XML 26 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
Borrowings and Other Financing Instruments
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Borrowings and Other Financing Instruments
5. Borrowings and Other Financing Instruments
Short-Term Borrowings
PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.
Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc.
Money pool borrowings:
(Millions of Dollars, Except Interest Rates)Three Months Ended Dec. 31, 2023Year Ended Dec. 31
202320222021
Borrowing limit$250 $250 $250 $250 
Amount outstanding at period end51 51 — — 
Average amount outstanding64 23 29 12 
Maximum amount outstanding250 250 250 243 
Weighted average interest rate, computed on a daily basis5.33 %5.31 %1.66 %0.07 %
Weighted average interest rate at end of period5.34 5.34 N/AN/A
Commercial Paper — Commercial paper borrowings:
(Millions of Dollars, Except Interest Rates)Three Months Ended Dec. 31, 2023Year Ended Dec. 31
202320222021
Borrowing limit$700 $700 $700 $700 
Amount outstanding at period end320 320 294 147 
Average amount outstanding189 124 71 26 
Maximum amount outstanding369 454 328 322 
Weighted average interest rate, computed on a daily basis5.53 %5.17 %2.56 %0.19 %
Weighted average interest rate at end of period5.56 5.56 4.73 0.22 
Letters of Credit — PSCo uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. At Dec. 31, 2023 and 2022, there were $29 million and $27 million of letters of credit outstanding under the credit facility, respectively. The contract amounts of these letters of credit approximate their fair value and are subject to fees.
Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, PSCo 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 credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
Features of PSCo’s credit facility:
Debt-to-Total Capitalization Ratio (a)
Amount Facility May Be Increased (millions of dollars)
Additional Periods for Which a One-Year Extension May Be Requested (b)
20232022
44.8 %44.0 %$100 2
(a)The credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%.
(b)All extension requests are subject to majority bank group approval.
The credit facility has a cross-default provision that provides PSCo would be in default on its borrowings under the facility if PSCo or any of its subsidiaries whose total assets exceed 15% of PSCo’s consolidated total assets, default on indebtedness in an aggregate principal amount exceeding $75 million.
If PSCo does not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. As of Dec. 31, 2023, PSCo was in compliance with all financial covenants.
PSCo had the following committed credit facility available as of Dec. 31, 2023 (in millions of dollars):
Credit Facility (a)
Drawn (b)
Available
$700 $349 $351 
(a)This credit facility matures in September 2027.
(b)Includes letters of credit and outstanding commercial paper.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the facility outstanding at Dec. 31, 2023 and 2022.
Long-Term Borrowings and Other Financing Instruments
Generally, the property of PSCo is subject to the lien of its first mortgage indenture for the benefit of bondholders. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses for refinanced debt are deferred and amortized over the life of the new issuance.
Long-term debt obligations for PSCo as of Dec. 31 (in millions of dollars):
Financing InstrumentInterest RateMaturity Date20232022
First mortgage bonds2.50 %March 15, 2023$— $250 
First mortgage bonds2.90 May 15, 2025250 250 
First mortgage bonds3.70 June 15, 2028350 350 
First mortgage bonds1.90 Jan. 15, 2031375 375 
First mortgage bonds 1.875 June 15, 2031750 750 
First mortgage bonds (a)
4.10 June 1, 2032300 300 
First mortgage bonds6.25 Sept. 1, 2037350 350 
First mortgage bonds6.50 Aug. 1, 2038300 300 
First mortgage bonds4.75 Aug. 15, 2041250 250 
First mortgage bonds3.60 Sept. 15, 2042500 500 
First mortgage bonds3.95 March 15, 2043250 250 
First mortgage bonds4.30 March 15, 2044300 300 
First mortgage bonds3.55 June 15, 2046250 250 
First mortgage bonds3.80 June 15, 2047400 400 
First mortgage bonds4.10 June 15, 2048350 350 
First mortgage bonds4.05 Sept. 15, 2049400 400 
First mortgage bonds3.20 March 1, 2050550 550 
First mortgage bonds2.70 Jan. 15, 2051375 375 
First mortgage bonds (a)
4.50 June 1, 2052400 400 
First mortgage bonds (b)
5.25 April 1, 2053850 — 
Unamortized discount(41)(37)
Unamortized debt issuance cost(59)(53)
Current maturities— (250)
Total long-term debt$7,450 $6,610 
(a)2022 financing.
(b)2023 financing.
Maturities of long-term debt:
(Millions of Dollars)
2024$— 
2025250 
2026— 
2027— 
2028350 
Deferred Financing Costs — Deferred financing costs of approximately $59 million and $53 million, net of amortization, are presented as a deduction from the carrying amount of long-term debt as of Dec. 31, 2023 and 2022, respectively. 
Capital Stock — PSCo has authorized the issuance of preferred stock.
Preferred Stock Authorized (Shares)Par Value of Preferred StockPreferred Stock Outstanding (Shares) 2023 and 2022
10,000,000 $0.01 — 
Dividend Restrictions — PSCo’s dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts. Dividends are solely to be paid from retained earnings.