U-3A-2/A 1 FORM U-3A-2/A FORM U-A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FILE NO. 69-14 AMENDMENT NO. 1 on Form U-3A-2 Amendment to Statement by Holding Company Claiming Exemption under the Public Utility Holding Company Act of 1935 PUBLIC SERVICE COMPANY OF COLORADO (Name of company or companies filing amendment) Name, title, and address of officer to whom notices and correspondence concerning this amendment should be addressed: Debra L. Sago, Assistant Treasurer PUBLIC SERVICE COMPANY OF COLORADO 1225 17th Street, Suite 600 Denver, Colorado 80202 The undersigned hereby amends the above document as indicated in the attached pages with respect to the following (identify item, statement, schedule, or exhibit of document to which amendment relates): Exhibit A of Form U-3A-2 __________________________________ SIGNATURE The company has caused this amendment to be duly signed on its behalf by its authorized officer in the city of Denver and State of Colorado, on the 29th day of March, 1995. Attest: (SEAL) PUBLIC SERVICE COMPANY OF COLORADO \s\ Carol J. Peterson By \s\ Debra L. Sago ------------------------------- ------------------------------------ Assistant Secretary Assistant Treasurer Debra L. Sago ---------------------- EXHIBIT A A CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS AND CASH FLOWS OF THE CLAIMANT AND ITS SUBSIDIARY COMPANIES: CHEYENNE LIGHT, FUEL AND POWER COMPANY; WESTGAS GATHERING, INC.; WESTGAS INTERSTATE, INC.; WESTGAS TRANSCOLORADO, INC.; FUEL RESOURCES DEVELOPMENT CO.; 1480 WELTON, INC.; GREEN AND CLEAR LAKES COMPANY; PSR INVESTMENTS, INC.; PS COLORADO CREDIT CORPORATION; NATURAL FUELS CORPORATION; AND CONSOLIDATED FOR THE YEAR ENDED DECEMBER 31, 1994, TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND SUCH SUBSIDIARY COMPANIES CONSOLIDATED AS OF THE CLOSE OF THE CALENDAR YEAR 1994. East Boulder Ditch Company; Hillcrest Ditch and Reservoir Company; United Water Company; Fisher Ditch Water Company; Baugh Lateral Ditch Company; Beeman Irrigating Ditch and Milling Company; Consolidated Extension Canal Company; Enterprise Ditch Company; Jones and Donnelly Ditch Company; and Las Animas Consolidated Canal Company are excluded from the consolidated statements of claimant. These excluded companies are not significant, considered either separately or in the aggregate (1) in relation to the claimant or to the claimant and its subsidiary companies consolidated in respect of the amount at which investments in and advances to such companies are carried or (2) in relation to the claimant and its subsidiary companies consolidated in respect of sales or operating revenues of such companies. e prime, inc., the Company's wholly-owned subsidiary, was incorporated on January 30, 1995. The following information is submitted in reference to five of the foregoing excluded companies which, through either direct or indirect stock holdings, meet the generally accepted accounting definition of a subsidiary (ownership of a majority of the outstanding voting stock over 50 percent): East Boulder Ditch Company, Hillcrest Ditch and Reservoir Company, United Water Company, Consolidated Extension Canal Company, and Las Animas Consolidated Canal Company are mutual ditch companies operated not for profit, and assessments are being levied on the members to cover operating costs. The aggregate investment therein is carried at $5. * * * * * * Neither the filing of this statement nor anything therein contained shall constitute or be deemed to be evidence of a waiver by the Company or any director, officer, or employee of the Company or any person certifying to said statement or to anything contained therein, of any constitutional or legal right to contest the validity or scope of any or all of the provisions of the Public Utility Holding Company Act of 1935 or of any rule or regulation made or to be made thereunder, all such rights being hereby expressly reserved. PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMBER 31, 1994
---------------------------------------------------------- Public Service Company of ASSETS Consolidated Eliminations Total Colorado ----------------------------- ------------------ --------------- ----------------- ----------------- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ 3,641,710,728 $ - $ 3,641,710,728 $ 3,597,227,581 Gas 867,238,633 - 867,238,633 813,941,798 Steam and other 86,458,431 7,711 (1) 86,450,720 84,829,116 Common to all departments 369,070,239 - 369,070,239 310,107,415 Construction in progress 187,576,808 - 187,576,808 183,950,118 ----------------- --------------- ----------------- ----------------- 5,152,054,839 7,711 5,152,047,128 4,990,056,028 Less: accumulated depreciation 1,860,653,218 - 1,860,653,218 1,818,236,596 ----------------- --------------- ----------------- ----------------- Total property, plant and equipment 3,291,401,621 7,711 3,291,393,910 3,171,819,432 ----------------- --------------- ----------------- ----------------- INVESTMENTS: Subsidiaries consolidated - common stock - (53,828,610)(1) 53,828,610 53,828,610 Note receivable from associated company - (12,066,207)(2) 12,066,207 - Other, at cost 18,202,292 (4,387,254)(2) 22,589,546 11,834,402 ----------------- --------------- ----------------- ----------------- 18,202,292 (70,282,071) 88,484,363 65,663,012 ----------------- --------------- ----------------- ----------------- CURRENT ASSETS: Cash and temporary cash investments 5,883,212 - 5,883,212 1,346,245 Accounts receivable 166,638,234 - 166,638,234 4,315,032 Reserve for uncollectible accounts (3,172,972) - (3,172,972) (2,820,078) Accounts receivable from associated companies - (10,048,038)(2) 10,048,038 1,406,677 Accrued unbilled revenues 86,106,304 - 86,106,304 84,955,536 Recoverable purchased gas and electric energy costs - net 37,979,051 - 37,979,051 35,336,918 Fuel inventory, at average cost 31,369,671 - 31,369,671 31,369,671 Fuel inventory financed - (31,369,669)(2) 31,369,669 - Materials and supplies, at average cost 67,600,139 - 67,600,139 66,058,022 Gas in underground storage, at cost (LIFO) 42,354,794 - 42,354,794 41,684,628 Current portion of accumulated deferred income taxes 20,708,600 - 20,708,600 21,184,228 Regulatory assets recoverable within one year 39,984,977 - 39,984,977 39,938,743 Prepaid expenses and other 16,312,056 - 16,312,056 14,967,845 ----------------- --------------- ----------------- ----------------- Total current assets 511,764,066 (41,417,707) 553,181,773 339,743,467 ----------------- --------------- ----------------- ----------------- DEFERRED CHARGES: Regulatory assets 335,892,187 - 335,892,187 335,767,042 Unamortized debt expense 11,073,462 - 11,073,462 9,760,796 Prepaid pension 1,031,159 - 1,031,159 544,253 Other 38,467,323 - 38,467,323 38,183,184 ----------------- --------------- ----------------- ----------------- Total deferred charges 386,464,131 - 386,464,131 384,255,275 ----------------- --------------- ----------------- ----------------- $ 4,207,832,110 $ (111,692,067) $ 4,319,524,177 $ 3,961,481,186 ================= =============== ================= =================
CONSOLIDATING INFORMATION --------------------------------------------------------------------------------- Cheyenne Fuel Light, Fuel WestGas WestGas Resources and Power InterState, TransColorado, Development ASSETS Company Inc. Inc. Co. ----------------------------- -------------- ------------ ------------- -------------- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ 44,458,147 $ - $ - $ - Gas 22,506,689 651,867 - 27,743,407 Steam and other 11,716 - - - Common to all departments 3,887,673 - - - Construction in progress 3,596,548 - - - -------------- ------------ ------------- -------------- 74,460,773 651,867 - 27,743,407 Less: accumulated depreciation 24,914,579 63,968 - 3,811,212 -------------- ------------ ------------- -------------- Total property, plant and equipment 49,546,194 587,899 - 23,932,195 -------------- ------------ ------------- -------------- INVESTMENTS: Subsidiaries consolidated - common stock - - - - Note receivable from associated company - - - - Other, at cost 10,800 - 3,602,265 4,422,648 -------------- ------------ ------------- -------------- 10,800 - 3,602,265 4,422,648 -------------- ------------ ------------- -------------- CURRENT ASSETS: Cash and temporary cash investments 1,143,434 49,851 - (200) Accounts receivable 3,183,870 5,581 4,844 2,243,598 Reserve for uncollectible accounts (34,616) - - (318,278) Accounts receivable from associated companies - 20,196 - 3,752,666 Accrued unbilled revenues 1,150,768 - - - Recoverable purchased gas and electric energy costs - net 2,642,133 - - - Fuel inventory, at average cost - - - - Fuel inventory financed - - - - Materials and supplies, at average cost 404,997 - - 35,960 Gas in underground storage, at cost (LIFO) 670,166 - - - Current portion of accumulated deferred income taxes (555,952) - - 62,390 Regulatory assets recoverable within one year 46,234 - - - Prepaid expenses and other 144,921 652 - (10,023) -------------- ------------ ------------- -------------- Total current assets 8,795,955 76,280 4,844 5,766,113 -------------- ------------ ------------- -------------- DEFERRED CHARGES: Regulatory assets 124,746 399 - - Unamortized debt expense 462,573 - - - Prepaid pension 275,016 - - 211,890 Other 120,059 1,188 1,840 6,584 -------------- ------------ -------------- ------------- Total deferred charges 982,394 1,587 1,840 218,474 -------------- ------------ -------------- ------------- $ 59,335,343 $ 665,766 $ 3,608,949 $ 34,339,430 ============== ============ ============== ============= ------------------------------------- Green 1480 and Welton, Clear Lakes ASSETS Inc. Company ----------------------------- -------------- ------------ PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ - $ 25,000 Gas - - Steam and other 1,609,888 - Common to all departments 55,075,151 - Construction in progress 30,142 - -------------- ------------ 56,715,181 25,000 Less: accumulated depreciation 12,655,553 - -------------- ------------ Total property, plant and equipment 44,059,628 25,000 -------------- ------------ INVESTMENTS: Subsidiaries consolidated - common stock - - Note receivable from associated company 12,066,207 - Other, at cost - - -------------- ------------ 12,066,207 - -------------- ------------ CURRENT ASSETS: Cash and temporary cash investments 1,400,172 - Accounts receivable 9,295 - Reserve for uncollectible accounts - - Accounts receivable from associated companies - - Accrued unbilled revenues - - Recoverable purchased gas and electric energy costs - net - - Fuel inventory, at average cost - - Fuel inventory financed - - Materials and supplies, at average cost - - Gas in underground storage, at cost (LIFO) - - Current portion of accumulated deferred income taxes 5,253 - Regulatory assets recoverable within one year - - Prepaid expenses and other $ 38,119 - -------------- ------------ Total current assets 1,452,839 - -------------- ------------ DEFERRED CHARGES: Regulatory assets - - Unamortized debt expense 850,093 - Prepaid pension - - Other - - -------------- ------------ Total deferred charges 850,093 - -------------- ------------ $ 58,428,767 $ 25,000 ============== ============
------------------------------------------------- PS PSR Colorado Natural Investments, Credit Fuels ASSETS Inc. Corporation Corporation ----------------------------- ------------ -------------- ------------ PROPERTY, PLANT AND EQUIPMENT, at cost: $ - $ - $ - Electric - - 2,394,872 Gas - - - Steam and other - - - Common to all departments - - - ------------ -------------- ------------ Construction in progress - - 2,394,872 Less: accumulated depreciation - - 971,310 ------------ -------------- ------------ Total property, plant and equipment - - 1,423,562 ------------ -------------- ------------ INVESTMENTS: Subsidiaries consolidated - common stock - - - Note receivable from associated company - - - Other, at cost 1,876,608 - 842,823 ------------ -------------- ------------ 1,876,608 - 842,823 ------------ -------------- ------------ CURRENT ASSETS: Cash and temporary cash investments 14,523 15,839 1,913,348 Accounts receivable - 156,232,628 643,386 Reserve for uncollectible accounts - - - Accounts receivable from associated companies 2,760,266 1,977,345 130,888 Accrued unbilled revenues - - - Recoverable purchased gas and electric energy costs - net - - - Fuel inventory, at average cost - - - Fuel inventory financed - 31,369,669 - Materials and supplies, at average cost - - 1,101,160 Gas in underground storage, at cost (LIFO) - - - Current portion of accumulated deferred income taxes - - 12,681 Regulatory assets recoverable within one year - - - Prepaid expenses and other 706,831 430,883 32,828 ------------ -------------- ------------ Total current assets 3,481,620 190,026,364 3,834,291 ------------ -------------- ------------ DEFERRED CHARGES: Regulatory assets - - - Unamortized debt expense - - - Prepaid pension - - - Other 20 - 154,448 ------------ -------------- ------------ Total deferred charges 20 - 154,448 ------------ -------------- ------------ $ 5,358,248 $ 190,026,364 $ 6,255,124 ============ ============== ============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMBER 31, 1994
-------------------------------------------------------- Public Service Company of CAPITAL AND LIABILITIES Consolidated Eliminations Total Colorado ----------------------- ---------------- -------------- ---------------- ----------------- COMMON STOCK $ 959,268,632 $ - $ 959,268,632 $ 959,268,632 COMMON STOCK OF SUBSIDIARIES - 85,582,694 (1) 85,582,694 - RETAINED EARNINGS (DEFICIT) 308,213,945 (30,620,404)(1) 277,593,541 308,213,945 ---------------- -------------- ---------------- ----------------- Total common equity 1,267,482,577 54,962,290 1,322,444,867 1,267,482,577 PREFERRED STOCK: Not subject to mandatory redemption 140,007,500 - 140,007,500 140,007,500 Subject to mandatory redemption at par 42,665,200 - 42,665,200 42,665,200 LONG-TERM DEBT 1,155,427,018 - 1,155,427,018 1,100,562,930 ---------------- -------------- ---------------- ----------------- 2,605,582,295 54,962,290 2,660,544,585 2,550,718,207 ---------------- -------------- ---------------- ----------------- NONCURRENT LIABILITIES: Defueling and decommissioning liability 40,605,267 - 40,605,267 40,605,267 Employees' postretirement benefits other than pensions 42,105,368 - 42,105,368 41,888,072 Employees' postemployment benefits 20,975,000 - 20,975,000 20,412,000 Note payable to associated company - 12,066,207 (2) 12,066,207 12,066,207 Other - 4,387,254 (2) 4,387,254 4,387,254 ---------------- -------------- ---------------- ----------------- Total noncurrent liabilities 103,685,635 16,453,461 120,139,096 119,358,800 ---------------- -------------- ---------------- ----------------- CURRENT LIABILITIES: Notes payable and commercial paper 324,800,000 - 324,800,000 115,500,000 Long-term debt due within one year 25,153,226 - 25,153,226 23,385,449 Preferred stock subject to mandatory redemption within one year 2,576,000 - 2,576,000 2,576,000 Accounts payable 177,030,916 - 177,030,916 165,526,774 Accounts payable to associated companies - 41,417,707 (2) 41,417,707 39,992,818 Dividends payable 34,077,800 - 34,077,800 34,077,800 Customers' deposits 17,098,530 - 17,098,530 16,875,023 Accrued taxes 54,148,484 - 54,148,484 52,895,731 Accrued interest 32,264,811 - 32,264,811 31,209,500 Current defueling & decommissioning liability 36,364,659 - 36,364,659 36,364,659 Other 62,640,449 - 62,640,449 61,340,581 ---------------- -------------- ---------------- ----------------- Total current liabilities 766,154,875 41,417,707 807,572,582 579,744,335 ---------------- -------------- ---------------- ----------------- DEFERRED CREDITS: Customers' advances for construction 96,442,081 - 96,442,081 95,794,790 Unamortized investment tax credits 118,531,688 - 118,531,688 115,909,987 Accumulated deferred income taxes 485,667,987 - 485,667,987 469,356,629 Other 31,767,549 (1,141,391)(1) 30,626,158 30,598,438 ---------------- -------------- ---------------- ----------------- Total deferred credits 732,409,305 (1,141,391) 731,267,914 711,659,844 COMMITMENTS AND CONTINGENCIES ---------------- -------------- ---------------- ----------------- $ 4,207,832,110 $ 111,692,067 $ 4,319,524,177 $ 3,961,481,186 ================ ============== ================ =================
CONSOLIDATING INFORMATION ----------------------------------------------------------------------------------- Cheyenne Fuel Green Light, Fuel WestGas WestGas Resources 1480 And and Power InterState, TransColorado, Development Welton, Clear Lakes CAPITAL AND LIABILITIES Company Inc. Inc. Co. Inc. Company ----------------------- ------------ ----------- ------------- -------------- ------------ --------- COMMON STOCK $ - $ - $ - $ - $ - $ - COMMON STOCK OF SUBSIDIARIES 3,000,000 600,000 3,400,000 32,050,000 7,506,189 25,000 RETAINED EARNINGS (DEFICIT) 13,813,998 15,657 (4,987) (40,670,660) 404,315 - ------------ ----------- ------------- -------------- ------------ --------- Total common equity 16,813,998 615,657 3,395,013 (8,620,660) 7,910,504 25,000 PREFERRED STOCK: Not subject to mandatory redemption - - - - - - Subject to mandatory redemption at par - - - - - - LONG-TERM DEBT 19,000,000 - - - 35,836,706 - ------------ ----------- ------------- -------------- ------------ --------- 35,813,998 615,657 3,395,013 (8,620,660) 43,747,210 25,000 ------------ ----------- ------------- -------------- ------------ --------- NONCURRENT LIABILITIES: Defueling and decommissioning liability - - - - - - Employees' postretirement benefits other than pensions 31,637 - - 185,659 - - Employees' postemployment benefits 563,000 - - - - - Note payable to associated company - - - - - - Other - - - - - - ------------ ----------- ------------- -------------- ------------ --------- Total noncurrent liabilities 594,637 - - 185,659 - - ------------ ----------- ------------- -------------- ------------ --------- CURRENT LIABILITIES: Notes payable and commercial paper 9,400,000 - - 32,450,000 - - Long-term debt due within one year - - - 12,894 1,726,646 - Preferred stock subject to mandatory redemption within one year - - - - - - Accounts payable 4,103,654 - - 7,175,181 4,938 - Accounts payable to associated companies 933,357 - 213,434 - 278,098 - Dividends payable - - - - - - Customers' deposits 223,507 - - - - - Accrued taxes 422,379 10,412 502 537,599 165,649 - Accrued interest 552,361 - - 91,613 411,337 - Current defueling & decommissioning liability - - - - - - Other 893,308 - - 109,970 20,848 - ------------ ----------- ------------- -------------- ------------ --------- Total current liabilities 16,528,566 10,412 213,936 40,377,257 2,607,516 - ------------ ----------- ------------- -------------- ------------ --------- DEFERRED CREDITS: Customers' advances for construction 647,291 - - - - - Unamortized investment tax credits 1,556,811 - - - 1,064,890 - Accumulated deferred income taxes 4,178,640 39,697 - 2,397,174 11,009,152 - Other 15,400 - - - (1) - ------------ ----------- ------------- -------------- ------------ --------- Total deferred credits 6,398,142 39,697 - 2,397,174 12,074,041 - COMMITMENTS AND CONTINGENCIES ------------ ----------- ------------- -------------- ------------ --------- $ 59,335,343 $ 665,766 $ 3,608,949 $ 34,339,430 $ 58,428,767 $ 25,000 ============ =========== ============= ============== ============ =========
----------------------------------------------------- PS PSR Colorado Natural Investments, Credit Fuels CAPITAL AND LIABILITIES Inc. Corporation Corporation ----------------------- ---------------- ----------------- ---------------- COMMON STOCK $ - $ - $ - COMMON STOCK OF SUBSIDIARIES 3,631,900 22,512,276 12,857,329 RETAINED EARNINGS (DEFICIT) 2,971,645 - (7,150,372) ---------------- ----------------- ---------------- Total common equity 6,603,545 22,512,276 5,706,957 PREFERRED STOCK: Not subject to mandatory redemption - - - Subject to mandatory redemption at par - - - LONG-TERM DEBT - - 27,382 ---------------- ----------------- ---------------- 6,603,545 22,512,276 5,734,339 ---------------- ----------------- ---------------- NONCURRENT LIABILITIES: Defueling and decommissioning liability - - - Employees' postretirement benefits other than pensions - - - Employees' postemployment benefits - - - Note payable to associated company - - - Other - - - ---------------- ----------------- ---------------- Total noncurrent liabilities - - - ---------------- ----------------- ---------------- CURRENT LIABILITIES: Notes payable and commercial paper - 167,450,000 - Long-term debt due within one year - - 28,237 Preferred stock subject to mandatory redemption within one year - - - Accounts payable - - 220,369 Accounts payable to associated companies - - - Dividends payable - - - Customers' deposits - - - Accrued taxes 64,421 51,791 - Accrued interest - - - Current defueling & decommissioning liability - - - Other - - 275,742 ---------------- ----------------- ---------------- Total current liabilities 64,421 167,501,791 524,348 ---------------- ----------------- ---------------- DEFERRED CREDITS: Customers' advances for construction - - - Unamortized investment tax credits - - - Accumulated deferred income taxes (1,309,718) (24) (3,563) Other - 12,321 - ---------------- ----------------- ---------------- Total deferred credits (1,309,718) 12,297 (3,563) COMMITMENTS AND CONTINGENCIES ---------------- ----------------- ---------------- $ 5,358,248 $ 190,026,364 $ 6,255,124 ================ ================= ================
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS WITH CONSOLIDATING INFORMATION YEAR ENDED DECEMBER 31, 1994
----------------------------------------------------------------- Public Service Company of Consolidated Eliminations Total Colorado ------------------ ----------------- ------------------- -------------------- OPERATING REVENUES: Electric $ 1,399,835,782 $ $ 1,399,835,782 $ 1,366,101,117 Gas 624,922,440 3,153,172 (3) 628,075,612 596,285,273 Other 32,626,213 20,620,967 (3) 53,247,180 7,421,767 ------------------ ----------------- ------------------- -------------------- 2,057,384,435 23,774,139 2,081,158,574 1,969,808,157 OPERATING EXPENSES: Fuel used in generation 198,117,684 - 198,117,684 198,117,684 Purchased power 437,086,821 - 437,086,821 412,903,851 Gas purchased for resale 397,876,825 (195,678) (3) 398,072,503 384,569,491 Other operating expenses 369,094,370 (21,622,329) (3) 390,716,699 374,553,674 Maintenance 67,096,774 - 67,096,774 64,500,010 Defueling and decommissioning 43,376,059 - 43,376,059 43,376,059 Depreciation and amortization 139,034,945 - 139,034,945 133,550,073 Taxes (other than income taxes) 86,408,546 - 86,408,546 83,838,215 Income taxes 48,499,964 - 48,499,964 58,262,403 ------------------ ----------------- ------------------- -------------------- 1,786,591,988 (21,818,007) 1,808,409,995 1,753,671,460 ------------------ ----------------- ------------------- -------------------- OPERATING INCOME (LOSS) 270,792,447 1,956,132 272,748,579 216,136,697 OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction 3,139,648 - 3,139,648 3,139,648 Equity in earnings of consolidated subsidiaries - 10,245,071 (1) 10,245,071 10,245,071 Interest income from subsidiaries - 1,257,981 (4) 1,257,981 1,257,981 Miscellaneous income (deductions)- net 28,471,312 91,098 (1)(3) 28,562,410 29,240,899 ------------------ ----------------- ------------------- -------------------- 302,403,407 13,550,282 315,953,689 260,020,296 INTEREST CHARGES: Interest on long-term debt 89,005,222 - 89,005,222 82,512,221 Amortization of debt discount and expense less premium 3,126,219 - 3,126,219 3,048,455 Other interest 44,020,625 (3,473,701)(3)(4) 47,494,326 7,989,167 Allowance for borrowed funds used during construction (4,017,978) - (4,017,978) (3,798,866) ------------------ ----------------- ------------------- -------------------- 132,134,088 (3,473,701) 135,607,789 89,750,977 ------------------ ----------------- ------------------- -------------------- NET INCOME (LOSS) 170,269,319 10,076,581 (b) 180,345,900 170,269,319 RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 273,335,417 (20,991,429) (b) 252,343,988 273,335,417 ------------------ ----------------- ------------------- -------------------- 443,604,736 (10,914,848) 432,689,888 443,604,736 DIVIDENDS ON PREFERRED STOCK (12,010,971) - (12,010,971) (12,010,971) DIVIDENDS ON COMMON STOCK (123,379,820) (17,592,222) (b) (140,972,042) (123,379,820) OTHER ADJUSTMENT - (2,113,334) (a) (2,113,334) - ------------------ ----------------- ------------------- -------------------- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 308,213,945 $ (30,620,404) $ 277,593,541 $ 308,213,945 ================== ================= =================== ====================
(a) WestGas Gathering, Inc. was sold on August 30, 1994 and, accordingly, the statement of income includes only eight months of operations. Retained earnings have been adjusted and eliminated. (b) To eliminate intercompany investment, earnings and dividends.
CONSOLIDATING INFORMATION ------------------------------------------------------------------------------------ Cheyenne Fuel Light, Fuel WestGas WestGas WestGas Resources 1480 and Power Gathering, InterState, TransColorado, Development Welton, Company Inc. (a) Inc. Inc. Co. Inc. ------------ ------------- ----------- ------------- ------------- ------------ OPERATING REVENUES: Electric $ 33,734,665 $ - $ - $ - $ - $ - Gas 18,135,363 9,131,383 137,825 - - - Other - - - - - 9,570,365 ------------ ------------- ----------- --------- ------------- ------------ 51,870,028 9,131,383 137,825 - - 9,570,365 OPERATING EXPENSES: Fuel used in generation - - - - - - Purchased power 24,182,970 - - - - - Gas purchased for resale 12,917,527 329,784 - - - - Other operating expenses 4,852,737 2,562,198 47,319 - 500,000 224,426 Maintenance 667,253 1,929,511 - - - - Defueling and decommissioning - - - - - - Depreciation and amortization 1,922,463 1,551,035 25,670 - - 1,729,944 Taxes (other than income taxes) 1,145,835 424,864 4,605 - - 861,742 Income taxes 1,408,694 512,696 26,139 (3,479) (1,669,224) 665,674 ------------ ------------- ----------- --------- ------------- ------------ 47,097,479 7,310,088 103,733 (3,479) (1,169,224) 3,481,786 ------------ ------------- ----------- --------- ------------- ------------ OPERATING INCOME (LOSS) 4,772,549 1,821,295 34,092 3,479 1,169,224 6,088,579 OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction - - - - - - Equity in earnings of consolidated subsidiaries - - - - - - Interest income from subsidiaries - - - - - - Miscellaneous income (deductions)- net (48,742) 3,393 5,268 (10,510) (1,020,179) 83,071 ------------ ------------- ----------- --------- ------------- ------------ 4,723,807 1,824,688 39,360 (7,031) 149,045 6,171,650 INTEREST CHARGES: Interest on long-term debt 1,489,282 - - - 10,133 4,986,790 Amortization of debt discount and expense less premium 22,946 - - - - 54,818 Other interest 256,196 1,227,833 - - 1,223,162 4,716 Allowance for borrowed funds used during construction (57,860) (161,070) - - - (182) ------------ ------------- ----------- --------- ------------- ------------ 1,710,564 1,066,763 - - 1,233,295 5,046,142 ------------ ------------- ----------- --------- ------------- ------------ NET INCOME (LOSS) 3,013,243 757,925 39,360 (7,031) (1,084,250) 1,125,508 RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 13,061,364 1,355,409 (23,703) 2,044 (39,586,410) 8,299,576 ------------ ------------- ----------- --------- ------------- ------------ 16,074,607 2,113,334 15,657 (4,987) (40,670,660) 9,425,084 DIVIDENDS ON PREFERRED STOCK - - - - - - DIVIDENDS ON COMMON STOCK (2,260,609) - - - - (9,020,769) OTHER ADJUSTMENT - (2,113,334) - - - - ------------ ------------- ----------- --------- ------------- ------------ RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 13,813,998 $ - $ 15,657 $ (4,987) $(40,670,660) $ 404,315 ============ ============= =========== ========= ============= ============
----------------------------------------------------- PS PSR Colorado Natural Investments, Credit Fuels Inc. Corporation Corporation ----------------- ---------------- ---------------- OPERATING REVENUES: Electric $ - $ - $ - Gas - - 4,385,768 Other 25,131,638 11,123,410 - ----------------- ---------------- ---------------- 25,131,638 11,123,410 4,385,768 OPERATING EXPENSES: Fuel used in generation - - - Purchased power - - - Gas purchased for resale - - 255,701 Other operating expenses 2,003,387 439,601 5,533,357 Maintenance - - - Defueling and decommissioning - - - Depreciation and amortization - - 255,760 Taxes (other than income taxes) (11,066) 5,373 138,978 Income taxes (11,474,600) 1,437,892 (666,231) ----------------- ---------------- ---------------- (9,482,279) 1,882,866 5,517,565 ----------------- ---------------- ---------------- OPERATING INCOME (LOSS) 34,613,917 9,240,544 (1,131,797) OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction - - - Equity in earnings of consolidated subsidiaries - - - Interest income from subsidiaries - - - Miscellaneous income (deductions)- net - 13,025 296,185 ----------------- ---------------- ---------------- 34,613,917 9,253,569 (835,612) INTEREST CHARGES: Interest on long-term debt - - 6,796 Amortization of debt discount and expense less premium - - - Other interest 29,850,491 6,942,725 36 Allowance for borrowed funds used during construction - - - ----------------- ---------------- ---------------- 29,850,491 6,942,725 6,832 ----------------- ---------------- ---------------- NET INCOME (LOSS) 4,763,426 2,310,844 (842,444) RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 2,208,219 - (6,307,928) ----------------- ---------------- ---------------- 6,971,645 2,310,844 (7,150,372) DIVIDENDS ON PREFERRED STOCK - - - DIVIDENDS ON COMMON STOCK (4,000,000) (2,310,844) - OTHER ADJUSTMENT - - - ----------------- ---------------- ---------------- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 2,971,645 $ - $ (7,150,372) ================= ================ ================
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS WITH CONSOLIDATING INFORMATION YEAR ENDED DECEMBER 31, 1994
--------------------------------------- Consolidated Eliminations Total ---------------- --------------- ---------------- OPERATING ACTIVITIES: Net income (loss) $ 170,269,319 $ 10,076,581 (a) $ 180,345,900 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities : Depreciation and amortization 142,842,744 - 142,842,744 Defueling and decommissioning expenses 43,376,059 - 43,376,059 Gain on sale of WestGas Gathering, Inc. (34,484,630) - (34,484,630) Amortization of investment tax credits (5,799,766) - (5,799,766) Deferred income taxes 34,233,625 - 34,233,625 Allowance for equity funds used during construction (3,139,648) - (3,139,648) Change in accounts receivable (16,281,148) 25,811,679 (b) 9,530,531 Change in inventories 10,007,591 - 10,007,591 Change in other current assets (1,695,374) - (1,695,374) Change in accounts payable (35,363,903) (13,745,472)(b) (49,109,375) Change in other current liabilities (39,729,683) - (39,729,683) Change in deferred amounts (33,920,077) 168,488 (b) (33,751,589) Change in noncurrent liabilities 15,320,760 1,806,259 (b) 17,127,019 Other 91,840 - 91,840 --------------- -------------- --------------- Net cash provided by (used in) operating activities 245,727,709 24,117,535 269,845,244 INVESTING ACTIVITIES: Construction expenditures (317,138,220) - (317,138,220) Allowance for equity funds used during construction 3,139,648 - 3,139,648 Proceeds from sale of WestGas Gathering, Inc. 87,000,000 - 87,000,000 Proceeds from (cost of) disposition of property, plant and equipment 49,438,468 29,446,432 (c) 78,884,900 Purchase of other investments (954,623) (56,551,963)(b)(c) (57,506,586) Sale of other investments 1,147,699 64,743,363 (b)(c) 65,891,062 Subsidiary dividends in excess of earnings - 7,347,151 (a) 7,347,151 --------------- -------------- --------------- Net cash provided by (used in) investing activities (177,367,028) 44,984,983 (132,382,045) FINANCING ACTIVITIES: Proceeds from sale of common stock 38,085,665 42,679,499 (c) 80,765,164 Repurchase of common stock - (75,889,795)(b)(c) (75,889,795) Proceeds from sale of long-term notes and bonds 250,068,047 - 250,068,047 Redemption of long-term notes and bonds (281,834,544) (18,300,000)(b) (300,134,544) Short-term borrowings - net 47,925,000 - 47,925,000 Redemption of preferred stock (213,300) - (213,300) Dividends on common stock (122,531,211) (17,592,222)(a) (140,123,433) Dividends on preferred stock (12,015,450) - (12,015,450) --------------- -------------- --------------- Net cash provided by (used in) financing activities (80,515,793) (69,102,518) (149,618,311) --------------- -------------- --------------- Net increase (decrease) in cash and temporary cash investments (12,155,112) - (12,155,112) Cash and temporary cash investments at December 31, 1993 18,038,324 - 18,038,324 --------------- -------------- --------------- Cash and temporary cash investments at December 31, 1994 $ 5,883,212 $ $ 5,883,212 =============== ============== ===============
(a) Eliminate subsidiary net income, undistributed equity in earnings of subsidiaries and dividends paid to parent. (b) Eliminate changes in accounts payable to and receivables from associated companies. (c) Eliminate intercompany stock transactions. (d) WestGas Gathering, Inc. was sold on August 30, 1994 and, accordingly, the statement of cash flows includes only eight months of operations.
CONSOLIDATING INFORMATION -------------------------------------------------------------- Public Cheyenne Service Light, Fuel WestGas Company of and Power Gathering, Colorado Company Inc. (d) ---------------- -------------- ------------- OPERATING ACTIVITIES: Net income (loss) $ 170,269,319 $ 3,013,243 $ 757,925 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities : Depreciation and amortization 137,278,142 1,935,609 1,551,035 Defueling and decommissioning expenses 43,376,059 - - Gain on sale of WestGas Gathering, Inc. (34,484,630) - - Amortization of investment tax credits (5,643,892) (91,026) - Deferred income taxes 38,071,305 757,769 26,996 Allowance for equity funds used during construction (3,139,648) - - Change in accounts receivable 11,013,335 (165,733) 2,834,433 Change in inventories 9,234,131 132,165 564,072 Change in other current assets (319,326) (1,805,526) 3,193 Change in accounts payable (46,010,451) (1,100,402) 2,164,291 Change in other current liabilities (35,532,111) (54,279) 127,870 Change in deferred amounts (33,053,231) (492,779) 135,524 Change in noncurrent liabilities 17,101,147 46,309 - Other - - - --------------- ------------- ------------ Net cash provided by (used in) operating activities 268,160,149 2,175,350 8,165,339 INVESTING ACTIVITIES: Construction expenditures (298,033,347) (6,796,306) (8,164,341) Allowance for equity funds used during construction 3,139,648 - - Proceeds from sale of WestGas Gathering, Inc. 87,000,000 - - Proceeds from (cost of) disposition of property, plant and equipment (21,947,632) (280,449) 47,744,434 Purchase of other investments (43,191,435) - - Sale of other investments 65,693,267 - - Subsidiary dividends in excess of earnings 7,347,151 - - --------------- ------------- ------------ Net cash provided by (used in) investing activities (199,992,348) (7,076,755) 39,580,093 FINANCING ACTIVITIES: Proceeds from sale of common stock 38,085,665 - - Repurchase of common stock - - (29,446,432) Proceeds from sale of long-term notes and bonds 242,009,754 8,058,293 - Redemption of long-term notes and bonds (271,869,700) (8,095,200) (18,300,000) Short-term borrowings - net 52,000,000 7,400,000 - Redemption of preferred stock (213,300) - - Dividends on common stock (122,531,211) (2,260,609) - Dividends on preferred stock (12,015,450) - - --------------- ------------- ------------ Net cash provided by (used in) financing activities (74,534,242) 5,102,484 (47,746,432) --------------- ------------- ------------ Net increase (decrease) in cash and temporary cash investments (6,366,441) 201,079 (1,000) Cash and temporary cash investments at December 31, 1993 7,712,686 942,355 1,000 --------------- ------------- ------------ Cash and temporary cash investments at December 31, 1994 $ 1,346,245 $ 1,143,434 $ - =============== ============= ============ --------------------------------------------------------- Fuel WestGas WestGas Resources InterState, TransColorado, Development Inc. Inc. Co. --------------- --------------- ----------------- OPERATING ACTIVITIES: Net income (loss) $ 39,360 $ (7,031) $ (1,084,250) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities : Depreciation and amortization 25,670 - - Defueling and decommissioning expenses - - - Gain on sale of WestGas Gathering, Inc. - - - Amortization of investment tax credits - - - Deferred income taxes 18,225 - (4,389,641) Allowance for equity funds used during construction - - - Change in accounts receivable (24,488) 10,483 2,641,846 Change in inventories - - 10,837 Change in other current assets (423) - 52,760 Change in accounts payable (122,218) 200,471 (4,259,129) Change in other current liabilities (2,886) (4,461) (4,171,701) Change in deferred amounts 8,668 3,177 (416,277) Change in noncurrent liabilities - - (20,437) Other - (2,639) - --------------- --------------- ----------------- Net cash provided by (used in) operating activities (58,092) 200,000 (11,635,992) INVESTING ACTIVITIES: Construction expenditures - - (3,264,945) Allowance for equity funds used during construction - - - Proceeds from sale of WestGas Gathering, Inc. - - - Proceeds from (cost of) disposition of property, plant and equipment - - 27,816,833 Purchase of other investments - (200,000) (1,806,259) Sale of other investments - - 178,153 Subsidiary dividends in excess of earnings - - - --------------- --------------- ----------------- Net cash provided by (used in) investing activities - (200,000) 22,923,782 FINANCING ACTIVITIES: Proceeds from sale of common stock - - - Repurchase of common stock - - - Proceeds from sale of long-term notes and bonds - - - Redemption of long-term notes and bonds - - - Short-term borrowings - net - - (289,643) Redemption of preferred stock - - (11,650,000) Dividends on common stock - - - Dividends on preferred stock - - - --------------- --------------- ----------------- Net cash provided by (used in) financing activities - - (11,939,643) Net increase (decrease) in cash and temporary cash --------------- --------------- ----------------- investments (58,092) - (651,853) Cash and temporary cash investments at December 31, 1993 107,943 - 651,653 --------------- --------------- ----------------- Cash and temporary cash investments at December 31, 1994 $ 49,851 $ - $ (200) =============== =============== =================
--------------------------------------------------------------- PS 1480 PSR Colorado Natural Welton, Investments, Credit Fuels Inc. Inc. Corporation Corporation -------------- -------------- -------------- ------------- OPERATING ACTIVITIES: Net income (loss) $ 1,125,508 $ 4,763,426 $ 2,310,844 $ (842,444) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities : Depreciation and amortization 1,785,365 - - 266,923 Defueling and decommissioning expenses - - - - Gain on sale of WestGas Gathering, Inc. - - - - Amortization of investment tax credits (64,848) - - - Deferred income taxes 121,092 (330,436) (24) (41,661) Allowance for equity funds used during construction - - - - Change in accounts receivable 8,566 (729,273) (5,915,429) (143,209) Change in inventories - - - 66,386 Change in other current assets 20,802 344,934 (5,427) 13,639 Change in accounts payable 126,461 (25) - (108,373) Change in other current liabilities (255,344) 64,421 (105,435) 204,243 Change in deferred amounts 110,991 11,802 19,822 (79,286) Change in noncurrent liabilities - - - - Other - - - 94,479 -------------- -------------- -------------- ------------- Net cash provided by (used in) operating activities 2,978,593 4,124,849 (3,695,649) (569,303) INVESTING ACTIVITIES: Construction expenditures (540,386) - - (338,895) Allowance for equity funds used during construction - - - - Proceeds from sale of WestGas Gathering, Inc. - - - - Proceeds from (cost of) disposition of property, plant and equipment 25,431,107 - - 120,607 Purchase of other investments (12,066,207) (110,352) - (132,333) Sale of other investments - - - 19,642 Subsidiary dividends in excess of earnings - - - - -------------- -------------- -------------- ------------- Net cash provided by (used in) investing activities 12,824,514 (110,352) - (330,979) FINANCING ACTIVITIES: Proceeds from sale of common stock - - 42,679,499 - Repurchase of common stock (4,543,811) - (41,899,552) - Proceeds from sale of long-term notes and bonds - - - - Redemption of long-term notes and bonds (1,522,986) - - (57,015) Short-term borrowings - net - - 175,000 - Redemption of preferred stock - - - - Dividends on common stock (9,020,769) (4,000,000) (2,310,844) - Dividends on preferred stock - - - - -------------- -------------- -------------- ------------- Net cash provided by (used in) financing activities (15,087,566) (4,000,000) (1,355,897) (57,015) -------------- -------------- -------------- ------------- Net increase (decrease) in cash and temporary cash investments 715,541 14,497 (5,051,546) (957,297) Cash and temporary cash investments at December 31, 1993 684,631 26 5,067,385 2,870,645 -------------- -------------- -------------- ------------- Cash and temporary cash investments at December 31, 1994 $ 1,400,172 $ 14,523 $ 15,839 $ 1,913,348 ============== ============== ============== =============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND STATEMENT OF INCOME AND RETAINED EARNINGS DECEMBER 31, 1994
DEBIT CREDIT ------------ ------------ (1) Common stock of subsidiaries $ 85,582,694 Property, plant and equipment - steam and other (excess of carrying value of investment in consolidated subsidiaries over the equity applicable thereto at the respective dates of acquisition) 7,711 Retained earnings includes (a) 1994 subsidiary earnings of $10,245,071 attributable to parent; (b) a 1994 subsidiary loss of $168,490 attributable to minority interest; and (c) ($69,139) of subsidiaries retained earnings at dates of acquisition $ 30,620,404 Investment in consolidated subsidiaries 53,828,610 Other deferred credits (minority interest in Natural Fuels Corporation) 1,141,391 To eliminate investment in consolidated subsidiaries. (2) Accounts payable to associated companies 41,417,707 Other noncurrent liabilities 4,387,254 Note payable to associated company 12,066,207 Accounts receivable from associated companies 10,048,038 Note receivable from associated company 12,066,207 Other investments 4,387,254 Fuel inventory financed 31,369,669 To eliminate intercompany accounts, as follows: Current Accounts ------------ Payable by: Receivable by: Cheyenne Light, Fuel and Power Company $ 915,145 1480 Welton, Inc. 278,098 WestGas TransColorado, Inc. 213,434 ------------ 1,406,677 Public Service Company of Colorado Cheyenne Light, Fuel and Power Company 18,212 WestGas InterState, Inc. Public Service Company of Colorado 2,760,266 PSR Investments, Inc. Public Service Company of Colorado 1,984 WestGas InterState, Inc. Public Service Company of Colorado 3,752,666 Fuel Resources Development Co. Public Service Company of Colorado 1,977,345 PS Colorado Credit Corporation Public Service Company of Colorado 130,888 Natural Fuels Corporation ------------ 10,048,038 ============ Note Receivable ------------ 1480 Welton, Inc. 12,066,207 Public Service Company of Colorado ============ Long-Term Income Tax Receivable ------------ Public Service Company of Colorado 4,387,254 Fuel Resources Development Co. ============ Fuel Inventory Financed ------------ Public Service Company of Colorado 31,369,669 PS Colorado Credit Corporation ============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND STATEMENT OF INCOME AND RETAINED EARNINGS (Continued) DECEMBER 31, 1994
DEBIT CREDIT --------- ---------- (3) Operating revenues - gas 3,153,172 Operating revenues - other 20,620,967 Miscellaneous income and deductions - net 259,588 Gas purchased for resale 195,678 Other operating expenses 21,622,329 Interest on debt to associates 2,215,720 To eliminate intercompany revenues and expenses as follows: Gas Other Interest purchased operating on debt to Total for resale expenses associates ------------- ------------ ------------ ------------- Gas Operating Revenues: Gas transportation fee charged by Public Service Company of Colorado to Cheyenne Light, Fuel and Power Company 95,509 95,509 - - Gas transportation fee charged by WestGas InterState, Inc. to Cheyenne Light, Fuel and Power Company 74,461 74,461 - - Gas gathering fee charged by WestGas Gathering, Inc. to Public Service Company of Colorado 1,209,054 - 1,209,054 - Gas transportation fee charged by Public Service Company of Colorado to Natural Fuels Corporation 22,544 22,544 - - Natural Fuels Corporation sales to Public Service Company of Colorado for station maintenance and other 1,721,604 3,164 1,718,440 - Administrative and operating fee charged by Public Service Company of Colorado to WestGas InterState, Inc. 30,000 - 30,000 - ------------- ------------ ------------ ------------ 3,153,172 195,678 2,957,494 - ------------- ------------ ------------ ------------ Other Operating Revenues: Rent charged by 1480 Welton, Inc. to Public Service Company of Colorado 9,497,557 - 9,497,557 - Customer receivables discount charged by PS Colorado Credit Corporation to Public Service Company of Colorado 8,907,690 - 8,907,690 - Fuel inventory financing costs charged by PS Colorado Credit Corporation to Public Service Company of Colorado 2,215,720 - - 2,215,720 ------------- ------------ ------------ ------------- 20,620,967 - 18,405,247 2,215,720 ------------- ------------ ------------ ------------- Miscellaneous Income and Deductions - net: Market development from Public Service Company of Colorado to Natural Fuels Corporation 259,588 - 259,588 - ------------- ------------ ------------ ------------ 24,033,727 195,678 21,622,329 2,215,720 ============= ============ ============ ============ (4) Interest income from subsidiaries 1,257,981 Interest charges - other interest 1,257,981 To eliminate intercompany interest income and expense Interest charges recorded by: Cheyenne Light, Fuel and Power Company $ 14,227 Natural Fuels Corporation 36 PSR Investments, Inc. 15,885 WestGas Gathering, Inc. 1,227,833 ----------- $ 1,257,981 =========== Interest income recorded by: Public Service Company of Colorado $ 1,257,981 ===========