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 ¨ | |
Emerging growth company ¨ |
Class | Outstanding at Oct. 26, 2018 | ||
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 Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating revenues | |||||||||||||||
Electric | $ | 240,344 | $ | 232,802 | $ | 666,212 | $ | 659,853 | |||||||
Natural gas | 15,355 | 14,394 | 93,836 | 81,768 | |||||||||||
Other | 298 | 315 | 847 | 847 | |||||||||||
Total operating revenues | 255,997 | 247,511 | 760,895 | 742,468 | |||||||||||
Operating expenses | |||||||||||||||
Electric fuel and purchased power, non-affiliates | 3,186 | 6,181 | 9,646 | 12,637 | |||||||||||
Purchased power, affiliates | 106,753 | 106,697 | 309,693 | 314,948 | |||||||||||
Cost of natural gas sold and transported | 6,157 | 6,032 | 43,387 | 40,582 | |||||||||||
Operating and maintenance expenses | 50,057 | 51,130 | 149,335 | 148,846 | |||||||||||
Conservation expenses | 3,058 | 3,298 | 9,180 | 9,529 | |||||||||||
Depreciation and amortization | 31,669 | 27,979 | 93,705 | 82,656 | |||||||||||
Taxes (other than income taxes) | 7,107 | 7,124 | 21,473 | 21,002 | |||||||||||
Total operating expenses | 207,987 | 208,441 | 636,419 | 630,200 | |||||||||||
Operating income | 48,010 | 39,070 | 124,476 | 112,268 | |||||||||||
Other expense, net | (782 | ) | (583 | ) | (1,651 | ) | (1,610 | ) | |||||||
Allowance for funds used during construction — equity | 2,631 | 1,705 | 6,732 | 4,743 | |||||||||||
Interest charges and financing costs | |||||||||||||||
Interest charges — includes other financing costs of $495 and $465, $1,458, and $1,382 respectively | 10,109 | 8,647 | 29,467 | 25,985 | |||||||||||
Allowance for funds used during construction — debt | (1,172 | ) | (726 | ) | (3,017 | ) | (2,025 | ) | |||||||
Total interest charges and financing costs | 8,937 | 7,921 | 26,450 | 23,960 | |||||||||||
Income before income taxes | 40,922 | 32,271 | 103,107 | 91,441 | |||||||||||
Income taxes | 9,914 | 9,946 | 25,494 | 32,456 | |||||||||||
Net income | $ | 31,008 | $ | 22,325 | $ | 77,613 | $ | 58,985 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 31,008 | $ | 22,325 | $ | 77,613 | $ | 58,985 | |||||||
Other comprehensive income | |||||||||||||||
Derivative instruments: | |||||||||||||||
Reclassification of losses to net income, net of tax of $9, $13, $26 and $37, respectively | 23 | 19 | 69 | 57 | |||||||||||
Other comprehensive income | 23 | 19 | 69 | 57 | |||||||||||
Comprehensive income | $ | 31,031 | $ | 22,344 | $ | 77,682 | $ | 59,042 |
Nine Months Ended Sept. 30 | |||||||
2018 | 2017 | ||||||
Operating activities | |||||||
Net income | $ | 77,613 | $ | 58,985 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 94,925 | 83,797 | |||||
Deferred income taxes | 15,844 | 37,226 | |||||
Amortization of investment tax credits | (393 | ) | (392 | ) | |||
Allowance for equity funds used during construction | (6,732 | ) | (4,743 | ) | |||
Net derivative losses | 104 | 82 | |||||
Other, net | 498 | (1,503 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 8,781 | 3,512 | |||||
Accrued unbilled revenues | 15,341 | 9,414 | |||||
Inventories | (627 | ) | (1,798 | ) | |||
Other current assets | 5,109 | 4,990 | |||||
Accounts payable | (7,546 | ) | 1,031 | ||||
Net regulatory assets and liabilities | (13,611 | ) | (19,309 | ) | |||
Other current liabilities | (4,924 | ) | (9,700 | ) | |||
Pension and other employee benefit obligations | (8,631 | ) | (8,189 | ) | |||
Change in other noncurrent assets | 70 | (362 | ) | ||||
Change in other noncurrent liabilities | 1,323 | (4,165 | ) | ||||
Net cash provided by operating activities | 177,144 | 148,876 | |||||
Investing activities | |||||||
Utility capital/construction expenditures | (181,281 | ) | (145,440 | ) | |||
Allowance for equity funds used during construction | 6,732 | 4,743 | |||||
Other, net | 211 | (10 | ) | ||||
Net cash used in investing activities | (174,338 | ) | (140,707 | ) | |||
Financing activities | |||||||
(Repayments of) and proceeds from short-term borrowings, net | (11,000 | ) | 32,000 | ||||
Proceeds from issuance of long-term debt | 197,110 | — | |||||
Repayments of long-term debt | (19 | ) | (71 | ) | |||
Capital contributions from parent | 6,904 | 12,297 | |||||
Dividends paid to parent | (47,986 | ) | (52,640 | ) | |||
Other, net | (67 | ) | (70 | ) | |||
Net cash provided by (used in) financing activities | 144,942 | (8,484 | ) | ||||
Net change in cash and cash equivalents | 147,748 | (315 | ) | ||||
Cash and cash equivalents at beginning of period | 1,403 | 1,546 | |||||
Cash and cash equivalents at end of period | $ | 149,151 | $ | 1,231 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | (22,016 | ) | $ | (21,496 | ) | |
Cash paid for income taxes, net | (15,833 | ) | (9,339 | ) | |||
Supplemental disclosure of non-cash investing transactions: | |||||||
Property, plant and equipment additions in accounts payable | $ | 22,731 | $ | 25,796 |
Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 149,151 | $ | 1,403 | |||
Accounts receivable, net | 51,424 | 63,200 | |||||
Accrued unbilled revenues | 44,667 | 60,008 | |||||
Other receivables | 15,339 | 15,144 | |||||
Inventories | 18,385 | 17,758 | |||||
Regulatory assets | 23,110 | 23,113 | |||||
Prepaid taxes | 18,941 | 23,606 | |||||
Prepayments and other | 3,474 | 3,450 | |||||
Total current assets | 324,491 | 207,682 | |||||
Property, plant and equipment, net | 2,190,260 | 2,088,728 | |||||
Other assets | |||||||
Regulatory assets | 285,587 | 282,217 | |||||
Other investments | 2,682 | 2,892 | |||||
Other | 278 | 201 | |||||
Total other assets | 288,547 | 285,310 | |||||
Total assets | $ | 2,803,298 | $ | 2,581,720 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 151,061 | $ | 151,080 | |||
Short-term debt | — | 11,000 | |||||
Notes payable to affiliates | 500 | 500 | |||||
Accounts payable | 49,663 | 58,365 | |||||
Accounts payable to affiliates | 25,761 | 29,628 | |||||
Dividends payable to parent | 18,169 | 15,481 | |||||
Regulatory liabilities | 22,218 | 20,712 | |||||
Environmental liabilities | 14,046 | 10,469 | |||||
Accrued interest | 11,239 | 8,025 | |||||
Other | 24,535 | 34,474 | |||||
Total current liabilities | 317,192 | 339,734 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 272,118 | 256,687 | |||||
Deferred investment tax credits | 7,122 | 7,514 | |||||
Regulatory liabilities | 398,578 | 386,807 | |||||
Environmental liabilities | 13,723 | 19,190 | |||||
Customer advances | 18,647 | 16,325 | |||||
Pension and employee benefit obligations | 42,483 | 50,027 | |||||
Other | 18,101 | 18,747 | |||||
Total deferred credits and other liabilities | 770,772 | 755,297 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 807,828 | 610,100 | |||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Sept. 30, 2018 and Dec. 31, 2017, respectively | 93,300 | 93,300 | |||||
Additional paid in capital | 453,260 | 449,350 | |||||
Retained earnings | 360,946 | 334,008 | |||||
Accumulated other comprehensive loss | — | (69 | ) | ||||
Total common stockholder’s equity | 907,506 | 876,589 | |||||
Total liabilities and equity | $ | 2,803,298 | $ | 2,581,720 |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Accounts receivable, net (a) | ||||||||
Accounts receivable | $ | 56,498 | $ | 68,073 | ||||
Less allowance for bad debts | (5,074 | ) | (4,873 | ) | ||||
$ | 51,424 | $ | 63,200 |
(a) | Accounts receivable, net includes $0.3 million and $3.4 million due from affiliates as of Sept. 30, 2018 and Dec. 31, 2017, respectively. |
(Thousands of Dollars) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 6,770 | $ | 6,916 | ||||
Fuel | 3,718 | 3,866 | ||||||
Natural gas | 7,897 | 6,976 | ||||||
$ | 18,385 | $ | 17,758 |
(Thousands of Dollars) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 2,653,711 | $ | 2,602,671 | ||||
Natural gas plant | 339,399 | 326,723 | ||||||
Common and other property | 188,934 | 181,105 | ||||||
Construction work in progress | 235,065 | 148,770 | ||||||
Total property, plant and equipment | 3,417,109 | 3,259,269 | ||||||
Less accumulated depreciation | (1,226,849 | ) | (1,170,541 | ) | ||||
$ | 2,190,260 | $ | 2,088,728 |
4. | Income Taxes |
Nine Months Ended Sept. 30 | ||||||
2018 | 2017 | |||||
Federal statutory rate | 21.0 | % | 35.0 | % | ||
State tax (net of federal tax effect) | 6.2 | 5.1 | ||||
Increases (decreases) in tax from: | ||||||
Regulatory differences - ARAM (a) | (4.5 | ) | (0.1 | ) | ||
Regulatory differences - ARAM deferral (b) | 4.4 | — | ||||
Regulatory difference - reversal of prior quarters' ARAM deferral (b) | (0.1 | ) | — | |||
Regulatory differences - other utility plant items | (1.4 | ) | (1.3 | ) | ||
Tax credits (net of federal income tax expense) | (0.8 | ) | (1.0 | ) | ||
Other (net) | (0.1 | ) | (2.2 | ) | ||
Effective income tax rate | 24.7 | % | 35.5 | % |
(a) | The average rate assumption method (ARAM); a method to flow back excess deferred taxes to customers. |
(b) | ARAM has been deferred when regulatory treatment has not been established. As NSP-Wisconsin received direction from its regulatory commissions regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. |
Tax Year(s) | Expiration | |
2009 - 2014 | October 2019 | |
2015 | September 2019 | |
2016 | September 2020 |
(Millions of Dollars) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.0 | $ | 1.4 | ||||
Unrecognized tax benefit — Temporary tax positions | 0.9 | 1.0 | ||||||
Total unrecognized tax benefit | $ | 2.9 | $ | 2.4 |
(Millions of Dollars) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
NOL and tax credit carryforwards | $ | (2.6 | ) | $ | (1.9 | ) |
5. | Rate Matters |
6. | Commitments and Contingencies |
(Millions of Dollars) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Guarantee issued and outstanding | $ | 1.0 | $ | 1.0 | ||||
Current exposure under this guarantee | — | — |
7. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2018 | Year Ended Dec. 31, 2017 | ||||||
Borrowing limit | $ | 150 | $ | 150 | ||||
Amount outstanding at period end | — | 11 | ||||||
Average amount outstanding | 24 | 52 | ||||||
Maximum amount outstanding | 48 | 129 | ||||||
Weighted average interest rate, computed on a daily basis | 2.22 | % | 1.23 | % | ||||
Weighted average interest rate at period end | N/A | 1.73 |
Credit Facility (a) | Drawn (b) | Available | ||||||||
$ | 150 | $ | — | $ | 150 |
(a) | This credit facility expires in June 2021. |
(b) | Includes outstanding commercial paper. |
(Amounts in Millions, Except Interest Rates) | Sept. 30, 2018 | Dec. 31, 2017 | ||||||
Notes payable to affiliates | $ | 0.5 | $ | 0.5 | ||||
Weighted average interest rate at period end | 2.61 | % | 1.73 | % |
8. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a)(b) | Sept. 30, 2018 | Dec. 31, 2017 | ||||
Million British thermal units of natural gas | 308 | 42 |
(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. |
Sept. 30, 2018 | ||||||||||||||||||||||||
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 | $ | — | $ | 142 | $ | — | $ | 142 | $ | — | $ | 142 |
Dec. 31, 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 | $ | — | $ | 14 | $ | — | $ | 14 | $ | — | $ | 14 |
(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 Sept. 30, 2018 and Dec. 31, 2017. 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 $3.5 million at Sept. 30, 2018 and Dec. 31, 2017 in the consolidated balance sheets. |
Sept. 30, 2018 | Dec. 31, 2017 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 958,889 | $ | 1,000,793 | $ | 761,180 | $ | 856,106 |
9. | Other Expense, Net |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||
(Thousands of Dollars) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income | $ | 271 | $ | 138 | $ | 412 | $ | 342 | ||||||||
Other nonoperating income | 8 | 8 | 56 | 238 | ||||||||||||
Other nonoperating expense | (4 | ) | (3 | ) | (11 | ) | (10 | ) | ||||||||
Insurance policy income (expense) | 166 | (48 | ) | 72 | (146 | ) | ||||||||||
Benefits non-service cost | (1,223 | ) | (678 | ) | (2,180 | ) | (2,034 | ) | ||||||||
Other expense, net | $ | (782 | ) | $ | (583 | ) | $ | (1,651 | ) | $ | (1,610 | ) |
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 Sept. 30, 2018 | ||||||||||||||||||||
Operating revenues (a) | $ | 240,344 | $ | 15,355 | $ | 298 | $ | — | $ | 255,997 | ||||||||||
Intersegment revenues | 112 | (33 | ) | — | (79 | ) | — | |||||||||||||
Total revenues | $ | 240,456 | $ | 15,322 | $ | 298 | $ | (79 | ) | $ | 255,997 | |||||||||
Net income (loss) | $ | 34,256 | $ | (3,448 | ) | $ | 200 | $ | — | $ | 31,008 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Three Months Ended Sept. 30, 2017 | ||||||||||||||||||||
Operating revenues (a) | $ | 232,802 | $ | 14,394 | $ | 315 | $ | — | $ | 247,511 | ||||||||||
Intersegment revenues | 144 | 56 | — | (200 | ) | — | ||||||||||||||
Total revenues | $ | 232,946 | $ | 14,450 | $ | 315 | $ | (200 | ) | $ | 247,511 | |||||||||
Net income (loss) | $ | 24,594 | $ | (2,184 | ) | $ | (85 | ) | $ | — | $ | 22,325 |
(a) | Operating revenues include $40 million and $46 million of affiliate electric revenue for the three months ended Sept. 30, 2018 and 2017, respectively. |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Nine Months Ended Sept. 30, 2018 | ||||||||||||||||||||
Operating revenues (a) | $ | 666,212 | $ | 93,836 | $ | 847 | $ | — | $ | 760,895 | ||||||||||
Intersegment revenues | 327 | 242 | — | (569 | ) | — | ||||||||||||||
Total revenues | $ | 666,539 | $ | 94,078 | $ | 847 | $ | (569 | ) | $ | 760,895 | |||||||||
Net income | $ | 70,181 | $ | 6,802 | $ | 630 | $ | — | $ | 77,613 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Nine Months Ended Sept. 30, 2017 | ||||||||||||||||||||
Operating revenues (a) | $ | 659,853 | $ | 81,768 | $ | 847 | $ | — | $ | 742,468 | ||||||||||
Intersegment revenues | 363 | 238 | — | (601 | ) | — | ||||||||||||||
Total revenues | $ | 660,216 | $ | 82,006 | $ | 847 | $ | (601 | ) | $ | 742,468 | |||||||||
Net income | $ | 54,580 | $ | 3,388 | $ | 1,017 | $ | — | $ | 58,985 |
(a) | Operating revenues include $116 million and $131 million of affiliate electric revenue for the nine months ended Sept. 30, 2018 and 2017, respectively. |
11. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended Sept. 30 | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 1,194 | $ | 1,154 | $ | 9 | $ | 7 | ||||||||
Interest cost (a) | 1,361 | 1,554 | 142 | 147 | ||||||||||||
Expected return on plan assets (a) | (2,256 | ) | (2,295 | ) | (15 | ) | (7 | ) | ||||||||
Amortization of prior service (credit) cost (a) | (8 | ) | 35 | (88 | ) | (88 | ) | |||||||||
Amortization of net loss (a) | 1,418 | 1,462 | 138 | 109 | ||||||||||||
Settlement charge (b) | 5,181 | — | — | — | ||||||||||||
Net periodic benefit cost | 6,890 | 1,910 | 186 | 168 | ||||||||||||
Costs not recognized due to the effects of regulation | (3,053 | ) | — | — | — | |||||||||||
Net benefit cost recognized for financial reporting | $ | 3,837 | $ | 1,910 | $ | 186 | $ | 168 |
Nine Months Ended Sept. 30 | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 3,583 | $ | 3,463 | $ | 27 | $ | 21 | ||||||||
Interest cost (a) | 4,081 | 4,663 | 426 | 443 | ||||||||||||
Expected return on plan assets (a) | (6,769 | ) | (6,885 | ) | (47 | ) | (23 | ) | ||||||||
Amortization of prior service (credit) cost (a) | (22 | ) | 104 | (264 | ) | (264 | ) | |||||||||
Amortization of net loss (a) | 4,255 | 4,385 | 416 | 327 | ||||||||||||
Settlement charge (b) | 5,181 | — | — | — | ||||||||||||
Net periodic benefit cost | 10,309 | 5,730 | 558 | 504 | ||||||||||||
Costs not recognized due to the effects of regulation | (2,832 | ) | — | — | — | |||||||||||
Net benefit cost recognized for financial reporting | $ | 7,477 | $ | 5,730 | $ | 558 | $ | 504 |
12. | Other Comprehensive Income (Loss) |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Three Months Ended Sept. 30, 2018 | Three Months Ended Sept. 30, 2017 | ||||||
Accumulated other comprehensive loss at July 1 | $ | (23 | ) | $ | (95 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 23 | 19 | ||||||
Net current period other comprehensive income | 23 | 19 | ||||||
Accumulated other comprehensive loss at Sept. 30 | $ | — | $ | (76 | ) |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Nine Months Ended Sept. 30, 2018 | Nine Months Ended Sept. 30, 2017 | ||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (69 | ) | $ | (133 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 69 | 57 | ||||||
Net current period other comprehensive income | 69 | 57 | ||||||
Accumulated other comprehensive loss at Sept. 30 | $ | — | $ | (76 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Three Months Ended Sept. 30, 2018 | Three Months Ended Sept. 30, 2017 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 32 | (a) | $ | 32 | (a) | |||
Total, pre-tax | 32 | 32 | |||||||
Tax benefit | (9 | ) | (13 | ) | |||||
Total amounts reclassified, net of tax | $ | 23 | $ | 19 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Nine Months Ended Sept. 30, 2018 | Nine Months Ended Sept. 30, 2017 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 95 | (a) | $ | 94 | (a) | |||
Total, pre-tax | 95 | 94 | |||||||
Tax benefit | (26 | ) | (37 | ) | |||||
Total amounts reclassified, net of tax | $ | 69 | $ | 57 |
(a) | Included in interest charges. |
Three Months Ended Sept. 30, 2018 | ||||||||||||||||
(Thousands of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 67,919 | $ | 7,021 | $ | 12 | $ | 74,952 | ||||||||
Commercial and industrial (C&I) | 127,936 | 6,818 | 24 | 134,778 | ||||||||||||
Other | 1,325 | — | 262 | 1,587 | ||||||||||||
Total retail | 197,180 | 13,839 | 298 | 211,317 | ||||||||||||
Interchange | 39,993 | — | — | 39,993 | ||||||||||||
Other | 363 | 940 | — | 1,303 | ||||||||||||
Total revenue from contracts with customers | 237,536 | 14,779 | 298 | 252,613 | ||||||||||||
Alternative revenue and other | 2,808 | 576 | — | 3,384 | ||||||||||||
Total revenues | $ | 240,344 | $ | 15,355 | $ | 298 | $ | 255,997 |
Three Months Ended Sept. 30, 2017 | ||||||||||||||||
(Thousands of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 62,025 | $ | 6,428 | $ | 48 | $ | 68,501 | ||||||||
C&I | 119,495 | 6,441 | 23 | 125,959 | ||||||||||||
Other | 1,329 | — | 244 | 1,573 | ||||||||||||
Total retail | 182,849 | 12,869 | 315 | 196,033 | ||||||||||||
Interchange | 45,916 | — | — | 45,916 | ||||||||||||
Other | 1,157 | 1,011 | — | 2,168 | ||||||||||||
Total revenue from contracts with customers | 229,922 | 13,880 | 315 | 244,117 | ||||||||||||
Alternative revenue and other | 2,880 | 514 | — | 3,394 | ||||||||||||
Total revenues | $ | 232,802 | $ | 14,394 | $ | 315 | $ | 247,511 |
Nine Months Ended Sept. 30, 2018 | ||||||||||||||||
(Thousands of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 194,456 | $ | 48,259 | $ | 38 | $ | 242,753 | ||||||||
Commercial and industrial (C&I) | 339,120 | 40,775 | 74 | 379,969 | ||||||||||||
Other | 4,713 | — | 735 | 5,448 | ||||||||||||
Total retail | 538,289 | 89,034 | 847 | 628,170 | ||||||||||||
Interchange | 116,037 | — | — | 116,037 | ||||||||||||
Other | 3,227 | 3,016 | — | 6,243 | ||||||||||||
Total revenue from contracts with customers | 657,553 | 92,050 | 847 | 750,450 | ||||||||||||
Alternative revenue and other | 8,659 | 1,786 | — | 10,445 | ||||||||||||
Total revenues | $ | 666,212 | $ | 93,836 | $ | 847 | $ | 760,895 |
Nine Months Ended Sept. 30, 2017 | ||||||||||||||||
(Thousands of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 182,822 | $ | 42,071 | $ | 68 | $ | 224,961 | ||||||||
C&I | 329,774 | 35,276 | 74 | 365,124 | ||||||||||||
Other | 4,527 | — | 705 | 5,232 | ||||||||||||
Total retail | 517,123 | 77,347 | 847 | 595,317 | ||||||||||||
Interchange | 131,259 | — | — | 131,259 | ||||||||||||
Other | 2,649 | 2,829 | — | 5,478 | ||||||||||||
Total revenue from contracts with customers | 651,031 | 80,176 | 847 | 732,054 | ||||||||||||
Alternative revenue and other | 8,822 | 1,592 | — | 10,414 | ||||||||||||
Total revenues | $ | 659,853 | $ | 81,768 | $ | 847 | $ | 742,468 |
Nine Months Ended Sept. 30 | ||||||||
(Millions of Dollars) | 2018 | 2017 | ||||||
Electric revenues before impact of the TCJA | $ | 684 | $ | 660 | ||||
Electric fuel and purchased power | (319 | ) | (328 | ) | ||||
Electric margin before impact of the TCJA | $ | 365 | $ | 332 | ||||
Impact of the TCJA | (18 | ) | — | |||||
Electric margin | $ | 347 | $ | 332 |
(Millions of Dollars) | 2018 vs. 2017 | |||
Estimated impact of weather | $ | 13 | ||
Retail rate increase (Wisconsin and Michigan) | 12 | |||
Purchased capacity costs | 6 | |||
Sales growth | 4 | |||
Interchange agreement billings with NSP-Minnesota | (15 | ) | ||
Other, net | 4 | |||
Total increase in electric revenues before impact of the TCJA | $ | 24 | ||
Impact of TCJA | (18 | ) | ||
Total increase in electric revenues | $ | 6 |
(Millions of Dollars) | 2018 vs. 2017 | |||
Estimated impact of weather | $ | 13 | ||
Retail rate increase (Wisconsin and Michigan) | 12 | |||
Purchased capacity costs | 5 | |||
Sales growth | 4 | |||
Interchange agreement billings with NSP-Minnesota | (7 | ) | ||
Other, net | 6 | |||
Total increase in electric margin before impact of the TCJA | $ | 33 | ||
Impact of TCJA | (18 | ) | ||
Total increase in electric margin | $ | 15 |
Nine Months Ended Sept. 30 | ||||||||
(Millions of Dollars) | 2018 | 2017 | ||||||
Natural gas revenues before impact of TCJA | $ | 96 | $ | 82 | ||||
Cost of natural gas sold and transported | (43 | ) | (41 | ) | ||||
Natural gas margin before impact of the TCJA | $ | 53 | $ | 41 | ||||
Impact of the TCJA (offset as a reduction in income tax expense) | (2 | ) | — | |||||
Natural gas margin | $ | 51 | $ | 41 |
(Millions of Dollars) | 2018 vs. 2017 | |||
Retail rate increase (Wisconsin and Michigan) | $ | 5 | ||
Estimated impact of weather | 4 | |||
Purchased natural gas adjustment clause recovery | 3 | |||
Sales Growth | 1 | |||
Other, net | 1 | |||
Total increase in natural gas revenues before impact of the TCJA | $ | 14 | ||
Impact of TCJA | (2 | ) | ||
Total increase in natural gas revenues | $ | 12 |
(Millions of Dollars) | 2018 vs. 2017 | |||
Retail rate increase (Wisconsin and Michigan) | $ | 5 | ||
Estimated impact of weather | 4 | |||
Sales Growth | 1 | |||
Other, net | 2 | |||
Total increase in natural gas margin before impact of the TCJA | $ | 12 | ||
Impact of TCJA | (2 | ) | ||
Total increase in natural gas margin | $ | 10 |
* | Indicates incorporation by reference |
3.01* | |
3.02* | |
4.01* | |
101 | The following materials from NSP-Wisconsin’s Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2018 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) | ||
Oct. 26, 2018 | 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, 2017, or in other publicly disseminated written documents. |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 26, 2018 |
|
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 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 933,000 | |
Entity Current Reporting Status | Yes |
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - 9 months ended Sep. 30, 2018 $ in Thousands |
USD ($)
shares
|
---|---|
Balance (in shares) at Dec. 31, 2017 | shares | 933,000 |
Comprehensive income: | |
Net income | $ | $ 77,613 |
Other comprehensive income | $ | $ 69 |
Balance (in shares) at Sep. 30, 2018 | shares | 933,000 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Total operating revenues | $ 255,997 | $ 247,511 | $ 760,895 | $ 742,468 |
Operating expenses | ||||
Purchased power, affiliates | 106,753 | 106,697 | 309,693 | 314,948 |
Cost of natural gas sold and transported | 6,157 | 6,032 | 43,387 | 40,582 |
Operating and maintenance expenses | 50,057 | 51,130 | 149,335 | 148,846 |
Conservation expenses | 3,058 | 3,298 | 9,180 | 9,529 |
Depreciation and amortization | 31,669 | 27,979 | 93,705 | 82,656 |
Taxes (other than income taxes) | 7,107 | 7,124 | 21,473 | 21,002 |
Total operating expenses | 207,987 | 208,441 | 636,419 | 630,200 |
Operating income | 48,010 | 39,070 | 124,476 | 112,268 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $495 and $465, $1,458, and $1,382 respectively | 10,109 | 8,647 | 29,467 | 25,985 |
Allowance for funds used during construction — debt | (1,172) | (726) | (3,017) | (2,025) |
Total interest charges and financing costs | 8,937 | 7,921 | 26,450 | 23,960 |
Other expense, net | (782) | (583) | (1,651) | (1,610) |
Allowance for funds used during construction — equity | 2,631 | 1,705 | 6,732 | 4,743 |
Income before income taxes | 40,922 | 32,271 | 103,107 | 91,441 |
Income taxes | 9,914 | 9,946 | 25,494 | 32,456 |
Net income | 31,008 | 22,325 | 77,613 | 58,985 |
Electric | ||||
Total operating revenues | 240,344 | 232,802 | 666,212 | 659,853 |
Operating expenses | ||||
Electric fuel and purchased power, non afiiliates | 3,186 | 6,181 | 9,646 | 12,637 |
Natural gas | ||||
Total operating revenues | 15,355 | 14,394 | 93,836 | 81,768 |
Other | ||||
Total operating revenues | $ 298 | $ 315 | $ 847 | $ 847 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Interest charges and financing costs | ||||
Other financing costs | $ 495 | $ 465 | $ 1,458 | $ 1,382 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Comprehensive income: | ||||
Net income | $ 31,008 | $ 22,325 | $ 77,613 | $ 58,985 |
Derivative instruments: | ||||
Reclassification of losses to net income, net of tax of $9, $13, $26 and $37, respectively | 23 | 19 | 69 | 57 |
Other comprehensive income | 23 | 19 | 69 | 57 |
Comprehensive income | $ 31,031 | $ 22,344 | $ 77,682 | $ 59,042 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative instruments: | ||||
Reclassification of losses to net income, tax | $ 9 | $ 13 | $ 26 | $ 37 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
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 |
Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Leases — In February 2016, the Financial Accounting Standards Board (FASB) issued Leases, Topic 842 (Accounting Standards Update (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. Adoption will occur on Jan. 1, 2019 utilizing the practical expedients provided by the standard and included in Targeted Improvements, Topic 842 (ASU No. 2018-11). On Jan. 1, 2019, agreements historically disclosed as operating leases for the use of real estate, equipment and certain fossil-fueled generating facilities operated under purchased power agreements (PPAs) are expected to be recognized on the consolidated balance sheet. Other than first-time recognition of these types of operating leases on the consolidated balance sheet, the implementation is not expected to have a significant impact on NSP-Wisconsin’s consolidated financial statements. Recently Adopted Revenue Recognition — In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU No. 2014-09), which provides a new framework for the recognition of revenue. NSP-Wisconsin implemented the guidance on a modified retrospective basis on Jan. 1, 2018. Results for reporting periods beginning after Dec. 31, 2017 are presented in accordance with Topic 606, while prior period results have not been adjusted and continue to be reported in accordance with prior accounting guidance. Other than increased disclosures regarding revenues related to contracts with customers, the implementation did not have a material impact on NSP-Wisconsin’s consolidated financial statements. For related disclosures, see Note 13 to the consolidated financial statements. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01), which eliminated the available-for-sale classification for marketable equity securities and also replaced 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 recognized in earnings. NSP-Wisconsin implemented the guidance on Jan. 1, 2018 and the implementation did not have a material impact on its consolidated financial statements. 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. As a result of the application of accounting principles for rate regulated entities, a similar amount of pension cost, including non-service components, will be recognized consistent with the historical ratemaking treatment, and the impacts of adoption will be limited to changes in classification of non-service costs in the consolidated statement of income. NSP-Wisconsin implemented the new guidance on Jan. 1, 2018, and as a result, $0.7 million and $2.0 million of pension costs were retrospectively reclassified from operating and maintenance expenses to other income, net on the consolidated income statement for the three and nine months ended Sept. 30, 2017, respectively. Under a practical expedient permitted by the standard, NSP-Wisconsin used benefit cost amounts disclosed for prior periods as the basis for retrospective application. |
Management's Opinion |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
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 Sept. 30, 2018 and Dec. 31, 2017; the results of its operations, including the components of net income and comprehensive income for the three and nine months ended Sept. 30, 2018 and 2017; and its cash flows for the nine months ended Sept. 30, 2018 and 2017. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2018 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, 2017 balance sheet information has been derived from the audited 2017 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2017, as amended by the NSP-Wisconsin Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 27, 2018. 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, 2017, filed with the SEC on Feb. 26, 2018, as amended by the NSP-Wisconsin Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 27, 2018. 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 |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
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, 2017, as amended by the NSP-Wisconsin Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 27, 2018, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Selected Balance Sheet Data |
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Selected Balance Sheet Data | Selected Balance Sheet Data
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Except to the extent noted below, Note 6 to the consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2017, as amended by the NSP-Wisconsin Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 27, 2018, appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences:
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 federal income tax returns expire as follows:
In 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. In 2017 Xcel Energy and the Office of Appeals (Appeals) reached an agreement and the benefit related to the agreed upon portions was recognized. NSP-Wisconsin did not accrue any income tax benefit related to this adjustment. In the second quarter of 2018, the Joint Committee on Taxation completed its review and took no exception to the agreement. As a result, the remaining unrecognized tax benefit was released and recorded as a payable to the IRS. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. In the third quarter of 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s net operating loss (NOL) and effective tax rate (ETR). Xcel Energy filed a protest with the IRS. As of Sept. 30, 2018, the case has been forwarded to Appeals and Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown. State Audits — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Sept. 30, 2018, 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, the state of Wisconsin began an audit of years 2012 and 2013. The audit concluded in the third quarter of 2018 with no material adjustments. 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 progresses and audit resumes, and state audits resume. As the IRS Appeals progresses and the IRS audit resumes, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $2 million. Payables for interest related to unrecognized tax benefits were not material and no amounts were accrued for penalties related to unrecognized tax benefits as of Sept. 30, 2018 or Dec. 31, 2017. |
Rate Matters Rate Matters |
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Sep. 30, 2018 | |
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 the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2017, as amended by the NSP-Wisconsin Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 27, 2018, and in Note 5 to the consolidated financial statements to NSP-Wisconsin's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 and June 30, 2018, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. Tax Reform — Regulatory Proceedings In May 2018, the Public Service Commission of Wisconsin (PSCW) issued its final order for the 2018 TCJA impact, which requires customer refunds of $27 million and defers approximately $5 million until NSP-Wisconsin’s next rate case proceeding. NSP-Wisconsin — Michigan — In May 2018, the Michigan Public Service Commission approved electric and natural gas tax reform settlement agreements. Most of the electric TCJA benefits were included in NSP-Wisconsin’s recently approved Michigan 2018 electric base rate case. The return of natural gas TCJA benefits is expected to be completed in 2019. Pending Regulatory Proceeding — Federal Energy Regulatory Commission (FERC) Midcontinent Independent System Operator, Inc. (MISO) Return on Equity (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 September 2016, the FERC approved an Administrative Law Judge (ALJ) recommendation that MISO TOs be granted a 10.32 percent base ROE using the methodology adopted by FERC in June 2014 (Opinion 531). 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. 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 RTO adder was filed, resulting in a second period of potential refunds from Feb. 12, 2015 to May 11, 2016. In June 2016, an ALJ recommended a base ROE of 9.7 percent, applying the FERC Opinion 531 methodology. FERC action is pending. In April 2017, the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit) 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. NSP-Minnesota has recognized a current refund liability consistent with the best estimate of the final ROE. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 to the financial statements, the circumstances set forth in Notes 10 and 11 to the consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2017, as amended by the NSP-Wisconsin Amendment No. 1 to its Annual Report on Form 10-K/A, filed with the SEC on July 27, 2018, and in Notes 5 and 6 to NSP-Wisconsin's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018, and June 30, 2018, 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 responsible party 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, an adjacent city lakeshore park area, and a sediment area of Lake Superior’s Chequamegon Bay. NSP-Wisconsin completed wet dredging at the Site in August of 2018 and anticipates completion of final site restoration activities in early 2019. Groundwater treatment activities at the Site will continue for many years. The current cost estimate for the remediation of the entire site is approximately $184 million, of which approximately $156 million has been spent. As of Sept. 30, 2018 and Dec. 31, 2017, NSP-Wisconsin recorded a total liability of $28 million and $30 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 December 2017, the PSCW approved an NSP-Wisconsin natural gas rate case, which included recovery of additional expenses associated with remediating the Site. The annual recovery of MGP clean-up costs increased from $12 million in 2017 to $18 million in 2018. Other MGP, Landfill or Disposal Sites — In addition to the Ashland MGP Site, NSP-Wisconsin is currently involved in investigating and/or remediating an MGP, landfill or other disposal site. NSP-Wisconsin has identified one site where investigation and/or remediation activities are currently underway. Other parties may have responsibility for some portion of the investigation and/or remediation activities. NSP-Wisconsin anticipates that these investigation or remediation activities will continue through at least 2019. NSP-Wisconsin accrued $0.1 million for this site as of Sept. 30, 2018 and Dec. 31, 2017. 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 seeking monetary damages 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. e prime, Xcel Energy Inc. and its other affiliates were sued along with several other gas marketing companies. These cases were all consolidated in the U.S. District Court in Nevada. Six of the cases remain active, which includes a multi-district litigation (MDL) matter consisting of a Colorado class (Breckenridge), a Wisconsin class (Arandell Corp.), a Missouri class, a Kansas class, and two other cases identified as “Sinclair Oil” and “Farmland.” In March 2017, summary judgment was granted by the MDL judge in favor of Xcel Energy and e prime in the Sinclair Oil and Farmland cases. In November 2017, the U.S. District Court in Nevada granted summary judgment against two plaintiffs in the Arandell Corp. case in favor of Xcel Energy and NSP-Wisconsin, leaving only three individual plaintiffs remaining in the litigation. In addition, the plaintiffs’ motions for class certification and remand back to originating courts in these cases were denied in March 2017. Plaintiffs appealed the summary judgment motions granted in the Farmland and Sinclair Oil cases and the denial of class certification and remand to the U.S. Court of Appeals for the Ninth Circuit (Ninth Circuit). In March 2018, the Ninth Circuit reversed and remanded the summary judgment in the Farmland case. The Farmland defendants subsequently filed a request for further review by the Ninth Circuit, which was denied. Upon Sinclair’s request, the Ninth Circuit reversed and remanded the summary judgment in the Sinclair case. Plaintiffs have asked the lower court to remand the cases back to the court where the actions were originally filed. The defendants have moved for the lower court to issue a renewed summary judgment in the Farmland case. Later in the summer of 2018 the Ninth Circuit also vacated, but did not reverse, the lower court’s denial of class certification. The defendants have drafted a proposal for a renewed denial for the lower court’s consideration. 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 Sept. 30, 2018 and Dec. 31, 2017, 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. As of Sept. 30, 2018, 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 Sept. 30, 2018 and Dec. 31, 2017. Other Short-Term Borrowings — The following table presents the notes payable of Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, to Xcel Energy Inc.:
Long-Term Borrowings During the three months ended Sept. 30, 2018, NSP-Wisconsin issued $200 million of 4.20 percent first mortgage bonds due Sept. 1, 2048. |
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 Sept. 30, 2018, accumulated other comprehensive losses related to interest rate derivatives included no net gains or 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 Sept. 30, 2018 and Dec. 31, 2017:
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 Sept. 30, 2018 and 2017. There were $0.1 million of net losses reclassified from accumulated other comprehensive loss into earnings during both the nine months ended Sept. 30, 2018 and 2017. During the three and nine months ended Sept. 30, 2018, changes in the fair value of natural gas commodity derivatives resulted in immaterial net gains recognized as regulatory assets and liabilities. For the three and nine months ended Sept. 30, 2017, changes in the fair value of natural gas commodity derivatives resulted in $0.1 million and $0.2 million of net losses recognized as regulatory assets and liabilities, respectively. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. There were no natural gas commodity derivative settlement gains or losses recognized and $0.2 million of losses recognized for the nine months ended Sept. 30, 2018 and 2017, 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 gains or losses recognized during the three months ended Sept. 30, 2018 and 2017. NSP-Wisconsin had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2018 and 2017. 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 Sept. 30, 2018 and Dec. 31, 2017, 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 Sept. 30, 2018 and Dec. 31, 2017, 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 and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other Expense, Net Other expense, 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 (O&M) expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
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Benefit Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost
(a) The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the income statement or capitalized on the balance sheet as a regulatory asset. (b) A settlement charge is required when the amount of lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter as a result of lump-sum distributions during the 2018 plan year, NSP-Wisconsin recorded a pension settlement charge of $5 million, the majority of which was not recognized due to the effects of regulation. A total of $1 million of that amount was recorded in other expense in the third quarter of 2018. In the fourth quarter of 2018 as a result of lump-sum distributions during the 2017 plan year, NSP-Wisconsin recorded a total pension settlement charge of $7 million, the majority of which was not recognized due to the effects of regulation. A total of $2 million of that amount was expensed in the fourth quarter of 2017. In January 2018, contributions of $150 million were made across four of Xcel Energy’s pension plans, of which $10.0 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2018. |
Other Comprehensive Income |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income (Loss) Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2018 and 2017 were as follows:
Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2018 and 2017 were as follows:
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues NSP-Wisconsin principally generates revenue from the generation, transmission, distribution and sale of electricity and the transportation, distribution and sale of natural gas to retail customers. Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. NSP-Wisconsin recognizes revenue in an amount that corresponds directly to the price of the energy delivered to the customer. The measurement of energy sales to customers is generally based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and the corresponding unbilled revenue is recognized. Contract terms are generally short-term in nature, and as such NSP-Wisconsin does not recognize a separate financing component of its collections from customers. NSP-Wisconsin presents its revenues net of any excise or other fiduciary-type taxes or fees. NSP-Wisconsin has various rate-adjustment mechanisms in place that provide for the recovery of natural gas, electric fuel and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. NSP-Wisconsin must submit a forward looking fuel cost plan annually for approval by the PSCW. The rules also allow for deferral of any under-recovery or over-recovery of fuel costs in excess of a two percent annual tolerance band, for future rate recovery or refund, subject to PSCW approval. Certain rate rider mechanisms qualify as alternative revenue programs under GAAP. These mechanisms arise from costs imposed upon the utility by action of a regulator or legislative body related to an environmental, public safety or other mandate. When certain criteria are met (including collection within 24 months), revenue is recognized equal to the revenue requirement, which may include return on rate base items and incentives. The mechanisms are revised periodically for differences between the total amount collected and the revenue recognized, which may increase or decrease the level of revenue collected from customers. Alternative revenue is recorded on a gross basis and is disclosed separate from revenue from contracts with customers in the period earned. In the following tables, revenue is classified by the type of goods/services rendered and market/customer type. The tables also reconcile revenue to the reportable segments.
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Selected Balance Sheet Data (Tables) |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net |
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Property, Plant and Equipment, Net |
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Income Taxes (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences:
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Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | 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 federal income tax returns expire as follows:
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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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | As of Sept. 30, 2018, 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity Forwards and Options | The following table details the gross notional amounts of commodity options at Sept. 30, 2018 and Dec. 31, 2017:
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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 Sept. 30, 2018 and Dec. 31, 2017, other financial instruments for which the carrying amount did not equal fair value were as follows:
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Other Income, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other expense, net consisted of the following:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Operations by Reportable Segment |
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Benefit Plans and Other Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost
(a) The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the income statement or capitalized on the balance sheet as a regulatory asset. (b) A settlement charge is required when the amount of lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter as a result of lump-sum distributions during the 2018 plan year, NSP-Wisconsin recorded a pension settlement charge of $5 million, the majority of which was not recognized due to the effects of regulation. A total of $1 million of that amount was recorded in other expense in the third quarter of 2018. In the fourth quarter of 2018 as a result of lump-sum distributions during the 2017 plan year, NSP-Wisconsin recorded a total pension settlement charge of $7 million, the majority of which was not recognized due to the effects of regulation. A total of $2 million of that amount was expensed in the fourth quarter of 2017. |
Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended Sept. 30, 2018 and 2017 were as follows:
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Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2018 and 2017 were as follows:
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | In the following tables, revenue is classified by the type of goods/services rendered and market/customer type. The tables also reconcile revenue to the reportable segments.
|
Accounting Pronouncements Accounting Pronouncements (Details) - Accounting Standards Update 2017-07 - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Operating and Maintenance Expense | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit cost (credit) | $ 700 | $ 2,000 |
Other Income | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit cost (credit) | $ (700) | $ (2,000) |
Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Balance Sheet Related Disclosures [Abstract] | ||
Due from Affiliate, Current | $ 300 | $ 3,400 |
Accounts Receivable, Net | ||
Accounts receivable | 56,498 | 68,073 |
Less allowance for bad debts | (5,074) | (4,873) |
Accounts receivable, net | $ 51,424 | $ 63,200 |
Selected Balance Sheet Data, Inventory (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 18,385 | $ 17,758 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 6,770 | 6,916 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 3,718 | 3,866 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 7,897 | $ 6,976 |
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,417,109 | $ 3,259,269 |
Less accumulated depreciation | (1,226,849) | (1,170,541) |
Property, plant and equipment, net | 2,190,260 | 2,088,728 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,653,711 | 2,602,671 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 339,399 | 326,723 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 188,934 | 181,105 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 235,065 | $ 148,770 |
Rate Matters Rate Matters (Details) - USD ($) $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
May 31, 2018 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Feb. 28, 2015 |
Nov. 30, 2013 |
|
Public Service Commission of Wisconsin (PSCW) [Member] | PSCW Proceeding - Tax Cuts and Jobs Act of 2017 [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, Approved Refund of 2018 TCJA Benefits | $ 27 | ||||
Tax Cuts and Jobs Act of 2017, Approved Deferral of 2018 TCJA Benefits | $ 5 | ||||
NSP-Minnesota | FERC Proceeding, MISO ROE Complaint | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Recommended By Third Parties | 8.67% | 9.15% | |||
NSP-Minnesota | Federal Energy Regulatory Commission (FERC) | FERC Proceeding, MISO ROE Complaint | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | ||||
Public Utilities, Length of Refund Period, In Months | 15 months | ||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% | ||||
Public Utilities, ROE Basis Point Adder, Approved | 50 | ||||
NSP-Minnesota | Administrative Law Judge | FERC Proceeding, MISO ROE Complaint | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Recommended By Third Parties | 9.70% |
Commitments and Contingencies, Guarantees and Indemnifications (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
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 | $ 0 |
Commitments and Contingencies, Environmental Contingencies - Site Contingencies (Details) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Ashland MGP Site | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Current Cost Estimate for Site Remediation | $ 184.0 | |
Estimated amount spent on cleanup | 156.0 | |
Accrual for Environmental Loss Contingencies, Gross | $ 28.0 | $ 30.0 |
Approved amortization period for recovery of remediation costs in natural gas rates (in years) | 10 years | |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% | |
Other MGP Sites [Member] | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Accrual for Environmental Loss Contingencies, Gross | $ 0.1 | 0.1 |
Number of identified MGP sites under current investigation and/or remediation in addition to those separately disclosed | 1 | |
PSCW Proceeding - Gas Rate Case 2017 - Gas Rates 2017 [Member] | Ashland MGP Site | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Public Utilities, Approved annual recovery collected through base rates | $ 12.0 | |
PSCW Proceeding - Gas Rate Case 2017 - Gas Rates 2018 [Member] | Ashland MGP Site | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Public Utilities, Requested annual recovery collected through base rates | $ 18.0 |
Commitments and Contingencies Commitments and Contingencies - Legal Contingencies (Details) - Gas Trading Litigation |
Sep. 30, 2018 |
Dec. 31, 2009 |
---|---|---|
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 6 | 13 |
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 |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 11,000,000 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 150,000,000 | 150,000,000 |
Amount outstanding at period end | 0 | 11,000,000 |
Average amount outstanding | 24,000,000 | 52,000,000 |
Maximum amount outstanding | $ 48,000,000 | $ 129,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 2.22% | 1.23% |
Weighted average interest rate at period end (percentage) | 1.73% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 11,000 |
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 ($) |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 150,000,000 | |||||
Drawn | [2] | 0 | |||||
Available | $ 150,000,000 | ||||||
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 |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
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) | 2.61% | 1.73% |
Borrowings and Other Financing Instruments Borrowings and Other Long Term Financing Instruments (Details) - NSP-Wisconsin - Bonds [Member] - Series Due September 1, 2048 [Member] |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 200,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% |
Maturity Date | Sep. 01, 2048 |
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MMBTU in Thousands, $ in Millions |
Sep. 30, 2018
USD ($)
MMBTU
|
Dec. 31, 2017
MMBTU
|
||||
---|---|---|---|---|---|---|
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ | $ 0.0 | |||||
Natural Gas Commodity (in million British thermal units) | ||||||
Gross Notional Amounts of Commodity Options [Abstract] | ||||||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 308 | 42 | |||
|
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
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) | (200,000) | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | $ 0 | $ 0 | 0 | 200,000 |
Cash Flow Hedges | Designated as Hedging Instrument | Interest Rate Contract [Member] | ||||
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, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||
Prepayments and other | $ 3,474 | $ 3,450 | |||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 142 | 14 | ||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [2] | 0 | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 142 | 14 | |||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Prepayments and other | 3,500 | 3,500 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | $ 142 | $ 14 | |||||
|
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 958,889 | $ 761,180 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 1,000,793 | $ 856,106 |
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 271 | $ 138 | $ 412 | $ 342 |
Other nonoperating income | 8 | 8 | 56 | 238 |
Other nonoperating expense | (4) | (3) | (11) | (10) |
Insurance policy income (expense) | 166 | (48) | 72 | (146) |
Defined Benefit Plan, Non-service Costs | (1,223) | (678) | (2,180) | (2,034) |
Other expense, net | $ (782) | $ (583) | $ (1,651) | $ (1,610) |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | $ 255,997 | $ 247,511 | $ 760,895 | $ 742,468 | |||
Net income (loss) | 31,008 | 22,325 | 77,613 | 58,985 | |||
Affiliate electric revenue | 40,000 | 46,000 | 116,000 | 131,000 | |||
Regulated Electric | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 240,456 | 232,946 | 666,539 | 660,216 | |||
Net income (loss) | 34,256 | 24,594 | 70,181 | 54,580 | |||
Regulated Natural Gas | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 15,322 | 14,450 | 94,078 | 82,006 | |||
Net income (loss) | (3,448) | (2,184) | 6,802 | 3,388 | |||
All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 298 | 315 | 847 | 847 | |||
Net income (loss) | 200 | (85) | 630 | 1,017 | |||
Total revenues | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | [1] | 255,997 | 247,511 | 760,895 | 742,468 | ||
Total revenues | Regulated Electric | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | [1] | 240,344 | 232,802 | 666,212 | 659,853 | ||
Total revenues | Regulated Natural Gas | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 15,355 | 14,394 | 93,836 | 81,768 | |||
Total revenues | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 298 | 315 | 847 | 847 | |||
Intersegment Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | (79) | (200) | (569) | (601) | |||
Net income (loss) | 0 | 0 | 0 | 0 | |||
Intersegment Eliminations | Regulated Electric | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 112 | 144 | 327 | 363 | |||
Intersegment Eliminations | Regulated Natural Gas | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | (33) | 56 | 242 | 238 | |||
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 | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2018
USD ($)
Plan
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
||||||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||||||||||
Operating and maintenance expenses | $ 50,057 | $ 51,130 | $ 149,335 | $ 148,846 | |||||||||||
Pension Plan [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 5,181 | [1] | 0 | [1] | 5,181 | [1] | 0 | [1] | $ 2,000 | ||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||||||||||
Service cost | 1,194 | 1,154 | 3,583 | 3,463 | |||||||||||
Interest cost | [2] | 1,361 | 1,554 | 4,081 | 4,663 | ||||||||||
Expected return on plan assets | [2] | (2,256) | (2,295) | (6,769) | (6,885) | ||||||||||
Amortization of prior service cost (credit) | [2] | (8) | 35 | (22) | 104 | ||||||||||
Amortization of net loss | [2] | 1,418 | 1,462 | 4,255 | 4,385 | ||||||||||
Defined Benefit Plan Net Benefit Cost (Credit) Recognized Before Regulatory Adjustments | 6,890 | 1,910 | 10,309 | 5,730 | |||||||||||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | (3,053) | 0 | (2,832) | 0 | |||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 3,837 | 1,910 | 7,477 | 5,730 | |||||||||||
Operating and maintenance expenses | 1,000 | $ 7,000 | |||||||||||||
Total contributions to the pension plans during the period | $ 10,000 | ||||||||||||||
Other Postretirement Benefits Plan [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [1] | 0 | 0 | 0 | 0 | ||||||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||||||||||
Service cost | 9 | 7 | 27 | 21 | |||||||||||
Interest cost | [2] | 142 | 147 | 426 | 443 | ||||||||||
Expected return on plan assets | [2] | (15) | (7) | (47) | (23) | ||||||||||
Amortization of prior service cost (credit) | [2] | (88) | (88) | (264) | (264) | ||||||||||
Amortization of net loss | [2] | 138 | 109 | 416 | 327 | ||||||||||
Defined Benefit Plan Net Benefit Cost (Credit) Recognized Before Regulatory Adjustments | 186 | 168 | 558 | 504 | |||||||||||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 0 | 0 | 0 | 0 | |||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 186 | $ 168 | $ 558 | $ 504 | |||||||||||
Xcel Energy Inc. | Pension Plan [Member] | |||||||||||||||
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | $ 876,589 | |||
Accumulated other comprehensive loss at end of period | $ 907,506 | 907,506 | ||
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 | (23) | $ (95) | (69) | $ (133) |
Losses reclassified from net accumulated other comprehensive loss | 23 | 19 | 69 | 57 |
Net current period other comprehensive income | 23 | 19 | 69 | 57 |
Accumulated other comprehensive loss at end of period | $ 0 | $ (76) | $ 0 | $ (76) |
Other Comprehensive Income (Reclassification from AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, pre-tax | $ (40,922) | $ (32,271) | $ (103,107) | $ (91,441) |
Tax benefit | 9,914 | 9,946 | 25,494 | 32,456 |
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 | 32 | 32 | 95 | 94 |
Tax benefit | (9) | (13) | (26) | (37) |
Total, net of tax | 23 | 19 | 69 | 57 |
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 | $ 32 | $ 32 | $ 95 | $ 94 |
Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | $ 255,997 | $ 247,511 | $ 760,895 | $ 742,468 | |||
Maximum number of months following end of annual period in which revenues are earned to be included in incentive programs | 24 months | ||||||
Tolerance band | 2 | ||||||
Total revenue from contracts with customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 252,613 | 244,117 | $ 750,450 | 732,054 | |||
Retail | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 211,317 | 196,033 | 628,170 | 595,317 | |||
Retail | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 74,952 | 68,501 | 242,753 | 224,961 | |||
Retail | Commercial and industrial (C&I) | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 134,778 | 125,959 | 379,969 | 365,124 | |||
Retail | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 1,587 | 1,573 | 5,448 | 5,232 | |||
Interchange [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 39,993 | 45,916 | 116,037 | 131,259 | |||
Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 1,303 | 2,168 | 6,243 | 5,478 | |||
Alternative revenue and other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 3,384 | 3,394 | 10,445 | 10,414 | |||
Regulated Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 240,456 | 232,946 | 666,539 | 660,216 | |||
Regulated Electric | Total revenue from contracts with customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 237,536 | 229,922 | 657,553 | 651,031 | |||
Regulated Electric | Retail | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 197,180 | 182,849 | 538,289 | 517,123 | |||
Regulated Electric | Retail | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 67,919 | 62,025 | 194,456 | 182,822 | |||
Regulated Electric | Retail | Commercial and industrial (C&I) | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 127,936 | 119,495 | 339,120 | 329,774 | |||
Regulated Electric | Retail | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 1,325 | 1,329 | 4,713 | 4,527 | |||
Regulated Electric | Interchange [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 39,993 | 45,916 | 116,037 | 131,259 | |||
Regulated Electric | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 363 | 1,157 | 3,227 | 2,649 | |||
Regulated Electric | Alternative revenue and other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 2,808 | 2,880 | 8,659 | 8,822 | |||
Regulated Natural Gas | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 15,322 | 14,450 | 94,078 | 82,006 | |||
Regulated Natural Gas | Total revenue from contracts with customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 14,779 | 13,880 | 92,050 | 80,176 | |||
Regulated Natural Gas | Retail | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 13,839 | 12,869 | 89,034 | 77,347 | |||
Regulated Natural Gas | Retail | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 7,021 | 6,428 | 48,259 | 42,071 | |||
Regulated Natural Gas | Retail | Commercial and industrial (C&I) | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 6,818 | 6,441 | 40,775 | 35,276 | |||
Regulated Natural Gas | Retail | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |||
Regulated Natural Gas | Interchange [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |||
Regulated Natural Gas | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 940 | 1,011 | 3,016 | 2,829 | |||
Regulated Natural Gas | Alternative revenue and other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 576 | 514 | 1,786 | 1,592 | |||
All Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 298 | 315 | 847 | 847 | |||
All Other | Total revenue from contracts with customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 298 | 315 | 847 | 847 | |||
All Other | Retail | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 298 | 315 | 847 | 847 | |||
All Other | Retail | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 12 | 48 | 38 | 68 | |||
All Other | Retail | Commercial and industrial (C&I) | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 24 | 23 | 74 | 74 | |||
All Other | Retail | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 262 | 244 | 735 | 705 | |||
All Other | Interchange [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |||
All Other | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | |||
All Other | Alternative revenue and other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 0 | 0 | 0 | 0 | |||
Total revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | [1] | 255,997 | 247,511 | 760,895 | 742,468 | ||
Total revenues | Regulated Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | [1] | 240,344 | 232,802 | 666,212 | 659,853 | ||
Total revenues | Regulated Natural Gas | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | 15,355 | 14,394 | 93,836 | 81,768 | |||
Total revenues | All Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total operating revenues | $ 298 | $ 315 | $ 847 | $ 847 | |||
|
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