
Total amounts reclassified, net of tax | $ | 76 | $ | 76 |
(a) | Included in interest charges. |
14. | Segments and Related Information |
• | NSP-Wisconsin’s regulated electric utility segment generates electricity which is transmitted and distributed in Wisconsin and Michigan. |
• | NSP-Wisconsin’s regulated natural gas utility segment purchases, transports, stores and distributes natural gas in portions of Wisconsin and Michigan. |
• | Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include investments in rental housing projects that qualify for low-income housing tax credits. |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
2015 | ||||||||||||||||||||
Operating revenues (a) | $ | 834,998 | $ | 120,147 | $ | 1,396 | $ | — | $ | 956,541 | ||||||||||
Intersegment revenues | 419 | 498 | — | (917 | ) | — | ||||||||||||||
Total revenues | $ | 835,417 | $ | 120,645 | $ | 1,396 | $ | (917 | ) | $ | 956,541 | |||||||||
Depreciation and amortization | $ | 77,036 | $ | 14,034 | $ | 175 | $ | — | $ | 91,245 | ||||||||||
Interest charges and financing costs | 26,494 | 2,637 | 90 | — | 29,221 | |||||||||||||||
Income tax expense | 40,654 | 2,501 | 1,083 | — | 44,238 | |||||||||||||||
Net Income | 69,398 | 4,862 | 376 | — | 74,636 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
2014 | ||||||||||||||||||||
Operating revenues (a) | $ | 829,748 | $ | 169,629 | $ | 1,085 | $ | — | $ | 1,000,462 | ||||||||||
Intersegment revenues | 497 | 4,885 | — | (5,382 | ) | — | ||||||||||||||
Total revenues | $ | 830,245 | $ | 174,514 | $ | 1,085 | $ | (5,382 | ) | $ | 1,000,462 | |||||||||
Depreciation and amortization | $ | 65,978 | $ | 13,501 | $ | 175 | $ | — | $ | 79,654 | ||||||||||
Interest charges and financing costs | 23,448 | 2,358 | 107 | — | 25,913 | |||||||||||||||
Income tax expense (benefit) | 39,621 | 5,993 | (3,211 | ) | — | 42,403 | ||||||||||||||
Net Income | 59,060 | 8,714 | 2,868 | — | 70,642 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
2013 | ||||||||||||||||||||
Operating revenues (a) | $ | 789,168 | $ | 132,867 | $ | 1,003 | $ | — | $ | 923,038 | ||||||||||
Intersegment revenues | 350 | 1,967 | — | (2,317 | ) | — | ||||||||||||||
Total revenues | $ | 789,518 | $ | 134,834 | $ | 1,003 | $ | (2,317 | ) | $ | 923,038 | |||||||||
Depreciation and amortization | $ | 64,237 | $ | 12,485 | $ | 175 | $ | — | $ | 76,897 | ||||||||||
Interest charges and financing costs | 22,966 | 2,749 | 101 | — | 25,816 | |||||||||||||||
Income tax expense | 33,691 | 4,623 | (1,905 | ) | — | 36,409 | ||||||||||||||
Net Income | 51,334 | 6,501 | 1,633 | — | 59,468 |
(a) | Operating revenues include $163 million, $145 million and $137 million of intercompany revenue for the years ended Dec. 31, 2015, 2014 and 2013 respectively. See Note 15 for further discussion of related party transactions by operating segment. |
15. | Related Party Transactions |
(Thousands of Dollars) | 2015 | 2014 | 2013 | |||||||||
Operating revenues: | ||||||||||||
Electric | $ | 163,255 | $ | 145,102 | $ | 136,917 | ||||||
Operating expenses: | ||||||||||||
Purchased power (a) | 419,028 | 430,666 | 416,173 | |||||||||
Transmission expense | 54,070 | 43,876 | 42,460 | |||||||||
Natural gas purchased for resale | 45 | 90 | 97 | |||||||||
Other operating expenses — paid to Xcel Energy Services Inc. | 93,890 | 84,224 | 61,531 | |||||||||
Interest expense | 2 | 30 | 22 |
(a) | Pursuant to orders issued by the PSCW in December 2013 and February 2014, the 2014 amounts do not reflect $5.2 million of purchased power expenses deferred as a regulatory asset and $11.0 million of transmission costs deferred as a regulatory liability billed to NSP-Wisconsin through the Interchange Agreement from NSP-Minnesota. |
2015 | 2014 | |||||||||||||||
(Thousands of Dollars) | Accounts Receivable | Accounts Payable | Accounts Receivable | Accounts Payable | ||||||||||||
NSP-Minnesota | $ | — | $ | 18,268 | $ | — | $ | 17,333 | ||||||||
PSCo | — | 71 | — | 22 | ||||||||||||
SPS | 71 | — | 31 | — | ||||||||||||
Other subsidiaries of Xcel Energy Inc. | — | 6,199 | — | 9,169 | ||||||||||||
$ | 71 | $ | 24,538 | $ | 31 | $ | 26,524 |
16. | Summarized Quarterly Financial Data (Unaudited) |
Quarter Ended | ||||||||||||||||
(Thousands of Dollars) | March 31, 2015 | June 30, 2015 | Sept. 30, 2015 | Dec. 31, 2015 | ||||||||||||
Operating revenues | $ | 273,960 | $ | 216,813 | $ | 236,161 | $ | 229,607 | ||||||||
Operating income | 39,549 | 25,069 | 47,532 | 27,809 | ||||||||||||
Net income | 22,267 | 12,512 | 26,232 | 13,625 |
Quarter Ended | ||||||||||||||||
(Thousands of Dollars) | March 31, 2014 | June 30, 2014 | Sept. 30, 2014 | Dec. 31, 2014 | ||||||||||||
Operating revenues | $ | 285,142 | $ | 228,114 | $ | 231,046 | $ | 256,160 | ||||||||
Operating income | 42,571 | 23,730 | 37,540 | 27,787 | ||||||||||||
Net income | 24,235 | 12,022 | 20,030 | 14,355 |
1. | Consolidated Financial Statements | |
Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, 2015 | ||
Report of Independent Registered Public Accounting Firm — Financial Statements | ||
Consolidated Statements of Income — For the three years ended Dec. 31, 2015, 2014 and 2013. | ||
Consolidated Statements of Comprehensive Income — For the three years ended Dec. 31, 2015, 2014 and 2013. | ||
Consolidated Statements of Cash Flows — For the three years ended Dec. 31, 2015, 2014 and 2013. | ||
Consolidated Balance Sheets — As of Dec. 31, 2015 and 2014. | ||
Consolidated Statements of Common Stockholder’s Equity — For the three years ended Dec. 31, 2015, 2014 and 2013. | ||
Consolidated Statements of Capitalization — As of Dec. 31, 2015 and 2014. | ||
2. | Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2015, 2014 and 2013. | |
3. | Exhibits | |
* | Indicates incorporation by reference | |
+ | Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors | |
3.01* | Amended and restated articles of incorporation of NSP-Wisconsin (Exhibit 3.01 to Form S-4 (file no. 333-112033) Jan. 21, 2004). | |
3.02* | By-Laws of Northern States Power Co. (a Wisconsin corporation) as Amended and Restated on Sept. 26, 2013. (Exhibit 3.02 to Form 10-Q/A for the quarter ended Sept. 30, 2013 (file no. 001-03140)). | |
4.01* | Supplemental and Restated Trust Indenture dated March 1, 1991, between NSP-Wisconsin and First Wisconsin Trust company, providing for the issuance of First Mortgage Bonds (Exhibit 4.01 to Registration Statement 33-39831). | |
4.02* | Supplemental Trust Indenture dated April 1, 1991 (Exhibit 4.01 to Form 10-Q (file no. 001-03140) for the quarter ended March 31, 1991). | |
4.03* | Supplemental Trust Indenture dated Dec. 1, 1996, between NSP-Wisconsin and Firstar Trust Company, as Trustee (Exhibit 4.01 to Form 8-K (file no. 001-03140) dated Dec. 12, 1996). | |
4.04* | Trust Indenture dated Sept. 1, 2000, between NSP-Wisconsin and Firstar Bank, NA as Trustee (Exhibit 4.01 to Form 8-K (file no. 001-03140) dated Sept. 25, 2000). | |
4.05* | Supplemental Trust Indenture dated Sept. 1, 2003 between NSP-Wisconsin and US Bank National Association, supplementing indentures dated April 1, 1947 and March 1, 1991 (Exhibit 4.05 to Xcel Energy Form 10-Q (file no. 001-03034) for the quarter ended Sept. 30, 2003). | |
4.06* | Supplemental Trust Indenture dated as of Sept. 1, 2008 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $200 million principal amount of 6.375 percent First Mortgage Bonds, Series due Sept. 1, 2038 (Exhibit 4.01 of Form 8-K of NSP-Wisconsin dated Sept. 3, 2008 (file no. 001-03140)). | |
4.07* | Supplemental Trust Indenture dated as of Oct. 1, 2012 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $100 million principal amount of 3.700 percent First Mortgage Bonds, Series due Oct. 1, 2042 (Exhibit 4.01 of Form 8-K of NSP-Wisconsin dated Oct. 10, 2012 (file no. 001-03140)). | |
4.08* | Supplemental Trust Indenture dated as of June 1, 2014 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $100 million principal amount of 3.30 percent First Mortgage Bonds, Series due June 15, 2024. (Exhibit 4.01 of Form 8-K of NSP-Wisconsin dated June 23, 2014 (file no. 001-03140)). |
10.01*+ | Xcel Energy Inc. Nonqualified Pension Plan (2009 Restatement) (Exhibit 10.02 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2008). | |
10.02*+ | Xcel Energy Senior Executive Severance and Change-in-Control Policy (2009 Amendment and Restatement) (Exhibit 10.05 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2008). | |
10.03*+ | Xcel Energy Inc. Non-Employee Directors Deferred Compensation Plan as amended and restated on Jan. 1, 2009 (Exhibit 10.08 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2008). | |
10.04*+ | Form of Services Agreement between Xcel Energy Services Inc. and utility companies (Exhibit H-1 to Form U5B (file no. 001-03034) dated Nov. 16, 2000). | |
10.05*+ | Xcel Energy Inc. Supplemental Executive Retirement Plan as amended and restated Jan. 1, 2009 (Exhibit 10.17 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2008). | |
10.06* | Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP- Minnesota (Exhibit 10.01 to NSP-Wisconsin Form S-4 (file no. 333-112033) dated Jan. 21, 2004). | |
10.07*+ | Amendment dated Aug. 26, 2009 to the Xcel Energy Senior Executive Severance and Change-in-Control Policy (Exhibit 10.06 to Form 10-Q of Xcel Energy (file no. 001-03034) for the quarter ended Sept. 30, 2009). | |
10.08*+ | Xcel Energy Executive Annual Incentive Award Plan Form of Restricted Stock Agreement (Exhibit 10.08 to Form 10-Q of Xcel Energy (file no. 001-03034) for the quarter ended Sept. 30, 2009). |
10.09*+ | Xcel Energy Inc. Executive Annual Incentive Award Plan (as amended and restated effective Feb. 17, 2010) (incorporated by reference to Appendix A to Schedule 14A, Definitive Proxy Statement to Xcel Energy (file no. 001-03034) dated April 6, 2010). |
10.10*+ | Xcel Energy Inc. 2010 Executive Annual Discretionary Award Plan (Exhibit 10.24 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2009). |
10.11*+ | Xcel Energy Inc. 2005 Long-Term Incentive Plan (as amended and restated effective Feb. 17, 2010) (incorporated by reference to Appendix B to Schedule 14A, Definitive Proxy Statement to Xcel Energy (file no. 001-03034) dated April 6, 2010). |
10.12*+ | Xcel Energy Inc. 2010 Executive Annual Discretionary Award Plan (as amended and restated effective Dec. 15, 2010) (Exhibit 10.23 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2010). |
10.13*+ | Xcel Energy Inc. 2005 Long-Term Incentive Plan Form of Bonus Stock Agreement (Exhibit 10.24 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2010). |
10.14a*+ | Xcel Energy Inc. 2005 Long-Term Incentive Plan Form of Performance Share Agreement (Exhibit 10.25 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2010). |
10.14b*+ | Xcel Energy Inc. 2005 Long-Term Incentive Plan Form of Restricted Stock Unit Agreement (Exhibit 10.26 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2010). |
10.15*+ | Xcel Energy Inc. 2005 Long-Term Incentive Plan Form of Time-Based Restricted Stock Unit Agreement (Exhibit 10.14b to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2012). |
10.16*+ | Stock Equivalent Plan for Non-Employee Directors of Xcel Energy Inc. as amended and restated effective Feb. 23, 2011 (Appendix A to the Xcel Energy Definitive Proxy Statement (file no. 001-03034) filed Apr. 5, 2011). |
10.17*+ | Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2009 Restatement) (Exhibit 10.17 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2008). |
10.18*+ | First Amendment effective Nov. 29, 2011 to the Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2009 Restatement) (Exhibit 10.07 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2011). |
10.19*+ | Second Amendment dated Oct. 26, 2011 to the Xcel Energy Inc. Senior Executive Severance and Change-in-Control Policy (Exhibit 10.18 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2011). |
10.20*+ | First Amendment dated Feb. 20, 2013 to the Xcel Energy Inc. Executive Annual Incentive Award Plan (as amended and restated effective Feb. 17, 2010) (Exhibit 10.01 to Form 10-Q of Xcel Energy (file no. 001-03034) for the quarter ended March 31, 2013). |
10.21*+ | Fourth Amendment dated Feb. 20, 2013 to the Xcel Energy Senior Executive Severance and Change-in-Control Policy (Exhibit 10.02 to Form 10-Q of Xcel Energy (file no. 001-03034) for the quarter ended March 31, 2013). |
10.22*+ | First Amendment dated May 21, 2013 to the Xcel Energy Inc. 2005 Long-Term Incentive Plan (as amended and restated effective Feb. 17, 2010) (Exhibit 10.21 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2013). |
10.23*+ | Second Amendment dated May 21, 2013 to the Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2009 Restatement) (Exhibit 10.22 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2013). |
10.24*+ | Xcel Energy Inc. 2005 Long-Term Incentive Plan Form of Long-Term Incentive Award Agreement (Exhibit 10.23 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2013). |
10.25* | Amended and Restated Credit Agreement, dated as of Oct. 14, 2014 among NSP-Wisconsin, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., and Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association, as Documentation Agent (Exhibit 99.05 to Form 8-K of Xcel Energy, dated Oct. 14, 2014 (file no. 001-03034)). |
10.26*+ | Xcel Energy Inc. 2015 Omnibus Incentive Plan (incorporated by reference to Appendix B to Schedule 14A, Definitive Proxy Statement to Xcel Energy Inc. (file no. 001-03034) dated April 6, 2015). |
10.27*+ | Stock Equivalent Program for Non-Employee Directors of Xcel Energy Inc. (As First Effective May 20, 2015) under the Xcel Energy Inc. 2015 Omnibus Incentive Plan. (Exhibit 10.02 to Form 8-K of Xcel Energy, dated May 26, 2015 (file no. 001-03034). |
10.28*+ | Form of Xcel Energy Inc. 2015 Omnibus Incentive Plan Award Agreement and Award Terms and Conditions (Restricted Stock Units and Performance Share Units) under the Xcel Energy Inc. 2015 Omnibus Incentive Plan. (Exhibit 10.03 to Form 8-K of Xcel Energy, dated May 26, 2015 (file no. 001-03034). |
10.29*+ | Xcel Energy Inc. 2015 Omnibus Incentive Plan Form of Award Agreement. (Exhibit 10.28 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2015). |
10.30*+ | Xcel Energy Inc. Executive Annual Incentive Award Sub-plan pursuant to the Xcel Energy Inc. 2015 Omnibus Incentive Plan. (Exhibit 10.29 to Form 10-K of Xcel Energy (file no. 001-03034) for the year ended Dec. 31, 2015). |
Statement of Computation of Ratio of Earnings to Fixed Charges. | |
Consent of Independent Registered Public Accounting Firm. | |
Principal Executive Officer’s certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Principal Financial Officer’s certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Statement pursuant to Private Securities Litigation Reform Act of 1995. | |
101 | The following materials from NSP-Wisconsin’s Annual Report on Form 10-K for the year ended Dec. 31, 2015 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Balance Sheets, (v) the Consolidated Statements of Stockholder’s Equity, (vi) the Consolidated Statements of Capitalization, (vii) Notes to Consolidated Financial Statements, (viii) document and entity information, and (ix) Schedule II. |
Additions | |||||||||||||||||||
Balance at Jan. 1 | Charged to Costs and Expenses | Charged to Other Accounts(a) | Deductions from Reserves(b) | Balance at Dec. 31 | |||||||||||||||
Allowance for bad debts: | |||||||||||||||||||
2015 | $ | 5,821 | $ | 3,947 | $ | 1,161 | $ | 5,801 | $ | 5,128 | |||||||||
2014 | 4,911 | 4,431 | 1,269 | 4,790 | 5,821 | ||||||||||||||
2013 | 4,333 | 3,988 | 1,199 | 4,609 | 4,911 |
(a) | Recovery of amounts previously written off. |
(b) | Deductions relate primarily to bad debt write-offs. |
NORTHERN STATES POWER COMPANY (A WISCONSIN CORPORATION) | ||
Feb. 22, 2016 | /s/ TERESA S. MADDEN | |
Teresa S. Madden | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |
/s/ BEN FOWKE | /s/ MARK E. STOERING | |
Ben Fowke | Mark E. Stoering | |
Chairman, Chief Executive Officer and Director | President and Director | |
(Principal Executive Officer) | ||
/s/ TERESA S. MADDEN | /s/ JEFFREY S. SAVAGE | |
Teresa S. Madden | Jeffrey S. Savage | |
Executive Vice President, Chief Financial Officer and Director | Senior Vice President, Controller | |
(Principal Financial Officer) | (Principal Accounting Officer) | |
/s/ MARVIN E. MCDANIEL, JR. | ||
Marvin E. McDaniel, Jr. | ||
Director |
Year Ended Dec. 31 | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings, as defined: | |||||||||||||||||||
Pretax income | $ | 118,874 | $ | 113,045 | $ | 95,877 | $ | 79,509 | $ | 84,620 | |||||||||
Add: Fixed charges | 33,073 | 29,686 | 28,325 | 25,215 | 24,628 | ||||||||||||||
Total earnings, as defined | $ | 151,947 | $ | 142,731 | $ | 124,202 | $ | 104,724 | $ | 109,248 | |||||||||
Fixed charges, as defined: | |||||||||||||||||||
Interest charges | $ | 32,731 | $ | 29,273 | $ | 27,797 | $ | 24,799 | $ | 24,168 | |||||||||
Interest component of leases | 342 | 413 | 528 | 416 | 460 | ||||||||||||||
Total fixed charges, as defined | $ | 33,073 | $ | 29,686 | $ | 28,325 | $ | 25,215 | $ | 24,628 | |||||||||
Ratio of earnings to fixed charges | 4.6 | 4.8 | 4.4 | 4.2 | 4.4 |
/s/ DELOITTE & TOUCHE LLP | |
Minneapolis, Minnesota | |
February 22, 2016 |
1. | I have reviewed this report on Form 10-K of Northern States Power Company (a Wisconsin corporation); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this report on Form 10-K of Northern States Power Company (a Wisconsin corporation); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ TERESA S. MADDEN | |
Teresa S. Madden | |
Executive Vice President, Chief Financial Officer and Director |
(1) | The Form 10-K fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of NSP-Wisconsin as of the dates and for the periods expressed in the Form 10-K. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, President and Chief Executive Officer | |
/s/ TERESA S. MADDEN | |
Teresa S. Madden | |
Executive Vice President, Chief Financial Officer and Director |
• | Economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures; |
• | The risk of a significant slowdown in growth or decline in the U.S. economy, the risk of delay in growth recovery in the U.S. economy or the risk of increased cost for insurance premiums, security and other items as a consequence of past or future terrorist attacks; |
• | Trade, monetary, fiscal, taxation and environmental policies of governments, agencies and similar organizations in geographic areas where NSP-Wisconsin has a financial interest; |
• | Customer business conditions, including demand for their products or services and supply of labor and materials used in creating their products and services; |
• | Financial or regulatory accounting principles or policies imposed by the FASB, the SEC, the FERC and similar entities with regulatory oversight; |
• | Availability or cost of capital such as changes in: interest rates; market perceptions of the utility industry, NSP-Wisconsin, Xcel Energy Inc. or any of its other subsidiaries; or security ratings; |
• | Factors affecting utility and nonutility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, maintenance or repairs; unanticipated changes to fossil fuel, nuclear fuel or natural gas supply costs or availability due to higher demand, shortages, transportation problems or other developments; nuclear or environmental incidents; cyber incidents; or electric transmission or natural gas pipeline constraints; |
• | Employee workforce factors, including loss or retirement of key executives, collective-bargaining agreements with union employees, or work stoppages; |
• | Increased competition in the utility industry or additional competition in the markets served by NSP-Wisconsin, Xcel Energy Inc. and its other subsidiaries; |
• | State, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures and affect the speed and degree to which competition enters the electric and natural gas markets; industry restructuring initiatives; transmission system operation and/or administration initiatives; recovery of investments made under traditional regulation; nature of competitors entering the industry; retail wheeling; a new pricing structure; and former customers entering the generation market; |
• | Environmental laws and regulations, including legislation and regulations relating to climate change, and the associated cost of compliance; |
• | Rate-setting policies or procedures of regulatory entities, including environmental externalities, which are values established by regulators assigning environmental costs to each method of electricity generation when evaluating generation resource options; |
• | Nuclear regulatory policies and procedures, including operating regulations and spent nuclear fuel storage; |
• | Social attitudes regarding the utility and power industries; |
• | Cost and other effects of legal and administrative proceedings, settlements, investigations and claims; |
• | Technological developments that result in competitive disadvantages and create the potential for impairment of existing assets; |
• | Risks associated with implementations of new technologies; and |
• | Other business or investment considerations that may be disclosed from time to time in NSP-Wisconsin’s SEC filings, including “Risk Factors” in Item 1A of this Form 10-K, or in other publicly disseminated written documents. |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | NORTHERN STATES POWER CO /WI/ | ||
Entity Central Index Key | 0000072909 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 933,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Interest charges and financing costs | |||
Other financing costs | $ 1,738 | $ 1,570 | $ 1,538 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Comprehensive income: | |||
Net income | $ 74,636 | $ 70,642 | $ 59,468 |
Derivative instruments: | |||
Reclassification of losses to net income, net of tax of $51 for the years ended Dec. 31, 2015, 2014, and 2013, respectively. | 76 | 76 | 76 |
Other comprehensive income | 76 | 76 | 76 |
Comprehensive income | $ 74,712 | $ 70,718 | $ 59,544 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Derivative instruments: | |||
Reclassification of losses to net income, net of tax | $ (51) | $ (51) | $ (51) |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Capitalization | ||
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 100 | $ 100 |
Common stock, shares outstanding (in shares) | 933,000 | 933,000 |
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands |
Total |
Common stock |
Additional Paid In Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2012 | $ 517,106 | $ 93,300 | $ 189,867 | $ 234,376 | $ (437) |
Balance (in shares) at Dec. 31, 2012 | 933,000 | ||||
Comprehensive income: | |||||
Net income | 59,468 | 59,468 | |||
Other comprehensive income | 76 | 76 | |||
Common dividends declared to parent | (31,345) | (31,345) | |||
Contribution of capital by parent | 58,977 | 58,977 | |||
Ending Balance at Dec. 31, 2013 | 604,282 | $ 93,300 | 248,844 | 262,499 | (361) |
Balance (in shares) at Dec. 31, 2013 | 933,000 | ||||
Comprehensive income: | |||||
Net income | 70,642 | 70,642 | |||
Other comprehensive income | 76 | 76 | |||
Common dividends declared to parent | (50,743) | (50,743) | |||
Contribution of capital by parent | 73,432 | 73,432 | |||
Ending Balance at Dec. 31, 2014 | $ 697,689 | $ 93,300 | 322,276 | 282,398 | (285) |
Balance (in shares) at Dec. 31, 2014 | 933,000 | 933,000 | |||
Comprehensive income: | |||||
Net income | $ 74,636 | 74,636 | |||
Other comprehensive income | 76 | 76 | |||
Common dividends declared to parent | (54,293) | (54,293) | |||
Contribution of capital by parent | 72,277 | 72,277 | |||
Ending Balance at Dec. 31, 2015 | $ 790,385 | $ 93,300 | $ 394,553 | $ 302,741 | $ (209) |
Balance (in shares) at Dec. 31, 2015 | 933,000 | 933,000 |
CONSOLIDATED STATEMENTS OF CAPITALIZATION - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Unamortized discount | $ (3,131) | $ (2,519) | ||
Total long-term debt, including current maturities | 667,593 | 568,291 | ||
Less: current maturities | 1,131 | 1,235 | ||
Total long-term debt | 666,462 | 567,056 | ||
Common Stockholders' Equity | ||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Dec. 31, 2015 and 2014, respectively | 93,300 | 93,300 | ||
Additional paid in capital | 394,553 | 322,276 | ||
Retained earnings | 302,741 | 282,398 | ||
Accumulated other comprehensive loss | (209) | (285) | ||
Total common stockholder’s equity | 790,385 | 697,689 | ||
First Mortgage Bonds | Series Due Oct. 1, 2018 | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | 150,000 | 150,000 | ||
First Mortgage Bonds | Series Due June 15, 2024 | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | 200,000 | 100,000 | ||
First Mortgage Bonds | Series Due Sept. 1, 2038 | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | 200,000 | 200,000 | ||
First Mortgage Bonds | Series Due Oct. 1, 2042 | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | 100,000 | 100,000 | ||
City of La Crosse Resource Recovery Bond | Series Due Nov. 1, 2021 | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | [1] | 18,600 | 18,600 | |
Fort McCoy System Acquisition | Due Oct. 15, 2030 | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | 490 | 523 | ||
Other | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Long-term debt, gross | $ 1,634 | $ 1,687 | ||
|
CONSOLIDATED STATEMENTS OF CAPITALIZATION (Parenthetical) - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Common Stockholders Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 100 | $ 100 |
Common stock, shares outstanding (in shares) | 933,000 | 933,000 |
First Mortgage Bonds | Series Due Oct. 1, 2018 | ||
Long-Term Debt | ||
Debt instrument, interest rate stated percentage (in hundredths) | 5.25% | 5.25% |
Debt instrument, maturity date | Oct. 01, 2018 | Oct. 01, 2018 |
First Mortgage Bonds | Series Due June 15, 2024 | ||
Long-Term Debt | ||
Debt instrument, interest rate stated percentage (in hundredths) | 3.30% | 3.30% |
Debt instrument, maturity date | Jun. 15, 2024 | Jun. 15, 2024 |
First Mortgage Bonds | Series Due Sept. 1, 2038 | ||
Long-Term Debt | ||
Debt instrument, interest rate stated percentage (in hundredths) | 6.375% | 6.375% |
Debt instrument, maturity date | Sep. 01, 2038 | Sep. 01, 2038 |
First Mortgage Bonds | Series Due Oct. 1, 2042 | ||
Long-Term Debt | ||
Debt instrument, interest rate stated percentage (in hundredths) | 3.70% | 3.70% |
Debt instrument, maturity date | Oct. 01, 2042 | Oct. 01, 2042 |
City of La Crosse Resource Recovery Bond | Series Due Nov. 1, 2021 | ||
Long-Term Debt | ||
Debt instrument, interest rate stated percentage (in hundredths) | 6.00% | 6.00% |
Debt instrument, maturity date | Nov. 01, 2021 | Nov. 01, 2021 |
Fort McCoy System Acquisition | Due Oct. 15, 2030 | ||
Long-Term Debt | ||
Debt instrument, interest rate stated percentage (in hundredths) | 7.00% | 7.00% |
Debt instrument, maturity date | Oct. 15, 2030 | Oct. 15, 2030 |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and System of Accounts — NSP-Wisconsin is engaged in the regulated generation, transmission, distribution and sale of electricity and in the regulated purchase, transportation, distribution and sale of natural gas. NSP-Wisconsin’s consolidated financial statements and disclosures are presented in accordance with GAAP. All of NSP-Wisconsin’s underlying accounting records also conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions, which are the same in all material respects. Principles of Consolidation — NSP-Wisconsin’s consolidated financial statements include its wholly-owned subsidiaries and variable interest entities for which it is the primary beneficiary. In the consolidation process, all intercompany transactions and balances are eliminated. NSP-Wisconsin has investments in certain transmission facilities jointly owned with nonaffiliated utilities. NSP-Wisconsin's proportionate share of jointly owned facilities is recorded as property, plant and equipment on the consolidated balance sheets and NSP-Wisconsin's proportionate share of the operating costs associated with these facilities is included in its consolidated statements of income. See Note 5 for further discussion of jointly owned transmission facilities and related ownership percentages. NSP-Wisconsin evaluates its arrangements and contracts with other entities to determine if the other party is a variable interest entity, if NSP-Wisconsin has a variable interest and if NSP-Wisconsin is the primary beneficiary. NSP-Wisconsin follows accounting guidance for variable interest entities which requires consideration of the activities that most significantly impact an entity’s financial performance and power to direct those activities, when determining whether NSP-Wisconsin is a variable interest entity’s primary beneficiary. See Note 11 for further discussion of variable interest entities. Use of Estimates — In recording transactions and balances resulting from business operations, NSP-Wisconsin uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. The recorded estimates are revised when better information becomes available or when actual amounts can be determined. Those revisions can affect operating results. Regulatory Accounting — NSP-Wisconsin accounts for certain income and expense items in accordance with accounting guidance for regulated operations. Under this guidance:
Estimates of recovering deferred costs and returning deferred credits are based on specific ratemaking decisions or precedent for each item. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If restructuring or other changes in the regulatory environment occur, NSP-Wisconsin may no longer be eligible to apply this accounting treatment, and may be required to eliminate regulatory assets and liabilities from its balance sheets. Such changes could have a material effect on NSP-Wisconsin’s financial condition, results of operations and cash flows. See Note 12 for further discussion of regulatory assets and liabilities. Revenue Recognition — Revenues related to the sale of energy are generally recorded when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meter, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is recognized. NSP-Wisconsin presents its revenues net of any excise or other fiduciary-type taxes or fees. NSP-Wisconsin has various rate-adjustment mechanisms in place that provide for the recovery of purchased natural gas, electric fuel and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically, for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. Under Wisconsin rules, NSP-Wisconsin must submit a forward looking fuel cost plan annually for approval by the PSCW. The rules also allow for deferral of any under-collection or over-collection of fuel costs in excess of a two percent annual tolerance band, for future rate recovery or refund, subject to PSCW approval. Conservation Programs — NSP-Wisconsin participates in and funds conservation programs in its retail jurisdictions to assist customers in conserving energy and reducing peak demand on the electric and natural gas systems. NSP-Wisconsin recovers approved conservation program costs in base rate revenue. For operations in the state of Wisconsin, NSP-Wisconsin is required to contribute 1.2 percent of its three-year average annual operating revenues to the statewide energy efficiency and renewable resource program Focus on Energy. Funding is collected through base rates, and there is no financial incentive provided to the utility. The PSCW has full oversight of Focus on Energy including auditing and verification of programs. The program portfolio is outsourced to a third-party administrator who subcontracts as necessary to implement programs. Property, Plant and Equipment and Depreciation — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs are charged to expense as incurred. Maintenance and replacement of items determined to be less than a unit of property are charged to operating expenses as incurred. Planned major maintenance activities are charged to operating expense unless the cost represents the acquisition of an additional unit of property or the replacement of an existing unit of property. Property, plant and equipment also includes costs associated with property held for future use. The depreciable lives of certain plant assets are reviewed annually and revised, if appropriate. Property, plant and equipment that is required to be decommissioned early by a regulator is reclassified as plant to be retired. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. NSP-Wisconsin records depreciation expense related to its plant using the straight-line method over the plant’s useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 3.4, 3.3 and 3.5 percent for the years ended Dec. 31, 2015, 2014 and 2013, respectively. Leases — NSP-Wisconsin evaluates a variety of contracts for lease classification at inception, including rental arrangements for office space, vehicles and equipment. Contracts determined to contain a lease because of per unit pricing that is other than fixed or market price, terms regarding the use of a particular asset, and other factors are evaluated further to determine if the arrangement is a capital lease. See Note 11 for further discussion of leases. AFUDC — AFUDC represents the cost of capital used to finance utility construction activity. AFUDC is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in NSP-Wisconsin’s rate base for establishing utility service rates. Generally, AFUDC costs are recovered from customers as the related property is depreciated. However, in some cases, the PSCW has allowed an AFUDC calculation greater than the FERC-defined AFUDC rate, resulting in higher recognition of AFUDC. In some cases for certain transmission projects, the FERC has approved a more current recovery of the cost of capital associated with large capital projects, resulting in a lower recognition of AFUDC. AROs — NSP-Wisconsin accounts for AROs under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion, and the capitalized costs are depreciated over the useful life of the long-lived asset. Changes resulting from revisions to the timing or amount of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. NSP-Wisconsin also recovers through rates certain future plant removal costs in addition to AROs. The accumulated removal costs for these obligations are reflected in the balance sheets as a regulatory liability. See Note 11 for further discussion of AROs. Income Taxes — NSP-Wisconsin accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. NSP-Wisconsin defers income taxes for all temporary differences between pretax financial and taxable income, and between the book and tax bases of assets and liabilities. NSP-Wisconsin uses the tax rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available evidence is considered, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. Due to the effects of past regulatory practices, when deferred taxes were not required to be recorded due to the use of flow through accounting for ratemaking purposes, the reversal of some temporary differences are accounted for as current income tax expense. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize it over the book depreciable lives of the related property. The requirement to defer and amortize only applies to federal ITCs. Utility rate regulation also has resulted in the recognition of certain regulatory assets and liabilities related to income taxes, which are summarized in Note 12. NSP-Wisconsin follows the applicable accounting guidance to measure and disclose uncertain tax positions that it has taken or expects to take in its income tax returns. NSP-Wisconsin recognizes a tax position in its consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax. NSP-Wisconsin reports interest and penalties related to income taxes within the other income and interest charges sections in the consolidated statements of income. Xcel Energy Inc. and its subsidiaries, including NSP-Wisconsin, file consolidated federal income tax returns as well as combined or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to Xcel Energy Inc.’s subsidiaries based on separate company computations of tax. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with combined state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries which are recorded directly in equity by the subsidiaries based on the relative positive tax liabilities of the subsidiaries. See Note 6 for further discussion of income taxes. Types of and Accounting for Derivative Instruments — NSP-Wisconsin uses derivative instruments in connection with its utility commodity price and interest rate activities, including forward contracts, futures, swaps and options. All derivative instruments not designated and qualifying for the normal purchases and normal sales exception, as defined by the accounting guidance for derivatives and hedging, are recorded on the consolidated balance sheets at fair value as derivative instruments. This includes certain instruments used to mitigate market risk for the utility operations. The classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Interest rate hedging transactions are recorded as a component of interest expense. NSP-Wisconsin is allowed to recover in electric or natural gas rates the costs of certain financial instruments purchased to reduce commodity cost volatility. For further information on derivatives entered to mitigate commodity price risk on behalf of electric and natural gas customers, see Note 9. Cash Flow Hedges — Certain qualifying hedging relationships are designated as a hedge of a forecasted transaction or future cash flow (cash flow hedge). Changes in the fair value of a derivative designated as a cash flow hedge, to the extent effective, are included in OCI, or deferred as a regulatory asset or liability based on recovery mechanisms until earnings are affected by the hedged transaction. Normal Purchases and Normal Sales — NSP-Wisconsin enters into contracts for the purchase and sale of commodities for use in its business operations. Derivatives and hedging accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting if designated as normal purchases or normal sales. NSP-Wisconsin evaluates all of its contracts at inception to determine if they are derivatives and if they meet the normal purchases and normal sales designation requirements. See Note 9 for further discussion of NSP-Wisconsin’s risk management and derivative activities. Fair Value Measurements — NSP-Wisconsin presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its consolidated financial statements. Cash equivalents are recorded at cost plus accrued interest; money market funds are measured using quoted net asset values. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used as a primary input to establish fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price for an identical contract in an active market, NSP-Wisconsin may use quoted prices for similar contracts, or internally prepared valuation models to determine fair value. See Note 9 for further discussion. Cash and Cash Equivalents — NSP-Wisconsin considers investments in certain instruments, including commercial paper and money market funds, with a remaining maturity of three months or less at the time of purchase, to be cash equivalents. Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. NSP-Wisconsin establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. Inventory — All inventory is recorded at average cost. RECs — RECs are marketable environmental instruments that represent proof that energy was generated from eligible renewable energy sources. RECs are awarded upon delivery of the associated energy and can be bought and sold. RECs are typically used as a form of measurement of compliance to RPS enacted by those states that are encouraging construction and consumption from renewable energy sources, but can also be sold separately from the energy produced. NSP-Wisconsin acquires RECs from the generation or purchase of renewable power. When RECs are purchased or acquired in the course of generation they are recorded as inventory at cost. The cost of RECs that are utilized for compliance purposes is recorded as electric fuel and purchased power expense. Sales of RECs that are purchased or acquired in the course of generation are recorded in electric utility operating revenues on a gross basis. The cost of these RECs and related transaction costs are recorded in electric fuel and purchased power expense. Emission Allowances — Emission allowances, including the annual SO2 and NOx emission allowance entitlement received from the EPA, are recorded at cost plus associated broker commission fees. NSP-Wisconsin follows the inventory accounting model for all emission allowances. Sales of emission allowances are included in electric utility operating revenues and the operating activities section of the consolidated statements of cash flows. Environmental Costs — Environmental costs are recorded when it is probable NSP-Wisconsin is liable for remediation costs and the liability can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. If an environmental expense is related to facilities currently in use, such as emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs, excluding inflationary increases, are recorded based on experience, an assessment of the current situation and the technology currently available for use in the remediation. The recorded costs are regularly adjusted as estimates are revised and remediation proceeds. If other participating PRPs exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for NSP-Wisconsin’s expected share of the cost. Any future costs of restoring sites where operation may be extended are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses, which may include final remediation costs. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 11 for further discussion of environmental costs. Benefit Plans and Other Postretirement Benefits — NSP-Wisconsin maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans under applicable accounting guidance requires management to make various assumptions and estimates. Based on regulatory recovery mechanisms, certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are recorded as regulatory assets and liabilities, rather than OCI. See Note 7 for further discussion of benefit plans and other postretirement benefits. Guarantees — NSP-Wisconsin recognizes, upon issuance or modification of a guarantee, a liability for the fair market value of the obligation that has been assumed in issuing the guarantee. This liability includes consideration of specific triggering events and other conditions which may modify the ongoing obligation to perform under the guarantee. The obligation recognized is reduced over the term of the guarantee as NSP-Wisconsin is released from risk under the guarantee. See Note 11 for specific details of issued guarantees. Subsequent Events — Management has evaluated the impact of events occurring after Dec. 31, 2015 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. |
Accounting Pronouncements |
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Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Revenue Recognition — In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. The new guidance also includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers. As a result of the FASB’s July 2015 deferral of the standard’s required implementation date, the guidance is effective for interim and annual reporting periods beginning after Dec. 15, 2017. NSP-Wisconsin is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements. Consolidation — In February 2015, the FASB issued Amendments to the Consolidation Analysis, Topic 810 (ASU No. 2015-02), which reduces the number of consolidation models and amends certain consolidation principles related to variable interest entities. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2015, and early adoption is permitted. NSP-Wisconsin does not expect the implementation of ASU 2015-02 to have a material impact on its consolidated financial statements. Presentation of Debt Issuance Costs — In April 2015, the FASB issued Simplifying the Presentation of Debt Issuance Costs, Subtopic 835-30 (ASU No. 2015-03), which amends existing guidance to require the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt, instead of an asset. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2015, and early adoption is permitted. Other than the prescribed reclassification of assets to an offset of debt on the consolidated balance sheets, NSP-Wisconsin does not expect the implementation of ASU 2015-03 to have a material impact on its consolidated financial statements. Fair Value Measurement — In May 2015, the FASB issued Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), Topic 820 (ASU No. 2015-07), which removes the requirement to categorize fair value measurements using a net asset value methodology in the fair value hierarchy. This guidance will be effective on a retrospective basis, effective for interim and annual reporting periods beginning after Dec. 15, 2015, and early adoption is permitted. Other than the reduced disclosure requirements, NSP-Wisconsin does not expect the implementation of ASU 2015-07 to have a material impact on its consolidated financial statements. Presentation of Deferred Taxes — In November 2015, the FASB issued Balance Sheet Classification of Deferred Taxes, Topic 740 (ASU No 2015-17), which removes the requirement to present deferred tax assets and liabilities as current and noncurrent on the balance sheet based on the classification of the related asset or liability, and instead requires classification of all deferred tax assets and liabilities as noncurrent. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2016, and early adoption is permitted. Other than the prescribed classification of all deferred tax assets and liabilities as noncurrent, NSP-Wisconsin does not expect the implementation of ASU 2015-17 to have a material impact on its consolidated financial statements. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01), which among other changes in accounting and disclosure requirements, replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes, and also eliminates the available-for-sale classification for marketable equity securities. Under the new guidance, other than when the consolidation or equity method of accounting is utilized, changes in the fair value of equity securities are to be recognized in earnings. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2017. NSP-Wisconsin is currently evaluating the impact of adopting ASU 2016-01 on its consolidated financial statements. |
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Borrowings and Other Financing Instruments |
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Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Commercial Paper — NSP-Wisconsin meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for NSP-Wisconsin was as follows:
Letters of Credit — NSP-Wisconsin may use letters of credit, generally with terms of one-year, to provide financial guarantees for certain operating obligations. At Dec. 31, 2015 and 2014, there were no letters of credit outstanding. Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, NSP-Wisconsin must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. Credit Agreement — NSP-Wisconsin has a five-year credit agreement with a syndicate of banks. The total size of the credit facility is $150 million and the credit facility terminates in October 2019. NSP-Wisconsin has the right to request an extension of the termination date for an additional one-year period. All extension requests are subject to majority bank group approval. Other features of NSP-Wisconsin’s credit facility include:
At Dec. 31, 2015, NSP-Wisconsin had the following committed credit facility available (in millions):
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Wisconsin had no direct advances on the credit facility outstanding at Dec. 31, 2015 and 2014. Other Short-Term Borrowings — The following table presents the notes payable of Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, to Xcel Energy Inc.:
Long-Term Borrowings and Other Financing Instruments Generally, all real and personal property of NSP-Wisconsin is subject to the liens of its first mortgage indentures. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses associated with refinanced debt are deferred and amortized over the life of the related new issuance, in accordance with regulatory guidelines. In 2015, NSP-Wisconsin issued $100 million of 3.3 percent first mortgage bonds due June 15, 2024. In 2014, NSP-Wisconsin issued $100 million of 3.30 percent first mortgage bonds due June 15, 2024. During the next five years, NSP-Wisconsin has long-term debt maturities of $150 million due in 2018. Deferred Financing Costs — Other assets included deferred financing costs of approximately $5.1 million and $4.3 million, net of amortization, at Dec. 31, 2015 and 2014, respectively. NSP-Wisconsin is amortizing these financing costs over the remaining maturity periods of the related debt. Dividend Restrictions — NSP-Wisconsin’s dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts; payment of dividends is allowed out of retained earnings only. The most restrictive dividend limitation for NSP-Wisconsin is imposed by its state regulatory commission. NSP-Wisconsin cannot pay annual dividends in excess of approximately $33.3 million if its calendar year average equity-to-total capitalization ratio is or falls below the state commission authorized level of 52.5 percent, as calculated consistent with PSCW requirements. NSP-Wisconsin’s calendar year average equity-to-total capitalization ratio calculated on this basis was 52.6 percent at Dec. 31, 2015 and $2.4 million in retained earnings was not restricted. |
Joint Ownership of Transmission Facilities |
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Joint Ownership of Transmission Facilities | Joint Ownership of Transmission Facilities Following are the investments by NSP-Wisconsin in jointly owned transmission facilities and the related ownership percentages as of Dec. 31, 2015:
NSP-Wisconsin’s share of operating expenses and construction expenditures are included in the applicable utility accounts. Each of the respective owners is responsible for providing its own financing. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Consolidated Appropriations Act, 2016 - In December 2015, the Consolidated Appropriations Act, 2016 (Act) was signed into law. The Act provides for the following:
The accounting related to the Act was recorded beginning in the fourth quarter of 2015 because a change in tax law is accounted for beginning in the period of enactment. Tax Increase Prevention Act of 2014 — In 2014, the Tax Increase Prevention Act (TIPA) was signed into law. The TIPA provides for the following:
The accounting related to the TIPA was recorded beginning in the fourth quarter of 2014 because a change in tax law is accounted for in the period of enactment. American Taxpayer Relief Act of 2012 — In 2013, the American Taxpayer Relief Act (ATRA) was signed into law. The ATRA provided for the following:
The accounting related to the ATRA, including the provisions related to 2012, was recorded beginning in the first quarter of 2013 because a change in tax law is accounted for in the period of enactment. Federal Audit — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. In the third quarter of 2012, the IRS commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. As of Dec. 31, 2015, the IRS had proposed an adjustment to the federal tax loss carryback claims that would result in $14 million of income tax expense for the 2009 through 2011 and 2013 claims, the recently filed 2014 claim, and the anticipated claim for 2015. NSP-Wisconsin is not expected to accrue any income tax expense related to this adjustment. In the fourth quarter of 2015, the IRS forwarded the issue to the Office of Appeals (Appeals); however, the outcome and timing of a resolution is uncertain. The statute of limitations applicable to Xcel Energy's 2009 through 2011 federal income tax returns expires in December 2016 following an extension to allow additional time for the Appeals process. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. As of Dec. 31, 2015, the IRS had not proposed any material adjustments to tax years 2012 and 2013. State Audits — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Dec. 31, 2015, NSP-Wisconsin’s earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2011. As of Dec. 31, 2015, there were no state income tax audits in progress. Unrecognized Tax Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. A reconciliation of the amount of unrecognized tax benefit is as follows:
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
It is reasonably possible that NSP-Wisconsin’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS Appeals and audit progress and state audits resume. As the IRS Appeals and audit progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $2 million. The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. The payables for interest related to unrecognized tax benefits at Dec. 31, 2015, 2014 and 2013 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of Dec. 31, 2015, 2014 or 2013. Other Income Tax Matters — NOL amounts represent the amount of the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows:
The federal carryforward periods expire between 2021 and 2035. The state carryforward periods expire between 2027 and 2031. Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences for the years ending Dec. 31:
The components of income tax expense for the years ending Dec. 31 were:
The components of deferred income tax expense for the years ending Dec. 31 were:
The components of the net deferred tax liability (current and noncurrent) at Dec. 31 were as follows:
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Benefit Plans and Other Postretirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Consistent with the process for rate recovery of pension and postretirement benefits for its employees, NSP-Wisconsin accounts for its participation in, and related costs of, pension and other postretirement benefit plans sponsored by Xcel Energy Inc. as multiple employer plans. NSP-Wisconsin is responsible for its share of cash contributions, plan costs and obligations and is entitled to its share of plan assets; accordingly, NSP-Wisconsin accounts for its pro rata share of these plans, including pension expense and contributions, resulting in accounting consistent with that of a single employer plan exclusively for NSP-Wisconsin employees. Xcel Energy, which includes NSP-Wisconsin, offers various benefit plans to its employees. Approximately 71 percent of employees that receive benefits are represented by several local labor unions under several collective-bargaining agreements. At Dec. 31, 2015, NSP-Wisconsin had 400 bargaining employees covered under a collective-bargaining agreement, which expires at the end of 2016. The plans invest in various instruments which are disclosed under the accounting guidance for fair value measurements which establishes a hierarchical framework for disclosing the observability of the inputs utilized in measuring fair value. The three levels in the hierarchy and examples of each level are as follows: Level 1 — Quoted prices are available in active markets for identical assets as of the reporting date. The types of assets included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets included in Level 3 are those with inputs requiring significant management judgment or estimation. Specific valuation methods include the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset values. Insurance contracts — Insurance contract fair values take into consideration the value of the investments in separate accounts of the insurer, which are priced based on observable inputs. Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. Preferred stock is valued using recent trades and quoted prices of similar securities. The fair values for commingled funds, private equity investments and real estate investments are measured using net asset values, which take into consideration the value of underlying fund investments, as well as the other accrued assets and liabilities of a fund, in order to determine a per share market value. The investments in commingled funds may be redeemed for net asset value with proper notice. Proper notice varies by fund and can range from daily with one or two days notice to annually with 90 days notice. Private equity investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate investments may be redeemed with proper notice, which is typically quarterly with 45-90 days notice; however, withdrawals from real estate investments may be delayed or discounted as a result of fund illiquidity. Based on the plan’s evaluation of its ability to redeem private equity and real estate investments, fair value measurements for private equity and real estate investments have been assigned a Level 3. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Derivative Instruments — Fair values for foreign currency derivatives are determined using pricing models based on the prevailing forward exchange rate of the underlying currencies. The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Pension Benefits Xcel Energy, which includes NSP-Wisconsin, has several noncontributory, defined benefit pension plans that cover almost all employees. Generally, benefits are based on a combination of years of service, the employee’s average pay and, in some cases, social security benefits. Xcel Energy Inc.’s and NSP-Wisconsin’s policy is to fully fund into an external trust the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws. In addition to the qualified pension plans, Xcel Energy maintains a supplemental executive retirement plan (SERP) and a nonqualified pension plan. The SERP is maintained for certain executives that were participants in the plan in 2008, when the SERP was closed to new participants. The nonqualified pension plan provides unfunded, nonqualified benefits for compensation that is in excess of the limits applicable to the qualified pension plans. The total obligations of the SERP and nonqualified plan as of Dec. 31, 2015 and 2014 were $41.8 million and $46.5 million, respectively, of which $0.7 million and $0.8 million, respectively, was attributable to NSP-Wisconsin. In 2015 and 2014, Xcel Energy recognized net benefit cost for financial reporting for the SERP and nonqualified plans of $9.5 million and $4.7 million, respectively, of which amounts attributable to NSP-Wisconsin were immaterial. Benefits for these unfunded plans are paid out of Xcel Energy’s consolidated operating cash flows. Xcel Energy Inc. and NSP-Wisconsin base the investment-return assumption on expected long-term performance for each of the investment types included in the pension asset portfolio and consider the historical returns achieved by the asset portfolio over the past 20-year or longer period, as well as the long-term return levels projected and recommended by investment experts. Xcel Energy Inc. and NSP-Wisconsin continually review the pension assumptions. The pension cost determination assumes a forecasted mix of investment types over the long term.
The assets are invested in a portfolio according to Xcel Energy Inc.’s and NSP-Wisconsin’s return, liquidity and diversification objectives to provide a source of funding for plan obligations and minimize the necessity of contributions to the plan, within appropriate levels of risk. The principal mechanism for achieving these objectives is the projected allocation of assets to selected asset classes, given the long-term risk, return, and liquidity characteristics of each particular asset class. There were no significant concentrations of risk in any particular industry, index, or entity. Market volatility can impact even well-diversified portfolios and significantly affect the return levels achieved by pension assets in any year. The following table presents the target pension asset allocations for NSP-Wisconsin at Dec. 31 for the upcoming year:
The ongoing investment strategy is based on plan-specific investment recommendations that seek to minimize potential investment and interest rate risk as a plan’s funded status increases over time. The investment recommendations result in a greater percentage of long-duration fixed income securities being allocated to specific plans having relatively higher funded status ratios and a greater percentage of growth assets being allocated to plans having relatively lower funded status ratios. The aggregate projected asset allocation presented in the table above for the master pension trust results from the plan-specific strategies. Pension Plan Assets The following tables present, for each of the fair value hierarchy levels, NSP-Wisconsin’s pension plan assets that are measured at fair value as of Dec. 31, 2015 and 2014:
The following tables present the changes in NSP-Wisconsin’s Level 3 pension plan assets for the years ended Dec. 31, 2015, 2014 and 2013:
Benefit Obligations — A comparison of the actuarially computed pension benefit obligation and plan assets for NSP-Wisconsin is presented in the following table:
Mortality — In 2014, the Society of Actuaries published a new mortality table and projection scale that increased the overall life expectancy of males and females. NSP-Wisconsin has reviewed its own population through a credibility analysis and adopted the RP 2014 table, with modifications, based on its population and specific experience. During 2015, a new projection table was released (MP 2015). NSP-Wisconsin evaluated the updated projection table and concluded that the methodology adopted at Dec. 31, 2014 is consistent with the recently updated table and continues to be representative of its population. Cash Flows — Cash funding requirements can be impacted by changes to actuarial assumptions, actual asset levels and other calculations prescribed by the funding requirements of income tax and other pension-related regulations. Required contributions were made in 2013 through 2016 to meet minimum funding requirements. Total voluntary and required pension funding contributions across all four of Xcel Energy’s pension plans were as follows:
For future years, Xcel Energy and NSP-Wisconsin anticipate contributions will be made as necessary. Plan Amendments — In 2015 and 2014, there were no plan amendments made which affected the benefit obligation. Xcel Energy, which includes NSP-Wisconsin, amended the plan in 2013 resulting in a decrease of the projected benefit obligation due to fully insuring the long-term disability benefit for NSP bargaining participants. This decrease was partially offset by an increase to the projected benefit obligation resulting from a change in the discount rate basis for lump sum conversion of annuities for participants in the Xcel Energy Pension Plan. Benefit Costs — The components of NSP-Wisconsin’s net periodic pension cost were:
In addition to the benefit costs in the table above, for the pension plans sponsored by Xcel Energy, Inc., costs are allocated to NSP-Wisconsin based on Xcel Energy Services Inc. employees’ labor costs. Amounts allocated to NSP-Wisconsin were $1.9 million, $1.7 million and $2.2 million in 2015, 2014 and 2013, respectively. Pension costs include an expected return impact for the current year that may differ from actual investment performance in the plan. The return assumption used for 2015 pension cost calculations is 7.10 percent. The cost calculation uses a market-related valuation of pension assets. Xcel Energy, including NSP-Wisconsin, uses a calculated value method to determine the market-related value of the plan assets. The market-related value begins with the fair market value of assets as of the beginning of the year. The market-related value is determined by adjusting the fair market value of assets to reflect the investment gains and losses (the difference between the actual investment return and the expected investment return on the market-related value) during each of the previous five years at the rate of 20 percent per year. As these differences between actual investment returns and the expected investment returns are incorporated into the market-related value, the differences are recognized over the expected average remaining years of service for active employees. Defined Contribution Plans Xcel Energy, which includes NSP-Wisconsin, maintains 401(k) and other defined contribution plans that cover substantially all employees. The expense to these plans for NSP-Wisconsin was approximately $1.4 million in 2015 and 2014, and $1.3 million in 2013. Postretirement Health Care Benefits Xcel Energy, which includes NSP-Wisconsin, has a contributory health and welfare benefit plan that provides health care and death benefits to certain Xcel Energy retirees. NSP-Wisconsin discontinued contributing toward health care benefits for nonbargaining employees retiring after 1998 and for bargaining employees who retired after 1999. Regulatory agencies for nearly all retail utility customers have allowed rate recovery of accrued postretirement benefit costs. Plan Assets — Certain state agencies that regulate Xcel Energy Inc.’s utility subsidiaries also have issued guidelines related to the funding of postretirement benefit costs. These assets are invested in a manner consistent with the investment strategy for the pension plan. The following table presents the target postretirement asset allocations for Xcel Energy Inc. and NSP-Wisconsin at Dec. 31 for the upcoming year:
Xcel Energy Inc. and NSP-Wisconsin base investment-return assumptions for the postretirement health care fund assets on expected long-term performance for each of the investment types included in the asset portfolio. Assumptions and target allocations are determined at the master trust level. The investment mix at each of Xcel Energy Inc.’s utility subsidiaries may vary from the investment mix of the total asset portfolio. The assets are invested in a portfolio according to Xcel Energy Inc.’s and NSP-Wisconsin’s return, liquidity and diversification objectives to provide a source of funding for plan obligations and minimize the necessity of contributions to the plan, within appropriate levels of risk. The principal mechanism for achieving these objectives is the projected allocation of assets to selected asset classes, given the long-term risk, return, correlation and liquidity characteristics of each particular asset class. There were no significant concentrations of risk in any particular industry, index, or entity. Market volatility is not considered to be a material factor in postretirement health care costs. The following tables present, for each of the fair value hierarchy levels, NSP-Wisconsin’s proportionate allocation of the total postretirement benefit plan assets that are measured at fair value as of Dec. 31, 2015 and 2014:
For the year ended Dec. 31, 2015 and 2014 there were no assets transferred in or out of Level 3. The following table presents the changes in NSP-Wisconsin’s Level 3 postretirement benefit plan assets for the year ended 2013:
Benefit Obligations — A comparison of the actuarially computed benefit obligation and plan assets for NSP-Wisconsin is presented in the following table:
Effective Jan. 1, 2016, the initial medical trend rate was decreased from 6.5 percent to 6.0 percent. The ultimate trend assumption remained at 4.5 percent. The period until the ultimate rate is reached is three years. Xcel Energy Inc. and NSP-Wisconsin base the medical trend assumption on the long-term cost inflation expected in the health care market, considering the levels projected and recommended by industry experts, as well as recent actual medical cost increases experienced by the retiree medical plan. A one-percent change in the assumed health care cost trend rate would have the following effects on NSP-Wisconsin:
Cash Flows — The postretirement health care plans have no funding requirements under income tax and other retirement-related regulations other than fulfilling benefit payment obligations, when claims are presented and approved under the plans. Additional cash funding requirements are prescribed by certain state and federal rate regulatory authorities. Xcel Energy, which includes NSP-Wisconsin, contributed $18.3 million, $17.1 million and $17.6 million during 2015, 2014 and 2013, respectively, of which $1.0 million, $1.0 million and $1.5 million were attributable to NSP-Wisconsin. Xcel Energy expects to contribute approximately $12.3 million during 2016, of which $1.4 million is attributable to NSP-Wisconsin. Plan Amendments — In 2015 and 2014, there were no plan amendments made which affected the benefit obligation. Benefit Costs — The components of NSP-Wisconsin’s net periodic postretirement benefit costs were:
In addition to the benefit costs in the table above, for the postretirement health care plans sponsored by Xcel Energy, Inc., costs are allocated to NSP-Wisconsin based on Xcel Energy Services Inc. employees’ labor costs. Projected Benefit Payments The following table lists NSP-Wisconsin’s projected benefit payments for the pension and postretirement benefit plans:
Multiemployer Plans NSP-Wisconsin contributes to several union multiemployer pension plans, none of which are individually significant. These plans provide pension benefits to certain union employees, including electrical workers and other construction and facilities workers who may perform services for more than one employer during a given period and do not participate in the NSP-Wisconsin sponsored pension plans. Contributing to these types of plans creates risk that differs from providing benefits under NSP-Wisconsin sponsored plans, in that if another participating employer ceases to contribute to a multiemployer plan, additional unfunded obligations may need to be funded over time by remaining participating employers. Contributions to multiemployer plans were as follows for the years ended Dec. 31, 2015, 2014 and 2013. There were no significant changes to the nature or magnitude of the participation of NSP-Wisconsin in multiemployer plans for the years presented:
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Other Income, Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other Income, Net Other income, net for the years ended Dec. 31 consisted of the following:
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Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Fair Value Measurements The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. The three levels in the hierarchy are as follows: Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset values. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2. When contractual settlements extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Derivative Instruments Fair Value Measurements NSP-Wisconsin enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates and utility commodity prices. Interest Rate Derivatives — NSP-Wisconsin enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. At Dec. 31, 2015, accumulated other comprehensive losses related to interest rate derivatives included $0.1 million of net losses expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for unsettled hedges, as applicable. Commodity Derivatives — NSP-Wisconsin may enter into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of natural gas to generate electric energy and natural gas for resale. The following table details the gross notional amounts of commodity options at Dec. 31:
Consideration of Credit Risk and Concentrations — NSP-Wisconsin continuously monitors the creditworthiness of the counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Given this assessment, as well as an assessment of the impact of NSP-Wisconsin’s own credit risk when determining the fair value of derivative liabilities, the impact of considering credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. NSP-Wisconsin employs additional credit risk control mechanisms when appropriate, such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate cash flow hedges on NSP-Wisconsin’s accumulated other comprehensive loss, included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income, is detailed in the following table:
Pre-tax losses related to interest rate derivatives reclassified from accumulated other comprehensive loss into earnings were $0.1 million for each of the years ended Dec. 31, 2015, 2014 and 2013. During the years ended Dec. 31, 2015 and 2013 changes in the fair value of natural gas commodity derivatives resulted in net losses of $0.7 million and $0.1 million, recognized as regulatory assets and liabilities. During the year ended Dec. 31, 2014, changes in the fair value of natural gas commodity derivatives resulted in net gains of $0.1 million, recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. During the years ended Dec. 31, 2015 and 2013, $1.4 million and $0.7 million of natural gas commodity derivatives settlement losses were recognized and immaterial gains were recognized for the year ended Dec. 31, 2014, and were subject to purchased natural gas cost recovery mechanisms, which result in reclassifications of derivative settlement gains and losses out of income to a regulatory asset or liability, as appropriate. NSP-Wisconsin had no derivative instruments designated as fair value hedges during the years ended Dec. 31, 2015, 2014 and 2013. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, NSP-Wisconsin’s derivative assets and liabilities measured at fair value on a recurring basis:
Fair Value of Long-Term Debt As of Dec. 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:
The fair value of NSP-Wisconsin’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of Dec. 31, 2015 and 2014, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Rate Matters (Notes) |
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Rate Matters | Rate Matters Recently Concluded Regulatory Proceedings — PSCW NSP-Wisconsin – Wisconsin 2016 Electric and Gas Rate Case — In May 2015, NSP-Wisconsin filed a request with the PSCW seeking an increase in annual electric rates of $27.4 million, or 3.9 percent, and an increase in natural gas rates of $5.9 million, or 5.0 percent, effective Jan. 1, 2016. The rate filing was based on a 2016 forecast test year, a ROE of 10.2 percent, an equity ratio of 52.5 percent and a forecasted average rate base of approximately $1.2 billion for the electric utility and $111.2 million for the natural gas utility. In December 2015, the PSCW approved an electric rate increase of approximately $7.6 million, or 1.1 percent, and a natural gas rate increase of $4.2 million, or 3.6 percent, based on a 10.0 percent ROE and an equity ratio of 52.5 percent. New rates went into effect in January 2016. As shown below, NSP-Wisconsin received approximately 65 percent of the non-fuel and purchased power portion of its requested electric rate increase and 71 percent of its requested natural gas rate increase. The major components of the requested rate increases and the PSCW's approval are summarized as follows:
Recently Concluded Regulatory Proceedings — MPUC Nuclear Project Prudence Investigation — In 2013, NSP-Minnesota completed the Monticello LCM/EPU project. The multi-year project extended the life of the facility and increased the capacity from 600 to 671 MW. The Monticello LCM/EPU project expenditures were approximately $665 million. Total capitalized costs were approximately $748 million, which includes AFUDC. In 2008, project expenditures were initially estimated at approximately $320 million, excluding AFUDC. In 2013, the MPUC initiated an investigation to determine whether the final costs for the Monticello LCM/EPU project were prudent. In March 2015, the MPUC voted to allow for full recovery, including a return, on approximately $415 million of the total plant costs (inclusive of AFUDC), but only allow recovery of the remaining $333 million of costs with no return on this portion of the investment over the remaining life of the plant. Further, the MPUC determined that only 50 percent of the investment was considered used and useful for 2014. As a result of these determinations, Xcel Energy recorded an estimated pre-tax loss of $129 million in the first quarter of 2015, after which the remaining book value of the Monticello project represented the present value of the estimated future cash flows. As NSP-Wisconsin shares in the costs of the Monticello plant through the Interchange Agreement with NSP-Minnesota, the MPUC decision also affects NSP-Wisconsin. NSP-Wisconsin’s portion of the $129 million pre-tax loss, recorded in the first quarter of 2015, was approximately $5 million. Pending Regulatory Proceedings — FERC MISO ROE Complaints/ROE Adder — In November 2013, a group of customers filed a complaint at the FERC against MISO TOs, including NSP-Minnesota and NSP-Wisconsin. The complaint argued for a reduction in the ROE in transmission formula rates in the MISO region from 12.38 percent to 9.15 percent, a prohibition on capital structures in excess of 50 percent equity, and the removal of ROE adders (including those for RTO membership and being an independent transmission company), effective Nov. 12, 2013. Subsequently, the FERC adopted a new ROE methodology, which requires electric utilities to use a two-step discounted cash flow analysis that incorporates both short-term and long-term growth projections to estimate the cost of equity. The ROE complaint was set for full hearing procedures. The complainants and intervenors filed testimony recommending a ROE between 8.67 percent and 9.54 percent. The FERC staff recommended a ROE of 8.68 percent. The MISO TOs recommended a ROE not less than 10.8 percent. In December 2015, an ALJ initial decision was issued recommending a ROE of 10.32 percent. Briefs on exceptions challenging the ALJ recommendation were filed in January 2016. A FERC order is expected to be issued later in 2016. Certain MISO TOs separately requested FERC approval of a 50 basis point ROE adder for RTO membership, which was approved effective Jan. 6, 2015, subject to the outcome of the ROE complaint. The total ROE, including the RTO membership adder, may not exceed the top of the discounted cash flow range under the new ROE methodology. Certain intervenors sought rehearing of the FERC order granting the ROE adder and FERC action is pending. In February 2015, certain intervenors filed a second complaint to reduce the MISO region ROE to 8.67 percent, prior to an adder. FERC set the second complaint for hearings, and established a refund effective date of Feb. 12, 2015. The complainants and intervenors filed direct testimony in September 2015, the MISO TOs filed answering testimony in October 2015 and FERC staff filed testimony in November 2015. In January 2016, all parties updated their ROE analyses. The complainants and intervenors recommended ROEs between 8.72 percent and 9.32 percent while FERC staff recommended a ROE of 8.78 percent. The MISO TOs recommended a ROE of 10.96 percent. Hearings were held before an ALJ in February 2016. An ALJ initial decision is expected in June 2016 with a FERC decision expected in late 2016 or 2017. NSP-Minnesota recorded a current liability representing the current best estimate of a refund obligation associated with the new ROE, including the RTO membership adder, as of Dec. 31, 2015. The new FERC ROE methodology is estimated to reduce transmission revenue, net of expense, between $8 million and $10 million annually for the NSP System. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Commitments Fuel Contracts — NSP-Wisconsin has entered into various long-term commitments for the purchase and delivery of a significant portion of its current coal and natural gas requirements. These contracts expire in various years between 2016 and 2029. In addition, NSP-Wisconsin is required to pay additional amounts depending on actual quantities shipped under these agreements. As NSP-Wisconsin does not have an automatic electric fuel adjustment clause for Wisconsin retail customers, NSP-Wisconsin utilizes deferred accounting treatment for future rate recovery or refund when fuel costs differ from the amount included in rates by more than two percent on an annual basis, as determined by the PSCW after an opportunity for a hearing and an earnings test based on NSP-Wisconsin’s authorized ROE. The estimated minimum purchases for NSP-Wisconsin under these contracts as of Dec. 31, 2015 are as follows:
Additional expenditures for fuel and natural gas storage and transportation will be required to meet expected future electric generation and natural gas needs. Leases — NSP-Wisconsin leases a variety of equipment and facilities used in the normal course of business. These leases, primarily for office space, trucks, aircraft, cars and power-operated equipment, are accounted for as operating leases. Total expenses under operating lease obligations were approximately $1.1 million, $1.3 million and $1.4 million for 2015, 2014 and 2013, respectively. Future commitments under operating leases are:
Variable Interest Entities — The accounting guidance for consolidation of variable interest entities requires enterprises to consider the activities that most significantly impact an entity’s financial performance, and power to direct those activities, when determining whether an enterprise is a variable interest entity’s primary beneficiary. NSP-Wisconsin has entered into limited partnerships for the construction and operation of affordable rental housing developments which qualify for low-income housing tax credits. NSP-Wisconsin has determined the low-income housing limited partnerships to be variable interest entities primarily due to contractual arrangements within each limited partnership that establish sharing of ongoing voting control and profits and losses that does not consistently align with the partners’ proportional equity ownership. These limited partnerships are designed to qualify for low-income housing tax credits, and NSP-Wisconsin generally receives a larger allocation of the tax credits than the general partners at inception of the arrangements. NSP-Wisconsin has determined that it has the power to direct the activities that most significantly impact these entities’ economic performance, and therefore NSP-Wisconsin consolidates these limited partnerships in its consolidated financial statements. Equity financing for these entities has been provided by NSP-Wisconsin and the general partner of each limited partnership, and NSP-Wisconsin’s risk of loss is limited to its capital contributions, adjusted for any distributions and its share of undistributed profits and losses; no significant additional financial support has been, or is in the future, required to be provided to the limited partnerships by NSP-Wisconsin. Mortgage-backed debt typically comprises the majority of the financing at inception of each limited partnership and is paid over the life of the limited partnership arrangement. Obligations of the limited partnerships are generally secured by the housing properties of each limited partnership, and the creditors of each limited partnership have no significant recourse to NSP-Wisconsin or its subsidiaries. Likewise, the assets of the limited partnerships may only be used to settle obligations of the limited partnerships, and not those of NSP-Wisconsin or its subsidiaries. Amounts reflected in NSP-Wisconsin’s consolidated balance sheets for low-income housing limited partnerships include the following:
Joint Operating System — The electric production and transmission system of NSP-Wisconsin is managed as an integrated system with that of NSP-Minnesota, jointly referred to as the NSP System. The electric production and transmission costs of the entire NSP System are shared by NSP-Minnesota and NSP-Wisconsin. A FERC approved agreement between the two companies, called the Interchange Agreement, provides for the sharing of all costs of generation and transmission facilities of the system, including capital costs. Such costs include current and potential obligations of NSP-Minnesota related to its nuclear generating facilities. NSP-Minnesota’s public liability for claims resulting from any nuclear incident is limited to $13.5 billion under the Price-Anderson amendment to the Atomic Energy Act. NSP-Minnesota has secured $375 million of coverage for its public liability exposure with a pool of insurance companies. The remaining $13.1 billion of exposure is funded by the Secondary Financial Protection Program, available from assessments by the federal government in case of a nuclear accident. NSP-Minnesota is subject to assessments of up to $127.3 million per reactor per accident for each of its three licensed reactors, to be applied for public liability arising from a nuclear incident at any licensed nuclear facility in the United States. The maximum funding requirement is $19.0 million per reactor during any one year. These maximum assessment amounts are both subject to inflation adjustment by the NRC and state premium taxes. The NRC’s last adjustment was effective September 2013. NSP-Minnesota purchases insurance for property damage and site decontamination cleanup costs from Nuclear Electric Insurance Ltd. (NEIL). The coverage limits are $2.3 billion for each of NSP-Minnesota’s two nuclear plant sites. NEIL also provides business interruption insurance coverage, including the cost of replacement power obtained during certain prolonged accidental outages of nuclear generating units. Premiums are expensed over the policy term. All companies insured with NEIL are subject to retroactive premium adjustments if losses exceed accumulated reserve funds. Capital has been accumulated in the reserve funds of NEIL to the extent that NSP-Minnesota would have no exposure for retroactive premium assessments in case of a single incident under the business interruption and the property damage insurance coverage. However, in each calendar year, NSP-Minnesota could be subject to maximum assessments of approximately $19.9 million for business interruption insurance and $43.7 million for property damage insurance if losses exceed accumulated reserve funds. Guarantees — NSP-Wisconsin provides a guarantee for payment of customer loans related to NSP-Wisconsin’s farm rewiring program. NSP-Wisconsin’s exposure under the guarantee is based upon the net liability under the agreement. The guarantee issued by NSP-Wisconsin limits the exposure of NSP-Wisconsin to a maximum amount stated in the guarantee. The guarantee contains no recourse provisions and requires no collateral. The following table presents the guarantee issued and outstanding for NSP-Wisconsin:
Environmental Contingencies NSP-Wisconsin has been or is currently involved with the cleanup of contamination from certain hazardous substances at several sites. In many situations, NSP-Wisconsin believes it will recover some portion of these costs through insurance claims. Additionally, where applicable, NSP-Wisconsin is pursuing, or intends to pursue, recovery from other PRPs and through the regulated rate process. New and changing federal and state environmental mandates can also create added financial liabilities for NSP-Wisconsin, which are normally recovered through the regulated rate process. To the extent any costs are not recovered through the options listed above, NSP-Wisconsin would be required to recognize an expense. Site Remediation — Various federal and state environmental laws impose liability, without regard to the legality of the original conduct, where hazardous substances or other regulated materials have been released to the environment. NSP-Wisconsin may sometimes pay all or a portion of the cost to remediate sites where past activities of NSP-Wisconsin or other parties have caused environmental contamination. Environmental contingencies could arise from various situations, including sites of former MGPs operated by NSP-Wisconsin, its predecessors, or other entities; and third-party sites, such as landfills, for which NSP-Wisconsin is alleged to be a PRP that sent wastes to that site. MGP Sites Ashland MGP Site — NSP-Wisconsin has been named a PRP for contamination at a site in Ashland, Wis. The Ashland/Northern States Power Lakefront Superfund Site (the Site) includes property owned by NSP-Wisconsin, previously operated by a MGP facility (the Upper Bluff), and two other properties: an adjacent city lakeshore park area (Kreher Park); and an area of Lake Superior’s Chequamegon Bay adjoining the park (the Sediments). In 2010, the EPA issued its Record of Decision (ROD), including their preferred remedy for the Sediments which is a hybrid remedy involving both dry excavation and wet conventional dredging methodologies (the Hybrid Remedy). A wet conventional dredging only remedy (the Wet Dredge), contingent upon the completion of a successful Wet Dredge pilot study, is another possibility. In 2012, under a settlement agreement, NSP-Wisconsin agreed to perform the remediation of the Phase I Project Area (which includes the Upper Bluff and Kreher Park areas of the Site). Fieldwork began in 2012 and continues. Excavation and containment remedies are complete. A long-term groundwater pump and treatment program is now underway. The final design was approved by the EPA in late 2015. The current cost estimate for the cleanup of the Phase I Project Area is approximately $65 million, of which approximately $47 million has already been spent. Negotiations are ongoing between the EPA and NSP-Wisconsin regarding who will pay for or perform the cleanup of the Sediments and which remedy will be implemented. The EPA’s ROD includes estimates that the cost of the Hybrid Remedy is between $63 million and $77 million, with a potential deviation in such estimated costs of up to 50 percent higher to 30 percent lower. NSP-Wisconsin believes the Hybrid Remedy is not safe or feasible to implement. In 2015, NSP-Wisconsin constructed a breakwater at the site to serve as wave attenuation and containment for a wet dredge pilot study and full scale sediment remedy at the site. The wet dredge pilot study is anticipated to commence in spring 2016. As a result of litigation and settlements approved by the U.S. District Court for the Western District of Wisconsin in 2015, three other PRPs have contributed $15.9 million to the remediation of the site. Settlements in principle were also reached with the City of Ashland and the County of Ashland in January 2016, and NSP-Wisconsin anticipates that its litigation efforts against other PRPs are complete. At Dec. 31, 2015 and 2014, NSP-Wisconsin had recorded a liability of $94.4 million and $107.6 million, respectively, for the Site based upon potential remediation and design costs together with estimated outside legal and consultant costs; of which $17.0 million and $28.9 million, respectively, was considered a current liability. NSP-Wisconsin’s potential liability, the actual cost of remediation and the time frame over which the amounts may be paid are subject to change. NSP-Wisconsin also continues to work to identify and access state and federal funds to apply to the ultimate remediation cost of the entire site. Unresolved issues or factors that could result in higher or lower NSP-Wisconsin remediation costs for the Site include the cleanup approach implemented for the Sediments, which party implements the cleanup, the timing of when the cleanup is implemented and whether federal or state funding may be directed to help offset remediation costs at the Site. NSP-Wisconsin has deferred the estimated site remediation costs as a regulatory asset. The PSCW has consistently authorized NSP-Wisconsin rate recovery for all remediation costs incurred at the Site. In a December 2012 decision, the PSCW agreed to allow NSP-Wisconsin to pre-collect certain costs, to amortize costs over a ten-year period, and to apply a three percent carrying cost to the unamortized regulatory asset. In December 2015, the PSCW approved NSP-Wisconsin’s 2016 rate case request for an increase to the annual recovery for MGP clean-up costs from $4.7 million to $7.6 million. Other MGP Sites — NSP-Wisconsin is currently involved in investigating and/or remediating several other MGP sites where regulated materials may have been deposited. NSP-Wisconsin has identified one site where former MGP activities may have resulted in site contamination and is under current investigation. At this MGP site, there are other parties that may have responsibility for some portion of any remediation. NSP-Wisconsin anticipates that the majority of the remediation at this site will continue through at least 2016. NSP-Wisconsin had accrued $0.2 million for this site at Dec. 31, 2015 and 2014, respectively. There may be insurance recovery and/or recovery from other PRPs that will offset any costs incurred. NSP-Wisconsin anticipates that any amounts spent will be fully recovered from customers. Environmental Requirements Water and Waste Asbestos Removal — Some of NSP-Wisconsin’s facilities contain asbestos. Most asbestos will remain undisturbed until the facilities that contain it are demolished or removed. NSP-Wisconsin has recorded an estimate for final removal of the asbestos as an ARO. It may be necessary to remove some asbestos to perform maintenance or make improvements to other equipment. The cost of removing asbestos as part of other work is not expected to be material and is recorded as incurred as operating expenses for maintenance projects, capital expenditures for construction projects or removal costs for demolition projects. Federal Clean Water Act (CWA) Effluent Limitations Guidelines (ELG) — In September 2015, the EPA issued a final ELG rule for power plants that use coal, natural gas, oil or nuclear materials as fuel and discharge treated effluent to surface waters as well as utility-owned landfills that receive coal combustion residuals. NSP-Wisconsin has reviewed the final rule and is in the process of evaluating whether the costs of compliance could have a material impact on the results of operations, financial position or cash flows. NSP-Wisconsin believes that compliance costs would be recoverable through regulatory mechanisms. Federal CWA Section 316(b) — Section 316(b) of the federal CWA requires the EPA to regulate cooling water intake structures to assure that these structures reflect the best technology available for minimizing adverse environmental impacts to aquatic species. The EPA published the final 316(b) rule in August 2014. The rule prescribes technology for protecting fish that get stuck on plant intake screens (known as impingement) and describes a process for site-specific determinations by each state for sites that must protect the small aquatic organisms that pass through the intake screens into the plant cooling systems (known as entrainment). The timing of compliance with the requirements will vary from plant-to-plant since the new rule does not have a final compliance deadline. Many of the compliance requirements depend on site-specific determinations by state regulators; therefore, the exact cost is somewhat uncertain. NSP-Wisconsin believes at least two plants could be required by state regulators to make improvements to reduce entrainment. NSP-Wisconsin estimates the likely cost for complying with impingement requirements may be incurred between 2016 and 2027 and is approximately $4 million and anticipates these costs will be fully recoverable in rates. Federal CWA Waters of the United States Rule — In June 2015, the EPA and the U.S. Army Corps of Engineers published a final rule that significantly expands the types of water bodies regulated under the CWA and broadens the scope of waters subject to federal jurisdiction. The expansion of the term “Waters of the U.S.” will subject more utility projects to federal CWA jurisdiction, thereby potentially delaying the siting of new generation projects, pipelines, transmission lines and distribution lines, as well as increasing project costs and expanding permitting and reporting requirements. The rule went into effect in August 2015. In October 2015, the U.S. Court of Appeals for the Sixth Circuit issued a nationwide stay of the final rule, pending further legal proceedings. Air GHG Emission Standard for Existing Sources (Clean Power Plan or CPP) — In October 2015, a final rule was published by the EPA for GHG emission standards for existing power plants. States must develop implementation plans by September 2016, with the possibility of an extension to September 2018, or the EPA will prepare a federal plan for the state. Among other things, the rule requires that state plans include enforceable measures to ensure emissions from existing power plants achieve the EPA’s state-specific interim (2022-2029) and final (2030 and thereafter) emission performance targets. The CPP is currently being challenged by multiple parties in the D.C. Circuit Court. In January 2016, the D.C. Circuit Court denied requests to stay the effectiveness of the rule as well as ordered expedited review of the CPP, with briefings to be completed and oral arguments held by June 2016. Following the D.C. Circuit Court’s denial of motions for stay, multiple parties filed requests for stay with the U.S. Supreme Court. In February 2016, the U.S. Supreme Court issued an order staying the final CPP rule. The stay will remain in effect until, first, the D.C. Circuit Court and then the U.S. Supreme Court have ruled on the challenges to the CPP. NSP-Wisconsin has undertaken a number of initiatives that reduce GHG emissions and respond to state renewable and energy efficiency goals. The CPP could require additional emission reductions in states in which NSP-Wisconsin operates. If state plans do not provide credit for the investments we have already made to reduce GHG emissions, or if they require additional initiatives or emission reductions, then their requirements would potentially impose additional substantial costs. Until NSP-Wisconsin has more information about SIPs or knows the requirements of the EPA’s upcoming final rule on federal plans for the states that do not develop related plans, NSP-Wisconsin cannot predict the costs of compliance with the final rule once it takes effect. NSP-Wisconsin believes compliance costs will be recoverable through regulatory mechanisms. If our regulators do not allow us to recover all or a part of the cost of capital investment or the O&M costs incurred to comply with the CPP or cost recovery is not provided in a timely manner, it could have a material impact on results of operations, financial position or cash flows. CSAPR — CSAPR addresses long range transport of PM and ozone by requiring reductions in SO2 and NOx from utilities in the eastern half of the United States, including Wisconsin, using an emissions trading program. CSAPR compliance in 2015 did not and 2016 is not expected to have a material impact on the results of operations, financial position or cash flows. CSAPR was adopted to address interstate emissions impacting downwind states’ attainment of the 1997 ozone NAAQS and the 1997 and 2006 particulate NAAQS. As the EPA revises the NAAQS, it will consider whether to make any further reductions to CSAPR emission budgets and whether to change which states are included in the emissions trading program. In December 2015, the EPA proposed adjustments to CSAPR emission budgets which address attainment of the more stringent 2008 ozone NAAQS. If adopted as proposed, the ozone season emission budget for NOx is not expected to impact NSP-Wisconsin. Revisions to the NAAQS for Ozone — In October 2015, the EPA revised the NAAQS for ozone by lowering the eight-hour standard from 75 parts per billion (ppb) to 70 ppb. Current monitored air quality concentrations in areas of Wisconsin, where NSP-Wisconsin operates, are below the new standard. Therefore, NSP-Wisconsin does not expect a material impact on results of operations, financial position or cash flows. Asset Retirement Obligations Recorded AROs — AROs have been recorded for property related to the following: electric production (steam, other and hydro), electric distribution and transmission, natural gas distribution, and general property. The electric production obligations include asbestos, ash-containment facilities, storage tanks and control panels. The asbestos recognition associated with electric production includes certain specific plants. AROs also have been recorded for NSP-Wisconsin steam production related to ash-containment facilities such as bottom ash ponds, evaporation ponds and solid waste landfills. NSP-Wisconsin has recognized an ARO for the retirement costs of natural gas mains and lines and for the removal of electric transmission and distribution equipment, which consists of many small potential obligations associated with PCBs, mineral oil, storage tanks, lithium batteries, mercury and street lighting lamps. The electric and common general AROs include small obligations related to storage tanks and office buildings. In April 2015, the EPA published the final rule regulating the management and disposal of coal combustion byproducts (e.g., coal ash) as a nonhazardous waste to the Federal Register. The rule became effective in October 2015. No cash flow revisions were necessary, as a result of the final rule, as of Dec. 31, 2015. A reconciliation of NSP-Wisconsin’s AROs for the years ended Dec. 31, 2015 and 2014 is as follows:
Indeterminate AROs — Outside of the known and recorded asbestos AROs, other plants or buildings may contain asbestos due to the age of many of NSP-Wisconsin’s facilities, but no confirmation or measurement of the amount of asbestos or cost of removal could be determined as of Dec. 31, 2015. Therefore, an ARO has not been recorded for these facilities. Removal Costs — NSP-Wisconsin records a regulatory liability for the plant removal costs of generation, transmission and distribution facilities that are recovered currently in rates. Generally, the accrual of future non-ARO removal obligations is not required. However, long-standing ratemaking practices approved by applicable state and federal regulatory commissions have allowed provisions for such costs in historical depreciation rates. These removal costs have accumulated over a number of years based on varying rates as authorized by the appropriate regulatory entities. Given the long time periods over which the amounts were accrued and the changing of rates over time, NSP-Wisconsin has estimated the amount of removal costs accumulated through historic depreciation expense based on current factors used in the existing depreciation rates. Accordingly, the recorded amounts of estimated future removal costs are considered regulatory liabilities. Removal costs as of Dec. 31, 2015 and 2014 were $132 million and $123 million, respectively. Legal Contingencies NSP-Wisconsin is involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on NSP-Wisconsin’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Gas Trading Litigation — e prime, inc. (e prime) is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing, but has not engaged in natural gas trading or marketing activities since 2003. Thirteen lawsuits were commenced against e prime and Xcel Energy (and NSP-Wisconsin, in two instances) between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. The cases were consolidated in U.S. District Court in Nevada. In 2009, five of the cases were settled and one was dismissed. The U.S. District Court in 2011 issued an order dismissing entirely six of the remaining seven lawsuits, and partially dismissing the seventh. Plaintiffs appealed the dismissals to the Ninth Circuit, which reversed the District Court. The matter was ultimately heard by the U.S. Supreme Court in early 2015, which agreed with the Ninth Circuit and remanded the matter to the U.S. District Court. In September 2015, the District Court held a status conference and set deadlines for certain litigation related activities in 2016. A trial date has not yet been set, but is not expected to occur prior to late 2016 or early 2017. Xcel Energy and e prime have concluded that a loss is remote with respect to this matter. Other Contingencies See Note 10 for further discussion. |
Regulatory Assets and Liabilities |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities NSP-Wisconsin’s consolidated financial statements are prepared in accordance with the applicable accounting guidance, as discussed in Note 1. Under this guidance, regulatory assets and liabilities are created for amounts that regulators may allow to be collected, or may require to be paid back to customers in future electric and natural gas rates. Any portion of the business that is not rate regulated cannot establish regulatory assets and liabilities. If changes in the utility industry or the business of NSP-Wisconsin no longer allow for the application of regulatory accounting guidance under GAAP, NSP-Wisconsin would be required to recognize the write-off of regulatory assets and liabilities in net income or OCI. The components of regulatory assets shown on the consolidated balance sheets of NSP-Wisconsin at Dec. 31, 2015 and 2014 are:
The components of regulatory liabilities shown on the consolidated balance sheets of NSP-Wisconsin at Dec. 31, 2015 and 2014 are:
At Dec. 31, 2015 and 2014, approximately $1.0 million and $12.1 million of NSP-Wisconsin’s regulatory assets represented past expenditures not currently earning a return, respectively. This amount primarily includes Monticello EPU costs and recoverable purchased natural gas and electric energy costs. |
Other Comprehensive Income |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31, 2015 and 2014 were as follows:
Reclassifications from accumulated other comprehensive loss for the years ended Dec. 31, 2015 and 2014 were as follows:
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Segments and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segments and Related Information Operating results from the regulated electric utility and regulated natural gas utility are each separately and regularly reviewed by NSP-Wisconsin’s chief operating decision maker. NSP-Wisconsin evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. NSP-Wisconsin has the following reportable segments: regulated electric utility, regulated natural gas utility and all other.
Asset and capital expenditure information is not provided for NSP-Wisconsin’s reportable segments because as an integrated electric and natural gas utility, NSP-Wisconsin operates significant assets that are not dedicated to a specific business segment, and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. To report income from operations for regulated electric and regulated natural gas utility segments, the majority of costs are directly assigned to each segment. However, some costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. The accounting policies of the segments are the same as those described in Note 1.
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions Xcel Energy Services Inc. provides management, administrative and other services for the subsidiaries of Xcel Energy Inc., including NSP-Wisconsin. The services are provided and billed to each subsidiary in accordance with service agreements executed by each subsidiary. NSP-Wisconsin uses services provided by Xcel Energy Services Inc. whenever possible. Costs are charged directly to the subsidiary and are allocated if they cannot be directly assigned. The electric production and transmission costs of the entire NSP System are shared by NSP-Minnesota and NSP-Wisconsin. The Interchange Agreement provides for the sharing of all costs of generation and transmission facilities of the system, including capital costs. The table below contains significant affiliate transactions among the companies and related parties including billings under the Interchange Agreement for the years ended Dec. 31:
Accounts receivable and payable with affiliates at Dec. 31 were:
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Summarized Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | Summarized Quarterly Financial Data (Unaudited)
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Schedule II, Valuation and Qualifying Accounts |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II, Valuation and Qualifying Accounts | NSP-WISCONSIN AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DEC. 31, 2015, 2014 AND 2013 (amounts in thousands)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||
Business and System of Accounts | Business and System of Accounts — NSP-Wisconsin is engaged in the regulated generation, transmission, distribution and sale of electricity and in the regulated purchase, transportation, distribution and sale of natural gas. NSP-Wisconsin’s consolidated financial statements and disclosures are presented in accordance with GAAP. All of NSP-Wisconsin’s underlying accounting records also conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions, which are the same in all material respects. |
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Principles of Consolidation | Principles of Consolidation — NSP-Wisconsin’s consolidated financial statements include its wholly-owned subsidiaries and variable interest entities for which it is the primary beneficiary. In the consolidation process, all intercompany transactions and balances are eliminated. NSP-Wisconsin has investments in certain transmission facilities jointly owned with nonaffiliated utilities. NSP-Wisconsin's proportionate share of jointly owned facilities is recorded as property, plant and equipment on the consolidated balance sheets and NSP-Wisconsin's proportionate share of the operating costs associated with these facilities is included in its consolidated statements of income. See Note 5 for further discussion of jointly owned transmission facilities and related ownership percentages. NSP-Wisconsin evaluates its arrangements and contracts with other entities to determine if the other party is a variable interest entity, if NSP-Wisconsin has a variable interest and if NSP-Wisconsin is the primary beneficiary. NSP-Wisconsin follows accounting guidance for variable interest entities which requires consideration of the activities that most significantly impact an entity’s financial performance and power to direct those activities, when determining whether NSP-Wisconsin is a variable interest entity’s primary beneficiary. See Note 11 for further discussion of variable interest entities. |
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Use of Estimates | Use of Estimates — In recording transactions and balances resulting from business operations, NSP-Wisconsin uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. The recorded estimates are revised when better information becomes available or when actual amounts can be determined. Those revisions can affect operating results. |
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Regulatory Accounting | Regulatory Accounting — NSP-Wisconsin accounts for certain income and expense items in accordance with accounting guidance for regulated operations. Under this guidance:
Estimates of recovering deferred costs and returning deferred credits are based on specific ratemaking decisions or precedent for each item. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If restructuring or other changes in the regulatory environment occur, NSP-Wisconsin may no longer be eligible to apply this accounting treatment, and may be required to eliminate regulatory assets and liabilities from its balance sheets. Such changes could have a material effect on NSP-Wisconsin’s financial condition, results of operations and cash flows. See Note 12 for further discussion of regulatory assets and liabilities. |
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Revenue Recognition | Revenue Recognition — Revenues related to the sale of energy are generally recorded when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meter, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is recognized. NSP-Wisconsin presents its revenues net of any excise or other fiduciary-type taxes or fees. NSP-Wisconsin has various rate-adjustment mechanisms in place that provide for the recovery of purchased natural gas, electric fuel and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically, for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. Under Wisconsin rules, NSP-Wisconsin must submit a forward looking fuel cost plan annually for approval by the PSCW. The rules also allow for deferral of any under-collection or over-collection of fuel costs in excess of a two percent annual tolerance band, for future rate recovery or refund, subject to PSCW approval. |
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Conservation Programs | Conservation Programs — NSP-Wisconsin participates in and funds conservation programs in its retail jurisdictions to assist customers in conserving energy and reducing peak demand on the electric and natural gas systems. NSP-Wisconsin recovers approved conservation program costs in base rate revenue. |
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Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs are charged to expense as incurred. Maintenance and replacement of items determined to be less than a unit of property are charged to operating expenses as incurred. Planned major maintenance activities are charged to operating expense unless the cost represents the acquisition of an additional unit of property or the replacement of an existing unit of property. Property, plant and equipment also includes costs associated with property held for future use. The depreciable lives of certain plant assets are reviewed annually and revised, if appropriate. Property, plant and equipment that is required to be decommissioned early by a regulator is reclassified as plant to be retired. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. NSP-Wisconsin records depreciation expense related to its plant using the straight-line method over the plant’s useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 3.4, 3.3 and 3.5 percent for the years ended Dec. 31, 2015, 2014 and 2013, respectively. |
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Leases | Leases — NSP-Wisconsin evaluates a variety of contracts for lease classification at inception, including rental arrangements for office space, vehicles and equipment. Contracts determined to contain a lease because of per unit pricing that is other than fixed or market price, terms regarding the use of a particular asset, and other factors are evaluated further to determine if the arrangement is a capital lease. See Note 11 for further discussion of leases. |
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AFUDC | AFUDC — AFUDC represents the cost of capital used to finance utility construction activity. AFUDC is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in NSP-Wisconsin’s rate base for establishing utility service rates. Generally, AFUDC costs are recovered from customers as the related property is depreciated. However, in some cases, the PSCW has allowed an AFUDC calculation greater than the FERC-defined AFUDC rate, resulting in higher recognition of AFUDC. In some cases for certain transmission projects, the FERC has approved a more current recovery of the cost of capital associated with large capital projects, resulting in a lower recognition of AFUDC. |
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Asset Retirement Obligations | AROs — NSP-Wisconsin accounts for AROs under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion, and the capitalized costs are depreciated over the useful life of the long-lived asset. Changes resulting from revisions to the timing or amount of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. NSP-Wisconsin also recovers through rates certain future plant removal costs in addition to AROs. The accumulated removal costs for these obligations are reflected in the balance sheets as a regulatory liability. See Note 11 for further discussion of AROs. |
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Income Taxes | Income Taxes — NSP-Wisconsin accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. NSP-Wisconsin defers income taxes for all temporary differences between pretax financial and taxable income, and between the book and tax bases of assets and liabilities. NSP-Wisconsin uses the tax rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available evidence is considered, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. Due to the effects of past regulatory practices, when deferred taxes were not required to be recorded due to the use of flow through accounting for ratemaking purposes, the reversal of some temporary differences are accounted for as current income tax expense. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize it over the book depreciable lives of the related property. The requirement to defer and amortize only applies to federal ITCs. Utility rate regulation also has resulted in the recognition of certain regulatory assets and liabilities related to income taxes, which are summarized in Note 12. NSP-Wisconsin follows the applicable accounting guidance to measure and disclose uncertain tax positions that it has taken or expects to take in its income tax returns. NSP-Wisconsin recognizes a tax position in its consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax. NSP-Wisconsin reports interest and penalties related to income taxes within the other income and interest charges sections in the consolidated statements of income. Xcel Energy Inc. and its subsidiaries, including NSP-Wisconsin, file consolidated federal income tax returns as well as combined or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to Xcel Energy Inc.’s subsidiaries based on separate company computations of tax. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with combined state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries which are recorded directly in equity by the subsidiaries based on the relative positive tax liabilities of the subsidiaries. See Note 6 for further discussion of income taxes. |
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Types of and Accounting for Derivative Instruments | Types of and Accounting for Derivative Instruments — NSP-Wisconsin uses derivative instruments in connection with its utility commodity price and interest rate activities, including forward contracts, futures, swaps and options. All derivative instruments not designated and qualifying for the normal purchases and normal sales exception, as defined by the accounting guidance for derivatives and hedging, are recorded on the consolidated balance sheets at fair value as derivative instruments. This includes certain instruments used to mitigate market risk for the utility operations. The classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Interest rate hedging transactions are recorded as a component of interest expense. NSP-Wisconsin is allowed to recover in electric or natural gas rates the costs of certain financial instruments purchased to reduce commodity cost volatility. For further information on derivatives entered to mitigate commodity price risk on behalf of electric and natural gas customers, see Note 9. Cash Flow Hedges — Certain qualifying hedging relationships are designated as a hedge of a forecasted transaction or future cash flow (cash flow hedge). Changes in the fair value of a derivative designated as a cash flow hedge, to the extent effective, are included in OCI, or deferred as a regulatory asset or liability based on recovery mechanisms until earnings are affected by the hedged transaction. Normal Purchases and Normal Sales — NSP-Wisconsin enters into contracts for the purchase and sale of commodities for use in its business operations. Derivatives and hedging accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting if designated as normal purchases or normal sales. NSP-Wisconsin evaluates all of its contracts at inception to determine if they are derivatives and if they meet the normal purchases and normal sales designation requirements. See Note 9 for further discussion of NSP-Wisconsin’s risk management and derivative activities. |
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Fair Value Measurements | Fair Value Measurements — NSP-Wisconsin presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its consolidated financial statements. Cash equivalents are recorded at cost plus accrued interest; money market funds are measured using quoted net asset values. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used as a primary input to establish fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price for an identical contract in an active market, NSP-Wisconsin may use quoted prices for similar contracts, or internally prepared valuation models to determine fair value. See Note 9 for further discussion. |
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Cash and Cash Equivalents | Cash and Cash Equivalents — NSP-Wisconsin considers investments in certain instruments, including commercial paper and money market funds, with a remaining maturity of three months or less at the time of purchase, to be cash equivalents. |
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Accounts Receivable and Allowance for Bad Debts | Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. NSP-Wisconsin establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. |
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Inventory | Inventory — All inventory is recorded at average cost. |
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Renewable Energy Credits | RECs — RECs are marketable environmental instruments that represent proof that energy was generated from eligible renewable energy sources. RECs are awarded upon delivery of the associated energy and can be bought and sold. RECs are typically used as a form of measurement of compliance to RPS enacted by those states that are encouraging construction and consumption from renewable energy sources, but can also be sold separately from the energy produced. NSP-Wisconsin acquires RECs from the generation or purchase of renewable power. When RECs are purchased or acquired in the course of generation they are recorded as inventory at cost. The cost of RECs that are utilized for compliance purposes is recorded as electric fuel and purchased power expense. Sales of RECs that are purchased or acquired in the course of generation are recorded in electric utility operating revenues on a gross basis. The cost of these RECs and related transaction costs are recorded in electric fuel and purchased power expense. |
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Emission Allowances | Emission Allowances — Emission allowances, including the annual SO2 and NOx emission allowance entitlement received from the EPA, are recorded at cost plus associated broker commission fees. NSP-Wisconsin follows the inventory accounting model for all emission allowances. Sales of emission allowances are included in electric utility operating revenues and the operating activities section of the consolidated statements of cash flows. |
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Environmental Costs | Environmental Costs — Environmental costs are recorded when it is probable NSP-Wisconsin is liable for remediation costs and the liability can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. If an environmental expense is related to facilities currently in use, such as emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs, excluding inflationary increases, are recorded based on experience, an assessment of the current situation and the technology currently available for use in the remediation. The recorded costs are regularly adjusted as estimates are revised and remediation proceeds. If other participating PRPs exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for NSP-Wisconsin’s expected share of the cost. Any future costs of restoring sites where operation may be extended are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses, which may include final remediation costs. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 11 for further discussion of environmental costs. |
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Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits — NSP-Wisconsin maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans under applicable accounting guidance requires management to make various assumptions and estimates. Based on regulatory recovery mechanisms, certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are recorded as regulatory assets and liabilities, rather than OCI. See Note 7 for further discussion of benefit plans and other postretirement benefits. |
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Guarantees | Guarantees — NSP-Wisconsin recognizes, upon issuance or modification of a guarantee, a liability for the fair market value of the obligation that has been assumed in issuing the guarantee. This liability includes consideration of specific triggering events and other conditions which may modify the ongoing obligation to perform under the guarantee. The obligation recognized is reduced over the term of the guarantee as NSP-Wisconsin is released from risk under the guarantee. See Note 11 for specific details of issued guarantees. |
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Subsequent Events | Subsequent Events — Management has evaluated the impact of events occurring after Dec. 31, 2015 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. |
Selected Balance Sheet Data (Tables) |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net |
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Inventories |
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Property, Plant and Equipment, Net |
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Borrowings and Other Financing Instruments (Tables) |
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Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | At Dec. 31, 2015, NSP-Wisconsin had the following committed credit facility available (in millions):
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Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings | Commercial Paper — NSP-Wisconsin meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for NSP-Wisconsin was as follows:
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Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings | Other Short-Term Borrowings — The following table presents the notes payable of Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, to Xcel Energy Inc.:
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Joint Ownership of Transmission Facilities (Tables) |
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Investments in Jointly Owned Transmission Facilities | Following are the investments by NSP-Wisconsin in jointly owned transmission facilities and the related ownership percentages as of Dec. 31, 2015:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows:
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
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NOL and Tax Credit Carryforwards | Other Income Tax Matters — NOL amounts represent the amount of the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows:
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Schedule of Effective Income Tax Rate Reconciliation | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences for the years ending Dec. 31:
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Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ending Dec. 31 were:
The components of deferred income tax expense for the years ending Dec. 31 were:
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Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability (current and noncurrent) at Dec. 31 were as follows:
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Benefit Plans and Other Postretirement Benefits (Tables) |
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Benefit Plans and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected Benefit Payments for the Pension and Postretirement Benefit Plans | The following table lists NSP-Wisconsin’s projected benefit payments for the pension and postretirement benefit plans:
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Contributions to Multiemployer Plans | Contributions to multiemployer plans were as follows for the years ended Dec. 31, 2015, 2014 and 2013. There were no significant changes to the nature or magnitude of the participation of NSP-Wisconsin in multiemployer plans for the years presented:
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Pension Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Asset Allocations and Plan Assets Measured at Fair Value | The following table presents the target pension asset allocations for NSP-Wisconsin at Dec. 31 for the upcoming year:
The following tables present, for each of the fair value hierarchy levels, NSP-Wisconsin’s pension plan assets that are measured at fair value as of Dec. 31, 2015 and 2014:
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Changes in Level 3 Plan Assets | The following tables present the changes in NSP-Wisconsin’s Level 3 pension plan assets for the years ended Dec. 31, 2015, 2014 and 2013:
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Change in Projected Benefit Obligation | Benefit Obligations — A comparison of the actuarially computed pension benefit obligation and plan assets for NSP-Wisconsin is presented in the following table:
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Change in Fair Value of Plan Assets |
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Funded Status of Plans |
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Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
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Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates |
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Schedule of Assumptions Used |
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Components of Net Periodic Benefit Costs | Benefit Costs — The components of NSP-Wisconsin’s net periodic pension cost were:
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Postretirement Benefit Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Asset Allocations and Plan Assets Measured at Fair Value | The following table presents the target postretirement asset allocations for Xcel Energy Inc. and NSP-Wisconsin at Dec. 31 for the upcoming year:
The following tables present, for each of the fair value hierarchy levels, NSP-Wisconsin’s proportionate allocation of the total postretirement benefit plan assets that are measured at fair value as of Dec. 31, 2015 and 2014:
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Changes in Level 3 Plan Assets | For the year ended Dec. 31, 2015 and 2014 there were no assets transferred in or out of Level 3. The following table presents the changes in NSP-Wisconsin’s Level 3 postretirement benefit plan assets for the year ended 2013:
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Change in Projected Benefit Obligation | Benefit Obligations — A comparison of the actuarially computed benefit obligation and plan assets for NSP-Wisconsin is presented in the following table:
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Change in Fair Value of Plan Assets |
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Funded Status of Plans |
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Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
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Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates |
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Schedule of Assumptions Used |
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Effects of One-Percent Change in Assumed Health Care Cost Trend Rate | A one-percent change in the assumed health care cost trend rate would have the following effects on NSP-Wisconsin:
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Components of Net Periodic Benefit Costs | Benefit Costs — The components of NSP-Wisconsin’s net periodic postretirement benefit costs were:
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Other Income, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other income, net for the years ended Dec. 31 consisted of the following:
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Fair Value of Financial Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity Forwards and Options | The following table details the gross notional amounts of commodity options at Dec. 31:
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Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Loss | Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate cash flow hedges on NSP-Wisconsin’s accumulated other comprehensive loss, included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income, is detailed in the following table:
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Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, NSP-Wisconsin’s derivative assets and liabilities measured at fair value on a recurring basis:
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Carrying Amount and Fair Value of Long-term Debt | As of Dec. 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:
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Rate Matters Rate Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NSP-Wisconsin's 2016 Electric and Gas Rate Case [Table Text Block] | The major components of the requested rate increases and the PSCW's approval are summarized as follows:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Minimum Purchases Under Fuel Contracts | The estimated minimum purchases for NSP-Wisconsin under these contracts as of Dec. 31, 2015 are as follows:
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Future Commitments Under Operating Leases | Future commitments under operating leases are:
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Low-income Housing Limited Partnerships | Amounts reflected in NSP-Wisconsin’s consolidated balance sheets for low-income housing limited partnerships include the following:
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Guarantee Issued and Outstanding | The following table presents the guarantee issued and outstanding for NSP-Wisconsin:
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Asset Retirement Obligations | A reconciliation of NSP-Wisconsin’s AROs for the years ended Dec. 31, 2015 and 2014 is as follows:
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Regulatory Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets | The components of regulatory assets shown on the consolidated balance sheets of NSP-Wisconsin at Dec. 31, 2015 and 2014 are:
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Regulatory Liabilities | The components of regulatory liabilities shown on the consolidated balance sheets of NSP-Wisconsin at Dec. 31, 2015 and 2014 are:
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Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31, 2015 and 2014 were as follows:
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Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the years ended Dec. 31, 2015 and 2014 were as follows:
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Segments and Related Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Operations by Reportable Segment |
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | The table below contains significant affiliate transactions among the companies and related parties including billings under the Interchange Agreement for the years ended Dec. 31:
Accounts receivable and payable with affiliates at Dec. 31 were:
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Summarized Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) |
|
Summary of Significant Accounting Policies (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Percentage of Average Annual Operating Revenues | 1.20% | ||
Average Annual Operating Revenues | 3 years | ||
Property, Plant and Equipment [Abstract] | |||
Depreciation expense expressed as a percentage of average depreciable property | 3.40% | 3.30% | 3.50% |
Cash and Cash Equivalents [Abstract] | |||
Maximum number of months of remaining maturity at time of purchase to consider investments in certain instruments as cash equivalents | 3 months |
Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
||
---|---|---|---|---|
Accounts Receivable, Net | ||||
Accounts receivable | $ 61,506 | $ 66,217 | ||
Less allowance for bad debts | (5,128) | (5,821) | ||
Accounts receivable, net | [1] | $ 56,378 | $ 60,396 | |
|
Selected Balance Sheet Data, Inventory (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 21,559 | $ 24,685 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 6,785 | 6,494 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 6,528 | 6,654 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 8,246 | $ 11,537 |
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,885,022 | $ 2,674,485 |
Less accumulated depreciation | (1,056,943) | (1,000,204) |
Property, plant and equipment, net | 1,828,079 | 1,674,281 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,411,562 | 2,061,669 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 275,376 | 255,465 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 132,329 | 125,938 |
CWIP | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 65,755 | $ 231,413 |
Borrowings and Other Financing Instruments, Commercial Paper (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Short-term Debt [Line Items] | ||||
Amount outstanding at period end | $ 10,000 | $ 10,000 | $ 78,000 | |
Commercial Paper | ||||
Short-term Debt [Line Items] | ||||
Borrowing limit | 150,000 | 150,000 | 150,000 | $ 150,000 |
Amount outstanding at period end | 10,000 | 10,000 | 78,000 | 68,000 |
Average amount outstanding | 6,000 | 39,000 | 46,000 | 20,000 |
Maximum amount outstanding | $ 18,000 | $ 122,000 | $ 101,000 | $ 71,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 0.44% | 0.44% | 0.27% | 0.31% |
Weighted average interest rate at period end (percentage) | 0.70% | 0.70% | 0.55% | 0.27% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 10,000 | $ 78,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 0 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financing Instruments, Credit Facility (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Line of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Debt To Total Capitalization Ratio Allowed | 65.00% | |||
Line Of Credit Facility Debt To Total Capitalization Ratio | 46.00% | 48.00% | ||
Line Of Credit Facility Minimum Threshhold Percentage Of Subsidiary Assets To Consolidated Assets Required To Initiate Cross Default Provisions | 15.00% | |||
Line of Credit Facility, Minimum Amount of Indebtedness in Default to Initiate Cross Default Provisions | $ 75,000,000 | |||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | ||
Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Term | 5 years | |||
Credit Facility | $ 150,000,000 | |||
Term Of Each Additional Period Revolving Termination Date Can Be Extended Subject To Majority Bank Group Approval | 1 year | |||
Drawn | [1] | $ 10,000,000 | ||
Available | $ 140,000,000 | |||
Line Of Credit Facility Minimum Commitment Fees Calculated On Unused Portion Of Lines Of Credit | 0.075% | |||
Line Of Credit Facility Maximum Commitment Fees Calculated On Unused Portion Of Lines Of Credit | 0.275% | |||
Eurodollar | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line Of Credit Facility Minimum Borrowing Margin Based On Long Term Credit Ratings | 0.875% | |||
Line Of Credit Facility Maximum Borrowing Margin Based On Long Term Credit Ratings | 1.75% | |||
|
Borrowings and Other Financing Instruments, Intercompany Borrowing Arrangements and Other Short-Term Borrowings (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Short-term Debt [Line Items] | ||
Notes payable to affiliates | $ 500 | $ 500 |
Notes Payable, Other Payables | ||
Short-term Debt [Line Items] | ||
Notes payable to affiliates | $ 500 | $ 500 |
Weighted average interest rate at period end (percentage) | 0.87% | 0.51% |
Borrowings and Other Financing Instruments Borrowings and Other Financing Instruments, Long-Term Borrowings and Other Financing Instruments (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Noncurrent, Net | $ 5,100,000 | $ 4,300,000 |
Maximum annual dividends that can be paid if equity capitalization ratio condition is not met | $ 33,300,000 | |
Minimum calendar year average equity to total capitalization ratio authorized by state commission | 52.50% | |
Calendar year average equity to total capitalization ratio | 52.60% | |
Unrestricted Retained Earnings Per State Regulatory Commissions Dividend Restrictions | $ 2,400,000 | |
First Mortgage Bonds | Series Due June 15, 2024 | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 100,000,000 | |
Interest Rate, Stated Percentage | 3.30% | 3.30% |
Maturity Date | Jun. 15, 2024 | Jun. 15, 2024 |
First Mortgage Bonds | Series Due Oct. 1, 2018 | ||
Debt Instrument [Line Items] | ||
Interest Rate, Stated Percentage | 5.25% | 5.25% |
Maturity Date | Oct. 01, 2018 | Oct. 01, 2018 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 150,000,000 | |
NSP-Wisconsin | First Mortgage Bonds | Series Due June 15, 2024 | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 100,000,000 | |
Interest Rate, Stated Percentage | 3.30% | |
Maturity Date | Jun. 15, 2024 |
Joint Ownership of Transmission Facilities (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Jointly Owned Utility Plant [Abstract] | |
Plant in service | $ 154,394 |
Accumulated depreciation | 6,863 |
Construction work in progress | 20,527 |
CapX2020 Transmission | Electric Transmission | |
Jointly Owned Utility Plant [Abstract] | |
Plant in service | 154,394 |
Accumulated depreciation | 6,863 |
Construction work in progress | $ 1,633 |
Ownership % (in hundredths) | 80.00% |
La Crosse, Wis. to Madison, Wis. | Electric Transmission | |
Jointly Owned Utility Plant [Abstract] | |
Plant in service | $ 0 |
Accumulated depreciation | 0 |
Construction work in progress | $ 18,894 |
Ownership % (in hundredths) | 37.00% |
Income Taxes (Details) |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2015
USD ($)
$ / kWh
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
|
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Excise Tax Delay | 2 years | |||||||
Tax Increase Prevention Act of 2014 [Abstract] | ||||||||
Number of years bonus depreciation was extended | 1 year | 1 year | ||||||
American Taxpayer Relief Act of 2012 [Abstract] | ||||||||
Original top tax rate for dividends | 15.00% | |||||||
New top tax rate for dividends | 20.00% | |||||||
Unrecognized Tax Benefits [Abstract] | ||||||||
Unrecognized tax benefit — Permanent tax positions | $ 200,000 | $ 100,000 | ||||||
Unrecognized tax benefit — Temporary tax positions | 4,300,000 | 2,900,000 | ||||||
Total unrecognized tax benefit | $ 3,000,000 | $ 1,500,000 | $ 1,300,000 | $ 1,300,000 | 4,500,000 | 3,000,000 | $ 1,500,000 | $ 1,300,000 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||
Balance at Jan. 1 | 3,000,000 | 1,500,000 | 1,300,000 | |||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 1,900,000 | 1,900,000 | 700,000 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (300,000) | (200,000) | 0 | |||||
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 800,000 | 100,000 | 500,000 | |||||
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions | (900,000) | (200,000) | 0 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (100,000) | (1,000,000) | |||||
Balance at Dec. 31 | $ 4,500,000 | $ 3,000,000 | $ 1,500,000 | $ 1,300,000 | ||||
Tax Benefits Associated With NOL And Tax Credit Carryforwards [Abstract] | ||||||||
NOL and tax credit carryforwards | (900,000) | (900,000) | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,000,000 | |||||||
Amounts accrued for penalties related to unrecognized tax benefits | 0 | 0 | $ 0 | |||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.80% | 4.90% | 5.00% | |||||
Effective Income Tax Rate Reconciliation Change In Unrecognized Tax Benefits, Percent | 0.10% | 0.00% | 0.00% | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (0.70%) | (0.70%) | (0.90%) | |||||
Effective Income Tax Rate Reconciliation Regulatory Differences Utility Plant Items, Percent | (1.70%) | (1.60%) | (0.90%) | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.30%) | (0.10%) | (0.20%) | |||||
Effective Income Tax Rate Reconciliation, Percent | 37.20% | 37.50% | 38.00% | |||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||
Current Federal Tax Expense (Benefit) | $ (4,715,000) | $ (3,932,000) | $ 5,902,000 | |||||
Current State and Local Tax Expense (Benefit) | 2,150,000 | 453,000 | 4,628,000 | |||||
Current Change In Unrecognized Tax Expense (Benefit) | 1,498,000 | 1,013,000 | 754,000 | |||||
Deferred Federal Income Tax Expense (Benefit) | 40,580,000 | 38,321,000 | 23,794,000 | |||||
Deferred State and Local Income Tax Expense (Benefit) | 6,675,000 | 8,042,000 | 2,720,000 | |||||
Deferred Change In Unrecognized Tax Expense (Benefit) | (1,422,000) | (967,000) | (725,000) | |||||
Deferred investment tax credits | (528,000) | (527,000) | (664,000) | |||||
Income Tax Expense (Benefit) | 44,238,000 | 42,403,000 | 36,409,000 | |||||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||
Deferred tax expense (benefit) excluding selected items | 51,084,000 | 49,793,000 | 27,516,000 | |||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (5,200,000) | (4,346,000) | (1,676,000) | |||||
Other Comprehensive Income (Loss), Tax | (51,000) | (51,000) | (51,000) | |||||
Deferred Income Tax Expense (Benefit) | $ 45,833,000 | $ 45,396,000 | $ 25,789,000 | |||||
Deferred Tax Liabilities, Gross [Abstract] | ||||||||
Deferred Tax Liabilities, Property, Plant and Equipment | 382,592,000 | 319,265,000 | ||||||
Deferred Tax Liabilities, Regulatory Assets | 78,233,000 | 72,670,000 | ||||||
Deferred Tax Liabilities, Compensation and Benefits, Employee Benefits | 18,028,000 | 18,691,000 | ||||||
Deferred Tax Liabilities, Other | 10,190,000 | 14,453,000 | ||||||
Deferred Tax Liabilities, Gross | 489,043,000 | 425,079,000 | ||||||
Deferred Tax Liabilities, Net | 391,063,000 | 339,979,000 | ||||||
Deferred Tax Assets, Gross [Abstract] | ||||||||
Deferred Tax Assets Environmental Remediation | 37,938,000 | 43,207,000 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | 37,508,000 | 18,283,000 | ||||||
Deferred Tax Assets Regulatory Liabilities | 9,328,000 | 10,460,000 | ||||||
Deferred Tax Assets Deferred Investment Tax Credits | 5,312,000 | 5,628,000 | ||||||
Deferred Tax Assets Tax credit carryforward | 4,760,000 | 4,515,000 | ||||||
Deferred Tax Assets, Other | 3,134,000 | 3,007,000 | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 97,980,000 | 85,100,000 | ||||||
Internal Revenue Service (IRS) | ||||||||
Tax Audits [Abstract] | ||||||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | ||||||
Year of carryback claim under examination | 2009 | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 14,000,000 | |||||||
Operating Loss Carryforwards | 103,000,000 | 49,000,000 | ||||||
Tax Credit Carryforward, Amount | 5,000,000 | 5,000,000 | ||||||
Carryforward expiration date range, low | 2021 | |||||||
Carryforward expiration date range, high | 2035 | |||||||
State and Local Jurisdiction | ||||||||
Tax Audits [Abstract] | ||||||||
Earliest year subject to examination | 2011 | |||||||
Operating Loss Carryforwards | $ 3,000,000 | $ 3,000,000 | ||||||
Carryforward expiration date range, low | 2027 | |||||||
Carryforward expiration date range, high | 2031 | |||||||
Consolidated Appropriations Act of 2016; 2015, 2016, 2017 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 50.00% | |||||||
Consolidated Appropriations Act of 2016; 2018 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 40.00% | |||||||
Production Tax Credit Rate, Percent | 60.00% | |||||||
Consolidated Appropriations Act of 2016; 2019 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 30.00% | |||||||
Production Tax Credit Rate, Percent | 40.00% | |||||||
Investment Tax Credit Rate, Percent | 30.00% | |||||||
Consolidated Appropriations Act of 2016; 2016 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Production Tax Credit Rate, Percent | 100.00% | |||||||
Production Tax Credit per KWh | $ / kWh | 0.023 | |||||||
Consolidated Appropriations Act of 2016; 2017 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Production Tax Credit Rate, Percent | 80.00% | |||||||
Consolidated Appropriations Act of 2016; 2020 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Investment Tax Credit Rate, Percent | 26.00% | |||||||
Consolidated Appropriations Act of 2016; 2021 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Investment Tax Credit Rate, Percent | 22.00% | |||||||
Consolidated Appropriations Act of 2016; After 2021 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Investment Tax Credit Rate, Percent | 10.00% | |||||||
Tax Increase Prevention Act of 2014; 2014 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 50.00% | |||||||
Tax Increase Prevention Act of 2014; 2015 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 50.00% | |||||||
American Taxpayer Relief Act of 2012; 2013 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 50.00% | |||||||
American Taxpayer Relief Act of 2012; 2014 Impact [Member] | ||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||
Bonus depreciation rate, Percent | 50.00% |
Benefit Plans and Other Postretirement Benefits, Employees Represented by Local Labor Unions (Details) |
Dec. 31, 2015
Employee
|
---|---|
Employees Represented by Local Labor Unions Under Collective Bargaining Agreements Receiving Benefits [Abstract] | |
Approximate percent of employees receiving benefits who are represented by local labor unions under collective bargaining agreements (as a percent) | 71.00% |
Number of bargaining employees receiving benefits under several collective bargaining agreements | 400 |
Benefit Plans and Other Postretirement Benefits Benefits Plans and Other Postretirement Benefits, Fair Value Hierarchy (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Commingled funds | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 1 day |
Commingled funds | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 90 days |
Real estate funds | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 45 days |
Real estate funds | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 90 days |
Benefit Plans and Other Postretirement Benefits, Pension Benefits (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | ||||
Pension Benefits [Abstract] | ||||
Total benefit obligation | $ 700 | $ 800 | ||
Net benefit cost recognized for financial reporting | 9,500 | 4,700 | ||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions to Xcel Energy's pension plans during the period | 4,900 | 8,000 | $ 11,300 | |
Pension Benefits [Abstract] | ||||
Total benefit obligation | 152,545 | 165,669 | 163,930 | |
Net benefit cost recognized for financial reporting | $ 8,711 | $ 8,870 | $ 10,952 | |
Minimum number of years historical achieved weighted average annual returns are used to determine investment return assumptions (in years) | 20 years | |||
Expected average long-term rate of return on assets (as a percent) | 7.25% | 7.25% | 7.25% | |
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 7.10% | |||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 100.00% | 100.00% | ||
Pension Plans | Domestic and international equity securities | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 41.00% | 39.00% | ||
Pension Plans | Long-duration fixed income and interest rate swap securities | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 23.00% | 23.00% | ||
Pension Plans | Short-to-intermediate fixed income securities | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 14.00% | 14.00% | ||
Pension Plans | Alternative investments | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 20.00% | 22.00% | ||
Pension Plans | Cash | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 2.00% | 2.00% | ||
Xcel Energy Inc. | Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | ||||
Pension Benefits [Abstract] | ||||
Total benefit obligation | $ 41,800 | $ 46,500 | ||
Xcel Energy Inc. | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions to Xcel Energy's pension plans during the period | $ 90,100 | $ 130,600 | $ 192,400 | |
Subsequent Event | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions to Xcel Energy's pension plans during the period | $ 7,400 | |||
Subsequent Event | Xcel Energy Inc. | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions to Xcel Energy's pension plans during the period | $ 125,000 |
Benefit Plans and Other Postretirement Benefits, Fair Value of Pension Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | $ 119,314 | $ 132,713 | $ 136,935 | |
Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 10,218 | 12,334 | ||
Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 100,716 | 110,791 | ||
Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 8,380 | 9,588 | 9,801 | $ 14,894 |
Cash equivalents | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 6,005 | 7,910 | ||
Cash equivalents | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 6,005 | 7,910 | ||
Cash equivalents | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash equivalents | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Derivatives | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 89 | 28 | ||
Derivatives | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Derivatives | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 89 | 28 | ||
Derivatives | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Government securities | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 13,048 | 16,084 | ||
Government securities | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Government securities | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 13,048 | 16,084 | ||
Government securities | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 10,454 | 13,231 | ||
Corporate bonds | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 10,454 | 13,231 | ||
Corporate bonds | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 101 | 162 | ||
Asset-backed securities | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 101 | 162 | ||
Asset-backed securities | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | 0 | 749 |
Mortgage-backed securities | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 475 | |||
Mortgage-backed securities | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | |||
Mortgage-backed securities | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 475 | |||
Mortgage-backed securities | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | 2,128 | |
Common stock | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 4,213 | 4,424 | ||
Common stock | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 4,213 | 4,424 | ||
Common stock | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Common stock | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Private equity investments | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 5,967 | 7,078 | ||
Private equity investments | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Private equity investments | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Private equity investments | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 5,967 | 7,078 | 7,502 | 8,545 |
Commingled funds | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 76,817 | 81,806 | ||
Commingled funds | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Commingled funds | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 76,817 | 81,806 | ||
Commingled funds | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 2,413 | 2,510 | ||
Real estate | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 2,413 | 2,510 | $ 2,299 | $ 3,472 |
Securities lending collateral obligation and other | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 207 | (995) | ||
Securities lending collateral obligation and other | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Securities lending collateral obligation and other | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 207 | (995) | ||
Securities lending collateral obligation and other | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans and Other Postretirement Benefits, Changes in Level 3 Pension Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | $ 132,713 | $ 136,935 | |||||
Fair value of plan assets at Dec. 31 | 119,314 | 132,713 | $ 136,935 | ||||
Level 3 | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 9,588 | 9,801 | 14,894 | ||||
Net realized gains (losses) | 1,660 | 1,363 | 954 | ||||
Net unrealized gains (losses) | (2,392) | (1,431) | (1,713) | ||||
Purchases, issuances and settlements, net | (476) | (145) | 284 | ||||
Transfers in (out) of Level 3 | 0 | 0 | (4,618) | [1] | |||
Fair value of plan assets at Dec. 31 | 8,380 | 9,588 | 9,801 | ||||
Asset-backed securities | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 162 | ||||||
Fair value of plan assets at Dec. 31 | 101 | 162 | |||||
Asset-backed securities | Level 3 | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 0 | 0 | 749 | ||||
Net realized gains (losses) | 0 | ||||||
Net unrealized gains (losses) | 0 | ||||||
Purchases, issuances and settlements, net | 0 | ||||||
Transfers in (out) of Level 3 | [1] | (749) | |||||
Fair value of plan assets at Dec. 31 | 0 | 0 | 0 | ||||
Mortgage-backed securities | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 475 | ||||||
Fair value of plan assets at Dec. 31 | 475 | ||||||
Mortgage-backed securities | Level 3 | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 0 | 0 | 2,128 | ||||
Net realized gains (losses) | 0 | ||||||
Net unrealized gains (losses) | 0 | ||||||
Purchases, issuances and settlements, net | 0 | ||||||
Transfers in (out) of Level 3 | [1] | (2,128) | |||||
Fair value of plan assets at Dec. 31 | 0 | 0 | |||||
Private equity investments | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 7,078 | ||||||
Fair value of plan assets at Dec. 31 | 5,967 | 7,078 | |||||
Private equity investments | Level 3 | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 7,078 | 7,502 | 8,545 | ||||
Net realized gains (losses) | 1,326 | 1,197 | 1,083 | ||||
Net unrealized gains (losses) | (1,836) | (1,197) | (1,960) | ||||
Purchases, issuances and settlements, net | (601) | (424) | (166) | ||||
Transfers in (out) of Level 3 | 0 | 0 | 0 | [1] | |||
Fair value of plan assets at Dec. 31 | 5,967 | 7,078 | 7,502 | ||||
Real estate | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 2,510 | ||||||
Fair value of plan assets at Dec. 31 | 2,413 | 2,510 | |||||
Real estate | Level 3 | |||||||
Changes in Level 3 Plan Assets [Roll Forward] | |||||||
Fair value of plan assets at Jan. 1 | 2,510 | 2,299 | 3,472 | ||||
Net realized gains (losses) | 334 | 166 | (129) | ||||
Net unrealized gains (losses) | (556) | (234) | 247 | ||||
Purchases, issuances and settlements, net | 125 | 279 | 450 | ||||
Transfers in (out) of Level 3 | 0 | 0 | (1,741) | [1] | |||
Fair value of plan assets at Dec. 31 | $ 2,413 | $ 2,510 | $ 2,299 | ||||
|
Benefit Plans and Other Postretirement Benefits, Pension Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 31, 2016
USD ($)
Plan
|
Dec. 31, 2015
USD ($)
Plan
|
Dec. 31, 2014
USD ($)
Plan
|
Dec. 31, 2013
USD ($)
Plan
|
|||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Contributions to 401(k) and other defined contribution plans | $ 1,400 | $ 1,400 | $ 1,300 | |||
Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated Benefit Obligation at Dec. 31 | 140,917 | 153,590 | ||||
Change in Projected Benefit Obligation [Roll Forward] | ||||||
Obligation at Jan. 1 | $ 152,545 | 165,669 | 163,930 | |||
Service cost | 4,759 | 4,527 | 5,682 | |||
Interest cost | 6,520 | 7,257 | 6,924 | |||
Actuarial (gain) loss | (11,159) | 9,126 | ||||
Benefit payments | (13,244) | (19,171) | ||||
Obligation at Dec. 31 | 152,545 | 165,669 | 163,930 | |||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 119,314 | 132,713 | 136,935 | |||
Actual return (loss) on plan assets | (5,087) | 6,916 | ||||
Employer contributions | 4,932 | 8,033 | ||||
Benefit payments | (13,244) | (19,171) | ||||
Fair value of plan assets at Dec. 31 | 119,314 | 132,713 | 136,935 | |||
Funded Status of Plans at Dec. 31 [Abstract] | ||||||
Funded status | [1] | (33,231) | (32,956) | |||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | ||||||
Net loss | 86,614 | 90,007 | ||||
Prior service (credit) cost | 556 | 667 | ||||
Total | 87,170 | 90,674 | ||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | ||||||
Current regulatory assets | 6,300 | 6,728 | ||||
Noncurrent regulatory assets | 80,870 | 83,946 | ||||
Total | $ 87,170 | $ 90,674 | ||||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | ||||||
Measurement date | December 31, 2015 | December 31, 2014 | ||||
Discount rate for year-end valuation (as a percent) | 4.66% | 4.11% | ||||
Expected average long-term increase in compensation level (as a percent) | 4.00% | 3.75% | ||||
Mortality table | RP 2014 | RP 2014 | ||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | $ 4,900 | $ 8,000 | 11,300 | |||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | 4,759 | 4,527 | 5,682 | |||
Interest cost | 6,520 | 7,257 | 6,924 | |||
Expected return on plan assets | (9,483) | (9,642) | (9,995) | |||
Amortization of prior service cost (credit) | 111 | 111 | 417 | |||
Amortization of net loss | 6,804 | 6,617 | 7,924 | |||
Net periodic benefit cost | $ 8,711 | $ 8,870 | $ 10,952 | |||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Discount rate (as a percent) | 4.11% | 4.75% | 4.00% | |||
Expected average long-term increase in compensation level (as a percent) | 3.75% | 3.75% | 3.75% | |||
Expected average long-term rate of return on assets (as a percent) | 7.25% | 7.25% | 7.25% | |||
Allocated costs for pension plans sponsored by Xcel Energy Inc. | $ 1,900 | $ 1,700 | $ 2,200 | |||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 7.10% | |||||
Number of years fair market value of plan assets is adjusted using calculated value method (in years) | 5 years | |||||
Annual adjustment rate used in calculated value method (as a percent) | 20.00% | |||||
Xcel Energy Inc. | Pension Plans | ||||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | $ 90,100 | $ 130,600 | $ 192,400 | |||
Number of pension plans to which contributions were made | Plan | 4 | 4 | 4 | |||
Subsequent Event | Pension Plans | ||||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | 7,400 | |||||
Subsequent Event | Xcel Energy Inc. | Pension Plans | ||||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | $ 125,000 | |||||
Number of pension plans to which contributions were made | Plan | 4 | |||||
|
Benefit Plans and Other Postretirement Benefits, Defined Contribution Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Contribution Plans [Abstract] | |||
Contributions to 401(k) and other defined contribution plans | $ 1.4 | $ 1.4 | $ 1.3 |
Benefit Plans and Other Postretirement Benefits, Postretirement Health Care Benefits (Details) - Postretirement Benefit Plan |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 100.00% | 100.00% |
Domestic and international equity securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 25.00% | 25.00% |
Short-to-intermediate fixed income securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 57.00% | 57.00% |
Alternative investments | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 13.00% | 13.00% |
Cash | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 5.00% | 5.00% |
Benefit Plans and Other Postretirement Benefits, Fair Value of Postretirement Benefit Plan Assets (Details) - Postretirement Benefit Plan - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | $ 418 | $ 512 | $ 746 | |
Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 18 | 28 | ||
Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 400 | 484 | ||
Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | 0 | $ 55 |
Cash equivalents | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 18 | 28 | ||
Cash equivalents | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 18 | 28 | ||
Cash equivalents | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash equivalents | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Government securities | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 37 | 52 | ||
Government securities | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Government securities | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 37 | 52 | ||
Government securities | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 44 | 54 | ||
Insurance contracts | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 44 | 54 | ||
Insurance contracts | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 68 | 59 | ||
Corporate bonds | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 68 | 59 | ||
Corporate bonds | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 27 | 4 | ||
Asset-backed securities | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Asset-backed securities | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 27 | 4 | ||
Asset-backed securities | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | 0 | 1 |
Mortgage-backed securities | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 33 | 12 | ||
Mortgage-backed securities | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Mortgage-backed securities | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 33 | 12 | ||
Mortgage-backed securities | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | $ 0 | $ 54 |
Commingled funds | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 191 | 304 | ||
Commingled funds | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | 0 | ||
Commingled funds | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 191 | 304 | ||
Commingled funds | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | $ 0 | 0 | ||
Other | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | (1) | |||
Other | Level 1 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | 0 | |||
Other | Level 2 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | (1) | |||
Other | Level 3 | ||||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | ||||
Fair value of plan assets | $ 0 |
Benefit Plans and Other Postretirement Benefits, Changes in Level 3 Postretirement Benefit Plan Assets (Details) - Postretirement Benefit Plan - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Changes in Level 3 Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | $ 512 | $ 746 | ||||
Fair value of plan assets at Dec. 31 | 418 | 512 | $ 746 | |||
Level 3 | ||||||
Changes in Level 3 Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 0 | 0 | 55 | |||
Net realized gains (losses) | 0 | |||||
Net unrealized gains (losses) | 0 | |||||
Purchases, issuances and settlements, net | 0 | |||||
Transfers in (out) of Level 3 | [1] | (55) | ||||
Fair value of plan assets at Dec. 31 | 0 | 0 | 0 | |||
Asset-backed securities | ||||||
Changes in Level 3 Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 4 | |||||
Fair value of plan assets at Dec. 31 | 27 | 4 | ||||
Asset-backed securities | Level 3 | ||||||
Changes in Level 3 Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 0 | 0 | 1 | |||
Net realized gains (losses) | 0 | |||||
Net unrealized gains (losses) | 0 | |||||
Purchases, issuances and settlements, net | 0 | |||||
Transfers in (out) of Level 3 | [1] | (1) | ||||
Fair value of plan assets at Dec. 31 | 0 | 0 | 0 | |||
Mortgage-backed securities | ||||||
Changes in Level 3 Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 12 | |||||
Fair value of plan assets at Dec. 31 | 33 | 12 | ||||
Mortgage-backed securities | Level 3 | ||||||
Changes in Level 3 Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 0 | 0 | 54 | |||
Net realized gains (losses) | 0 | |||||
Net unrealized gains (losses) | 0 | |||||
Purchases, issuances and settlements, net | 0 | |||||
Transfers in (out) of Level 3 | [1] | (54) | ||||
Fair value of plan assets at Dec. 31 | $ 0 | $ 0 | $ 0 | |||
|
Benefit Plans and Other Postretirement Benefits, Postretirement Benefit Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Funded Status of Plans at Dec. 31 [Abstract] | |||
Noncurrent liabilities | $ (49,889) | $ (51,313) | |
Postretirement Benefit Plan | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Obligation at Jan. 1 | 16,768 | 17,153 | |
Service cost | 29 | 35 | $ 25 |
Interest cost | 653 | 791 | 760 |
Medicare subsidy reimbursements | 13 | 2 | |
Plan participants' contributions | 130 | 284 | |
Actuarial (gain) loss | (1,645) | (38) | |
Benefit payments | (1,230) | (1,459) | |
Obligation at Dec. 31 | 14,718 | 16,768 | 17,153 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at Jan. 1 | 512 | 746 | |
Actual return (loss) on plan assets | (12) | (15) | |
Plan participants' contributions | 130 | 284 | |
Employer contributions | 1,018 | 956 | |
Benefit payments | (1,230) | (1,459) | |
Fair value of plan assets at Dec. 31 | 418 | 512 | 746 |
Funded Status of Plans at Dec. 31 [Abstract] | |||
Funded status | (14,300) | (16,256) | |
Current liabilities | (1,017) | (1,022) | |
Noncurrent liabilities | (13,283) | (15,234) | |
Net postretirement amounts recognized on consolidated balance sheets | (14,300) | (16,256) | |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | |||
Net loss | 8,402 | 10,461 | |
Prior service (credit) cost | (2,485) | (2,836) | |
Total | 5,917 | 7,625 | |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | |||
Current regulatory assets | 99 | 95 | |
Noncurrent regulatory assets | 5,818 | 7,530 | |
Total | $ 5,917 | $ 7,625 | |
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | |||
Measurement date | 12/31/2015 | 12/31/2014 | |
Discount rate for year-end valuation (as a percent) | 4.65% | 4.08% | |
Mortality table | RP 2014 | RP 2014 | |
Health care costs trend rate - initial (as a percent) | 6.00% | 6.50% | |
Ultimate health care trend assumption rate (as a percent) | 4.50% | ||
Period until ultimate trend rate is reached (in years) | 3 years | ||
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |||
One-percent increase in APBO | $ 1,420 | ||
One-percent decrease in APBO | (1,208) | ||
One-percent increase in service and interest components | 77 | ||
One-percent decrease in service and interest components | (65) | ||
Cash Flows [Abstract] | |||
Total contributions to Xcel Energy's postretirement health care plans during the year | 1,000 | $ 1,000 | 1,500 |
Expected contribution to postretirement health care plans during 2015 | 1,400 | ||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 29 | 35 | 25 |
Interest cost | 653 | 791 | 760 |
Expected return on plan assets | (30) | (52) | (42) |
Amortization of transition obligation | 0 | 0 | 1 |
Amortization of prior service cost (credit) | (351) | (351) | (351) |
Amortization of net loss | 456 | 666 | 963 |
Net periodic benefit cost | $ 757 | $ 1,089 | $ 1,356 |
Significant Assumptions Used to Measure Costs [Abstract] | |||
Discount rate (as a percent) | 4.08% | 4.82% | 4.10% |
Expected average long-term rate of return on assets (as a percent) | 5.80% | 7.08% | 7.11% |
Xcel Energy Inc. | Postretirement Benefit Plan | |||
Cash Flows [Abstract] | |||
Total contributions to Xcel Energy's postretirement health care plans during the year | $ 18,300 | $ 17,100 | $ 17,600 |
Expected contribution to postretirement health care plans during 2015 | $ 12,300 |
Benefit Plans and Other Postretirement Benefits, Projected Benefit Payments (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Pension Plans | |
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |
2016 | $ 11,278 |
2017 | 11,893 |
2018 | 11,746 |
2019 | 12,920 |
2020 | 13,404 |
2021-2025 | 62,859 |
Postretirement Benefit Plan | |
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |
2016 | 1,443 |
2017 | 1,324 |
2018 | 1,278 |
2019 | 1,244 |
2020 | 1,203 |
2021-2025 | 5,200 |
Expected Medicare Part D Subsidies [Abstract] | |
2016 | 8 |
2017 | 6 |
2018 | 5 |
2019 | 4 |
2020 | 4 |
2021-2025 | 19 |
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |
2016 | 1,435 |
2017 | 1,318 |
2018 | 1,273 |
2019 | 1,240 |
2020 | 1,199 |
2021-2025 | $ 5,181 |
Benefit Plans and Other Postretirement Benefits, Multiemployer Plans (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
Employer
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Multiemployer Plans [Abstract] | |||
Number of employers that must be exceeded during a given period in order for certain union workers to participate in multiemployer plans | Employer | 1 | ||
Multiemployer contributions | $ 944 | $ 156 | $ 130 |
Multiemployer Pension Plans | |||
Multiemployer Plans [Abstract] | |||
Multiemployer contributions | $ 944 | $ 156 | $ 130 |
Other Income, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Income and Expenses [Abstract] | |||
Interest income | $ 332 | $ 368 | $ 538 |
Other nonoperating income | 789 | 321 | 152 |
Insurance Policy Expense (Income), Net | (228) | (409) | (427) |
Other nonoperating expense | (10) | (10) | (10) |
Other income, net | $ 883 | $ 270 | $ 253 |
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MMBTU in Thousands, $ in Millions |
Dec. 31, 2015
USD ($)
MMBTU
|
Dec. 31, 2014
MMBTU
|
---|---|---|
Natural Gas Commodity | ||
Gross Notional Amounts of Commodity Options [Abstract] | ||
Derivative, Nonmonetary Notional amount | MMBTU | 388 | 18 |
Interest Rate Swap | ||
Interest Rate Derivatives [Abstract] | ||
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | $ | $ (0.1) |
Fair Value of Financial Assets and Liabilities, Financial Impact of Qualifying Cash Flow Hedges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ (285) | $ (361) | $ (437) |
After-tax net realized losses on derivative transactions reclassified into earnings | 76 | 76 | 76 |
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | $ (209) | $ (285) | $ (361) |
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | |||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 |
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | 0 |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (100,000) | (100,000) | (100,000) |
Other Derivative Instruments | Natural Gas Commodity | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (700,000) | $ 100,000 | (100,000) |
Derivative Instruments Gain Loss Reclassified To Regulatory Assets And Liabilities Net | $ (1,400,000) | $ (700,000) |
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||||
Prepayments and other | $ 2,387 | $ 6,918 | |||||||||
Other current liabilities | 15,778 | 12,265 | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 4 | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 4 | [1] | 52 | [2] | |||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Other Derivative Instruments | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | [1] | 183 | |||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | [1] | 183 | |||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities [Member] | Other Derivative Instruments | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 15 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 15 | 52 | |||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Other Derivative Instruments | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 194 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 194 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Other Derivative Instruments | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Fair Value Total | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Prepayments and other | 2,400 | ||||||||||
Other current liabilities | 15,800 | 6,900 | |||||||||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 15 | ||||||||||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 15 | 52 | |||||||||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities [Member] | Other Derivative Instruments | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 194 | ||||||||||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | 194 | ||||||||||
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | [3] | (11) | |||||||||
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | [3] | (11) | $ 0 | ||||||||
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities [Member] | Other Derivative Instruments | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | [3] | (11) | |||||||||
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities [Member] | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Fair Value, Gross Liability | [3] | $ (11) | |||||||||
|
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 667,593 | $ 568,291 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 742,565 | $ 670,665 |
Rate Matters (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 06, 2015 |
Jan. 31, 2016 |
Dec. 31, 2015
USD ($)
|
May. 31, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Feb. 28, 2015 |
Nov. 30, 2013 |
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
MW
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2008
USD ($)
|
|
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Loss on Monticello LCM/EPU project | $ 5,237 | $ 0 | $ 0 | |||||||||
NSP-Wisconsin | PSCW Proceeding - Electric and Gas Rate Case 2016 - Gas Rates 2016 | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 5,900 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 5.00% | |||||||||||
Public Utilities, Requested Rate Base, Amount | $ 111,200 | |||||||||||
Public Utilities, Percentage of Requested Non-fuel and Purchased Power Rate Increase Approved by Commission | 71.00% | |||||||||||
Public utilities, Requested Increase Related To Capital Investment | 3,700 | |||||||||||
Public Utilities, Requested Decrease Related to ROE and Capital Structure | 0 | |||||||||||
Public Utilities, Requested Increase Related to Operating and Maintenance Expenses | 3,200 | |||||||||||
Public Utilities, Requested Decrease Related to Sales Forecast | (3,900) | |||||||||||
Public Utilities, Requested Increase Related Environmental Remediation Expenses | $ 2,900 | |||||||||||
NSP-Wisconsin | PSCW Proceeding - Electric and Gas Rate Case 2016 - Gas Rates 2016 | Public Service Commission of Wisconsin (PSCW) [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4,200 | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.60% | |||||||||||
Public utilities, Approved Increase Related To Capital Investment | $ 3,700 | |||||||||||
Public Utilities, Approved Decrease Related to ROE and Capital Structure | (400) | |||||||||||
Public Utilities, Approved Increase Related to Operating and Maintenance Expenses | 1,900 | |||||||||||
Public Utilities, Approved Decrease Related to Sales Forecast | 3,900 | |||||||||||
Public Utilities, Approved Increase Related Environmental Remediation Expenses | $ 2,900 | |||||||||||
NSP-Wisconsin | PSCW Proceeding - Electric and Gas Rate Case 2016 [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.20% | |||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 52.50% | |||||||||||
NSP-Wisconsin | PSCW Proceeding - Electric and Gas Rate Case 2016 [Member] | Public Service Commission of Wisconsin (PSCW) [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 10.00% | |||||||||||
Public Utilities, Approved Equity Capital Structure, Percentage | 52.50% | |||||||||||
NSP-Wisconsin | PSCW Proceeding - Electric and Gas Rate Case 2016 - Electric Rates 2016 [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 27,400 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 3.90% | |||||||||||
Public Utilities, Requested Rate Base, Amount | $ 1,200,000 | |||||||||||
Public Utilities, Percentage of Requested Non-fuel and Purchased Power Rate Increase Approved by Commission | 65.00% | |||||||||||
Public utilities, Requested Increase Related To Capital Investment | 23,000 | |||||||||||
Public Utilities, Requested Decrease Related to ROE and Capital Structure | 0 | |||||||||||
Public Utilities, Requested Increase Related to Generation and Transmission Expenses | 37,200 | |||||||||||
Public Utilities, Requested Increase Related to Operating and Maintenance Expenses | 11,100 | |||||||||||
Public Utilities, Requested Decrease Related to Sales Forecast | (27,000) | |||||||||||
Public Utilities, Total Requested Rate Increase Excluding Fuel and Purchased Power | 44,300 | |||||||||||
Public Utilities, Requested Decrease Related to Fuel and Purchased Power Expenses | $ (16,900) | |||||||||||
NSP-Wisconsin | PSCW Proceeding - Electric and Gas Rate Case 2016 - Electric Rates 2016 [Member] | Public Service Commission of Wisconsin (PSCW) [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7,600 | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 1.10% | |||||||||||
Public utilities, Approved Increase Related To Capital Investment | $ 13,900 | |||||||||||
Public Utilities, Approved Decrease Related to ROE and Capital Structure | (3,800) | |||||||||||
Public Utilities, Approved Increase Related to Operating and Maintenance Expenses | 42,700 | |||||||||||
Public Utilities, Approved Increase Related to Operating and Maintenance Expenses | 3,200 | |||||||||||
Public Utilities, Approved Decrease Related to Sales Forecast | 27,000 | |||||||||||
Public Utilities, Total Approved Rate Increase Excluding Fuel and Purchased Power | 29,000 | |||||||||||
Public Utilities, Approved Decrease Related to Fuel and Purchased Power Expenses | $ 21,400 | |||||||||||
NSP-Wisconsin | Nuclear Project Prudency Investigation [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Loss on Monticello LCM/EPU project | $ 5,000 | |||||||||||
NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, upper bound, percentage | 12.38% | |||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, recommended by third parties | 8.67% | 9.15% | ||||||||||
Public Utilities, maximum equity capital structure percentage allowed per the complaint | 50.00% | |||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Lower Bound, Percentage | 8.67% | |||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Upper Bound, Percentage | 9.54% | |||||||||||
NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | Federal Energy Regulatory Commission (FERC) [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, number of steps required for newly adopted ROE discounted cash flow methodology | 2 | |||||||||||
Public Utilities, Incremental ROE basis point increase (decrease) recommended by third parties | 50 | |||||||||||
NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | FERC Staff [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, recommended by third parties | 8.68% | |||||||||||
NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | MISO TOs [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Lower Bound, Percentage | 10.80% | |||||||||||
NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | Administrative Law Judge [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, recommended by third parties | 10.32% | |||||||||||
NSP-Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Nuclear Project Expenditures, Amount | 665,000 | |||||||||||
Total Capitalized Nuclear Project Costs | $ 748,000 | |||||||||||
Initial Estimated Nuclear Project Expenditures | $ 320,000 | |||||||||||
NSP-Minnesota | Nuclear Project Prudency Investigation [Member] | Minnesota Public Utilities Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Amount Of Recoverable Investment, With Return | $ 415,000 | |||||||||||
Public Utilities, Amount Of Recoverable Investment, Without A Return | $ 333,000 | |||||||||||
Public Utilities, Percentage Of Investment Considered Used And Useful | 50.00% | |||||||||||
Xcel Energy Inc. | Nuclear Project Prudency Investigation [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Loss on Monticello LCM/EPU project | $ 129,000 | |||||||||||
Minimum | NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Decrease In Transmission Revenue, Net Of Expense, Due To New ROE Methodology | $ 8,000 | |||||||||||
Minimum | NSP-Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Facility Generating Capacity, In MW | MW | 600 | |||||||||||
Maximum | NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Decrease In Transmission Revenue, Net Of Expense, Due To New ROE Methodology | $ 10,000 | |||||||||||
Maximum | NSP-Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, Facility Generating Capacity, In MW | MW | 671 | |||||||||||
Subsequent Event | NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Lower Bound, Percentage | 8.72% | |||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Upper Bound, Percentage | 9.32% | |||||||||||
Subsequent Event | NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | FERC Staff [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, recommended by third parties | 8.78% | |||||||||||
Subsequent Event | NSP-Wisconsin | FERC Proceeding, MISO ROE Complaint [Member] | MISO TOs [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, recommended by third parties | 10.96% |
Commitments and Contingencies, Fuel Contracts (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
| ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Minimum annual tolerance band percentage for future rate recovery or refund of fuel costs (in hundredths) | 2.00% | |||
Coal | ||||
Fuel Contracts [Abstract] | ||||
2016 | $ 6.7 | |||
2017 | 2.5 | |||
2018 | 2.5 | |||
2019 | 0.8 | |||
2020 | 0.8 | |||
Thereafter | 2.5 | |||
Total | 15.8 | [1] | ||
Natural Gas Supply | ||||
Fuel Contracts [Abstract] | ||||
2016 | 9.7 | |||
2017 | 0.2 | |||
2018 | 0.0 | |||
2019 | 0.0 | |||
2020 | 0.0 | |||
Thereafter | 0.0 | |||
Total | 9.9 | [1] | ||
Natural Gas Storage and Transportation | ||||
Fuel Contracts [Abstract] | ||||
2016 | 13.1 | |||
2017 | 10.4 | |||
2018 | 4.7 | |||
2019 | 3.1 | |||
2020 | 1.9 | |||
Thereafter | 11.6 | |||
Total | $ 44.8 | [1] | ||
Minimum | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Fuel Contract Expiration Date (year) | 2016 | |||
Maximum | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Fuel Contract Expiration Date (year) | 2029 | |||
|
Commitments and Contingencies, Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Leases [Abstract] | |||
Total expenses under operating lease obligations | $ 1.1 | $ 1.3 | $ 1.4 |
Office Space and Other Equipment | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2016 | 0.9 | ||
2017 | 1.0 | ||
2018 | 0.9 | ||
2019 | 0.9 | ||
2020 | 0.8 | ||
Thereafter | 7.0 | ||
Total | $ 11.5 |
Commitments and Contingencies, Variable Interest Entities (Details) - Low-Income Housing Limited Partnerships - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Amounts Reflected in Consolidated Balance Sheets [Abstract] | ||
Current assets | $ 377 | $ 246 |
Property, plant and equipment, net | 2,199 | 2,278 |
Other noncurrent assets | 127 | 122 |
Total assets | 2,703 | 2,646 |
Current liabilities | 1,246 | 1,349 |
Mortgages and other long-term debt payable | 537 | 486 |
Other noncurrent liabilities | 51 | 48 |
Total liabilities | $ 1,834 | $ 1,883 |
Commitments and Contingencies, Joint Operating System (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
Plant
Reactor
Counterparty
| |
Joint Operating System [Abstract] | |
Number of companies covered by FERC approved Interchange Agreement | Counterparty | 2 |
NSP-Minnesota | Nuclear Insurance | |
Joint Operating System [Abstract] | |
Maximum possible loss contingency | $ 13,500.0 |
Nuclear insurance coverage secured for the Company's public liability exposure | 375.0 |
Nuclear insurance coverage exposure funded by the Secondary Financial Protection Program | 13,100.0 |
Maximum assessments per reactor per accident | $ 127.3 |
Number of owned and licensed reactors | Reactor | 3 |
Maximum funding requirement per reactor for any one year | $ 19.0 |
Term for maximum installment payment assessment per reactor (in years) | 1 year |
Insurance coverage limits for NSP-Minnesota's nuclear plant sites | $ 2,300.0 |
Number of nuclear plant sites operated by NSP-Minnesota | Plant | 2 |
Maximum assessments for business interruption insurance each calendar year | $ 19.9 |
Maximum assessment for property damage insurance NSP-Minnesota is subject to each calendar year | $ 43.7 |
Commitments and Contingencies, Guarantees (Details) - Payment or Performance Guarantee - Customer Loans for Farm Rewiring Program $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
| ||||
Guarantee [Abstract] | ||||
Assets held as collateral | $ 0.0 | |||
Guarantees issued and outstanding | 1.0 | [1] | ||
Current exposure under these guarantees | $ 0.1 | [1] | ||
Guarantee Expiration Date (year) | 2020 | [1] | ||
|
Commitments and Contingencies, Environmental Contingencies - Site Contingencies (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2015
USD ($)
Site
|
Dec. 31, 2015
USD ($)
Site
|
Dec. 31, 2014
USD ($)
|
|
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Liability for estimated cost of remediating sites, current | $ 17,155 | $ 17,155 | $ 29,116 |
Ashland MGP Site | |||
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Number of properties included in superfund site which NSP-Wisconsin does not own | Site | 2 | 2 | |
Liability for estimated cost of remediating sites, current | $ 17,000 | $ 17,000 | 28,900 |
Accrual for Environmental Loss Contingencies, Gross | 94,400 | $ 94,400 | 107,600 |
Public Utilities, Annual recovery collected through base rates | 4,700 | ||
Ashland MGP Site - Phase I Project Area | |||
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Approved amortization period for recovery of remediation costs in natural gas rates (in years) | 10 years | ||
Accrual for Environmental Loss Contingencies, Gross | 65,000 | $ 65,000 | |
Estimated amount spent on cleanup | 47,000 | $ 47,000 | |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% | ||
Ashland MGP Site - Sediments | |||
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Estimated cost of remediating site, low end of range | 63,000 | $ 63,000 | |
Estimated cost of remediating site, high end of range | $ 77,000 | $ 77,000 | |
Potential percent of increase to the high end of the range of estimated site remediation costs (in hundredths) | 50.00% | 50.00% | |
Potential percent of decrease to the low end of the range of estimated site remediation costs (in hundredths) | 30.00% | 30.00% | |
Other MGP Sites | |||
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Liability for estimated cost of remediating sites | $ 200 | $ 200 | $ 200 |
Number of identified MGP sites under current investigation and/or remediation | Site | 1 | 1 | |
PSCW Proceeding - Electric and Gas Rate Case 2016 - Gas Rates 2016 | Ashland MGP Site | |||
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Public Utilities, Approved annual recovery collected through base rates | $ 7,600 | ||
Other PRPs | NSP-Wisconsin | Ashland MGP Site | |||
Manufactured Gas Plant (MGP) Site [Abstract] | |||
Number of PRPs that have contributed to remediation site | 3 | ||
Contributions to site cleanup by PRPs | $ 15,900 |
Commitments and Contingencies Commitments and Contingencies, Environmental Contingencies - Unrecorded Unconditional Purchase Obligation (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
Oct. 30, 2015
Period
|
---|---|---|
National Ambient Air Quality Standards for Ozone | ||
Environmental Requirements [Abstract] | ||
Number of hours measured for standard | Period | 8 | |
Current level of air quality concentrations (in parts per billion) | 75 | |
Proposed level of air quality concentrations (in parts per billion) | 70 | |
Capital Commitments | Federal Clean Water Act Section 316(b) | ||
Environmental Requirements [Abstract] | ||
Liability for estimated cost to comply with entrainment regulation | $ | $ 4 |
Commitments and Contingencies, Asset Retirement Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | [1] | $ 9,090 | [2] | $ 2,853 | ||||||||||
Liabilities recognized | 0 | 515 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 319 | 76 | ||||||||||||
Cash Flow Revisions | 278 | 5,646 | [3] | |||||||||||
Ending balance | 9,687 | [4],[5] | 9,090 | [1],[2] | ||||||||||
Electric Plant Steam Production Asbestos | ||||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | 2,049 | [2] | 2,005 | |||||||||||
Liabilities recognized | 0 | 0 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 45 | 44 | ||||||||||||
Cash Flow Revisions | 51 | 0 | [3] | |||||||||||
Ending balance | 2,145 | [5] | 2,049 | [2] | ||||||||||
Electric Plant Steam Production Ash Containment | ||||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | 374 | [2] | 361 | |||||||||||
Liabilities recognized | 0 | 0 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 14 | 13 | ||||||||||||
Cash Flow Revisions | 229 | 0 | [3] | |||||||||||
Ending balance | 617 | [5] | 374 | [2] | ||||||||||
Electric Plant Electric Distribution | ||||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | 37 | [2] | 36 | |||||||||||
Liabilities recognized | 0 | 0 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 1 | 1 | ||||||||||||
Cash Flow Revisions | 34 | 0 | [3] | |||||||||||
Ending balance | 72 | [5] | 37 | [2] | ||||||||||
Electric Plant Other | ||||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | 412 | [2] | 289 | |||||||||||
Liabilities recognized | 0 | 113 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 15 | 10 | ||||||||||||
Cash Flow Revisions | (36) | 0 | [3] | |||||||||||
Ending balance | 391 | [5] | 412 | [2] | ||||||||||
Natural Gas Plant Gas Distribution | ||||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | 6,127 | [2] | 75 | |||||||||||
Liabilities recognized | 0 | 402 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 240 | 5 | ||||||||||||
Cash Flow Revisions | 0 | 5,645 | [3] | |||||||||||
Ending balance | 6,367 | [5] | 6,127 | [2] | ||||||||||
Common and Other Property Common Miscellaneous | ||||||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||||||
Beginning balance | 91 | [2] | 87 | |||||||||||
Liabilities recognized | 0 | 0 | ||||||||||||
Liabilities settled | 0 | 0 | ||||||||||||
Accretion | 4 | 3 | ||||||||||||
Cash Flow Revisions | 0 | 1 | [3] | |||||||||||
Ending balance | $ 95 | [5] | $ 91 | [2] | ||||||||||
|
Commitments and Contingencies Commitments and Contingencies, Removal Costs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $ 132 | $ 123 |
Commitments and Contingencies, Legal Contingencies (Details) - Gas Trading Litigation [Member] |
12 Months Ended | |
---|---|---|
Dec. 31, 2011 |
Dec. 31, 2009 |
|
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 7 | 13 |
Loss Contingency, Claims Settled, Number | 5 | |
Loss Contingency, Claims Dismissed, Number | 6 | 1 |
NSP-Wisconsin | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 2 |
Regulatory Assets and Liabilities, Regulatory Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Regulatory Assets [Line Items] | |||||
Regulatory Asset, Current | $ 16,146 | $ 20,036 | |||
Regulatory Asset, Noncurrent | 289,196 | 280,693 | |||
Past expenditures not currently earning a return | $ 1,000 | 12,100 | |||
Environmental Remediation Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Various | ||||
Regulatory Asset, Current | $ 6,702 | 4,376 | |||
Regulatory Asset, Noncurrent | $ 160,699 | 147,793 | |||
Pension and Retiree Medical Obligations | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Various | ||||
Regulatory Asset, Current | [1] | $ 6,415 | 6,837 | ||
Regulatory Asset, Noncurrent | [1] | $ 86,778 | 91,601 | ||
Recoverable Deferred Taxes on AFUDC Recorded in Plant | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Plant lives | ||||
Regulatory Asset, Current | $ 0 | 0 | |||
Regulatory Asset, Noncurrent | $ 20,586 | 16,711 | |||
Losses on Reacquired Debt | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Term of related debt | ||||
Regulatory Asset, Current | $ 803 | 801 | |||
Regulatory Asset, Noncurrent | $ 4,134 | 4,936 | |||
State Commission Adjustments | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Plant lives | ||||
Regulatory Asset, Current | $ 724 | 488 | |||
Regulatory Asset, Noncurrent | $ 12,945 | 11,650 | |||
Deferred Income Tax Adjustment | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Typically plant lives | ||||
Regulatory Asset, Current | $ 0 | 0 | |||
Regulatory Asset, Noncurrent | $ 2,250 | 1,514 | |||
Recoverable Purchased Natural Gas And Electric Energy Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Less than one year | ||||
Regulatory Asset, Current | $ 1,032 | 6,946 | |||
Regulatory Asset, Noncurrent | $ 0 | 0 | |||
Monticello EPU Cost Deferral | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | N/A | ||||
Regulatory Asset, Current | $ 0 | 0 | |||
Regulatory Asset, Noncurrent | $ 0 | 5,237 | |||
Other Regulatory Assets | |||||
Regulatory Assets [Line Items] | |||||
Regulatory asset, remaining amortization period | Various | ||||
Regulatory Asset, Current | $ 470 | 588 | |||
Regulatory Asset, Noncurrent | $ 1,804 | $ 1,251 | |||
|
Regulatory Assets and Liabilities, Regulatory Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 11,781 | $ 16,940 |
Regulatory Liability, Noncurrent | 141,289 | 132,674 |
Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | 0 | 0 |
Regulatory Liability, Noncurrent | $ 132,311 | 123,105 |
Regulatory liability, remaining amortization period | Plant lives | |
DOE Settlement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 1,996 | 4,931 |
Regulatory Liability, Noncurrent | $ 0 | 0 |
Regulatory liability, remaining amortization period | One to two years | |
Investment Tax Credit Deferrals | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 0 | 0 |
Regulatory Liability, Noncurrent | $ 8,869 | 9,397 |
Regulatory liability, remaining amortization period | Various | |
Conservation Programs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 339 | 1,010 |
Regulatory Liability, Noncurrent | $ 0 | 0 |
Regulatory liability, remaining amortization period | Less than one year | |
Deferred Electric Production And Natural Gas Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 9,386 | 0 |
Regulatory Liability, Noncurrent | $ 0 | 0 |
Regulatory liability, remaining amortization period | Less than one year | |
Excess depreciation reserve | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 60 | 10,999 |
Regulatory Liability, Noncurrent | $ 0 | 0 |
Regulatory liability, remaining amortization period | Less than one year | |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liability, Current | $ 0 | 0 |
Regulatory Liability, Noncurrent | $ 109 | $ 172 |
Regulatory liability, remaining amortization period | Various |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | $ (285) | ||||
Accumulated other comprehensive income (loss) at end of period | (209) | $ (285) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total, pre-tax | (118,874) | (113,045) | $ (95,877) | ||
Income tax expense (benefit) | 44,238 | 42,403 | 36,409 | ||
Gains and Losses on Cash Flow Hedges | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (285) | (361) | |||
(Gains) losses reclassified from net accumulated other comprehensive loss | 76 | 76 | |||
Net current period other comprehensive income (loss) | 76 | 76 | |||
Accumulated other comprehensive income (loss) at end of period | (209) | (285) | $ (361) | ||
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total, pre-tax | 127 | 127 | |||
Income tax expense (benefit) | (51) | (51) | |||
Total, net of tax | 76 | 76 | |||
Gains and Losses on Cash Flow Hedges | Interest Rate Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest charges | [1] | $ 127 | $ 127 | ||
|
Segments and Related Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Segment Reporting Information [Line Items] | ||||||||||||||
Intercompany Revenue | $ 163,000 | $ 145,000 | $ 137,000 | |||||||||||
Operating revenues | $ 229,607 | $ 236,161 | $ 216,813 | $ 273,960 | $ 256,160 | $ 231,046 | $ 228,114 | $ 285,142 | 956,541 | 1,000,462 | 923,038 | |||
Depreciation and amortization | 91,245 | 79,654 | 76,897 | |||||||||||
Total interest charges and financing costs | 29,221 | 25,913 | 25,816 | |||||||||||
Income tax expense (benefit) | 44,238 | 42,403 | 36,409 | |||||||||||
Net income (loss) | $ 13,625 | $ 26,232 | $ 12,512 | $ 22,267 | $ 14,355 | $ 20,030 | $ 12,022 | $ 24,235 | 74,636 | 70,642 | 59,468 | |||
Regulated Electric | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 835,417 | 830,245 | 789,518 | |||||||||||
Depreciation and amortization | 77,036 | 65,978 | 64,237 | |||||||||||
Total interest charges and financing costs | 26,494 | 23,448 | 22,966 | |||||||||||
Income tax expense (benefit) | 40,654 | 39,621 | 33,691 | |||||||||||
Net income (loss) | 69,398 | 59,060 | 51,334 | |||||||||||
Regulated Natural Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 120,645 | 174,514 | 134,834 | |||||||||||
Depreciation and amortization | 14,034 | 13,501 | 12,485 | |||||||||||
Total interest charges and financing costs | 2,637 | 2,358 | 2,749 | |||||||||||
Income tax expense (benefit) | 2,501 | 5,993 | 4,623 | |||||||||||
Net income (loss) | 4,862 | 8,714 | 6,501 | |||||||||||
All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 1,396 | 1,085 | 1,003 | |||||||||||
Depreciation and amortization | 175 | 175 | 175 | |||||||||||
Total interest charges and financing costs | 90 | 107 | 101 | |||||||||||
Income tax expense (benefit) | 1,083 | (3,211) | (1,905) | |||||||||||
Net income (loss) | 376 | 2,868 | 1,633 | |||||||||||
Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | [1] | 956,541 | 1,000,462 | 923,038 | ||||||||||
Operating Segments | Regulated Electric | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | [1] | 834,998 | 829,748 | 789,168 | ||||||||||
Operating Segments | Regulated Natural Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | [1] | 120,147 | 169,629 | 132,867 | ||||||||||
Operating Segments | All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | [1] | 1,396 | 1,085 | 1,003 | ||||||||||
Intersegment Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | (917) | (5,382) | (2,317) | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Total interest charges and financing costs | 0 | 0 | 0 | |||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||||
Net income (loss) | 0 | 0 | 0 | |||||||||||
Intersegment Eliminations | Regulated Electric | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 419 | 497 | 350 | |||||||||||
Intersegment Eliminations | Regulated Natural Gas | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 498 | 4,885 | 1,967 | |||||||||||
Intersegment Eliminations | All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | $ 0 | $ 0 | $ 0 | |||||||||||
|
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | |||
Deferred Purchased Power Costs | $ 5,200 | ||
Transmission costs deferred as regulatory liability | 11,000 | ||
Operating revenues | |||
Electric | $ 163,255 | 145,102 | $ 136,917 |
Related Party Transaction, Utilities Operating Expense, Purchased Power net of deferred costs | 430,666 | ||
Operating expenses | |||
Purchased power | 419,028 | 425,471 | 416,173 |
Transmission expense | 54,070 | 43,876 | 42,460 |
Natural gas purchased for resale | 45 | 90 | 97 |
Other operating expenses - paid to Xcel Energy Services Inc. | 93,890 | 84,224 | 61,531 |
Interest expense | 2 | 30 | $ 22 |
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 71 | 31 | |
Accounts payable | 24,538 | 26,524 | |
NSP-Minnesota | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 0 | 0 | |
Accounts payable | 18,268 | 17,333 | |
PSCo | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 0 | 0 | |
Accounts payable | 71 | 22 | |
SPS | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 71 | 31 | |
Accounts payable | 0 | 0 | |
Other subsidiaries of Xcel Energy Inc. | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 0 | 0 | |
Accounts payable | $ 6,199 | $ 9,169 |
Summarized Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 229,607 | $ 236,161 | $ 216,813 | $ 273,960 | $ 256,160 | $ 231,046 | $ 228,114 | $ 285,142 | $ 956,541 | $ 1,000,462 | $ 923,038 |
Operating income | 27,809 | 47,532 | 25,069 | 39,549 | 27,787 | 37,540 | 23,730 | 42,571 | 139,959 | 131,628 | 117,181 |
Net income | $ 13,625 | $ 26,232 | $ 12,512 | $ 22,267 | $ 14,355 | $ 20,030 | $ 12,022 | $ 24,235 | $ 74,636 | $ 70,642 | $ 59,468 |
Schedule II, Valuation and Qualifying Accounts (Details) - Allowance for Bad Debts - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||
Balance at Jan. 1 | $ 5,821 | $ 4,911 | $ 4,333 | |||||
Charged to costs and expenses | 3,947 | 4,431 | 3,988 | |||||
Charged to other accounts | [1] | 1,161 | 1,269 | 1,199 | ||||
Deductions from reserves | [2] | 5,801 | 4,790 | 4,609 | ||||
Balance at Dec. 31 | $ 5,128 | $ 5,821 | $ 4,911 | |||||
|
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