x | QUARTERLY 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.) | |
1414 West Hamilton Avenue | ||
Eau Claire, Wisconsin | 54701 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer x | Smaller reporting company ¨ | |
(Do not check if smaller reporting company) | Emerging growth company ¨ |
Class | Outstanding at July 28, 2017 | ||
Common Stock, $100 par value | 933,000 shares |
PART I — FINANCIAL INFORMATION | ||
Item l — | ||
Item 2 — | ||
Item 4 — | ||
PART II — OTHER INFORMATION | ||
Item 1 — | ||
Item 1A — | ||
Item 6 — | ||
Certifications Pursuant to Section 302 | 1 | |
Certifications Pursuant to Section 906 | 1 | |
Statement Pursuant to Private Litigation | 1 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating revenues | |||||||||||||||
Electric | $ | 210,742 | $ | 202,879 | $ | 427,051 | $ | 414,403 | |||||||
Natural gas | 19,027 | 16,005 | 67,374 | 59,025 | |||||||||||
Other | 257 | 289 | 532 | 595 | |||||||||||
Total operating revenues | 230,026 | 219,173 | 494,957 | 474,023 | |||||||||||
Operating expenses | |||||||||||||||
Electric fuel and purchased power, non-affiliates | 3,583 | 3,651 | 6,456 | 7,632 | |||||||||||
Purchased power, affiliates | 101,793 | 96,853 | 208,251 | 205,567 | |||||||||||
Cost of natural gas sold and transported | 8,563 | 6,465 | 34,550 | 29,883 | |||||||||||
Operating and maintenance expenses | 49,210 | 50,516 | 99,072 | 99,135 | |||||||||||
Conservation expenses | 3,177 | 3,094 | 6,231 | 6,160 | |||||||||||
Depreciation and amortization | 27,628 | 23,720 | 54,677 | 48,169 | |||||||||||
Taxes (other than income taxes) | 7,005 | 7,096 | 13,878 | 14,251 | |||||||||||
Total operating expenses | 200,959 | 191,395 | 423,115 | 410,797 | |||||||||||
Operating income | 29,067 | 27,778 | 71,842 | 63,226 | |||||||||||
Other income, net | 83 | 77 | 329 | 526 | |||||||||||
Allowance for funds used during construction — equity | 1,751 | 918 | 3,038 | 1,728 | |||||||||||
Interest charges and financing costs | |||||||||||||||
Interest charges — includes other financing costs of $461, $461, $917 and $923, respectively | 8,656 | 8,583 | 17,338 | 17,187 | |||||||||||
Allowance for funds used during construction — debt | (749 | ) | (392 | ) | (1,299 | ) | (739 | ) | |||||||
Total interest charges and financing costs | 7,907 | 8,191 | 16,039 | 16,448 | |||||||||||
Income before income taxes | 22,994 | 20,582 | 59,170 | 49,032 | |||||||||||
Income taxes | 8,753 | 7,957 | 22,510 | 18,776 | |||||||||||
Net income | $ | 14,241 | $ | 12,625 | $ | 36,660 | $ | 30,256 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 14,241 | $ | 12,625 | $ | 36,660 | $ | 30,256 | |||||||
Other comprehensive income | |||||||||||||||
Derivative instruments: | |||||||||||||||
Reclassification of losses to net income, net of tax of $12, $12, $24 and $25, respectively | 19 | 19 | 38 | 38 | |||||||||||
Other comprehensive income | 19 | 19 | 38 | 38 | |||||||||||
Comprehensive income | $ | 14,260 | $ | 12,644 | $ | 36,698 | $ | 30,294 |
Six Months Ended June 30 | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net income | $ | 36,660 | $ | 30,256 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 55,434 | 48,929 | |||||
Deferred income taxes | 22,588 | 15,188 | |||||
Amortization of investment tax credits | (262 | ) | (264 | ) | |||
Allowance for equity funds used during construction | (3,038 | ) | (1,728 | ) | |||
Net derivative losses | 115 | 138 | |||||
Other, net | (1,505 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (295 | ) | 4,599 | ||||
Accrued unbilled revenues | 10,846 | 6,072 | |||||
Inventories | 2,669 | 5,429 | |||||
Other current assets | (58 | ) | 329 | ||||
Accounts payable | 28,882 | 12,907 | |||||
Net regulatory assets and liabilities | (3,112 | ) | 1,555 | ||||
Other current liabilities | (9,191 | ) | 589 | ||||
Pension and other employee benefit obligations | (8,735 | ) | (6,848 | ) | |||
Change in other noncurrent assets | (359 | ) | (393 | ) | |||
Change in other noncurrent liabilities | (2,696 | ) | 555 | ||||
Net cash provided by operating activities | 127,943 | 117,313 | |||||
Investing activities | |||||||
Utility capital/construction expenditures | (90,735 | ) | (87,791 | ) | |||
Allowance for equity funds used during construction | 3,038 | 1,728 | |||||
Other, net | (33 | ) | 687 | ||||
Net cash used in investing activities | (87,730 | ) | (85,376 | ) | |||
Financing activities | |||||||
Repayments of short-term borrowings, net | (14,000 | ) | (2,000 | ) | |||
Repayments of long-term debt | (27 | ) | (29 | ) | |||
Capital contributions from (to) parent | 12,282 | (1,545 | ) | ||||
Dividends paid to parent | (38,800 | ) | (27,850 | ) | |||
Other, net | (70 | ) | — | ||||
Net cash used in financing activities | (40,615 | ) | (31,424 | ) | |||
Net change in cash and cash equivalents | (402 | ) | 513 | ||||
Cash and cash equivalents at beginning of period | 1,546 | 1,079 | |||||
Cash and cash equivalents at end of period | $ | 1,144 | $ | 1,592 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | (15,062 | ) | $ | (15,718 | ) | |
Cash paid for income taxes, net | (9,699 | ) | (3,336 | ) | |||
Supplemental disclosure of non-cash investing transactions: | |||||||
Property, plant and equipment additions in accounts payable | $ | 21,867 | $ | 10,220 |
June 30, 2017 | Dec. 31, 2016 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,144 | $ | 1,546 | |||
Accounts receivable, net | 54,340 | 54,031 | |||||
Accrued unbilled revenues | 42,792 | 53,638 | |||||
Inventories | 15,640 | 18,309 | |||||
Regulatory assets | 18,161 | 18,162 | |||||
Prepaid taxes | 26,244 | 25,915 | |||||
Prepayments and other | 3,434 | 3,785 | |||||
Total current assets | 161,755 | 175,386 | |||||
Property, plant and equipment, net | 2,000,347 | 1,947,637 | |||||
Other assets | |||||||
Regulatory assets | 274,107 | 286,188 | |||||
Other investments | 2,876 | 2,844 | |||||
Other | 1,143 | 785 | |||||
Total other assets | 278,126 | 289,817 | |||||
Total assets | $ | 2,440,228 | $ | 2,412,840 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 1,096 | $ | 1,123 | |||
Short-term debt | 46,000 | 60,000 | |||||
Notes payable to affiliates | 500 | 500 | |||||
Accounts payable | 48,670 | 41,068 | |||||
Accounts payable to affiliates | 53,294 | 29,037 | |||||
Dividends payable to parent | 13,840 | 10,729 | |||||
Regulatory liabilities | 24,140 | 17,428 | |||||
Environmental liabilities | 29,752 | 41,438 | |||||
Accrued interest | 8,083 | 8,012 | |||||
Other | 16,651 | 26,484 | |||||
Total current liabilities | 242,026 | 235,819 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 454,839 | 430,593 | |||||
Deferred investment tax credits | 7,775 | 8,037 | |||||
Regulatory liabilities | 152,588 | 148,189 | |||||
Environmental liabilities | 17,146 | 23,003 | |||||
Customer advances | 16,759 | 19,425 | |||||
Pension and employee benefit obligations | 46,281 | 55,164 | |||||
Other | 18,857 | 18,814 | |||||
Total deferred credits and other liabilities | 714,245 | 703,225 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 662,306 | 661,946 | |||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at June 30, 2017 and Dec. 31, 2016, respectively | 93,300 | 93,300 | |||||
Additional paid in capital | 410,329 | 395,315 | |||||
Retained earnings | 318,117 | 323,368 | |||||
Accumulated other comprehensive loss | (95 | ) | (133 | ) | |||
Total common stockholder’s equity | 821,651 | 811,850 | |||||
Total liabilities and equity | $ | 2,440,228 | $ | 2,412,840 |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | June 30, 2017 | Dec. 31, 2016 | ||||||
Accounts receivable, net (a) | ||||||||
Accounts receivable | $ | 58,587 | $ | 58,896 | ||||
Less allowance for bad debts | (4,247 | ) | (4,865 | ) | ||||
$ | 54,340 | $ | 54,031 |
(a) | Accounts receivable, net includes an immaterial amount due from affiliates as of June 30, 2017 and Dec. 31, 2016, respectively. |
(Thousands of Dollars) | June 30, 2017 | Dec. 31, 2016 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 7,117 | $ | 6,582 | ||||
Fuel | 4,615 | 4,743 | ||||||
Natural gas | 3,908 | 6,984 | ||||||
$ | 15,640 | $ | 18,309 |
(Thousands of Dollars) | June 30, 2017 | Dec. 31, 2016 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 2,534,258 | $ | 2,499,401 | ||||
Natural gas plant | 307,217 | 294,986 | ||||||
Common and other property | 170,486 | 156,316 | ||||||
Construction work in progress | 145,458 | 118,822 | ||||||
Total property, plant and equipment | 3,157,419 | 3,069,525 | ||||||
Less accumulated depreciation | (1,157,072 | ) | (1,121,888 | ) | ||||
$ | 2,000,347 | $ | 1,947,637 |
4. | Income Taxes |
(Millions of Dollars) | June 30, 2017 | Dec. 31, 2016 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 0.4 | $ | 0.4 | ||||
Unrecognized tax benefit — Temporary tax positions | 5.1 | 4.9 | ||||||
Total unrecognized tax benefit | $ | 5.5 | $ | 5.3 |
(Millions of Dollars) | June 30, 2017 | Dec. 31, 2016 | ||||||
NOL and tax credit carryforwards | $ | (1.3 | ) | $ | (1.2 | ) |
5. | Rate Matters |
• | Staff and intervenor testimony — Sept. 12, 2017; |
• | Rebuttal testimony — Sept. 26, 2017; |
• | Sur-rebuttal testimony — Oct. 3, 2017; and |
• | Hearing — Oct. 5, 2017. |
6. | Commitments and Contingencies |
(Millions of Dollars) | June 30, 2017 | Dec. 31, 2016 | ||||||
Guarantee issued and outstanding | $ | 1.0 | $ | 1.0 | ||||
Current exposure under this guarantee | — | 0.1 |
7. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2017 | Year Ended Dec. 31, 2016 | ||||||
Borrowing limit | $ | 150 | $ | 150 | ||||
Amount outstanding at period end | 46 | 60 | ||||||
Average amount outstanding | 26 | 15 | ||||||
Maximum amount outstanding | 49 | 64 | ||||||
Weighted average interest rate, computed on a daily basis | 1.15 | % | 0.69 | % | ||||
Weighted average interest rate at period end | 1.36 | 0.95 |
Credit Facility (a) | Drawn (b) | Available | ||||||||
$ | 150 | $ | 46 | $ | 104 |
(a) | This credit facility expires in June 2021. |
(b) | Includes outstanding commercial paper. |
(Amounts in Millions, Except Interest Rates) | June 30, 2017 | Dec. 31, 2016 | ||||||
Notes payable to affiliates | $ | 0.5 | $ | 0.5 | ||||
Weighted average interest rate at period end | 1.55 | % | 0.95 | % |
8. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a)(b) | June 30, 2017 | Dec. 31, 2016 | ||||
Million British thermal units of natural gas | 123 | 255 |
(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. |
June 30, 2017 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (a) | Total (b) | |||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 71 | $ | — | $ | 71 | $ | — | $ | 71 |
Dec. 31, 2016 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (a) | Total (b) | |||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 149 | $ | — | $ | 149 | $ | — | $ | 149 |
(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 June 30, 2017 and Dec. 31, 2016. 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 prepayments and other current assets balance of $3.4 million and $3.8 million at June 30, 2017 and Dec. 31, 2016, respectively, in the consolidated balance sheets. |
June 30, 2017 | Dec. 31, 2016 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 663,402 | $ | 747,072 | $ | 663,069 | $ | 730,284 |
9. | Other Income, Net |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income | $ | 61 | $ | 14 | $ | 204 | $ | 138 | ||||||||
Other nonoperating income | 75 | 108 | 230 | 266 | ||||||||||||
Insurance policy (expense) income | (49 | ) | (42 | ) | (98 | ) | 128 | |||||||||
Other nonoperating expense | (4 | ) | (3 | ) | (7 | ) | (6 | ) | ||||||||
Other income, net | $ | 83 | $ | 77 | $ | 329 | $ | 526 |
10. | Segment Information |
• | NSP-Wisconsin’s regulated electric utility segment generates, transmits and distributes electricity primarily in portions of Wisconsin and Michigan. |
• | NSP-Wisconsin’s regulated natural gas utility segment purchases, transports, stores and distributes natural gas primarily 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 | |||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||
Operating revenues (a) | $ | 210,742 | $ | 19,027 | $ | 257 | $ | — | $ | 230,026 | ||||||||||
Intersegment revenues | 123 | 68 | — | (191 | ) | — | ||||||||||||||
Total revenues | $ | 210,865 | $ | 19,095 | $ | 257 | $ | (191 | ) | $ | 230,026 | |||||||||
Net income (loss) | $ | 14,516 | $ | (973 | ) | $ | 698 | $ | — | $ | 14,241 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||
Operating revenues (a) | $ | 202,879 | $ | 16,005 | $ | 289 | $ | — | $ | 219,173 | ||||||||||
Intersegment revenues | 98 | 122 | — | (220 | ) | — | ||||||||||||||
Total revenues | $ | 202,977 | $ | 16,127 | $ | 289 | $ | (220 | ) | $ | 219,173 | |||||||||
Net income (loss) | $ | 15,098 | $ | (2,465 | ) | $ | (8 | ) | $ | — | $ | 12,625 |
(a) | Operating revenues include $43 million of affiliate electric revenue for the three months ended June 30, 2017 and 2016. |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||||
Operating revenues (a) | $ | 427,051 | $ | 67,374 | $ | 532 | $ | — | $ | 494,957 | ||||||||||
Intersegment revenues | 219 | 182 | — | (401 | ) | — | ||||||||||||||
Total revenues | $ | 427,270 | $ | 67,556 | $ | 532 | $ | (401 | ) | $ | 494,957 | |||||||||
Net income | $ | 29,986 | $ | 5,572 | $ | 1,102 | $ | — | $ | 36,660 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||
Operating revenues (a) | $ | 414,403 | $ | 59,025 | $ | 595 | $ | — | $ | 474,023 | ||||||||||
Intersegment revenues | 207 | 202 | — | (409 | ) | — | ||||||||||||||
Total revenues | $ | 414,610 | $ | 59,227 | $ | 595 | $ | (409 | ) | $ | 474,023 | |||||||||
Net income | $ | 26,599 | $ | 3,627 | $ | 30 | $ | — | $ | 30,256 |
(a) | Operating revenues include $85 million and $84 million of affiliate electric revenue for the six months ended June 30, 2017 and 2016, respectively. |
11. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended June 30 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 1,155 | $ | 1,104 | $ | 7 | $ | 6 | ||||||||
Interest cost | 1,555 | 1,704 | 148 | 163 | ||||||||||||
Expected return on plan assets | (2,295 | ) | (2,289 | ) | (8 | ) | (6 | ) | ||||||||
Amortization of prior service cost (credit) | 34 | 28 | (88 | ) | (88 | ) | ||||||||||
Amortization of net loss | 1,461 | 1,348 | 109 | 83 | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 1,910 | $ | 1,895 | $ | 168 | $ | 158 |
Six Months Ended June 30 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 2,309 | $ | 2,208 | $ | 14 | $ | 12 | ||||||||
Interest cost | 3,109 | 3,408 | 296 | 326 | ||||||||||||
Expected return on plan assets | (4,590 | ) | (4,578 | ) | (16 | ) | (12 | ) | ||||||||
Amortization of prior service cost (credit) | 69 | 56 | (176 | ) | (176 | ) | ||||||||||
Amortization of net loss | 2,923 | 2,696 | 218 | 166 | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 3,820 | $ | 3,790 | $ | 336 | $ | 316 |
12. | Other Comprehensive Income |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | ||||||
Accumulated other comprehensive loss at April 1 | $ | (114 | ) | $ | (190 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 19 | 19 | ||||||
Net current period other comprehensive income | 19 | 19 | ||||||
Accumulated other comprehensive loss at June 30 | $ | (95 | ) | $ | (171 | ) |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | ||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (133 | ) | $ | (209 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 38 | 38 | ||||||
Net current period other comprehensive income | 38 | 38 | ||||||
Accumulated other comprehensive loss at June 30 | $ | (95 | ) | $ | (171 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 31 | (a) | $ | 31 | (a) | |||
Total, pre-tax | 31 | 31 | |||||||
Tax benefit | (12 | ) | (12 | ) | |||||
Total amounts reclassified, net of tax | $ | 19 | $ | 19 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 62 | (a) | $ | 63 | (a) | |||
Total, pre-tax | 62 | 63 | |||||||
Tax benefit | (24 | ) | (25 | ) | |||||
Total amounts reclassified, net of tax | $ | 38 | $ | 38 |
(a) | Included in interest charges. |
Six Months Ended June 30 | ||||||||
(Millions of Dollars) | 2017 | 2016 | ||||||
Electric revenues | $ | 427 | $ | 414 | ||||
Electric fuel and purchased power | (215 | ) | (213 | ) | ||||
Electric margin | $ | 212 | $ | 201 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increase | $ | 7 | ||
Fuel and purchased power cost recovery | 5 | |||
Other, net | 1 | |||
Total increase in electric revenues | $ | 13 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increase | $ | 7 | ||
Interchange agreement billings with NSP-Minnesota | 6 | |||
Other, net | (2 | ) | ||
Total increase in electric margin | $ | 11 |
Six Months Ended June 30 | ||||||||
(Millions of Dollars) | 2017 | 2016 | ||||||
Natural gas revenues | $ | 67 | $ | 59 | ||||
Cost of natural gas sold and transported | (35 | ) | (30 | ) | ||||
Natural gas margin | $ | 32 | $ | 29 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Purchased natural gas adjustment clause recovery | $ | 5 | ||
Retail rate increase | 2 | |||
Estimated impact of weather | 1 | |||
Total increase in natural gas revenues | $ | 8 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increase | $ | 2 | ||
Estimated impact of weather | 1 | |||
Total increase in natural gas margin | $ | 3 |
* | 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) dated 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)). |
Principal Executive Officer’s certifications 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 certifications 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 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) Notes to Consolidated Financial Statements, and (vi) document and entity information. |
Northern States Power Company (a Wisconsin corporation) | ||
July 28, 2017 | By: | /s/ JEFFREY S. SAVAGE |
Jeffrey S. Savage | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) | ||
/s/ ROBERT C. FRENZEL | ||
Robert C. Frenzel | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |
1. | I have reviewed this report on Form 10-Q 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, Chief Executive Officer and Director | |
(Principal Executive Officer) |
1. | I have reviewed this report on Form 10-Q 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/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
(1) | The Form 10-Q 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-Q 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-Q. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) | |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
• | 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 of cost or 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 NSP-Wisconsin’s Form 10-K for the year ended Dec. 31, 2016, or in other publicly disseminated written documents. |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 28, 2017 |
|
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-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
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 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Operating revenues | ||||
Electric | $ 210,742 | $ 202,879 | $ 427,051 | $ 414,403 |
Natural gas | 19,027 | 16,005 | 67,374 | 59,025 |
Other | 257 | 289 | 532 | 595 |
Total operating revenues | 230,026 | 219,173 | 494,957 | 474,023 |
Operating expenses | ||||
Electric fuel and purchased power, non-affiliates | 3,583 | 3,651 | 6,456 | 7,632 |
Purchased power, affiliates | 101,793 | 96,853 | 208,251 | 205,567 |
Cost of natural gas sold and transported | 8,563 | 6,465 | 34,550 | 29,883 |
Operating and maintenance expenses | 49,210 | 50,516 | 99,072 | 99,135 |
Conservation expenses | 3,177 | 3,094 | 6,231 | 6,160 |
Depreciation and amortization | 27,628 | 23,720 | 54,677 | 48,169 |
Taxes (other than income taxes) | 7,005 | 7,096 | 13,878 | 14,251 |
Total operating expenses | 200,959 | 191,395 | 423,115 | 410,797 |
Operating income | 29,067 | 27,778 | 71,842 | 63,226 |
Other income, net | 83 | 77 | 329 | 526 |
Allowance for funds used during construction — equity | 1,751 | 918 | 3,038 | 1,728 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $461, $461, $917 and $923, respectively | 8,656 | 8,583 | 17,338 | 17,187 |
Allowance for funds used during construction — debt | (749) | (392) | (1,299) | (739) |
Total interest charges and financing costs | 7,907 | 8,191 | 16,039 | 16,448 |
Income before income taxes | 22,994 | 20,582 | 59,170 | 49,032 |
Income taxes | 8,753 | 7,957 | 22,510 | 18,776 |
Net income | $ 14,241 | $ 12,625 | $ 36,660 | $ 30,256 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Interest charges and financing costs | ||||
Other financing costs | $ 461 | $ 461 | $ 917 | $ 923 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Comprehensive income: | ||||
Net income | $ 14,241 | $ 12,625 | $ 36,660 | $ 30,256 |
Derivative instruments: | ||||
Reclassification of losses to net income, net of tax of $12, $12, $24 and $25, respectively | 19 | 19 | 38 | 38 |
Other comprehensive income | 19 | 19 | 38 | 38 |
Comprehensive income | $ 14,260 | $ 12,644 | $ 36,698 | $ 30,294 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Derivative instruments: | ||||
Reclassification of losses to net income, tax | $ 12 | $ 12 | $ 24 | $ 25 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
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 |
Management's Opinion |
6 Months Ended |
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Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of NSP-Wisconsin and its subsidiaries as of June 30, 2017 and Dec. 31, 2016; the results of its operations, including the components of net income and comprehensive income, for the three and six months ended June 30, 2017 and 2016; and its cash flows for the six months ended June 30, 2017 and 2016. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2017 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2016 balance sheet information has been derived from the audited 2016 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2016. These notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2016, filed with the SEC on Feb. 24, 2017. Due to the seasonality of NSP-Wisconsin’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2016, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Revenue Recognition — In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09), which provides a new framework for the recognition of revenue. NSP-Wisconsin expects its adoption will result in increased disclosures regarding revenue, cash flows and obligations related to arrangements with customers, as well as separate presentation of alternative revenue programs. NSP-Wisconsin has not yet fully determined the impacts of adoption for several aspects of the standard, including a determination whether and how much an evaluation of the collectability of regulated electric and gas revenues will impact the amounts of revenue recognized upon delivery. NSP-Wisconsin currently expects to implement the standard on a modified retrospective basis, which requires application to contracts with customers effective Jan. 1, 2018, with the cumulative impact on contracts not yet completed as of Dec. 31, 2017 recognized as an adjustment to the opening balance of retained earnings. 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 eliminates the available-for-sale classification for marketable equity securities and also replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes. Under the new standard, 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 expects that the overall impacts of the Jan. 1, 2018 adoption will not be material. Leases — In February 2016, the FASB issued Leases, Topic 842 (ASU No. 2016-02), which for lessees requires balance sheet recognition of right-of-use assets and lease liabilities for most leases. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018. NSP-Wisconsin has not yet fully determined the impacts of implementation. However, adoption is expected to occur on Jan. 1, 2019 utilizing the practical expedients provided by the standard. As such, agreements entered prior to Jan. 1, 2017 that are currently considered leases are expected to be recognized on the consolidated balance sheet, including contracts for use of office space, equipment and natural gas storage assets, as well as certain purchased power agreements (PPAs) for natural gas-fueled generating facilities. NSP-Wisconsin expects that similar agreements entered after Dec. 31, 2016 will generally qualify as leases under the new standard, but has not yet completed its evaluation of certain other contracts, including arrangements for the secondary use of assets, such as land easements. Presentation of Net Periodic Benefit Cost — In March 2017, the FASB issued Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 715 (ASU No. 2017-07), which establishes that only the service cost element of pension cost may be presented as a component of operating income in the income statement. Also under the guidance, only the service cost component of pension cost is eligible for capitalization. NSP-Wisconsin has not yet fully determined the impacts of adoption of the standard, but expects that as a result of application of accounting principles for rate regulated entities, a similar amount of pension cost, including non-service components, will be recognized consistent with the current ratemaking treatment and that the impacts of adoption will be limited to changes in classification of non-service costs in the consolidated statement of income. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2017. |
Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data
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Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Except to the extent noted below, Note 6 to the consolidated financial statements included in NSP-Wisconsin’s Annual Report on Form 10-K for the year ended Dec. 31, 2016 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Federal Audits — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s 2009 through 2013 federal income tax returns, following extensions, expires in December 2017. In 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including a 2009 carryback claim. The IRS has 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 claims, and the 2013 through 2015 claims. In 2016 the IRS audit team and Xcel Energy presented their cases to the Office of Appeals; however, the outcome and timing of a resolution is uncertain. NSP-Wisconsin is not expected to accrue any income tax expense related to this adjustment. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. In the second quarter of 2017, the IRS proposed an adjustment to tax year 2012 that may impact Xcel Energy’s net operating loss (NOL) and effective tax rate (ETR). Xcel Energy is evaluating the IRS’ proposal and the outcome and timing of a resolution is uncertain. State Audits — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of June 30, 2017, NSP-Wisconsin’s earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2012. In 2016, Wisconsin began an audit of years 2012 and 2013. As of June 30, 2017, Wisconsin had not proposed any material adjustments, and there were no other state income tax audits in progress. Unrecognized 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:
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, the Wisconsin audit progresses, and other state audits resume. As the IRS Appeals and IRS and Wisconsin audits 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 June 30, 2017 and Dec. 31, 2016 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of June 30, 2017 or Dec. 31, 2016. |
Rate Matters Rate Matters |
6 Months Ended | ||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||||||
Rate Matters | Rate Matters Except to the extent noted below, the circumstances set forth in Note 10 to the consolidated financial statements included in NSP-Wisconsin’s Annual Report on Form 10-K for the year ended Dec. 31, 2016 and in Note 5 to NSP-Wisconsin’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. Pending Regulatory Proceeding — Public Service Commission of Wisconsin (PSCW) Wisconsin 2018 Electric and Natural Gas Rate Case — In May 2017, NSP-Wisconsin filed a request with the PSCW to increase electric rates by $24.7 million, or 3.6 percent, and natural gas rates by $12.0 million, or 10.1 percent, effective January 2018. The rate filing is based on a 2018 forecast test year, a return on equity (ROE) of 10.0 percent, an equity ratio of 52.53 percent and a forecasted average net investment rate base of approximately $1.2 billion for the electric utility and $138.4 million for the natural gas utility. Key dates in the procedural schedule are as follows:
A PSCW decision is anticipated in the fourth quarter of 2017. Pending Regulatory Proceeding — Federal Energy Regulatory Commission (FERC) Midcontinent Independent System Operator, Inc. (MISO) ROE Complaints — In November 2013, a group of customers filed a complaint at the FERC against MISO transmission owners (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, and the removal of ROE adders (including those for Regional Transmission Organization (RTO) membership), effective Nov. 12, 2013. In December 2015, an administrative law judge (ALJ) recommended the FERC approve a base ROE of 10.32 percent for the MISO TOs. The ALJ found the existing 12.38 percent ROE to be unjust and unreasonable. The recommended 10.32 percent ROE applied a FERC ROE policy adopted in a June 2014 order (Opinion 531). The FERC approved the ALJ recommended 10.32 percent base ROE in an order issued in September 2016. This ROE would be applicable for the 15-month refund period from Nov. 12, 2013 to Feb. 11, 2015, and prospectively from the date of the FERC order. The total prospective ROE would be 10.82 percent, including a 50 basis point adder for RTO membership. Various parties requested rehearing of the September 2016 order. The requests are pending FERC action. In February 2015, a second complaint seeking to reduce the MISO ROE from 12.38 percent to 8.67 percent prior to any adder was filed with the FERC, resulting in a second period of potential refund from Feb. 12, 2015 to May 11, 2016. In June 2016, the ALJ recommended a ROE of 9.7 percent, applying the methodology adopted by the FERC in Opinion 531. A final FERC decision on the second ROE complaint was expected later in 2017, but in April 2017, the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit) by opinion, vacated and remanded Opinion 531. It is unclear how the D.C. Circuit’s opinion to vacate and remand Opinion 531 will affect the September 2016 FERC order or the timing and outcome of the second ROE complaint. The MISO TOs are evaluating the impact of the D.C. Circuit ruling on the November 2013 and February 2015 ROE complaints. As of June 30, 2017, NSP-Minnesota has processed refunds for the Nov. 12, 2013 to Feb. 11, 2015 complaint period based on the 10.32 percent ROE provided in the September 2016 FERC order. NSP-Minnesota has also recognized a current liability representing the best estimate of the final ROE for the Feb. 12, 2015 to May 11, 2016 complaint period. |
Commitments and Contingencies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 above, the circumstances set forth in Notes 10 and 11 to the consolidated financial statements included in NSP-Wisconsin’s Annual Report on Form 10-K for the year ended Dec. 31, 2016 and in Notes 5 and 6 the consolidated financial statements included in NSP-Wisconsin’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016, appropriately represent, in all material respects, the current status of commitments and contingent liabilities and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to NSP-Wisconsin’s financial position. 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 has a stated maximum amount. The guarantee contains no recourse provisions and requires no collateral. These agreements have expiration dates through 2020. The following table presents the guarantee issued and outstanding for NSP-Wisconsin:
Environmental Contingencies Ashland Manufactured Gas Plant (MGP) Site — NSP-Wisconsin was named a potentially responsible party (PRP) for contamination at a site in Ashland, Wis. The Ashland/Northern States Power Lakefront Superfund Site (the Site) includes NSP-Wisconsin property, previously operated as 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. In 2012, NSP-Wisconsin agreed to remediate the Phase I Project Area (which includes the Upper Bluff and Kreher Park areas of the Site), under a settlement agreement with the United States Environmental Protection Agency (EPA). NSP-Wisconsin performed a wet dredge pilot study in 2016 and demonstrated that a wet dredge remedy can meet the performance standards for remediation of the Phase II Project Area (the Sediments). As a result, the EPA authorized NSP-Wisconsin to extend the wet dredge pilot to additional areas of the Site. In January 2017, NSP-Wisconsin agreed to remediate the Sediments, under a settlement agreement with the EPA. The settlement was approved by the U.S. District Court for the Western District of Wisconsin NSP-Wisconsin has initiated field activities to perform a full scale wet dredge remedy of the Sediments in 2017, with performance of restoration activities in 2018. The current cost estimate for the entire site is approximately $160.0 million, of which approximately $113.2 million has been spent. At June 30, 2017 and Dec. 31, 2016, NSP-Wisconsin had recorded a total liability of $46.8 million and $64.3 million, respectively, for the entire site. NSP-Wisconsin has deferred the unrecovered portion of the estimated Site remediation costs as a regulatory asset. The PSCW has authorized NSP-Wisconsin rate recovery for all remediation costs incurred at the Site. In 2012, 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 May 2017, NSP-Wisconsin filed a natural gas rate case which included recovery of additional expenses associated with remediating the Site. If approved, the annual recovery of MGP clean-up costs would increase from $12.4 million in 2017 to $18.1 million in 2018. Other MGP Sites — In addition to the site in Ashland, Wis., NSP-Wisconsin has identified one site where former MGP disposal activities may have resulted in site contamination and is under current investigation. There are other parties that may have responsibility for some portion of any remediation. NSP-Wisconsin anticipates that the majority of the investigation or remediation at this site will continue through at least 2018. NSP-Wisconsin had accrued $0.1 million for this site at June 30, 2017 and Dec. 31, 2016. There may be insurance recovery and/or recovery from other PRPs to offset any costs incurred. NSP-Wisconsin anticipates that any significant amounts incurred will be recovered from customers. Environmental Requirements Water and Waste Federal Clean Water Act (CWA) Waters of the United States Rule — In 2015, the EPA and the U.S. Army Corps of Engineers (Corps) 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 final rule 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. In October 2015, the U.S. Court of Appeals for the Sixth Circuit issued a nationwide stay of the final rule and subsequently ruled that it, rather than the federal district courts, had jurisdiction over challenges to the rule. In January 2017, the U.S. Supreme Court agreed to resolve the dispute as to which court should hear challenges to the rule. A ruling is expected by the end of 2017. In February 2017, President Trump issued an executive order requiring the EPA and the Corps to review and revise the final rule. On June 27, 2017, the agencies issued a proposed rule that rescinds the 2015 final rule and reinstates the prior 1986 definition of “Water of the U.S.” Air Greenhouse Gas (GHG) Emission Standard for Existing Sources (Clean Power Plan or CPP) — In 2015, the EPA issued its final rule for existing power plants. 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 was challenged by multiple parties in the D.C. Circuit Court. In February 2016, the U.S. Supreme Court issued an order staying the final CPP rule. In September 2016, the D.C. Circuit Court heard oral arguments in the consolidated challenges to the CPP. The stay will remain in effect until the D.C. Circuit Court reaches its decision and the U.S. Supreme Court either declines to review the lower court’s decision or reaches a decision of its own. In March 2017, President Trump signed an executive order requiring the EPA Administrator to review the CPP rule and if appropriate, publish proposed rules suspending, revising or rescinding it. Accordingly, the EPA has requested that the D.C. Circuit Court hold the litigation in abeyance until the EPA completes its work under the executive order. The D.C. Circuit granted the EPA’s request to hold the litigation in abeyance until June 27, 2017, and is considering briefs by the parties on whether the court should remand the challenges to the EPA rather than holding them in abeyance, to determine whether and how the court continues or ends the stay that currently applies to the CPP. On June 9, 2017, the EPA submitted a proposed rule to the Office of Management and Budget entitled “Review of the Clean Power Plan.” 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. Employment, Tort and Commercial Litigation 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. Five of the cases have since been settled and seven remain active, which includes one multi-district litigation (MDL) matter consisting of a Colorado class (Breckenridge), a Wisconsin class (NSP-Wisconsin), a Kansas class, and two other cases identified as “Sinclair Oil” and “Farmland.” In November 2016, the MDL judge dismissed e prime and Xcel Energy from the Farmland lawsuit, and Farmland has appealed the dismissal. Motions for summary judgment were filed by defendants, including e prime, in all of the remaining lawsuits. In March 2017, the U.S. District Court issued an order dismissing the claims against e prime in the Sinclair Oil lawsuit and denied plaintiffs motions for class certification in the other lawsuits. The U.S. District Court did not grant e prime’s summary judgment motions in the Wisconsin or Colorado cases. There are currently additional motions brought by e prime for reconsideration and summary judgment pending in the U.S. District Court. Xcel Energy, NSP-Wisconsin and e prime have concluded that a loss is remote. |
Borrowings and Other Financing Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At June 30, 2017 and Dec. 31, 2016, 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. At June 30, 2017, NSP-Wisconsin had the following committed credit facility available (in millions of dollars):
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 June 30, 2017 and Dec. 31, 2016. 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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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 classification. 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 June 30, 2017, accumulated other comprehensive loss 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 June 30, 2017 and Dec. 31, 2016:
Impact of Derivative Activities on Income and Accumulated Other Comprehensive Loss — There were immaterial pre-tax losses related to interest rate derivatives reclassified from accumulated other comprehensive loss into earnings during the three months ended June 30, 2017 and 2016, and $0.1 million of net losses reclassified from accumulated other comprehensive loss into earnings during the six months ended June 30, 2017 and 2016. During the three and six months ended June 30, 2017, changes in the fair value of natural gas commodity derivatives resulted in immaterial and $0.1 million of net losses recognized as regulatory assets and liabilities, respectively. For the three and six months ended June 30, 2016, changes in the fair value of natural gas commodity derivatives resulted in $0.1 million of net gains and $0.1 million of net losses recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Natural gas commodity derivatives settlement losses of $0.2 million and $0.6 million were recognized for the six months ended June 30, 2017 and 2016, respectively, 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. There were no losses or gains and immaterial natural gas commodity derivatives settlement losses recognized during the three months ended June 30, 2017 and 2016, respectively. NSP-Wisconsin had no derivative instruments designated as fair value hedges during the three and six months ended June 30, 2017 and 2016. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. 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 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. 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 June 30, 2017 and Dec. 31, 2016, 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 June 30, 2017 and Dec. 31, 2016, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other Income, Net |
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Other Income, Net | Other Income, Net Other income, net consisted of the following:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment 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 operating and maintenance 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.
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Benefit Plans and Other Postretirement Benefits |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost
In January 2017, contributions of $150.0 million were made across four of Xcel Energy’s pension plans, of which $9.0 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2017. |
Other Comprehensive Income |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2017 and 2016 were as follows:
Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2017 and 2016 were as follows:
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Selected Balance Sheet Data (Tables) |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Income Taxes (Tables) |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the 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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Commitments and Contingencies (Tables) |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Guarantees Issued and Outstanding | The following table presents the guarantee issued and outstanding for NSP-Wisconsin:
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Borrowings and Other Financing Instruments (Tables) |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | At June 30, 2017, NSP-Wisconsin had the following committed credit facility available (in millions of dollars):
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Commercial Paper | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for NSP-Wisconsin was as follows:
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Notes Payable To Affiliates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Fair Value of Financial Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity Forwards and Options | The following table details the gross notional amounts of commodity options at June 30, 2017 and Dec. 31, 2016:
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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 June 30, 2017 and Dec. 31, 2016, other financial instruments for which the carrying amount did not equal fair value were as follows:
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Other Income, Net (Tables) |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other income, net consisted of the following:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Operations by Reportable Segment |
|
Benefit Plans and Other Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost
|
Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss, Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2017 and 2016 were as follows:
|
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Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2017 and 2016 were as follows:
|
Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts Receivable, Net | ||
Accounts receivable | $ 58,587 | $ 58,896 |
Less allowance for bad debts | (4,247) | (4,865) |
Accounts receivable, net | $ 54,340 | $ 54,031 |
Selected Balance Sheet Data, Inventory (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 15,640 | $ 18,309 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 7,117 | 6,582 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 4,615 | 4,743 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 3,908 | $ 6,984 |
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,157,419 | $ 3,069,525 |
Less accumulated depreciation | (1,157,072) | (1,121,888) |
Property, plant and equipment, net | 2,000,347 | 1,947,637 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,534,258 | 2,499,401 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 307,217 | 294,986 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 170,486 | 156,316 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 145,458 | $ 118,822 |
Income Taxes (Details) - USD ($) |
6 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2017 |
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2012 |
|
Unrecognized Tax Benefits [Abstract] | ||||
Unrecognized tax benefit — Permanent tax positions | $ 400,000 | $ 400,000 | ||
Unrecognized tax benefit — Temporary tax positions | 5,100,000 | 4,900,000 | ||
Total unrecognized tax benefit | 5,500,000 | 5,300,000 | ||
NOL and tax credit carryforwards | (1,300,000) | (1,200,000) | ||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 2,000,000 | |||
Amounts accrued for penalties related to unrecognized tax benefits | 0 | $ 0 | ||
Internal Revenue Service (IRS) | ||||
Tax Audits [Abstract] | ||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | ||
Year of carryback claim under examination | 2009 | |||
Potential Tax Adjustments | $ 14,000,000 | |||
Earliest year subject to examination | 2009 | |||
State Jurisdiction (Wisconsin) | ||||
Tax Audits [Abstract] | ||||
Year(s) under examination | 2012 and 2013 | |||
Earliest year subject to examination | 2012 |
Commitments and Contingencies, Guarantees and Indemnifications (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Guarantor Obligations [Line Items] | ||
Assets Held As Collateral | $ 0 | $ 0 |
Payment or Performance Guarantee | Customer Loans for Farm Rewiring Program | ||
Guarantor Obligations [Line Items] | ||
Payment Guarantee Expiration (year) | 2020 | |
Guarantee issued and outstanding | $ 1,000,000 | 1,000,000 |
Current exposure under this guarantee | $ 0 | $ 100,000 |
Commitments and Contingencies Commitments and Contingencies - Legal Contingencies (Details) - Gas Trading Litigation |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2009 |
|
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 7 | 13 |
Loss Contingency, Claims Settled, Number | 5 | |
Loss Contingency, Multi-District Litigation Claims, Number | 1 | |
Loss Contingency, Subset of Cases within Multi-District Litigation, Number | 2 | |
NSP-Wisconsin | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 2 |
Borrowings and Other Financing Instruments, Commercial Paper (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 46,000,000 | $ 60,000,000 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 150,000,000 | 150,000,000 |
Amount outstanding at period end | 46,000,000 | 60,000,000 |
Average amount outstanding | 26,000,000 | 15,000,000 |
Maximum amount outstanding | $ 49,000,000 | $ 64,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.15% | 0.69% |
Weighted average interest rate at period end (percentage) | 1.36% | 0.95% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 46,000 | $ 60,000 |
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) - Credit Facility - USD ($) |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 150,000,000 | |||||
Drawn | [2] | 46,000,000 | |||||
Available | $ 104,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |||||
|
Borrowings and Other Financing Instruments, Intercompany Borrowing Arrangement and Other Short-Term Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Short-term Debt [Line Items] | ||
Notes payable to affiliates | $ 500 | $ 500 |
Notes Payable To Affiliates | ||
Short-term Debt [Line Items] | ||
Notes payable to affiliates | $ 500 | $ 500 |
Weighted average interest rate at period end (percentage) | 1.55% | 0.95% |
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MMBTU in Thousands, $ in Millions |
Jun. 30, 2017
USD ($)
MMBTU
|
Dec. 31, 2016
MMBTU
|
||||
---|---|---|---|---|---|---|
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) | |||||
Natural Gas Commodity (in million British thermal units) | ||||||
Gross Notional Amounts of Commodity Options [Abstract] | ||||||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 123 | 255 | |||
|
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Recognized gains (losses) from fair value hedges or related hedged transactions | $ 0 | 0 | 0 | 0 |
Other Derivative Instruments | Natural Gas Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 100,000 | (100,000) | (100,000) | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 200,000 | 600,000 | ||
Cash Flow Hedges | Designated as Hedging Instrument | Interest Rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (100,000) | $ (100,000) |
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Carrying Amount | |||||
Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Long-term debt, including current portion | [1] | $ 663,402 | $ 663,069 | ||
Fair Value | |||||
Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Long-term debt, including current portion | [1] | $ 747,072 | $ 730,284 | ||
|
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 61 | $ 14 | $ 204 | $ 138 |
Other nonoperating income | 75 | 108 | 230 | 266 |
Insurance policy (expense) income | (49) | (42) | (98) | 128 |
Other nonoperating expense | (4) | (3) | (7) | (6) |
Other income, net | $ 83 | $ 77 | $ 329 | $ 526 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | $ 230,026 | $ 219,173 | $ 494,957 | $ 474,023 | ||||||||
Net income (loss) | 14,241 | 12,625 | 36,660 | 30,256 | ||||||||
Affiliate electric revenue | 43,000 | 43,000 | 85,000 | 84,000 | ||||||||
Regulated Electric | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 210,865 | 202,977 | 427,270 | 414,610 | ||||||||
Net income (loss) | 14,516 | 15,098 | 29,986 | 26,599 | ||||||||
Regulated Natural Gas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 19,095 | 16,127 | 67,556 | 59,227 | ||||||||
Net income (loss) | (973) | (2,465) | 5,572 | 3,627 | ||||||||
All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 257 | 289 | 532 | 595 | ||||||||
Net income (loss) | 698 | (8) | 1,102 | 30 | ||||||||
Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 230,026 | [1] | 219,173 | [1] | 494,957 | [2] | 474,023 | [2] | ||||
Operating Segments | Regulated Electric | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 210,742 | [1] | 202,879 | [1] | 427,051 | [2] | 414,403 | [2] | ||||
Operating Segments | Regulated Natural Gas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 19,027 | 16,005 | 67,374 | 59,025 | ||||||||
Operating Segments | All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 257 | 289 | 532 | 595 | ||||||||
Intersegment Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | (191) | (220) | (401) | (409) | ||||||||
Net income (loss) | 0 | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Regulated Electric | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 123 | 98 | 219 | 207 | ||||||||
Intersegment Eliminations | Regulated Natural Gas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 68 | 122 | 182 | 202 | ||||||||
Intersegment Eliminations | All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
|
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jan. 31, 2017
USD ($)
Plan
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
|
Pension Benefits | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost | $ 1,155 | $ 1,104 | $ 2,309 | $ 2,208 | |
Interest cost | 1,555 | 1,704 | 3,109 | 3,408 | |
Expected return on plan assets | (2,295) | (2,289) | (4,590) | (4,578) | |
Amortization of prior service cost (credit) | 34 | 28 | 69 | 56 | |
Amortization of net loss | 1,461 | 1,348 | 2,923 | 2,696 | |
Net benefit cost recognized for financial reporting | 1,910 | 1,895 | 3,820 | 3,790 | |
Total contributions to the pension plans during the period | $ 9,000 | ||||
Postretirement Health Care Benefits | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 7 | 6 | 14 | 12 | |
Interest cost | 148 | 163 | 296 | 326 | |
Expected return on plan assets | (8) | (6) | (16) | (12) | |
Amortization of prior service cost (credit) | (88) | (88) | (176) | (176) | |
Amortization of net loss | 109 | 83 | 218 | 166 | |
Net benefit cost recognized for financial reporting | $ 168 | $ 158 | $ 336 | $ 316 | |
Xcel Energy Inc. | Pension Benefits | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Total contributions to the pension plans during the period | $ 150,000 | ||||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | $ 811,850 | |||
Accumulated other comprehensive loss at end of period | $ 821,651 | 821,651 | ||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (114) | $ (190) | (133) | $ (209) |
Losses reclassified from net accumulated other comprehensive loss | 19 | 19 | 38 | 38 |
Net current period other comprehensive income | 19 | 19 | 38 | 38 |
Accumulated other comprehensive loss at end of period | $ (95) | $ (171) | $ (95) | $ (171) |
Other Comprehensive Income (Reclassification from AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total, pre-tax | $ (22,994) | $ (20,582) | $ (59,170) | $ (49,032) | ||
Tax benefit | 8,753 | 7,957 | 22,510 | 18,776 | ||
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 | 31 | 31 | 62 | 63 | ||
Tax benefit | (12) | (12) | (24) | (25) | ||
Total, net of tax | 19 | 19 | 38 | 38 | ||
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] | $ 31 | $ 31 | $ 62 | $ 63 | |
|
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