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 |
001-03140 | 39-0508315 | |
(Commission File Number) | (I.R.S. Employer Identification No.) |
(Registrant, State of Incorporation or Organization, Address of Principal Executive Officers and Telephone Number) | ||
Northern States Power Company | ||
(a Wisconsin corporation) | ||
1414 West Hamilton Avenue | ||
Eau Claire, Wisconsin 54701 | ||
715-839-2625 |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer x | Smaller reporting company ¨ | |
Emerging growth company ¨ |
Class | April 26, 2019 | |
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 | |
Certifications Pursuant to Section 906 |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |
e prime | e prime inc. |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota |
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
PSCo | Public Service Company of Colorado |
SPS | Southwestern Public Service Company |
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
IRS | Internal Revenue Service |
PSCW | Public Service Commission of Wisconsin |
SEC | Securities and Exchange Commission |
Other | |
AFUDC | Additional Funds Used During Construction |
ARAM | Average rate assumption method |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
C&I | Commercial and Industrial |
ETR | Effective tax rate |
FASB | Financial Accounting Standards Board |
GAAP | Generally accepted accounting principles |
GHG | Greenhouse gas |
ITC | Investment tax credit |
LNG | Liquefied natural gas |
MDL | Multi-district litigation |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
Moody’s | Moody’s Investor Services |
NAV | Net asset value |
NOI | Notice of inquiry |
NOL | Net operating loss |
O&M | Operating and maintenance |
Opinion 531 | Methodology for calculating base ROE adopted by the FERC in June 2014 |
PPA | Purchased power agreement |
ROE | Return on equity |
RTO | Regional Transmission Organization |
TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act |
TO | Transmission owner |
VIE | Variable interest entity |
Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Operating revenues | |||||||
Electric, non-affiliates | $ | 170.9 | $ | 178.7 | |||
Electric, affiliates | 44.1 | 37.6 | |||||
Natural gas | 61.1 | 56.5 | |||||
Other | 0.1 | 0.3 | |||||
Total operating revenues | 276.2 | 273.1 | |||||
Operating expenses | |||||||
Electric fuel and purchased power, non-affiliates | 1.9 | 2.9 | |||||
Purchased power, affiliates | 103.5 | 101.3 | |||||
Cost of natural gas sold and transported | 32.3 | 28.7 | |||||
Operating and maintenance expenses | 52.0 | 50.3 | |||||
Conservation expenses | 3.0 | 3.0 | |||||
Depreciation and amortization | 34.0 | 30.6 | |||||
Taxes (other than income taxes) | 7.5 | 7.3 | |||||
Total operating expenses | 234.2 | 224.1 | |||||
Operating income | 42.0 | 49.0 | |||||
Other expense, net | (0.4 | ) | (0.4 | ) | |||
Allowance for funds used during construction — equity | 0.6 | 1.9 | |||||
Interest charges and financing costs | |||||||
Interest charges — includes other financing costs of $0.3 and $0.5 respectively | 10.0 | 9.6 | |||||
Allowance for funds used during construction — debt | (0.3 | ) | (0.8 | ) | |||
Total interest charges and financing costs | 9.7 | 8.8 | |||||
Income before income taxes | 32.5 | 41.7 | |||||
Income taxes | 8.5 | 10.3 | |||||
Net income | $ | 24.0 | $ | 31.4 |
Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Net income | $ | 24.0 | $ | 31.4 | |||
Other comprehensive income | |||||||
Derivative instruments: | |||||||
Reclassification of losses to net income, net of tax of $0 and $0, respectively | — | — | |||||
Other comprehensive income | — | — | |||||
Comprehensive income | $ | 24.0 | $ | 31.4 |
Three Months Ended March 31 | |||||||
2019 | 2018 | ||||||
Operating activities | |||||||
Net income | $ | 24.0 | $ | 31.4 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 34.3 | 31.0 | |||||
Deferred income taxes | (0.2 | ) | 1.8 | ||||
Amortization of investment tax credits | (0.1 | ) | 0.1 | ||||
Allowance for equity funds used during construction | (0.6 | ) | (1.9 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (12.6 | ) | (9.5 | ) | |||
Accrued unbilled revenues | 10.6 | 12.0 | |||||
Inventories | 4.7 | 6.1 | |||||
Other current assets | 10.7 | 5.9 | |||||
Accounts payable | (8.8 | ) | (15.9 | ) | |||
Net regulatory assets and liabilities | 3.7 | 10.5 | |||||
Other current liabilities | 6.1 | (1.8 | ) | ||||
Pension and other employee benefit obligations | (7.4 | ) | (9.2 | ) | |||
Other, net | 0.2 | 0.2 | |||||
Net cash provided by operating activities | 64.6 | 60.7 | |||||
Investing activities | |||||||
Utility capital/construction expenditures | (50.4 | ) | (56.6 | ) | |||
Other, net | (0.1 | ) | (0.2 | ) | |||
Net cash used in investing activities | (50.5 | ) | (56.8 | ) | |||
Financing activities | |||||||
(Repayments of) and proceeds from short-term borrowings, net | (2.0 | ) | 11.0 | ||||
Repayments of long-term debt | (0.1 | ) | — | ||||
Capital contributions from parent | 14.9 | 3.3 | |||||
Dividends paid to parent | (27.4 | ) | (15.5 | ) | |||
Other, net | — | (0.3 | ) | ||||
Net cash provided by (used in) financing activities | (14.6 | ) | (1.5 | ) | |||
Net change in cash and cash equivalents | (0.5 | ) | 2.4 | ||||
Cash and cash equivalents at beginning of period | 2.2 | 1.4 | |||||
Cash and cash equivalents at end of period | $ | 1.7 | $ | 3.8 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | (10.4 | ) | $ | (5.8 | ) | |
Cash (paid) received for income taxes, net | 6.5 | (7.0 | ) | ||||
Supplemental disclosure of non-cash investing transactions: | |||||||
Accrued property, plant and equipment additions | $ | 9.0 | $ | 27.3 | |||
Inventory transfer additions in property, plant and equipment | 0.7 | 1.3 | |||||
Allowance for equity funds used during construction in property, plant and equipment | 0.6 | 1.9 |
March 31, 2019 | Dec. 31, 2018 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1.7 | $ | 2.2 | |||
Accounts receivable, net | 72.9 | 75.1 | |||||
Accrued unbilled revenues | 45.6 | 56.2 | |||||
Other receivables | 6.7 | 6.8 | |||||
Inventories | 11.7 | 17.1 | |||||
Regulatory assets | 21.5 | 22.6 | |||||
Prepaid taxes | 18.3 | 30.2 | |||||
Prepayments and other | 4.1 | 3.3 | |||||
Total current assets | 182.5 | 213.5 | |||||
Property, plant and equipment | 2,249.4 | 2,241.6 | |||||
Other assets | |||||||
Regulatory assets | 282.0 | 285.5 | |||||
Other investments | 2.8 | 2.7 | |||||
Other | 0.2 | 0.2 | |||||
Total other assets | 285.0 | 288.4 | |||||
Total assets | $ | 2,716.9 | $ | 2,743.5 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Short-term debt | $ | 49.0 | $ | 51.0 | |||
Notes payable to affiliates | — | 0.6 | |||||
Accounts payable | 29.0 | 56.8 | |||||
Accounts payable to affiliates | 21.8 | 20.0 | |||||
Dividends payable to parent | 14.4 | 17.4 | |||||
Regulatory liabilities | 23.9 | 20.9 | |||||
Accrued Taxes | 12.0 | 3.0 | |||||
Environmental liabilities | 11.5 | 10.9 | |||||
Accrued interest | 7.7 | 8.8 | |||||
Other | 12.6 | 14.8 | |||||
Total current liabilities | 181.9 | 204.2 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 280.3 | 280.7 | |||||
Deferred investment tax credits | 6.9 | 7.0 | |||||
Regulatory liabilities | 404.2 | 400.1 | |||||
Environmental liabilities | 17.0 | 18.0 | |||||
Customer advances | 16.6 | 16.8 | |||||
Pension and employee benefit obligations | 37.0 | 44.5 | |||||
Other | 23.4 | 22.3 | |||||
Total deferred credits and other liabilities | 785.4 | 789.4 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 807.6 | 807.5 | |||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at March 31, 2019 and Dec. 31, 2018, respectively | 93.3 | 93.3 | |||||
Additional paid in capital | 510.1 | 510.1 | |||||
Retained earnings | 338.6 | 339.0 | |||||
Total common stockholder’s equity | 942.0 | 942.4 | |||||
Total liabilities and equity | $ | 2,716.9 | $ | 2,743.5 |
NSP-WISCONSIN AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (amounts in millions, shares in thousands) | ||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | ||||||||||||||||||||
Three Months Ended March 31, 2019 and 2018 | ||||||||||||||||||||||
Balance at Dec. 31, 2017 | 933.0 | $ | 93.3 | $ | 449.4 | $ | 334.0 | $ | (0.1 | ) | $ | 876.6 | ||||||||||
Net income | 31.4 | 31.4 | ||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||
Common dividends declared to parent | (16.0 | ) | (16.0 | ) | ||||||||||||||||||
Contribution of capital by parent | — | — | ||||||||||||||||||||
Balance at March 31, 2018 | 933.0 | $ | 93.3 | $ | 449.4 | $ | 349.4 | $ | (0.1 | ) | $ | 892.0 | ||||||||||
Balance at Dec. 31, 2018 | 933.0 | $ | 93.3 | $ | 510.1 | $ | 339.0 | $ | — | $ | 942.4 | |||||||||||
Net income | 24.0 | 24.0 | ||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||
Common dividends declared to parent | (24.4 | ) | (24.4 | ) | ||||||||||||||||||
Contribution of capital by parent | — | — | ||||||||||||||||||||
Balance at March 31, 2019 | 933.0 | $ | 93.3 | $ | 510.1 | $ | 338.6 | $ | — | $ | 942.0 | |||||||||||
See Notes to Consolidated Financial Statements |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Millions of Dollars) | March 31, 2019 | Dec. 31, 2018 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | 78.5 | $ | 80.7 | ||||
Less allowance for bad debts | (5.6 | ) | (5.6 | ) | ||||
$ | 72.9 | $ | 75.1 |
(Millions of Dollars) | March 31, 2019 | Dec. 31, 2018 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 7.0 | $ | 6.7 | ||||
Fuel | 3.6 | 3.8 | ||||||
Natural gas | 1.1 | 6.6 | ||||||
$ | 11.7 | $ | 17.1 |
(Millions of Dollars) | March 31, 2019 | Dec. 31, 2018 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 2,910.1 | $ | 2,895.5 | ||||
Natural gas plant | 348.3 | 345.7 | ||||||
Common and other property | 188.6 | 189.7 | ||||||
Construction work in progress | 66.5 | 55.0 | ||||||
Total property, plant and equipment | 3,513.5 | 3,485.9 | ||||||
Less accumulated amortization | (1,264.1 | ) | (1,244.3 | ) | ||||
$ | 2,249.4 | $ | 2,241.6 |
4. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2019 | Year Ended Dec. 31, 2018 | ||||||
Borrowing limit | $ | 150 | $ | 150 | ||||
Amount outstanding at period end | 49 | 51 | ||||||
Average amount outstanding | 52 | 28 | ||||||
Maximum amount outstanding | 71 | 103 | ||||||
Weighted average interest rate, computed on a daily basis | 2.71 | % | 2.31 | % | ||||
Weighted average interest rate at period end | 2.67 | 2.89 |
Credit Facility (a) | Outstanding (b) | Available | ||||||||
$ | 150 | $ | 49 | $ | 101 |
(a) | This credit facility expires in June 2021. |
(b) | Includes outstanding commercial paper. |
(Amounts in Millions, Except Interest Rates) | March 31, 2019 | Dec. 31, 2018 | ||||||
Notes payable to affiliates | $ | — | $ | 0.6 | ||||
Weighted average interest rate at period end | N/A | 2.89 | % |
Three Months Ended March 31, 2019 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 67.4 | $ | 33.6 | $ | — | $ | 101.0 | ||||||||
Commercial and industrial (C&I) | 98.5 | 25.8 | — | 124.3 | ||||||||||||
Other | 1.5 | — | 0.1 | 1.6 | ||||||||||||
Total retail | 167.4 | 59.4 | 0.1 | 226.9 | ||||||||||||
Interchange | 44.1 | — | — | 44.1 | ||||||||||||
Other | 0.5 | 1.1 | — | 1.6 | ||||||||||||
Total revenue from contracts with customers | 212.0 | 60.5 | 0.1 | 272.6 | ||||||||||||
Alternative revenue and other | 3.0 | 0.6 | — | 3.6 | ||||||||||||
Total revenues | $ | 215.0 | $ | 61.1 | $ | 0.1 | $ | 276.2 |
Three Months Ended March 31, 2018 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 67.8 | $ | 30.3 | $ | — | $ | 98.1 | ||||||||
C&I | 104.8 | 24.6 | 0.1 | 129.5 | ||||||||||||
Other | 1.6 | — | 0.2 | 1.8 | ||||||||||||
Total retail | 174.2 | 54.9 | 0.3 | 229.4 | ||||||||||||
Interchange | 37.7 | — | — | 37.7 | ||||||||||||
Other | 1.5 | 1.0 | — | 2.5 | ||||||||||||
Total revenue from contracts with customers | 213.4 | 55.9 | 0.3 | 269.6 | ||||||||||||
Alternative revenue and other | 2.9 | 0.6 | — | 3.5 | ||||||||||||
Total revenues | $ | 216.3 | $ | 56.5 | $ | 0.3 | $ | 273.1 |
6. | Income Taxes |
Three Months Ended March 31 | ||||||
2019 | 2018 | |||||
Federal statutory rate | 21.0 | % | 21.0 | % | ||
State tax (net of federal tax effect) | 6.2 | 6.2 | ||||
Increases (decreases) in tax from: | ||||||
Regulatory differences (a) | (0.5 | ) | (1.8 | ) | ||
Tax credits and allowances (net) | (0.8 | ) | (0.8 | ) | ||
Other (net) | 0.3 | 0.1 | ||||
Effective income tax rate | 26.2 | % | 24.7 | % |
(a) | Regulatory differences for income tax purposes primarily include the average rate assumption method (ARAM), ARAM deferral and AFUDC - Equity. ARAM is a method to flow back excess deferred taxes to customers. ARAM has been deferred when regulatory treatment has not been established. As Xcel Energy 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 - 2013 | October 2019 | |
2014 - 2016 | September 2020 | |
2017 | September 2021 |
(Millions of Dollars) | March 31, 2019 | Dec. 31, 2018 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.0 | $ | 2.0 | ||||
Unrecognized tax benefit — Temporary tax positions | 0.9 | 0.8 | ||||||
Total unrecognized tax benefit | $ | 2.9 | $ | 2.8 |
(Millions of Dollars) | March 31, 2019 | Dec. 31, 2018 | ||||||
NOL and tax credit carryforwards | $ | (2.0 | ) | $ | (2.1 | ) |
7. | Fair Value of Financial Assets and Liabilities |
(Amounts in Millions) (a)(b) | March 31, 2019 | Dec. 31, 2018 | ||||
MMBtu of natural gas | — | 1.2 |
(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. |
March 31, 2019 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total (b) | |||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Dec. 31, 2018 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total (b) | |||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 0.2 | $ | — | $ | 0.2 | $ | — | $ | 0.2 |
(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 March 31, 2019 and Dec. 31, 2018. 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 $4.1 million at March 31, 2019 and $3.3 million at Dec. 31, 2018 in the consolidated balance sheets. |
March 31, 2019 | Dec. 31, 2018 | |||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 807.6 | $ | 878.6 | $ | 807.5 | $ | 850.4 |
8. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended March 31 | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 1.1 | $ | 1.2 | $ | — | $ | — | ||||||||
Interest cost (a) | 1.4 | 1.4 | 0.1 | 0.2 | ||||||||||||
Expected return on plan assets (a) | (2.1 | ) | (2.3 | ) | — | — | ||||||||||
Amortization of prior service (credit) cost (a) | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
Amortization of net loss (a) | 1.1 | 1.4 | 0.1 | 0.1 | ||||||||||||
Settlement charge | — | — | — | — | ||||||||||||
Net periodic benefit cost | 1.5 | 1.7 | 0.1 | 0.2 | ||||||||||||
Costs not recognized due to the effects of regulation | 0.2 | 0.2 | — | — | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 1.7 | $ | 1.9 | $ | 0.1 | $ | 0.2 |
(a) | The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
9. | Commitments and Contingencies |
10. | Segment Information |
• | Regulated Electric - The regulated electric utility segment generates electricity which is transmitted and distributed in Wisconsin and Michigan. |
• | Regulated Natural Gas - The regulated natural gas utility segment purchases, transports, stores and distributes natural gas in portions of Wisconsin and Michigan. |
• | All Other - 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. |
(Millions of Dollars) | 2019 | 2018 | ||||||
Regulated Electric | ||||||||
Operating revenues (a) | $ | 215.0 | $ | 216.3 | ||||
Intersegment revenues | 0.1 | 0.1 | ||||||
Total operating revenue | 215.1 | 216.4 | ||||||
Net income | 13.2 | 20.4 | ||||||
Regulated Natural Gas | ||||||||
Operating revenues (a) | $ | 61.1 | $ | 56.5 | ||||
Intersegment revenues | 0.2 | 0.1 | ||||||
Total operating revenue | 61.3 | 56.6 | ||||||
Net income | 10.5 | 10.4 | ||||||
All Other | ||||||||
Operating revenues (a) | $ | 0.1 | $ | 0.3 | ||||
Intersegment revenues | — | — | ||||||
Total operating revenue | 0.1 | 0.3 | ||||||
Net income | 0.3 | 0.6 | ||||||
Consolidated Total | ||||||||
Operating revenues (a) | $ | 276.5 | $ | 273.3 | ||||
Reconciling Eliminations | (0.3 | ) | (0.2 | ) | ||||
Total operating revenue | 276.2 | 273.1 | ||||||
Net income | 24.0 | 31.4 |
(a) | Operating revenues include $44.1 million and $37.7 million of affiliate electric revenue for the three months ended March 31, 2019 and 2018, respectively. |
Three Months Ended March 31 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Electric revenues | $ | 215.0 | $ | 216.3 | ||||
Electric fuel and purchased power | (105.4 | ) | (104.2 | ) | ||||
Electric margin | $ | 109.6 | $ | 112.1 |
(Millions of Dollars) | 2019 vs. 2018 | |||
Interchange agreement billings with NSP-Minnesota | $ | 1.0 | ||
Estimated impact of weather | 0.9 | |||
Purchased capacity costs | 0.8 | |||
Timing of fuel recovery | (1.6 | ) | ||
Sales growth | (0.7 | ) | ||
Other, net | (2.9 | ) | ||
Total decrease in electric margin | $ | (2.5 | ) |
Three Months Ended March 31 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Natural gas revenues | $ | 61.1 | $ | 56.5 | ||||
Cost of natural gas sold and transported | (32.3 | ) | (28.7 | ) | ||||
Natural gas margin | $ | 28.8 | $ | 27.8 |
(Millions of Dollars) | 2019 vs. 2018 | |||
Estimated impact of weather | $ | 1.0 | ||
Sales growth | (0.4 | ) | ||
Other, net | 0.4 | |||
Total increase in natural gas margin | $ | 1.0 |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference |
3.01* | NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 333-112033 | 3.01 | |
3.02* | NSP-Wisconsin Form 10-K for the year ended Dec. 31, 2018 | 001-03140 | 3.02 | |
10.01*+ | Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2019 | 001-03034 | 10.01 | |
101 | The following materials from NSP-Wisconsin’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 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) | ||
April 26, 2019 | 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) |
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2019 |
Apr. 26, 2019 |
|
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 | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 933,000 | |
Entity Current Reporting Status | Yes |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Interest charges and financing costs | ||
Other financing costs | $ 300 | $ 500 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Comprehensive income: | ||
Net income | $ 24,000 | $ 31,400 |
Derivative instruments: | ||
Reclassification of losses to net income, net of tax of $0 and $0, respectively | 0 | 0 |
Other comprehensive income | 0 | 0 |
Comprehensive income | $ 24,000 | $ 31,400 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative instruments: | ||
Reclassification of losses to net income, tax | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Capitalization | ||
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 100 | $ 100 |
Common stock, shares outstanding (in shares) | 933,000 | 933,000 |
Management's Opinion |
3 Months Ended |
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Mar. 31, 2019 | |
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 March 31, 2019 and Dec. 31, 2018; the results of its operations, including the components of net income, change in stockholders' equity and comprehensive income for the three months ended March 31, 2019 and 2018; and its cash flows for the three months ended March 31, 2019 and 2018. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2019 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, 2018 balance sheet information has been derived from the audited 2018 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 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, 2018, filed with the SEC on Feb. 22, 2019. 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 |
3 Months Ended | ||||
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Mar. 31, 2019 | |||||
Accounting Policies [Abstract] | |||||
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, 2018, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
3 Months Ended |
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Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for credit losses on receivables and certain other assets. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses than under previous accounting standards. ASC Topic 326 is effective for interim and annual periods beginning on or after Dec. 15, 2019. NSP-Wisconsin is currently evaluating the impact of adoption of the new standard on its consolidated financial statements. Recently Adopted Leases — In 2016, the FASB issued Leases, Topic 842 (ASC Topic 842), which provides new accounting and disclosure guidance for leasing activities, most significantly requiring that operating leases be recognized on the balance sheet. NSP-Wisconsin adopted the guidance on Jan. 1, 2019 utilizing the package of transition practical expedients provided by the new standard, including carrying forward prior conclusions on whether agreements existing before the adoption date contain leases and whether existing leases are operating or finance leases; ASC Topic 842 refers to capital leases as finance leases. Specifically for land easement contracts, NSP-Wisconsin has elected the practical expedient provided by ASU No. 2018-01 Leases: Land Easement Practical Expedient for Transition to Topic 842, and as a result, only those easement contracts entered on or after Jan. 1, 2019 will be evaluated to determine if lease treatment is appropriate. NSP-Wisconsin also utilized the transition practical expedient offered by ASU No. 2018-11 Leases: Targeted Improvements to implement the standard on a prospective basis. As a result, reporting periods in the consolidated financial statements beginning Jan. 1, 2019 reflect the implementation of ASC Topic 842, while prior periods continue to be reported in accordance with Leases, Topic 840 (ASC Topic 840). The impact of implementing ASC Topic 842 on NSP-Wisconsin's financial statements was insignificant; no amounts were recorded to the consolidated balance sheet as a result of its adoption. |
Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data |
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Borrowings and Other Financing Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments NSP-Wisconsin meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial Paper — 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 March 31, 2019 and Dec. 31, 2018, 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 March 31, 2019, 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 March 31, 2019 and Dec. 31, 2018. 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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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Wisconsin’s operating revenues consists of the following:
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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 7 to the consolidated financial statements included in NSP-Wisconsin’s Annual Report on Form 10-K for the year ended Dec. 31, 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. Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows:
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 NOL and ETR. Xcel Energy filed a protest with the IRS. As of March 31, 2019, the case has been forwarded to the Office of 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. In the fourth quarter of 2018, the IRS began an audit of tax year 2014-2016. As of March 31, 2019 no adjustments have been proposed. State Audits — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of March 31, 2019, NSP-Wisconsin’s earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2014. In the fourth quarter of 2018, Wisconsin began an audit of tax years 2014-2016. As of March 31, 2019 no material adjustments have been proposed. Unrecognized Benefits — 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 to the taxing authority to an earlier period. Unrecognized tax benefits - permanent vs. temporary:
Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $1.0 million and $1.1 million for March 31, 2019 and Dec. 31, 2018, respectively. As the IRS Appeals and federal and state audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $2.2 million in the next 12 months. Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. Payables for interest related to unrecognized tax benefits at March 31, 2019 and Dec. 31, 2018 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of March 31, 2019 or Dec. 31, 2018. |
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 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. 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: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAVs. 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 generally utilize observable forward prices and volatilities, as well as observable pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contractual settlements relate to delivery locations for which pricing is relatively unobservable, or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable inputs 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 may enter 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 March 31, 2019, accumulated other comprehensive loss 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. Gross notional amounts of commodity options:
Consideration of Credit Risk and Concentrations — NSP-Wisconsin continuously monitors the creditworthiness of 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. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. Impact of Derivative Activities on Income and Accumulated Other Comprehensive Loss — There were no pre-tax gains or losses related to interest rate derivatives reclassified from accumulated other comprehensive loss into earnings for the three months ended March, 31 2019 and an immaterial amount of pre-tax losses for the three months ended March 31, 2018. Changes in the fair value of natural gas commodity derivatives resulted in net gains of $0.1 million and immaterial net losses for the three months ended March 31, 2019 and 2018, respectively, recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. During the three months ended March 31, 2019 and 2018, $0.2 million of natural gas commodity derivatives settlement gains and no gains or losses, respectively, were recognized subject to purchased natural gas cost recovery mechanisms, which result in reclassifications of derivative settlement gains and losses out of income to a regulatory asset or liability, as appropriate. NSP-Wisconsin had no derivative instruments designated as fair value hedges during the three months ended March 31, 2019 and 2018. Recurring Fair Value Measurements — The following tables 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 Other financial instruments for which the carrying amount did not equal fair value:
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. Fair value estimates are based on information available to management as of March 31, 2019 and Dec. 31, 2018, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
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
In January 2019, contributions of $150 million were made across four of Xcel Energy’s pension plans, of which $7 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2019. |
Commitments and Contingencies |
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Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following include commitments, contingencies and unresolved contingencies that are material to NSP-Wisconsin’s financial position. 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 complex judgments about future events. Management maintains accruals for 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 when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on NSP-Wisconsin’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Gas Trading Litigation — e prime 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. Multiple lawsuits seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. Two cases remain active which include an MDL matter consisting of a Colorado purported class (Breckenridge) and a Wisconsin purported class (Arandell Corp.). Breckenridge/Colorado - The MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Arandell Corp. - Xcel Energy has filed a no opposition motion to have the case remanded back to the U.S. District Court in Wisconsin. The motion will be heard in May 2019. Xcel Energy has concluded that a loss is remote for both remaining lawsuits. Rate Matters MISO ROE Complaints — In November 2013 and February 2015, customers filed complaints against MISO TOs including NSP-Minnesota and NSP-Wisconsin. The first complaint argued for a reduction in the base ROE in MISO transmission formula rates from 12.38% to 9.15%, and removal of ROE adders (including those for RTO membership). The second complaint sought to reduce base ROE from 12.38% to 8.67%. In September 2016, the FERC issued an order granting a 10.32% base ROE (10.82% with the RTO adder) effective for the first complaint period of Nov. 12, 2013 to Feb. 11, 2015 and subsequent to the date of the order. The D.C. Circuit subsequently vacated and remanded FERC Opinion No. 531, which had established the ROE methodology on which the September 2016 FERC order was based. In October 2018, the FERC issued an ROE order that addressed the D.C. Circuit’s actions. Under a new proposed two step ROE approach, the FERC indicated an intention to dismiss an ROE complaint if the existing ROE falls within the range of just and reasonable ROEs based on equal weighting of the DCF, CAPM, and Expected Earnings models. The FERC proposed that if necessary, it would then set a new ROE by averaging the results of these models plus a Risk Premium model. The FERC subsequently made preliminary determinations in a November 2018 order that the MISO TO's base ROE in effect for the first complaint period (12.38%) was outside the range of reasonableness, and should be reduced. The FERC indicated its preliminary analysis using the new ROE approach resulted in a base ROE of 10.28% for the first complaint period, compared to the previously ordered base ROE of 10.32%. FERC ordered additional briefings on the new methodology, which were filed in February and April 2019. The FERC is expected to act no earlier than the second half of 2019. NSP-Minnesota has recognized a current refund liability consistent with its best estimate of the final ROE. On March 21, 2019, FERC announced a NOI seeking public comments on whether, and if so how, to revise ROE policies in light of the D.C. Circuit Court decision. FERC also initiated a NOI on whether to revise its policies on incentives for electric transmission investments, including the RTO membership incentive. Initial comments on both NOIs are due in June 2019, with reply comments due in July 2019. No final FERC action is expected before the second half of 2019. Environmental MGP Sites Ashland MGP Site — NSP-Wisconsin was named a responsible party for contamination at the Ashland/Northern States Power Lakefront Superfund Site (the Site) in Ashland, Wisconsin. Remediation and restoration activities are anticipated to be completed in 2019 and groundwater treatment activities will continue for many years. The current cost estimate for remediation and restoration of the entire site is approximately $190 million. At both March 31, 2019 and Dec. 31, 2018, NSP-Wisconsin had a total liability of $27 million 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 10 years and to apply a 3% carrying cost to the unamortized regulatory asset. MGP, Landfill or Disposal Sites — NSP-Wisconsin is currently investigating or remediating two MGP, landfill or other disposal sites across its service territories, in addition to the Ashland MGP Site, and these activities will continue through at least 2020. NSP-Wisconsin accrued $1.7 million as of March 31, 2019 and Dec. 31, 2018, respectively, for these sites. There may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of the costs incurred. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Operating results from 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:
Asset and capital expenditure information is not provided for NSP-Minnesota’s reportable segments because as an integrated electric and natural gas utility, NSP-Minnesota 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. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. NSP-Wisconsin's segment information for the three months ended March 31:
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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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Borrowings and Other Financing Instruments (Tables) |
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Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | As of March 31, 2019, NSP-Wisconsin had the following committed credit facility available (in millions of dollars):
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Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for NSP-Wisconsin was as follows:
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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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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | NSP-Wisconsin’s operating revenues consists of the following:
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Income Taxes (Tables) |
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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] | Federal Audits — NSP-Wisconsin is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows:
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Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits - permanent vs. temporary:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
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Fair Value of Financial Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity Forwards and Options | Gross notional amounts of commodity options:
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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 tables 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 | Other financial instruments for which the carrying amount did not equal fair value:
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Benefit Plans and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost
|
Commitments and Contingencies (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees Issued and Outstanding | . |
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Operations by Reportable Segment | NSP-Wisconsin's segment information for the three months ended March 31:
|
Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts Receivable, Net | ||
Accounts receivable | $ 78,500 | $ 80,700 |
Less allowance for bad debts | (5,600) | (5,600) |
Accounts receivable, net | $ 72,900 | $ 75,100 |
Selected Balance Sheet Data, Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 11,700 | $ 17,100 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 7,000 | 6,700 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 3,600 | 3,800 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 1,100 | $ 6,600 |
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,513,500 | $ 3,485,900 |
Less accumulated depreciation | (1,264,100) | (1,244,300) |
Property, plant and equipment, net | 2,249,400 | 2,241,600 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,910,100 | 2,895,500 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 348,300 | 345,700 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 188,600 | 189,700 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 66,500 | $ 55,000 |
Borrowings and Other Financing Instruments, Commercial Paper (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 49,000,000 | $ 51,000,000 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 150,000,000 | 150,000,000 |
Amount outstanding at period end | 49,000,000 | 51,000,000 |
Average amount outstanding | 52,000,000 | 28,000,000 |
Maximum amount outstanding | $ 71,000,000 | $ 103,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 2.71% | 2.31% |
Weighted average interest rate at period end (percentage) | 2.67% | 2.89% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 49,000 | $ 51,000 |
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 ($) |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 150,000,000 | |||||
Drawn | [2] | 49,000,000 | |||||
Available | $ 101,000,000 | ||||||
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 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Short-term Debt [Line Items] | ||
Notes payable to affiliates | $ 0 | $ 600 |
Notes Payable To Affiliates | ||
Short-term Debt [Line Items] | ||
Notes payable to affiliates | $ 0 | $ 600 |
Weighted average interest rate at period end (percentage) | 2.89% |
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MMBTU in Millions, $ in Millions |
Mar. 31, 2019
USD ($)
MMBTU
|
Dec. 31, 2018
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] | 0.0 | 1.2 | |||
|
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||
Derivative instruments designated as fair value hedges | $ 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 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (200,000) | $ 0 |
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 | $ 0 |
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||
Prepayments and other | $ 4,100 | $ 3,300 | |||||
Other Noncurrent Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||
Other Current Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||
Other Noncurrent Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||
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] | 0 | 200 | ||||
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 | 0 | 200 | |||||
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 | 4,100 | 3,300 | |||||
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 | $ 0 | $ 200 | |||||
|
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 807.6 | $ 807.5 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 878.6 | $ 850.4 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jan. 31, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2018
USD ($)
|
Jan. 01, 2019
Plan
|
||||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | $ 1,100 | $ 1,200 | |||||
Interest cost | [1] | 1,400 | 1,400 | ||||
Expected return on plan assets | [1] | (2,100) | (2,300) | ||||
Amortization of prior service cost (credit) | [1] | 0 | 0 | ||||
Amortization of net loss | [1] | 1,100 | 1,400 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | |||||
Defined Benefit Plan Net Benefit Cost (Credit) Recognized Before Regulatory Adjustments | 1,500 | 1,700 | |||||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 200 | 200 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,700 | 1,900 | |||||
Total contributions to the pension plans during the period | $ 7,000 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 0 | 0 | |||||
Interest cost | [1] | 100 | 200 | ||||
Expected return on plan assets | [1] | 0 | 0 | ||||
Amortization of prior service cost (credit) | [1] | (100) | (100) | ||||
Amortization of net loss | [1] | 100 | 100 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | |||||
Defined Benefit Plan Net Benefit Cost (Credit) Recognized Before Regulatory Adjustments | 100 | 200 | |||||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 0 | 0 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 100 | $ 200 | |||||
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 | ||||||
|
Commitments and Contingencies, Environmental Contingencies - Site Contingencies (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Ashland MGP Site | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Accrual for Environmental Loss Contingencies, Gross | $ 27.0 | |
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 | $ 1.7 | |
Other MGP, Landfill, or Disposal Sites [Domain] | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Number of identified MGP sites under current investigation and/or remediation in addition to those separately disclosed | 2 | |
NSP-Wisconsin | Ashland MGP Site | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Current Cost Estimate for Site Remediation | $ 190.0 |
Commitments and Contingencies Commitments and Contingencies - Legal Contingencies (Details) |
Dec. 31, 2018 |
---|---|
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Commitments and Contingencies Commitments and Contingencies, Rate Matters, NSP-Minnesota (Details) - NSP-Minnesota - FERC Proceeding, MISO ROE Complaint |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Feb. 28, 2015 |
Nov. 30, 2013 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Rate Matters [Abstract] | ||||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | ||||
Public Utilities, ROE developed with new approach | 10.28% | |||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% | ||||
Public Utilities, Number of steps required | 2 | |||||
Federal Energy Regulatory Commission (FERC) | ||||||
Rate Matters [Abstract] | ||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | 10.32% | ||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||
Related Party Transaction - Electric and Gas Domestic Regulated Revenue | $ 44,100 | $ 37,700 |
Revenue from Contract with Customer, Excluding Assessed Tax | 276,200 | 273,100 |
Operating revenues | 276,200 | 273,100 |
Net income (loss) | 24,000 | 31,400 |
Regulated Electric | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 215,100 | 216,400 |
Net income (loss) | 13,200 | 20,400 |
Regulated Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 61,300 | 56,600 |
Net income (loss) | 10,500 | 10,400 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 100 | 300 |
Net income (loss) | 300 | 600 |
Total revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 276,500 | 273,300 |
Operating revenues | 276,200 | 273,100 |
Total revenues | Regulated Electric | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 215,000 | 216,300 |
Operating revenues | 215,000 | 216,300 |
Total revenues | Regulated Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 61,100 | 56,500 |
Operating revenues | 61,100 | 56,500 |
Total revenues | All Other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | 100 | 300 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | (300) | (200) |
Net income (loss) | 24,000 | 31,400 |
Intersegment Eliminations | Regulated Electric | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 100 | 100 |
Intersegment Eliminations | Regulated Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 200 | 100 |
Intersegment Eliminations | All Other | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 0 | $ 0 |
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