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 |
Northern States Power Company | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction or incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
N/A | ||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
N/A | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
☒ | Smaller reporting company | ||||||||||||||||
Emerging growth company |
Class | Outstanding at July 31, 2020 | |||||||
Common Stock, $100 par value |
TABLE OF CONTENTS |
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 2 — | |||||||||||
Item 4 — | |||||||||||
PART II | OTHER INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 1A — | |||||||||||
Item 6 — | |||||||||||
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Definitions of Abbreviations |
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-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |||||
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 | |||||
ADIT | Accumulated deferred income tax | ||||
ASC | FASB Accounting Standards Codification | ||||
C&I | Commercial and Industrial | ||||
CEO | Chief executive officer | ||||
CFO | Chief financial officer | ||||
COVID-19 | Novel coronavirus | ||||
ETR | Effective tax rate | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | Generally accepted accounting principles | ||||
MDL | Multi-district litigation | ||||
MGP | Manufactured gas plant | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
NOL | Net operating loss | ||||
O&M | Operating and maintenance | ||||
ROE | Return on equity | ||||
RTO | Regional Transmission Organization | ||||
TOs | Transmission owners | ||||
UMP | Utility Money Pool |
Forward-Looking Statements |
ITEM 1 — FINANCIAL STATEMENTS |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric, non-affiliates | $ | $ | $ | $ | |||||||||||||||||||
Electric, affiliates | |||||||||||||||||||||||
Natural gas | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power, non-affiliates | |||||||||||||||||||||||
Purchased power, affiliates | |||||||||||||||||||||||
Cost of natural gas sold and transported | |||||||||||||||||||||||
Operating and maintenance expenses | |||||||||||||||||||||||
Conservation program expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes (other than income taxes) | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Allowance for funds used during construction — equity | |||||||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $ | |||||||||||||||||||||||
Allowance for funds used during construction — debt | ( | ( | ( | ( | |||||||||||||||||||
Total interest charges and financing costs | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ |
Six Months Ended June 30 | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Provision for bad debts | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accrued unbilled revenues | |||||||||||
Inventories | |||||||||||
Other current assets | ( | ( | |||||||||
Accounts payable | ( | ( | |||||||||
Net regulatory assets and liabilities | |||||||||||
Other current liabilities | ( | ||||||||||
Pension and other employee benefit obligations | ( | ( | |||||||||
Other, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Utility capital/construction expenditures | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Repayments of short-term borrowings, net | ( | ( | |||||||||
Proceeds from (repayments of) long-term debt | ( | ||||||||||
Capital contributions from parent | |||||||||||
Dividends paid to parent | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net change in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | ( | $ | ( | |||||||
Cash paid for income taxes, net | ( | ( | |||||||||
Supplemental disclosure of non-cash investing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | $ | |||||||||
Inventory transfers to property, plant and equipment | |||||||||||
Allowance for equity funds used during construction |
June 30, 2020 | Dec. 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Accrued unbilled revenues | |||||||||||
Inventories | |||||||||||
Regulatory assets | |||||||||||
Prepaid taxes | |||||||||||
Prepayments and other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accounts payable to affiliates | |||||||||||
Dividends payable to parent | |||||||||||
Regulatory liabilities | |||||||||||
Taxes accrued | |||||||||||
Environmental liabilities | |||||||||||
Accrued interest | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | |||||||||||
Deferred investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Environmental liabilities | |||||||||||
Customer advances | |||||||||||
Pension and employee benefit obligations | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | |||||||||||
Common stock — outstanding at June 30, 2020 and Dec. 31, 2019, respectively | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Total common stockholder’s equity | |||||||||||
Total liabilities and equity | $ | $ |
Common Stock Issued | Retained Earnings | Total Common Stockholder's Equity | |||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||
Three Months Ended June 30, 2020 and 2019 | |||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Total Common Stockholder's Equity | |||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||
Six Months Ended June 30, 2020 and 2019 | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Common dividends declared to parent | ( | ( | |||||||||||||||||||||||||||
Contribution of capital by parent | |||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | ( | ( | |||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Less allowance for bad debts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | $ | ||||||||||||
Fuel | ||||||||||||||
Natural gas | ||||||||||||||
Total inventories | $ | $ |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | $ | ||||||||||||
Natural gas plant | ||||||||||||||
Common and other property | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant and equipment | ||||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2020 | Year Ended Dec. 31, 2019 | ||||||||||||
Borrowing limit | $ | $ | ||||||||||||
Amount outstanding at period end | ||||||||||||||
Average amount outstanding | ||||||||||||||
Maximum amount outstanding | ||||||||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||||||||
Weighted average interest rate at period end | N/A |
Credit Facility (a) | Outstanding (b) | Available | ||||||||||||
$ | $ | $ |
5. Revenues |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Interchange | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Interchange | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Interchange | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Interchange | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
6. Income Taxes |
Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | |||||||||||||
Federal statutory rate | % | % | ||||||||||||
State tax (net of federal tax effect) | ||||||||||||||
Increases (decreases) in tax from: | ||||||||||||||
Plant regulatory differences (a) | ( | ( | ||||||||||||
Nonplant ADIT amortization | ( | |||||||||||||
Tax credits, net of NOL & tax credit allowances | ( | ( | ||||||||||||
Prior period adjustments | ||||||||||||||
Other (net) | ||||||||||||||
Effective income tax rate | ( | % | % |
Tax Years | Expiration | |||||||
2009 - 2013 | September 2020 | |||||||
2014 - 2016 | June 2021 |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | $ | ||||||||||||
Unrecognized tax benefit — Temporary tax positions | ||||||||||||||
Total unrecognized tax benefit | $ | $ |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
NOL and tax credit carryforwards | $ | ( | $ | ( |
7. Fair Value of Financial Assets and Liabilities |
(Amounts in Millions) (a)(b) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Million British thermal units of natural gas |
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | $ |
June 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | $ | $ | $ |
8. Benefit Plans and Other Postretirement Benefits |
Three Months Ended June 30 | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ||||||||||||||||||||||||
Amortization of prior service credit (a) | ( | ( | ||||||||||||||||||||||||
Amortization of net loss (a) | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | ||||||||||||||||||||||
Costs not recognized due to effects of regulation | ||||||||||||||||||||||||||
Net benefit cost recognized for financial reporting | $ | $ | $ | $ |
Six Months Ended June 30 | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ||||||||||||||||||||||||
Amortization of prior service credit (a) | ( | ( | ||||||||||||||||||||||||
Amortization of net loss (a) | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | ||||||||||||||||||||||
Costs not recognized due to effects of regulation | ||||||||||||||||||||||||||
Net benefit cost recognized for financial reporting | $ | $ | $ | $ |
9. Commitments and Contingencies |
10. Segment Information |
Three Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues (a) | $ | $ | ||||||||||||
Intersegment revenues | ||||||||||||||
Total operating revenue | $ | $ | ||||||||||||
Net income | ||||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues | $ | $ | ||||||||||||
Intersegment revenues | ||||||||||||||
Total operating revenue | $ | $ | ||||||||||||
Net loss | ( | ( | ||||||||||||
All Other | ||||||||||||||
Operating revenues | $ | $ | ||||||||||||
Net loss | ( | ( | ||||||||||||
Consolidated Total | ||||||||||||||
Operating revenues (a) | $ | $ | ||||||||||||
Reconciling eliminations | ( | ( | ||||||||||||
Total operating revenues | $ | $ | ||||||||||||
Net income |
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues (a) | $ | $ | ||||||||||||
Intersegment revenues | ||||||||||||||
Total operating revenue | $ | $ | ||||||||||||
Net income | ||||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues | $ | $ | ||||||||||||
Intersegment revenues | ||||||||||||||
Total operating revenues | $ | $ | ||||||||||||
Net income | ||||||||||||||
All Other | ||||||||||||||
Operating revenues | $ | $ | ||||||||||||
Net loss | ( | ( | ||||||||||||
Consolidated Total | ||||||||||||||
Operating revenues (a) | $ | $ | ||||||||||||
Reconciling eliminations | ( | ( | ||||||||||||
Total operating revenues | $ | $ | ||||||||||||
Net income |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Electric revenues | $ | 411.1 | $ | 422.9 | ||||||||||
Electric fuel and purchased power | (191.9) | (208.4) | ||||||||||||
Electric margin | $ | 219.2 | $ | 214.5 |
(Millions of Dollars) | 2020 vs. 2019 | |||||||||||||
Regulatory rate outcomes | $ | 14.0 | ||||||||||||
Interchange agreement billings with NSP-Minnesota | 4.2 | |||||||||||||
Sales and demand (a) | (6.9) | |||||||||||||
Purchased capacity costs | (6.8) | |||||||||||||
Estimated impact of weather | (1.0) | |||||||||||||
Other (net) | 1.2 | |||||||||||||
Total increase in electric margin | $ | 4.7 |
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Natural gas revenues | $ | 64.2 | $ | 82.0 | ||||||||||
Cost of natural gas sold and transported | (28.0) | (40.5) | ||||||||||||
Natural gas margin | $ | 36.2 | $ | 41.5 |
(Millions of Dollars) | 2020 vs. 2019 | |||||||
Estimated impact of weather | $ | (4.1) | ||||||
Regulatory rate outcomes (Wisconsin) | (1.6) | |||||||
Sales growth | 1.0 | |||||||
Other (net) | (0.6) | |||||||
Total decrease in natural gas margin | $ | (5.3) |
Public Utility Regulation |
Environmental |
ITEM 4 — CONTROLS AND PROCEDURES |
ITEM 1 — LEGAL PROCEEDINGS |
ITEM 1A — RISK FACTORS |
ITEM 6 — EXHIBITS |
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 | |||||||||||
4.01* | NSP-Wisconsin 8-K dated May 26, 2020 | 001-03140 | 4.01 | |||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||
101.SCH | Inline XBRL Schema | |||||||||||||
101.CAL | Inline XBRL Calculation | |||||||||||||
101.DEF | Inline XBRL Definition | |||||||||||||
101.LAB | Inline XBRL Label | |||||||||||||
101.PRE | Inline XBRL Presentation | |||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Northern States Power Company (a Wisconsin corporation) | ||||||||
July 31, 2020 | By: | /s/ JEFFREY S. SAVAGE | ||||||
Jeffrey S. Savage | ||||||||
Senior Vice President, Controller | ||||||||
(Principal Accounting Officer) | ||||||||
/s/ BRIAN J. VAN ABEL | ||||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer and Director | ||||||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer and Director | |||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) | |||||
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer and Director | |||||
(Principal Financial Officer) |
Management's Opinion |
6 Months Ended |
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Jun. 30, 2020 | |
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 U.S. GAAP, the financial position of NSP-Wisconsin and its subsidiaries as of June 30, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income, changes in stockholder's equity and comprehensive income for the three and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2020 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, 2019 balance sheet information has been derived from the audited 2019 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2019. 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, 2019, filed with the SEC on Feb. 21, 2020. 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. |
Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Recently Adopted Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. NSP-Wisconsin implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $0.1 million (after tax) to retained earnings on Jan 1. 2020. Other than first-time recognition of an allowance for doubtful accounts on accrued unbilled revenues, the Jan. 1, 2020 adoption of ASC Topic 326 did not have a significant impact on NSP-Wisconsin’s consolidated financial statements.
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Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data |
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Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2020 | |
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, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Borrowings and Other Financing Instruments |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments | Short-Term Borrowings 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 June 30, 2020 and Dec. 31, 2019, there were no letters of credit outstanding. Revolving 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. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. As of June 30, 2020, NSP-Wisconsin had the following committed revolving credit facility available (in millions of dollars):
(a)This credit facility expires in June 2024. (b)Includes outstanding commercial paper. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Wisconsin had no direct advances on the credit facility outstanding at June 30, 2020 and Dec. 31, 2019. Other Short-Term Borrowings — As of June 30, 2020 and Dec. 31, 2019, Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, had no notes payable to Xcel Energy Inc. Long-Term Borrowings During the six months ended June 30, 2020, NSP-Wisconsin issued $100 million of 3.05% first mortgage bonds due May 1, 2051.
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Revenues |
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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 Taxes |
Note 7 to the consolidated financial statements included in NSP-Wisconsin’s Annual Report on Form 10-K for the year ended Dec. 31, 2019 represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference. The following table reconciles the difference between the statutory rate and the ETR:
(a) Regulatory differences for income tax primarily relates to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. 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 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. In April 2020, Xcel Energy and Appeals reached an agreement and no material adjustments were required. In 2018, the IRS began an audit of tax years 2014-2016. As of June 30, 2020, 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 June 30, 2020, NSP-Wisconsin’s earliest open tax year subject to examination by state taxing authorities under applicable statutes of limitations is 2014. In 2018, Wisconsin began an audit of tax years 2014-2016. As of June 30, 2020, 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 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 $1.3 million at June 30, 2020 and $1.2 million at Dec. 31, 2019. As the IRS and state audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $1.8 million in the next 12 months. 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 June 30, 2020 and Dec. 31, 2019, respectively.
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Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value Measurements 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; and •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 net asset value. 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 relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of 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 may enter into various instruments that 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. As of June 30, 2020 and Dec. 31, 2019, there were no interest rate derivatives designated as cash flow hedges. 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:
(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. 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 — Changes in the fair value of natural gas commodity derivatives resulted in $0.1 million net losses and immaterial net losses for the three and six months ended June 30, 2020, respectively, which were recognized as regulatory assets and liabilities. There were immaterial net losses for the three and six months ended June 30, 2019, respectively, which were recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. During both the three months ended June 30, 2020 and 2019, there were no settlement gains or losses on natural gas commodity derivatives. During the six months ended June 30, 2020 and 2019, there were $0.9 million of net settlement losses and $0.2 million of net settlement gains on natural gas commodity derivatives, respectively, which 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 and six months ended June 30, 2020 and 2019, respectively. Recurring Fair Value Measurements — NSP-Wisconsin's derivative assets measured at fair value on a recurring basis were as follows:
(a) NSP-Wisconsin nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. 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 $4.9 million at June 30, 2020 and $4.6 million at Dec. 31, 2019 in the consolidated balance sheets. 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 June 30, 2020 and Dec. 31, 2019, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
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Benefit Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. In January 2020, contributions of $150.0 million were made across four of Xcel Energy’s pension plans, of which $6.7 million was attributable to NSP-Wisconsin. Xcel Energy does not expect additional pension contributions during 2020.
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Commitments and Contingencies |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The following includes commitments, contingencies and unresolved contingencies that are material to NSP-Wisconsin’s financial position. Legal NSP-Wisconsin is involved in various litigation matters 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 losses 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, 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 — In February 2019, the MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Arandell Corp. — In February 2019, the case was remanded back to the U.S. District Court in Wisconsin. Plaintiffs are seeking class certification. It is uncertain when the court will rule on this issue. 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 United States Court of Appeals for the District of Columbia 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 November 2019, the FERC issued an order adopting a new ROE methodology and settling the MISO base ROE at 9.88% (10.38% with the RTO adder), effective Sept. 28, 2016 and for the Nov. 12, 2013 to Feb. 11, 2015 refund period. The FERC also dismissed the second complaint. In December 2019, MISO TOs filed a request for rehearing. Customers also filed requests for rehearing claiming, among other points, that the FERC erred by dismissing the second complaint without refunds. In March 2020, the FERC issued a Notice of Proposed Rulemaking regarding changes to its policies for transmission incentives, including a proposal to increase the RTO participation adder from 50 to 100 basis points and to make the adder available regardless of whether a utility’s ongoing participation in the RTO is voluntary or required by legislation or a regulator. In May 2020, the FERC issued Opinion No. 569-A, which granted rehearing in part to Opinion 569 and further refined the FERC’s ROE methodology, most significantly to incorporate the risk premium model (in addition to the discounted cash flow and capital asset pricing models), resulting in a new base ROE of 10.02%, effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also affirmed its decision in Opinion 569 to dismiss the second complaint. Although the May 2020 Order remains subject to pending requests for rehearing, as well as the pending judicial review, a liability has been recognized for the best estimate of final refunds to customers. Environmental MGP, Landfill and Disposal 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 was completed in 2019 and restoration activities were completed in 2020. Groundwater treatment activities will continue for many years. The cost estimate for remediation and restoration of the entire site is approximately $199.1 million. At June 30, 2020 and Dec. 31, 2019, NSP-Wisconsin had a total liability of $21.4 million and $23.2 million, respectively, for the entire site. NSP-Wisconsin has deferred the unrecovered portion of the estimated Site remediation and restoration costs as a regulatory asset. The PSCW has authorized NSP-Wisconsin rate recovery for all remediation and restoration costs incurred at the Site and application of a 3% carrying charge to the regulatory asset. In addition to the Ashland Site, NSP-Wisconsin is currently investigating, remediating or performing post-closure actions at two other MGP, landfill or other disposal sites across its service territories. NSP-Wisconsin has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | 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 — The regulated electric utility segment generates electricity, which is transmitted and distributed in Wisconsin and Michigan; and •Regulated Natural Gas — The regulated natural gas utility segment purchases, transports, stores and distributes natural gas in portions of Wisconsin and Michigan. NSP-Wisconsin presents Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include investments in rental housing projects that qualify for low-income housing tax credits. Asset and capital expenditure information is not provided for NSP-Wisconsin's reportable segments. As an integrated electric and natural gas utility, NSP-Wisconsin operates significant assets that are not dedicated to a specific business segment. Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets 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 and six months ended June 30:
(a) Operating revenues include $41.5 million and $43.5 million of affiliate electric revenue for the three months ended June 30, 2020 and 2019, respectively.
(a) Operating revenues include $82.4 million and $87.6 million of affiliate electric revenue for the six months ended June 30, 2020 and 2019, respectively.
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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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Borrowings and Other Financing Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | As of June 30, 2020, NSP-Wisconsin had the following committed revolving credit facility available (in millions of dollars):
(a)This credit facility expires in June 2024. (b)Includes outstanding commercial paper.
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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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Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the difference between the statutory rate and the ETR:
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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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity Forwards and Options | Gross notional amounts of commodity options:
(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.
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Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — NSP-Wisconsin's derivative assets measured at fair value on a recurring basis were as follows:
(a) NSP-Wisconsin nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. 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 $4.9 million at June 30, 2020 and $4.6 million at Dec. 31, 2019 in the consolidated balance sheets.
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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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset.
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Segment Reporting (Tables) |
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | NSP-Wisconsin's segment information for the three and six months ended June 30:
(a) Operating revenues include $41.5 million and $43.5 million of affiliate electric revenue for the three months ended June 30, 2020 and 2019, respectively.
(a) Operating revenues include $82.4 million and $87.6 million of affiliate electric revenue for the six months ended June 30, 2020 and 2019, respectively.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Pronouncements Accounting Pronouncements (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jan. 01, 2020 |
Jun. 30, 2020 |
|
Credit Losses, Topic 326 (ASC Topic 326) | $ 100,000 | |
Retained Earnings | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 100,000 | $ 100,000 |
Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounts Receivable, Net | ||
Accounts receivable | $ 69.5 | $ 64.7 |
Less allowance for bad debts | (6.1) | (5.5) |
Accounts receivable, net | $ 63.4 | $ 59.2 |
Selected Balance Sheet Data, Inventory (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Total Inventories | $ 13.4 | $ 16.0 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 7.3 | 6.8 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 4.1 | 4.0 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 2.0 | $ 5.2 |
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,769.9 | $ 3,674.4 |
Less accumulated depreciation | (1,353.1) | (1,315.0) |
Property, plant and equipment, net | 2,416.8 | 2,359.4 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,070.6 | 3,024.6 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 375.2 | 365.5 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 203.7 | 201.5 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 120.4 | $ 82.8 |
Borrowings and Other Financing Instruments, Commercial Paper (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 65,000,000.0 |
Payable to Affiliates | ||
Short-term Debt [Line Items] | ||
Notes Payable, Related Parties, Current | 0 | 0 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 150,000,000 | 150,000,000 |
Amount outstanding at period end | 0 | 65,000,000 |
Average amount outstanding | 41,000,000 | 51,000,000 |
Maximum amount outstanding | $ 91,000,000 | $ 93,000,000 |
Weighted average interest rate, computed on a daily basis | 1.04% | 2.38% |
Weighted average interest rate at period end | 1.97% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Period | 1 year | |
Amount outstanding at period end | $ 0 | $ 65,000,000.0 |
Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 0 | $ 0 |
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | $ 150,000,000 | ||||
Outstanding | [2] | 0 | ||||
Available | 150,000,000 | |||||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | ||||
|
Borrowings and Other Financing Instruments (Details) - Series Due May 1, 2051 [Domain] - Bonds [Member] |
May 26, 2020
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Debt Instrument, Face Amount | $ 100,000,000 |
Short-term Debt [Line Items] | |
Debt Instrument, Face Amount | $ 100,000,000 |
NSP-Wisconsin [Member] | |
Debt Disclosure [Abstract] | |
Debt Instrument, Interest Rate, Stated Percentage | 305.00% |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 305.00% |
Income Taxes Unrecognized Benefits (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | $ (1,300,000) | $ (1,200,000) |
Tax Benefits Associated With Nol And Tax Credit Carryforwards | 2,100,000 | 2,200,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,600,000 | 2,600,000 |
Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate | 800,000 | 800,000 |
Total unrecognized tax benefit | 3,400,000 | 3,400,000 |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,800,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 |
Interest Rate Derivatives (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 0.0 | $ 0.0 |
Fair Value of Financial Assets and Liabilities Commodity Derivatives (Details) - MMBTU MMBTU in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Natural Gas Commodity [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount | [1],[2] | 0.4 | 0.1 | |||
|
Impact of Derivative Activity on Income and Accumulated Other Comprehensive Loss (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||
Derivative instruments designated as fair value hedges | $ 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 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | $ 0 | $ 0 | $ (900,000) | $ (200,000) |
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||
Prepayments and other | $ 4.9 | $ 4.6 | |||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Gross | 0.2 | 0.5 | [1] | ||||||
Netting | 0.0 | 0.0 | [1],[2] | ||||||
Derivative Asset, Net | 0.2 | 0.5 | [1],[3] | ||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | Level 1 | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Gross | 0.0 | 0.0 | [1] | ||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | Level 2 | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Gross | 0.2 | 0.5 | [1] | ||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | Level 3 | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Gross | $ 0.0 | $ 0.0 | [1] | ||||||
|
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 906.0 | $ 808.0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 1,124.3 | $ 924.3 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jan. 31, 2020
USD ($)
Plan
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
|||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | $ 1.2 | $ 1.1 | $ 2.3 | $ 2.2 | |||
Interest cost (a) | [1] | 1.2 | 1.4 | 2.4 | 2.9 | ||
Expected return on plan assets (a) | [1] | (2.1) | (2.0) | (4.2) | (4.2) | ||
Amortization of prior service cost (credit) (a) | [1] | 0.0 | 0.0 | 0.0 | 0.0 | ||
Amortization of net loss (a) | [1] | 1.2 | 1.1 | 2.4 | 2.2 | ||
Net periodic benefit cost | 1.5 | 1.6 | 2.9 | 3.1 | |||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 1.8 | 0.0 | 3.7 | 0.2 | |||
Net benefit cost recognized for financial reporting | 3.3 | 1.6 | 6.6 | 3.3 | |||
Contributions to pension plans | $ 6.7 | ||||||
Pension Plan [Member] | Parent Company [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Contributions to pension plans | $ 150.0 | ||||||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 | |||
Interest cost (a) | [1] | 0.1 | 0.1 | 0.2 | 0.3 | ||
Expected return on plan assets (a) | [1] | 0.0 | 0.0 | 0.0 | 0.0 | ||
Amortization of prior service cost (credit) (a) | [1] | (0.1) | (0.1) | (0.1) | (0.2) | ||
Amortization of net loss (a) | [1] | 0.1 | 0.1 | 0.1 | 0.1 | ||
Net periodic benefit cost | 0.1 | 0.1 | 0.2 | 0.2 | |||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 0.0 | 0.0 | |||||
Net benefit cost recognized for financial reporting | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 | |||
|
Commitments and Contingencies Gas Trading Litigation (Details) |
Jun. 30, 2020 |
---|---|
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
MISO ROE Complaints (Details) - NSP Minnesota and NSP Wisconsin [Member] [Member] - FERC Proceeding, MISO ROE Complaint - Federal Energy Regulatory Commission (FERC) |
1 Months Ended | 3 Months Ended | 39 Months Ended | ||
---|---|---|---|---|---|
Feb. 28, 2015 |
Nov. 30, 2013 |
Mar. 31, 2017 |
Dec. 31, 2019 |
Jun. 30, 2020 |
|
Rate Matters [Abstract] | |||||
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 MISO Region, Recommended By Third Parties | 8.67% | 9.15% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | ||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% | ||||
Public Utilities, ROE developed with new approach | 9.88% | ||||
Public Utilities, ROE developed with new approach, with RTO Adder, Approved | 10.38% | ||||
Public Utilities, ROE New Base, Complaint Number 1 | 10.02% | ||||
Maximum [Member] | |||||
Rate Matters [Abstract] | |||||
basis points | 100 | ||||
Minimum [Member] | |||||
Rate Matters [Abstract] | |||||
basis points | 50 |
MGP, Landfill and Disposal Sites (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Ashland MGP Site | ||
Ashland Manufactured Gas Plant (MGP) Site [Abstract] | ||
Current Cost Estimate for Site Remediation | $ 199.1 | |
Accrual for Environmental Loss Contingencies, Gross | $ 21.4 | $ 23.2 |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% | |
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 | 2 |
Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Segment Reporting Information [Line Items] | ||||||
Net income | $ 12.1 | $ 8.6 | $ 45.7 | $ 32.6 | ||
Natural gas | 19.0 | 20.9 | 64.2 | 82.0 | ||
Unregulated Operating Revenue | 0.2 | 0.1 | 0.2 | 0.2 | ||
Regulated and Unregulated Operating Revenue | 218.5 | 228.9 | 475.5 | 505.1 | ||
Affiliate Revenue | 41.5 | 43.5 | 82.4 | 87.6 | ||
Electricity, US Regulated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues Including Intersegment Revenues | 199.4 | 208.0 | 411.3 | 423.1 | ||
Net income | 16.3 | 10.9 | 41.0 | 24.1 | ||
Natural Gas, US Regulated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues Including Intersegment Revenues | 19.2 | 20.9 | 64.5 | 82.2 | ||
Net income | (2.9) | (1.3) | 6.0 | 9.2 | ||
All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income | (1.3) | (1.0) | (1.3) | (0.7) | ||
Total revenues | ||||||
Segment Reporting Information [Line Items] | ||||||
Regulated and Unregulated Operating Revenue | [1] | 218.8 | 229.0 | 476.0 | 505.5 | |
Total revenues | Electricity, US Regulated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Regulated Operating Revenue, Electric | [1] | 199.3 | 207.9 | 411.1 | 422.9 | |
Total revenues | Natural Gas, US Regulated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Natural gas | 19.0 | 20.9 | 64.2 | 82.0 | ||
Total revenues | All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Unregulated Operating Revenue | 0.2 | 0.1 | 0.2 | 0.2 | ||
Intersegment Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Regulated and Unregulated Operating Revenue | (0.3) | (0.1) | (0.5) | (0.4) | ||
Intersegment Eliminations | Electricity, US Regulated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Regulated Operating Revenue, Electric | 0.1 | 0.1 | 0.2 | 0.2 | ||
Intersegment Eliminations | Natural Gas, US Regulated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Natural gas | $ 0.2 | $ 0.0 | $ 0.3 | $ 0.2 | ||
|
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