x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New Mexico | 75-0575400 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Tyler at Sixth | ||
Amarillo, Texas | 79101 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer x | Smaller reporting company ¨ | |
(Do not check if smaller reporting company) |
Class | Outstanding at August 4, 2016 | |
Common Stock, $1 par value | 100 shares |
PART I — FINANCIAL INFORMATION | |||
Item l — | |||
Item 2 — | |||
Item 4 — | |||
PART II — OTHER INFORMATION | |||
Item 1 — | |||
Item 1A — | |||
Item 4 — | |||
Item 5 — | |||
Item 6 — | |||
Certifications Pursuant to Section 302 | 1 | ||
Certifications Pursuant to Section 906 | 1 | ||
Statement Pursuant to Private Litigation | 1 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating revenues | $ | 440,445 | $ | 422,985 | $ | 831,284 | $ | 846,814 | |||||||
Operating expenses | |||||||||||||||
Electric fuel and purchased power | 246,547 | 243,026 | 459,950 | 488,825 | |||||||||||
Operating and maintenance expenses | 66,588 | 73,827 | 130,711 | 147,724 | |||||||||||
Demand side management program expenses | 3,239 | 2,760 | 6,616 | 6,429 | |||||||||||
Depreciation and amortization | 40,893 | 36,750 | 81,224 | 72,489 | |||||||||||
Taxes (other than income taxes) | 14,792 | 13,490 | 30,828 | 28,456 | |||||||||||
Total operating expenses | 372,059 | 369,853 | 709,329 | 743,923 | |||||||||||
Operating income | 68,386 | 53,132 | 121,955 | 102,891 | |||||||||||
Other income, net | 392 | 156 | 426 | 100 | |||||||||||
Allowance for funds used during construction — equity | 2,379 | 1,788 | 4,716 | 3,493 | |||||||||||
Interest charges and financing costs | |||||||||||||||
Interest charges — includes other financing costs of $813, $771, $1,633 and $1,544, respectively | 22,075 | 21,074 | 44,007 | 41,958 | |||||||||||
Allowance for funds used during construction — debt | (1,397 | ) | (1,137 | ) | (2,724 | ) | (2,198 | ) | |||||||
Total interest charges and financing costs | 20,678 | 19,937 | 41,283 | 39,760 | |||||||||||
Income before income taxes | 50,479 | 35,139 | 85,814 | 66,724 | |||||||||||
Income taxes | 18,268 | 12,563 | 31,080 | 23,901 | |||||||||||
Net income | $ | 32,211 | $ | 22,576 | $ | 54,734 | $ | 42,823 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 32,211 | $ | 22,576 | $ | 54,734 | $ | 42,823 | ||||||||
Other comprehensive income | ||||||||||||||||
Pension and retiree medical benefits: | ||||||||||||||||
Amortization of losses included in net periodic benefit cost, net of tax of $6, $0, $13 and $0, respectively | 11 | — | 23 | — | ||||||||||||
Derivative instruments: | ||||||||||||||||
Reclassification of losses to net income, net of tax of $24, $24, $49 and $48, respectively | 43 | 43 | 85 | 85 | ||||||||||||
Other comprehensive income | 54 | 43 | 108 | 85 | ||||||||||||
Comprehensive income | $ | 32,265 | $ | 22,619 | $ | 54,842 | $ | 42,908 |
Six Months Ended June 30 | |||||||
2016 | 2015 | ||||||
Operating activities | |||||||
Net income | $ | 54,734 | $ | 42,823 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 81,600 | 73,628 | |||||
Demand side management program amortization | 837 | 837 | |||||
Deferred income taxes | 53,217 | 11,866 | |||||
Amortization of investment tax credits | (106 | ) | (170 | ) | |||
Allowance for equity funds used during construction | (4,716 | ) | (3,493 | ) | |||
Net derivative losses | 134 | 133 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (12,997 | ) | (19,478 | ) | |||
Accrued unbilled revenues | (25,690 | ) | 10,927 | ||||
Inventories | 5,889 | 10,776 | |||||
Prepayments and other | 30,189 | (21,378 | ) | ||||
Accounts payable | 9,888 | (10,210 | ) | ||||
Net regulatory assets and liabilities | (3,216 | ) | 41,291 | ||||
Other current liabilities | (4,862 | ) | 13,510 | ||||
Pension and other employee benefit obligations | (16,357 | ) | (10,435 | ) | |||
Change in other noncurrent assets | (373 | ) | 607 | ||||
Change in other noncurrent liabilities | 2,693 | 606 | |||||
Net cash provided by operating activities | 170,864 | 141,840 | |||||
Investing activities | |||||||
Utility capital/construction expenditures | (263,653 | ) | (280,615 | ) | |||
Proceeds from insurance recoveries | 987 | — | |||||
Allowance for equity funds used during construction | 4,716 | 3,493 | |||||
Investments in utility money pool arrangement | — | (9,000 | ) | ||||
Repayments from utility money pool arrangement | — | 9,000 | |||||
Other | (1,174 | ) | — | ||||
Net cash used in investing activities | (259,124 | ) | (277,122 | ) | |||
Financing activities | |||||||
Proceeds from short-term borrowings, net | 10,000 | 172,000 | |||||
Repayment of long-term debt | — | (85 | ) | ||||
Borrowings under utility money pool arrangement | 391,000 | 163,700 | |||||
Repayments under utility money pool arrangement | (291,000 | ) | (179,700 | ) | |||
Capital contributions from parent | 16,225 | 34,535 | |||||
Dividends paid to parent | (38,182 | ) | (53,167 | ) | |||
Net cash provided by financing activities | 88,043 | 137,283 | |||||
Net change in cash and cash equivalents | (217 | ) | 2,001 | ||||
Cash and cash equivalents at beginning of period | 834 | 596 | |||||
Cash and cash equivalents at end of period | $ | 617 | $ | 2,597 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | (39,960 | ) | $ | (38,527 | ) | |
Cash received (paid) for income taxes, net | 41,170 | (36,992 | ) | ||||
Supplemental disclosure of non-cash investing transactions: | |||||||
Property, plant and equipment additions in accounts payable | $ | 30,172 | $ | 26,513 |
June 30, 2016 | Dec. 31, 2015 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 617 | $ | 834 | |||
Accounts receivable, net | 84,008 | 71,166 | |||||
Accounts receivable from affiliates | 1,234 | 1,079 | |||||
Accrued unbilled revenues | 129,471 | 103,781 | |||||
Inventories | 31,657 | 37,546 | |||||
Regulatory assets | 30,656 | 31,541 | |||||
Derivative instruments | 6,596 | 12,952 | |||||
Deferred income taxes | 39,747 | 35,686 | |||||
Prepaid taxes | 16,573 | 35,666 | |||||
Prepayments and other | 8,436 | 20,520 | |||||
Total current assets | 348,995 | 350,771 | |||||
Property, plant and equipment, net | 4,520,672 | 4,348,823 | |||||
Other assets | |||||||
Regulatory assets | 304,345 | 301,814 | |||||
Derivative instruments | 23,692 | 25,272 | |||||
Other | 4,997 | 3,449 | |||||
Total other assets | 333,034 | 330,535 | |||||
Total assets | $ | 5,202,701 | $ | 5,030,129 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 200,000 | $ | 200,000 | |||
Short-term debt | 25,000 | 15,000 | |||||
Borrowings under utility money pool arrangement | 100,000 | — | |||||
Accounts payable | 155,556 | 146,794 | |||||
Accounts payable to affiliates | 13,073 | 29,135 | |||||
Regulatory liabilities | 84,499 | 98,305 | |||||
Taxes accrued | 31,413 | 33,374 | |||||
Accrued interest | 17,666 | 17,781 | |||||
Dividends payable | 19,388 | 12,538 | |||||
Derivative instruments | 3,565 | 3,565 | |||||
Other | 31,262 | 35,654 | |||||
Total current liabilities | 681,422 | 592,146 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 953,522 | 896,430 | |||||
Regulatory liabilities | 235,479 | 229,584 | |||||
Asset retirement obligations | 27,949 | 27,233 | |||||
Derivative instruments | 25,296 | 27,078 | |||||
Pension and employee benefit obligations | 76,825 | 93,346 | |||||
Other | 20,272 | 17,841 | |||||
Total deferred credits and other liabilities | 1,339,343 | 1,291,512 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 1,339,177 | 1,338,522 | |||||
Common stock — 200 shares authorized of $1.00 par value; 100 shares outstanding at June 30, 2016 and Dec. 31, 2015, respectively | — | — | |||||
Additional paid in capital | 1,396,223 | 1,371,223 | |||||
Retained earnings | 447,709 | 438,007 | |||||
Accumulated other comprehensive loss | (1,173 | ) | (1,281 | ) | |||
Total common stockholder’s equity | 1,842,759 | 1,807,949 | |||||
Total liabilities and equity | $ | 5,202,701 | $ | 5,030,129 |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | June 30, 2016 | Dec. 31, 2015 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | 89,872 | $ | 77,054 | ||||
Less allowance for bad debts | (5,864 | ) | (5,888 | ) | ||||
$ | 84,008 | $ | 71,166 |
(Thousands of Dollars) | June 30, 2016 | Dec. 31, 2015 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 25,525 | $ | 24,888 | ||||
Fuel | 6,132 | 12,658 | ||||||
$ | 31,657 | $ | 37,546 |
(Thousands of Dollars) | June 30, 2016 | Dec. 31, 2015 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 6,119,713 | $ | 5,933,764 | ||||
Construction work in progress | 277,974 | 236,697 | ||||||
Total property, plant and equipment | 6,397,687 | 6,170,461 | ||||||
Less accumulated depreciation | (1,877,015 | ) | (1,821,638 | ) | ||||
$ | 4,520,672 | $ | 4,348,823 |
4. | Income Taxes |
(Millions of Dollars) | June 30, 2016 | Dec. 31, 2015 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.7 | $ | 2.6 | ||||
Unrecognized tax benefit — Temporary tax positions | 21.9 | 22.1 | ||||||
Total unrecognized tax benefit | $ | 24.6 | $ | 24.7 |
(Millions of Dollars) | June 30, 2016 | Dec. 31, 2015 | ||||||
NOL and tax credit carryforwards | $ | (5.2 | ) | $ | (5.0 | ) |
5. | Rate Matters |
(Millions of Dollars) | Request | |||
Capital expenditure investments | $ | 38.9 | ||
Change in jurisdictional allocation factors | 9.8 | |||
Changes in ROE and capital structure | 11.6 | |||
Estimated rate case expenses | 4.5 | |||
Other, net | 3.8 | |||
Total | $ | 68.6 |
• | Intervenor direct testimony — Aug. 16, 2016; |
• | PUCT Staff direct testimony — Aug. 23, 2016; |
• | PUCT Staff and Intervenors’ cross-rebuttal testimony — Sept. 7, 2016; |
• | SPS’ rebuttal testimony — Sept. 9, 2016; and |
• | Hearings — Sept. 27 - Oct. 7, 2016. |
6. | Commitments and Contingencies |
7. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2016 | Year Ended Dec. 31, 2015 | ||||||
Borrowing limit | $ | 100 | $ | 100 | ||||
Amount outstanding at period end | 100 | — | ||||||
Average amount outstanding | 50 | 21 | ||||||
Maximum amount outstanding | 100 | 100 | ||||||
Weighted average interest rate, computed on a daily basis | 0.64 | % | 0.40 | % | ||||
Weighted average interest rate at period end | 0.62 | N/A |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2016 | Year Ended Dec. 31, 2015 | ||||||
Borrowing limit | $ | 400 | $ | 400 | ||||
Amount outstanding at period end | 25 | 15 | ||||||
Average amount outstanding | 71 | 100 | ||||||
Maximum amount outstanding | 140 | 246 | ||||||
Weighted average interest rate, computed on a daily basis | 0.67 | % | 0.46 | % | ||||
Weighted average interest rate at period end | 0.65 | 0.60 |
Credit Facility (a) | Drawn (b) | Available | ||||||||
$ | 400 | $ | 32 | $ | 368 |
(a) | This credit facility expires in June 2021. |
(b) | Includes outstanding commercial paper and letters of credit. |
• | The maturity extended from October 2019 to June 2021. |
• | The Eurodollar borrowing margins on these lines of credit were reduced to a range of 75 to 150 basis points per year, from a range of 87.5 to 175 basis points per year, based upon applicable long-term credit ratings. |
• | The commitment fees, calculated on the unused portion of the lines of credit, were reduced to a range of 6 to 22.5 basis points per year, from a range of 7.5 to 27.5 basis points per year, also based on applicable long-term credit ratings. |
8. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a) | June 30, 2016 | Dec. 31, 2015 | ||||
Megawatt hours of electricity | 6,255 | 6,192 |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
June 30, 2016 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | ||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 4,021 | $ | 4,021 | $ | (2,951 | ) | $ | 1,070 | |||||||||||
Total current derivative assets | $ | — | $ | — | $ | 4,021 | $ | 4,021 | $ | (2,951 | ) | 1,070 | ||||||||||||
PPAs (a) | 5,526 | |||||||||||||||||||||||
Current derivative instruments | $ | 6,596 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
PPAs (a) | $ | 23,692 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 23,692 | ||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 2,951 | $ | 2,951 | $ | (2,951 | ) | $ | — | |||||||||||
Total current derivative liabilities | $ | — | $ | — | $ | 2,951 | $ | 2,951 | $ | (2,951 | ) | — | ||||||||||||
PPAs (a) | 3,565 | |||||||||||||||||||||||
Current derivative instruments | $ | 3,565 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
PPAs (a) | $ | 25,296 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 25,296 |
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, SPS began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, SPS qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
(b) | SPS nets derivative instruments and related collateral in its 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, 2016. At June 30, 2016, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Dec. 31, 2015 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | ||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 8,980 | $ | 8,980 | $ | (3,920 | ) | $ | 5,060 | |||||||||||
Total current derivative assets | $ | — | $ | — | $ | 8,980 | $ | 8,980 | $ | (3,920 | ) | 5,060 | ||||||||||||
PPAs (a) | 7,892 | |||||||||||||||||||||||
Current derivative instruments | $ | 12,952 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
PPAs (a) | $ | 25,272 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 25,272 | ||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 3,920 | $ | 3,920 | $ | (3,920 | ) | $ | — | |||||||||||
Total current derivative liabilities | $ | — | $ | — | $ | 3,920 | $ | 3,920 | $ | (3,920 | ) | — | ||||||||||||
PPAs (a) | 3,565 | |||||||||||||||||||||||
Current derivative instruments | $ | 3,565 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
PPAs (a) | $ | 27,078 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 27,078 |
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, SPS began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, SPS qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
(b) | SPS nets derivative instruments and related collateral in its 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 Dec. 31, 2015. At Dec. 31, 2015, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Three Months Ended June 30 | ||||||||
(Thousands of Dollars) | 2016 | 2015 | ||||||
Balance at April 1 | $ | 1,730 | $ | 6,457 | ||||
Purchases | 1,956 | 17,284 | ||||||
Settlements | (7,130 | ) | (10,022 | ) | ||||
Net transactions recorded during the period: | ||||||||
Gains (losses) recognized as regulatory assets and liabilities | 4,514 | (2,256 | ) | |||||
Balance at June 30 | $ | 1,070 | $ | 11,463 |
Six Months Ended June 30 | ||||||||
(Thousands of Dollars) | 2016 | 2015 | ||||||
Balance at Jan. 1 | $ | 5,060 | $ | 15,884 | ||||
Purchases | 3,800 | 22,213 | ||||||
Settlements | (14,122 | ) | (18,400 | ) | ||||
Net transactions recorded during the period: | ||||||||
Gains (losses) recognized as regulatory assets and liabilities | 6,332 | (8,234 | ) | |||||
Balance at June 30 | $ | 1,070 | $ | 11,463 |
June 30, 2016 | Dec. 31, 2015 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion (a) | $ | 1,539,177 | $ | 1,775,895 | $ | 1,538,522 | $ | 1,678,673 |
(a) | Amounts reflect the classification of debt issuance costs as a deduction from the carrying amount of the related debt. See Note 2, Accounting Pronouncements for more information on the adoption of ASU 2015-03. |
9. | Other Income, Net |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Interest income | $ | 94 | $ | 13 | $ | 179 | $ | 45 | |||||||
Other nonoperating income | 298 | 65 | 247 | 110 | |||||||||||
Insurance policy income (expense) | — | 78 | — | (55 | ) | ||||||||||
Other income, net | $ | 392 | $ | 156 | $ | 426 | $ | 100 |
10. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended June 30 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 2,440 | $ | 2,751 | $ | 194 | $ | 238 | ||||||||
Interest cost | 5,315 | 5,046 | 455 | 437 | ||||||||||||
Expected return on plan assets | (6,901 | ) | (7,152 | ) | (594 | ) | (635 | ) | ||||||||
Amortization of prior service cost (credit) | — | 10 | (100 | ) | (100 | ) | ||||||||||
Amortization of net loss (gain) | 2,997 | 3,772 | (146 | ) | (160 | ) | ||||||||||
Net periodic benefit cost (credit) | 3,851 | 4,427 | (191 | ) | (220 | ) | ||||||||||
Credits recognized due to the effects of regulation | 638 | 686 | — | — | ||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 4,489 | $ | 5,113 | $ | (191 | ) | $ | (220 | ) |
Six Months Ended June 30 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 4,880 | $ | 5,503 | $ | 388 | $ | 477 | ||||||||
Interest cost | 10,630 | 10,092 | 910 | 873 | ||||||||||||
Expected return on plan assets | (13,802 | ) | (14,305 | ) | (1,188 | ) | (1,270 | ) | ||||||||
Amortization of prior service cost (credit) | — | 20 | (200 | ) | (200 | ) | ||||||||||
Amortization of net loss (gain) | 5,994 | 7,544 | (292 | ) | (320 | ) | ||||||||||
Net periodic benefit cost (credit) | 7,702 | 8,854 | (382 | ) | (440 | ) | ||||||||||
Credits recognized due to the effects of regulation | 716 | 1,399 | — | — | ||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 8,418 | $ | 10,253 | $ | (382 | ) | $ | (440 | ) |
11. | Other Comprehensive Income |
Three Months Ended June 30, 2016 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at April 1 | $ | (775 | ) | $ | (452 | ) | $ | (1,227 | ) | |||
Other comprehensive loss before reclassifications | — | 11 | 11 | |||||||||
Losses reclassified from net accumulated other comprehensive loss | 43 | — | 43 | |||||||||
Net current period other comprehensive income | 43 | 11 | 54 | |||||||||
Accumulated other comprehensive loss at June 30 | $ | (732 | ) | $ | (441 | ) | $ | (1,173 | ) | |||
Three Months Ended June 30, 2015 | |||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | ||
Accumulated other comprehensive loss at April 1 | $ | (947 | ) |
Losses reclassified from net accumulated other comprehensive loss | 43 | ||
Net current period other comprehensive income | 43 | ||
Accumulated other comprehensive loss at June 30 | $ | (904 | ) |
Six Months Ended June 30, 2016 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (817 | ) | $ | (464 | ) | $ | (1,281 | ) | |||
Other comprehensive loss before reclassifications | — | 23 | 23 | |||||||||
Losses reclassified from net accumulated other comprehensive loss | 85 | — | 85 | |||||||||
Net current period other comprehensive income | 85 | 23 | 108 | |||||||||
Accumulated other comprehensive loss at June 30 | $ | (732 | ) | $ | (441 | ) | $ | (1,173 | ) | |||
Six Months Ended June 30, 2015 | |||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | ||
Accumulated other comprehensive loss at Jan. 1 | $ | (989 | ) |
Losses reclassified from net accumulated other comprehensive loss | 85 | ||
Net current period other comprehensive loss | 85 | ||
Accumulated other comprehensive loss at June 30 | $ | (904 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Three Months Ended June 30, 2016 | Three Months Ended June 30, 2015 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 67 | (a) | $ | 67 | (a) | |||
Total, pre-tax | 67 | 67 | |||||||
Tax benefit | (24 | ) | (24 | ) | |||||
Total amounts reclassified, net of tax | $ | 43 | $ | 43 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Six Months Ended June 30, 2016 | Six Months Ended June 30, 2015 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 134 | (a) | $ | 133 | (a) | |||
Total, pre-tax | 134 | 133 | |||||||
Tax benefit | (49 | ) | (48 | ) | |||||
Total amounts reclassified, net of tax | $ | 85 | $ | 85 | |||||
(a) | Included in interest charges. |
Six Months Ended June 30 | ||||||||
(Millions of Dollars) | 2016 | 2015 | ||||||
Electric revenues | $ | 831 | $ | 847 | ||||
Electric fuel and purchased power | (460 | ) | (489 | ) | ||||
Electric margin | $ | 371 | $ | 358 |
(Millions of Dollars) | 2016 vs. 2015 | |||
Fuel and purchased power cost recovery | $ | (24 | ) | |
Trading | (13 | ) | ||
Retail rate decrease (Texas) | (4 | ) | ||
Transmission revenue | 20 | |||
Other, net | 5 | |||
Total decrease in electric revenues | $ | (16 | ) |
(Millions of Dollars) | 2016 vs. 2015 | |||
Transmission revenue, net of costs | $ | 7 | ||
Fuel handling | 6 | |||
Retail rate decrease (Texas) | (4 | ) | ||
Other, net | 4 | |||
Total increase in electric margin | $ | 13 |
* | Indicates incorporation by reference |
+ | Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors |
3.01* | Amended and Restated Articles of Incorporation of SPS dated Sept. 30, 1997 (Exhibit 3(a)(2) to Form 10-K (file no. 001-03789) dated March 3, 1998). |
3.02* | By-Laws of SPS as Amended and Restated on Sept. 26, 2013. (Exhibit 3.02 to Form 10-Q/A for the quarter ended Sept. 30, 2013 (file no. 001-03789)). |
10.01*+ | Fifth Amendment dated May 3, 2016 to the Xcel Energy Senior Executive Severance and Change-in-Control Policy (Exhibit 10.01 to Form 10-Q of Xcel Energy dated Aug. 4, 2016 (file no. 001-03034)). |
10.02* | Second Amended and Restated Credit Agreement, dated as of June 20, 2016 among SPS, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank Plc, as Syndication Agents, and Wells Fargo Bank, National Association and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Documentation Agents. (Exhibit 99.04 to Form 8-K of Xcel Energy, dated June 20, 2016 (file no. 001-03034)). |
Principal Executive Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Principal Financial Officer’s certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Statement pursuant to Private Securities Litigation Reform Act of 1995. | |
101 | The following materials from SPS’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Statements of Income, (ii) the Statements of Comprehensive Income (iii) the Statements of Cash Flows, (iv) the Balance Sheets, (v) Notes to Financial Statements, and (vi) document and entity information. |
Southwestern Public Service Company | ||
Aug. 4, 2016 | By: | /s/ JEFFREY S. SAVAGE |
Jeffrey S. Savage | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) | ||
/s/ ROBERT C. FRENZEL | ||
Robert C. Frenzel | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |
1. | I have reviewed this report on Form 10-Q of Southwestern Public Service Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) |
1. | I have reviewed this report on Form 10-Q of Southwestern Public Service Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of SPS as of the dates and for the periods expressed in the Form 10-Q. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) | |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
• | Economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures; |
• | The risk of a significant slowdown in growth or decline in the U.S. economy, the risk of delay in growth recovery in the U.S. economy or the risk of increased cost for insurance premiums, security and other items as a consequence of past or future terrorist attacks; |
• | Trade, monetary, fiscal, taxation and environmental policies of governments, agencies and similar organizations in geographic areas where SPS has a financial interest; |
• | Customer business conditions, including demand for their products or services and supply of labor and materials used in creating their products and services; |
• | Financial or regulatory accounting principles or policies imposed by the FASB, the SEC, the FERC and similar entities with regulatory oversight; |
• | Availability or cost of capital such as changes in: interest rates; market perceptions of the utility industry, SPS, Xcel Energy Inc. or any of its other subsidiaries; or security ratings; |
• | Factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, maintenance or repairs; unanticipated changes to fossil fuel or natural gas supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; cyber incidents; or electric transmission or natural gas pipeline constraints; |
• | Employee workforce factors, including loss or retirement of key executives, collective-bargaining agreements with union employees, or work stoppages; |
• | Increased competition in the utility industry or additional competition in the markets served by SPS, Xcel Energy Inc. and its other subsidiaries; |
• | State and federal legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures and affect the speed and degree to which competition enters the electric market; industry restructuring initiatives; transmission system operation and/or administration initiatives; recovery of investments made under traditional regulation; nature of competitors entering the industry; retail wheeling; a new pricing structure; and former customers entering the generation market; |
• | Environmental laws and regulations, including legislation and regulations relating to climate change, and the associated cost of compliance; |
• | Rate-setting policies or procedures of regulatory entities, including environmental externalities, which are values established by regulators assigning environmental costs to each method of electricity generation when evaluating generation resource options; |
• | Social attitudes regarding the utility and power industries; |
• | Cost and other effects of legal and administrative proceedings, settlements, investigations and claims; |
• | Technological developments that result in competitive disadvantages and create the potential for impairment of existing assets; |
• | Risks associated with implementation of new technologies; and |
• | Other business or investment considerations that may be disclosed from time to time in SEC filings, including “Risk Factors” in Item 1A of SPS’ Form 10-K for the year ended Dec. 31, 2015, or in other publicly disseminated written documents. |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 04, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SOUTHWESTERN PUBLIC SERVICE CO | |
Entity Central Index Key | 0000092521 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Interest charges and financing costs | ||||
Other financing costs | $ 813 | $ 771 | $ 1,633 | $ 1,544 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Comprehensive income: | ||||
Net income | $ 32,211 | $ 22,576 | $ 54,734 | $ 42,823 |
Pension and retiree medical benefits: | ||||
Net Amortization of losses included in net periodic benefit cost, net of tax of $6, $0, $13 and $0, respectively | 11 | 0 | 23 | 0 |
Derivative instruments: | ||||
Reclassification of losses to net income, net of tax of $24, $24, $49 and $48, respectively | 43 | 43 | 85 | 85 |
Other comprehensive income | 54 | 43 | 108 | 85 |
Comprehensive income | $ 32,265 | $ 22,619 | $ 54,842 | $ 42,908 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative instruments: | ||||
Reclassification of losses to net income, tax | $ 24 | $ 24 | $ 49 | $ 48 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | $ 6 | $ 0 | $ 13 | $ 0 |
BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Capitalization, Long-term Debt and Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 200 | 200 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Management's Opinion |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of SPS as of June 30, 2016, and Dec. 31, 2015; the results of its operations, including the components of net income and comprehensive income, for the three and six months ended June 30, 2016 and 2015; and its cash flows for the six months ended June 30, 2016 and 2015. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2016 up to the date of issuance of these financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2015 balance sheet information has been derived from the audited 2015 financial statements included in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2015. These notes to the 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 financial statements and notes thereto included in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2015, filed with the SEC on Feb. 22, 2016. Due to the seasonality of SPS’ electric sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the financial statements in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2015, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Revenue Recognition — In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. The new guidance also includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers. The guidance is effective for interim and annual reporting periods beginning after Dec. 15, 2017. SPS is currently evaluating the impact of adopting ASU 2014-09 on its financial statements. Presentation of Deferred Taxes — In November 2015, the FASB issued Balance Sheet Classification of Deferred Taxes, Topic 740 (ASU No 2015-17), which eliminates the requirement to present deferred tax assets and liabilities as current and noncurrent on the balance sheet based on the classification of the related asset or liability, and instead requires classification of all deferred tax assets and liabilities as noncurrent. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2016, and early adoption is permitted. Other than the prescribed classification of all deferred tax assets and liabilities as noncurrent, SPS does not expect the implementation of ASU 2015-17 to have a material impact on its financial statements. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01), which among other changes in accounting and disclosure requirements, replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes, and also eliminates the available-for-sale classification for marketable equity securities. Under the new guidance, other than when the consolidation or equity method of accounting is utilized, changes in the fair value of equity securities are to be recognized in earnings. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2017. SPS is currently evaluating the impact of adopting ASU 2016-01 on its financial statements. Leases — In February 2016, the FASB issued Leases, Topic 842 (ASU No. 2016-02), which, for lessees, requires balance sheet recognition of right-of-use assets and lease liabilities for all leases. Additionally, for leases that qualify as finance leases, the guidance requires expense recognition consisting of amortization of the right-of-use asset as well as interest on the related lease liability using the effective interest method. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018, and early adoption is permitted. SPS is currently evaluating the impact of adopting ASU 2016-02 on its financial statements. Stock Compensation — In March 2016, the FASB issued Improvements to Employee Share-Based Payment Accounting, Topic 718 (ASU 2016-09), which amends existing guidance to simplify several aspects of accounting and presentation for share-based payment transactions, including the accounting for income taxes and forfeitures, as well as presentation in the statement of cash flows. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2016, and early adoption is permitted. SPS does not expect the implementation of ASU 2016-09 to have a material impact on its financial statements. Recently Adopted Consolidation — In February 2015, the FASB issued Amendments to the Consolidation Analysis, Topic 810 (ASU No. 2015-02), which reduces the number of consolidation models and amends certain consolidation principles related to variable interest entities. SPS implemented the guidance on Jan. 1, 2016, and the implementation did not have a significant impact on its financial statements. Presentation of Debt Issuance Costs — In April 2015, the FASB issued Simplifying the Presentation of Debt Issuance Costs, Subtopic 835-30 (ASU No. 2015-03), which requires the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt, instead of presentation as an asset. SPS implemented the new guidance as required on Jan. 1, 2016, and as a result, $11.8 million of deferred debt issuance costs were presented as a deduction from the carrying amount of long-term debt on the balance sheet as of March 31, 2016, and $12.1 million of such deferred costs were retrospectively reclassified from other non-current assets to long-term debt on the balance sheet as of Dec. 31, 2015. Fair Value Measurement — In May 2015, the FASB issued Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), Topic 820 (ASU No. 2015-07), which eliminates the requirement to categorize fair value measurements using a net asset value methodology in the fair value hierarchy. SPS implemented the guidance on Jan. 1, 2016, and the implementation did not have a material impact on its financial statements. |
Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data
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Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Except to the extent noted below, Note 6 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2015 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Federal Audit — SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. In 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. As of June 30, 2016, the IRS had proposed an adjustment to the federal tax loss carryback claims that would result in $14 million of income tax expense for the 2009 through 2011 and 2013 claims, the recently filed 2014 claim, and the anticipated claim for 2015. SPS is not expected to accrue any income tax expense related to this adjustment. In the fourth quarter of 2015, the IRS forwarded the issue to the Office of Appeals (Appeals). During the second quarter of 2016 the IRS audit team presented their case to Appeals; however, the outcome and timing of a resolution are uncertain. The statute of limitations applicable to Xcel Energy’s 2009 through 2011 federal income tax returns expires in December 2016 following an extension to allow additional time for the Appeals process. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. As of June 30, 2016, the IRS had not proposed any material adjustments to tax years 2012 and 2013. State Audits — SPS is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of June 30, 2016, SPS’ earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2009. In February 2016, Texas began an audit of years 2009 and 2010. As of June 30, 2016, Texas had not proposed any adjustments, and there were no other state income tax audits in progress. Unrecognized Tax Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual effective tax rate (ETR). In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. A reconciliation of the amount of unrecognized tax benefit is as follows:
The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
It is reasonably possible that SPS’ amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS Appeals and audit progress, the Texas audit progresses, and other state audits resume. As the IRS Appeals, IRS audit, and Texas audit progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $7 million. The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. The payables for interest related to unrecognized tax benefits at June 30, 2016 and Dec. 31, 2015 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of June 30, 2016 or Dec. 31, 2015. |
Rate Matters |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Public Utilities, General Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate Matters | Rate Matters Except to the extent noted below, the circumstances set forth in Note 10 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2015, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. Pending Regulatory Proceedings — Public Utility Commission of Texas (PUCT) Appeal of the Texas 2015 Electric Rate Case Decision — In April 2016, SPS filed an appeal, with the Texas State District Court, of the PUCT’s order that had denied SPS’ request for rehearing on certain items in SPS’ Texas 2015 electric rate case related to capital structure, incentive compensation and wholesale load reductions. In 2014, SPS had requested an overall retail electric revenue rate increase of $64.8 million, which it subsequently revised to $42.1 million. In 2015, the PUCT approved an overall rate decrease of approximately $4.0 million, net of rate case expenses. The hearing in the appeal is scheduled for February 2017. Texas 2015 Electric Rate Net Refund Case — Under an agreement in the Texas 2015 electric rate case, the final rates were retroactively applied to June 11, 2015. In June 2016, SPS filed an application to provide a net refund of approximately $1.25 million to reflect the difference in revenue SPS would have received for usage had SPS been charging the final rates approved by the PUCT from June 11, 2015 through Jan. 31, 2016. SPS has proposed to make the net refund over a six-month period beginning October 2016. The application is pending before the PUCT. Texas 2016 Electric Rate Case — In February 2016, SPS filed a retail electric, non-fuel rate case in Texas with each of its Texas municipalities and the PUCT requesting an overall increase in annual base rate revenue of approximately $71.9 million, or 14.4 percent. The filing is based on a historic test year (HTY) ended Sept. 30, 2015, a requested return on equity (ROE) of 10.25 percent, an electric rate base of approximately $1.7 billion, and an equity ratio of 53.97 percent. In April 2016, SPS revised its requested rate increase to $68.6 million. The following table summarizes the revised net request:
Key dates in the procedural schedule are as follows:
SPS and various parties are having discussions regarding a potential settlement of the rate case. The final rates established at the end of the case are expected to be effective retroactive to July 20, 2016. A PUCT decision is expected in the first quarter of 2017. Pending Regulatory Proceedings — New Mexico Public Regulation Commission (NMPRC) New Mexico 2015 Electric Rate Case — In October 2015, SPS filed an electric rate case with the NMPRC seeking an increase in non-fuel base rates of $45.4 million. The proposed increase would be offset by a decrease in base fuel revenue of approximately $21.1 million. The rate filing is based on a June 30, 2015 HTY adjusted for known and measurable changes, a requested ROE of 10.25 percent, an electric rate base of approximately $734 million and an equity ratio of 53.97 percent. In May 2016, SPS, the NMPRC Staff and all other parties filed a unanimous black-box stipulation that resolves all issues in the case. Under the stipulation, SPS will implement a non-fuel base rate increase of $23.5 million and a decrease in base fuel revenue of approximately $21.1 million. The decrease in base fuel revenue will be reflected in adjustments collected through the fuel and purchased power cost adjustment clause. The stipulation places no restriction on when SPS may file its next base rate case. In July 2016, the hearing examiner issued a recommendation that the NMPRC approve the stipulation. The stipulation is subject to approval by the NMPRC and a decision on the settlement and implementation of final rates is expected in fall of 2016. Pending Regulatory Proceedings — Federal Energy Regulatory Commission (FERC) Southwest Power Pool, Inc. (SPP) Open Access Transmission Tariff (OATT) Upgrade Costs — Under the SPP OATT, costs of participant-funded, or “sponsored,” transmission upgrades may be recovered, in part, from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP OATT has allowed SPP to collect charges since 2008, but to date SPP has not charged its customers any amounts attributable to these upgrades. In April 2016, SPP filed a request with the FERC for a waiver that would allow SPP to recover the charges not billed since 2008. The FERC approved the waiver request in July 2016. SPS is considering whether to seek clarification or rehearing of the FERC order. SPP has indicated it anticipates completing its process and invoicing customers during the fourth quarter of 2016. SPS estimates the charges to be $5 million to $10 million, based on preliminary information. SPS anticipates these costs would be recoverable through regulatory mechanisms. |
Commitments and Contingencies |
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Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 above, the circumstances set forth in Notes 10 and 11 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2015, appropriately represent, in all material respects, the current status of commitments and contingent liabilities, and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to SPS’ financial position. Purchased Power Agreements (PPAs) Under certain PPAs, SPS purchases power from independent power producing entities that own natural gas fueled power plants for which SPS is required to reimburse natural gas fuel costs, or to participate in tolling arrangements under which SPS procures the natural gas required to produce the energy that it purchases. These specific PPAs create a variable interest in the associated independent power producing entity. SPS had approximately 827 megawatts (MW) of capacity under long-term PPAs as of June 30, 2016 and Dec. 31, 2015, with entities that have been determined to be variable interest entities. SPS has concluded that these entities are not required to be consolidated in its financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. These agreements have expiration dates through 2033. Environmental Contingencies Environmental Requirements Air Regional Haze Rules — The regional haze program is designed to address widespread haze that results from emissions from a multitude of sources. In 2005, the United States Environmental Protection Agency (EPA) amended the best available retrofit technology (BART) requirements of its regional haze rules, which require the installation and operation of emission controls for industrial facilities emitting air pollutants that reduce visibility in national parks and wilderness areas. Under BART, regional haze plans identify facilities that will have to reduce sulfur dioxide (SO2), nitrogen oxide (NOx) and particulate matter (PM) emissions and set emission limits for those facilities. BART requirements can also be met through participation in interstate emission trading programs such as the Clean Air Interstate Rule (CAIR) and its successor, Cross-State Air Pollution Rule (CSAPR). Texas developed a state implementation plan (SIP) that finds the CAIR equal to BART for electric generating units (EGUs). As a result, no additional controls beyond CAIR compliance would be required. In December 2014, the EPA proposed to approve the BART portion of the SIP, with the exception that the EPA would substitute the CSAPR compliance for Texas’ reliance on CAIR. In January 2016, the EPA adopted a final rule that defers its approval of CSAPR compliance as BART until the EPA considers further adjustments to CSAPR emission budgets under the United States Court of Appeals for the District of Columbia Circuit’s (D.C. Circuit) remand of the Texas SO2 emission budgets. In March 2016, the EPA requested information under the Clean Air Act (CAA) related to EGUs at SPS’ plants. SPS identified Harrington Units 1 and 2, Jones Units 1 and 2, Nichols Unit 3 and Plant X Unit 4 as BART-eligible units. These units will be evaluated based on their impact on visibility. Additional emission control equipment under the EPA’s BART guidelines for PM, SO2 and NOx could be required if a unit is determined to “cause or contribute” to visibility impairment. SPS cannot evaluate the impact of additional emission controls until the EPA concludes its evaluation of BART. The EPA is expected to issue a proposed rule in December 2016. In June 2016, the EPA issued a memorandum which allows Texas to voluntarily adopt the CSAPR emission budgets limiting annual SO2 and NOx emissions and rely on those emission budgets to satisfy Texas’ BART obligations under the regional haze rules. It is not yet known whether the Texas Commission on Environmental Quality (TCEQ) intends to utilize this option. In December 2014, the EPA proposed to disapprove the reasonable progress portions of the SIP and instead adopt a federal implementation plan (FIP). In January 2016, the EPA adopted a final rule establishing a FIP for the state of Texas. As part of this final rule, the EPA imposed SO2 emission limitations that reflect the installation of dry scrubbers on Tolk Units 1 and 2, with compliance required by February 2021. Investment costs associated with dry scrubbers could be approximately $600 million. In March 2016, SPS appealed the EPA’s decision and asked for a stay of the final rule while it is being reviewed. In July 2016, the United States Court of Appeals for the Fifth Circuit (Fifth Circuit) granted the stay motion and decided that the Fifth Circuit, not the D.C. Circuit, is the appropriate venue for this case. In addition, SPS filed a petition with the EPA requesting reconsideration of the final rule. SPS believes these costs would be recoverable through regulatory mechanisms if required, and therefore does not expect a material impact on results of operations, financial position or cash flows. Implementation of the National Ambient Air Quality Standard (NAAQS) for SO2 — The EPA adopted a more stringent NAAQS for SO2 in 2010. The EPA is requiring states to evaluate areas in three phases. The first phase includes areas near SPS’ Tolk and Harrington plants. The Tolk and Harrington Plants utilize low sulfur coal to reduce SO2 emissions. In June 2016, the EPA issued final designations which found the area near the Tolk plant to be meeting the NAAQS and the area near the Harrington plant as “unclassifiable.” The area near the Harrington plant is to be monitored for three years and a final designation is expected to be made by December 2020. If an area is designated nonattainment in 2020, the respective states will need to evaluate all SO2 sources in the area. The state would then submit an implementation plan, which would be due by 2022, designed to achieve the NAAQS by 2025. The TCEQ could require additional SO2 controls at Harrington as part of such a plan. SPS cannot evaluate the impacts until the designation of nonattainment areas is made and any required state plans are developed. SPS believes that, should SO2 control systems be required for a plant, compliance costs will be recoverable through regulatory mechanisms and therefore does not expect a material impact on results of operations, financial position or cash flows. Legal Contingencies SPS is involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on SPS’ financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. |
Borrowings and Other Financing Instruments |
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Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Short-Term Borrowings 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 for SPS were as follows:
Commercial Paper — SPS meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for SPS was as follows:
Letters of Credit — SPS uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At June 30, 2016 and Dec. 31, 2015, there were $7 million of letters of credit outstanding under the credit facility. 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, SPS must have a 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 credit facility capacity. 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. At June 30, 2016, SPS had the following committed credit facility available (in millions of dollars):
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. SPS had no direct advances on the credit facility outstanding at June 30, 2016 and Dec. 31, 2015. Amended Credit Agreements - In June 2016, SPS entered into an amended five-year credit agreement with a syndicate of banks. The total borrowing limit under the amended credit agreement remained at $400 million. The amended credit agreement has substantially the same terms and conditions as the prior credit agreement with the following exceptions:
SPS has the right to request an extension of the revolving credit facility termination date for two additional one-year periods, subject to majority bank group approval. |
Fair Value of Financial Assets and Liabilities |
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Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Fair Value Measurements The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. The three levels in the hierarchy are as follows: Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted prices. 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. When contractual settlements extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Electric commodity derivatives held by SPS include transmission congestion instruments purchased from the SPP, referred to as financial transmission rights (FTRs). FTRs purchased from a regional transmission organization (RTO) are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of energy congestion, which is caused by transmission load and transmission constraints. Congestion is also influenced by the operating schedules of power plants and the consumption of electricity. Unplanned plant outages, scheduled plant maintenance, changes in the costs of fuels used in generation, weather and changes in demand for electricity can each impact the operating schedules of the power plants and the value of an FTR. The valuation process for FTRs utilizes complex iterative modeling to predict the impacts of forecasted changes in these drivers of transmission system congestion on the historical pricing of FTR purchases. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of management’s forecasts for several of the inputs to this complex valuation model fair value measurements for FTRs have been assigned a Level 3. Monthly settlements for non-trading FTRs are expected to be recovered through fuel and purchased energy cost recovery mechanisms, and therefore changes in the fair value of the yet to be settled portions of FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of FTRs relative to the electric utility operations of SPS, the numerous unobservable quantitative inputs to the complex model used for valuation of FTRs are insignificant to the financial statements of SPS. Derivative Instruments Fair Value Measurements SPS enters into derivative instruments, including forward contracts, for trading purposes and to manage risk in connection with changes in interest rates and electric utility commodity prices. Interest Rate Derivatives — SPS may enter into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. At June 30, 2016, accumulated other comprehensive losses related to interest rate derivatives included $0.1 million of net losses expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for unsettled hedges, as applicable. Wholesale and Commodity Trading Risk — SPS conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy and energy-related instruments. SPS’ risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee. Commodity Derivatives — SPS enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric utility operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products and FTRs. The following table details the gross notional amounts of commodity FTRs at June 30, 2016 and Dec. 31, 2015:
Impact of Derivative Activities on Income and Accumulated Other Comprehensive Loss — Pre-tax losses related to interest rate derivatives reclassified from accumulated other comprehensive loss into earnings were $0.1 million for the three and six months ended June 30, 2016 and 2015. During the three and six months ended June 30, 2016, changes in the fair value of FTRs resulted in pre-tax net gains of $0.5 million and $1.8 million, respectively and were recognized as regulatory assets and liabilities. For the three and six months ended June 30, 2015, changes in the fair value of FTRs resulted in pre-tax net losses of $1.2 million and $2.0 million, respectively, recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on expected recovery of FTR settlements through fuel and purchased energy cost recovery mechanisms. FTR settlement losses of $3.1 million and $3.2 million were recognized for the three and six months ended June 30, 2016, recorded to electric fuel and purchased power. For the three and six months ended June 30, 2015, FTR settlement gains of $1.7 million and $1.6 million, respectively, were recognized and recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. SPS had no derivative instruments designated as fair value hedges during the three and six months ended June 30, 2016 and 2015. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. Consideration of Credit Risk and Concentrations — SPS monitors the creditworthiness of the counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions. Given this assessment, as well as an assessment of the impact of SPS’ own credit risk when determining the fair value of derivative liabilities, the impact of considering credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the balance sheets. SPS employs additional credit risk control mechanisms , such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. SPS’ most significant concentrations of credit risk are contracts with counterparties to its wholesale, trading and non-trading commodity and transmission activities. At June 30, 2016, eight of the most significant counterparties, comprising $46.5 million or 53 percent of this credit exposure, were not rated by Standard & Poor’s Ratings Services, Moody’s Investor Services or Fitch Ratings, but based on SPS’ internal analysis, had credit quality consistent with investment grade. Another of these significant counterparties, comprising $0.5 million or 1 percent of this credit exposure, had credit quality less than investment grade, based on ratings from external analysis. Eight of these significant counterparties are RTOs, municipal or cooperative electric entities or other utilities. Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis at June 30, 2016:
The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2015:
The following table presents the changes in Level 3 commodity derivatives for the three and six months ended June 30, 2016 and 2015:
SPS recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and six months ended June 30, 2016 and 2015. Fair Value of Long-Term Debt As of June 30, 2016 and Dec. 31, 2015, other financial instruments for which the carrying amount did not equal fair value were as follows:
The fair value of SPS’ long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of June 30, 2016 and Dec. 31, 2015, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other Income, Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other Income, Net Other income, net consisted of the following:
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Benefit Plans and Other Postretirement Benefits |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost (Credit)
In January 2016, contributions of $125.0 million were made across four of Xcel Energy’s pension plans, of which $18.0 million was attributable to SPS. Xcel Energy does not expect additional pension contributions during 2016. |
Other Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | anges in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2016 and 2015 were as follows:
Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2016 and 2015 were as follows:
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Selected Balance Sheet Data (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net |
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Inventories |
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Property, Plant and Equipment, Net |
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
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Rate Matters (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
SPS' Texas 2016 Electric Rate Case [Table Text Block] | The following table summarizes the revised net request:
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Borrowings and Other Financing Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | At June 30, 2016, SPS had the following committed credit facility available (in millions of dollars):
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Money Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Money pool borrowings for SPS were as follows:
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Commercial Paper | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for SPS was as follows:
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Fair Value of Financial Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity FTRs | The following table details the gross notional amounts of commodity FTRs at June 30, 2016 and Dec. 31, 2015:
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Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis at June 30, 2016:
The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2015:
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Changes in Level 3 Commodity Derivatives | The following table presents the changes in Level 3 commodity derivatives for the three and six months ended June 30, 2016 and 2015:
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Carrying Amount and Fair Value of Long-term Debt | As of June 30, 2016 and Dec. 31, 2015, other financial instruments for which the carrying amount did not equal fair value were as follows:
|
Other Income, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other income, net consisted of the following:
|
Benefit Plans and Other Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit)
|
Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss, Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2016 and 2015 were as follows:
|
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Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2016 and 2015 were as follows:
|
Accounting Pronouncements Debt Issuance Costs (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Reclassification of deferred debt issuance costs, net | $ 11.8 | $ 12.1 |
Other Noncurrent Assets | ||
Debt Instrument [Line Items] | ||
Reclassification of deferred debt issuance costs, net | $ (12.1) |
Selected Balance Sheet Data (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts receivable, net | ||
Accounts receivable | $ 89,872 | $ 77,054 |
Less allowance for bad debts | (5,864) | (5,888) |
Accounts receivable, net | $ 84,008 | $ 71,166 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 31,657 | $ 37,546 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 25,525 | 24,888 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 6,132 | $ 12,658 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,397,687 | $ 6,170,461 |
Less accumulated depreciation | (1,877,015) | (1,821,638) |
Property, plant and equipment, net | 4,520,672 | 4,348,823 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,119,713 | 5,933,764 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 277,974 | $ 236,697 |
Income Taxes (Details) - USD ($) |
1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|---|
Feb. 29, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2012 |
Dec. 31, 2015 |
|
Unrecognized Tax Benefits [Abstract] | |||||
Unrecognized tax benefit - Permanent tax positions | $ 2,700,000 | $ 2,600,000 | |||
Unrecognized tax benefit - Temporary tax positions | 21,900,000 | 22,100,000 | |||
Total unrecognized tax benefit | 24,600,000 | 24,700,000 | |||
NOL and tax credit carryforwards | (5,200,000) | (5,000,000) | |||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 7,000,000 | ||||
Amounts accrued for penalties related to unrecognized tax benefits | $ 0 | $ 0 | |||
Internal Revenue Service (IRS) | |||||
Tax Audits [Abstract] | |||||
Earliest year subject to examination | 2009 | ||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | |||
Year of carryback claim under examination | 2009 | ||||
Potential Tax Adjustments | $ 14,000,000 | ||||
State Jurisdiction (Texas) | |||||
Tax Audits [Abstract] | |||||
Earliest year subject to examination | 2009 | ||||
Year(s) under examination | 2009 and 2010 |
Commitments and Contingencies, Purchased Power Agreements (Details) - Independent Power Producing Entities - MW |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 827 | 827 |
Purchase Power Agreement Duration, Maximum | 2033 | 2033 |
Commitments and Contingencies, Environmental Contingencies - Unrecorded Unconditional Purchase Obligation (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Implementation of the National Ambient Air Quality Standard for Sulfur Dioxide | |
Environmental Requirements [Abstract] | |
Number of phases under a consent decree which the EPA is requiring states to evaluate areas for attainment | 3 |
Number of years unclassifiable areas will be monitored | 3 years |
Capital Addition Purchase Commitments | Regional Haze Rules | |
Environmental Requirements [Abstract] | |
Liability for estimated cost to comply with regulation | $ 600 |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 25,000 | $ 15,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 7,000 | $ 7,000 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility - USD ($) |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Maturity Date | Jun. 30, 2021 | ||||||
Credit Facility | [1] | $ 400,000,000 | |||||
Drawn | [2] | 32,000,000 | |||||
Available | 368,000,000 | ||||||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |||||
|
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MWh in Thousands, $ in Millions |
Jun. 30, 2016
USD ($)
MWh
Counterparty
|
Dec. 31, 2015
MWh
|
||
---|---|---|---|---|
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 8 | |||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 8 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 46.5 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 53.00% | |||
Credit Concentration Risk | Credit Quality Less Than Investment Grade [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 0.5 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 1.00% | |||
Interest Rate Swap | ||||
Interest Rate Derivatives [Abstract] | ||||
Amount of accumulated other comprehensive losses related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | $ (0.1) | |||
Electric Commodity (in megawatt hours) | ||||
Gross Notional Amounts of Commodity FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional amount | MWh | [1] | 6,255 | 6,192 | |
|
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax losses reclassified into income during the period from accumulated other comprehensive loss | 100,000 | 100,000 | 100,000 | 100,000 |
Other Derivative Instruments | Electric Commodity | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 500,000 | (1,200,000) | 1,800,000 | (2,000,000) |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | $ 3,100,000 | $ (1,700,000) | $ 3,200,000 | $ (1,600,000) |
Fair Value of Financial Assets and Liabilities, Fair Value Measurements (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 0 | $ 0 | ||||||||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ||||||||||
Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 6,596,000 | 12,952,000 | ||||||||||
Other Noncurrent Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 23,692,000 | 25,272,000 | ||||||||||
Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 3,565,000 | 3,565,000 | ||||||||||
Other Noncurrent Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 25,296,000 | 27,078,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,070,000 | 5,060,000 | ||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2,951,000) | [1] | (3,920,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,070,000 | 5,060,000 | ||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2,951,000) | [1] | (3,920,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2,951,000) | [1] | (3,920,000) | [2] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2,951,000) | [1] | (3,920,000) | [2] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 4,021,000 | 8,980,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 4,021,000 | 8,980,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,951,000 | 3,920,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,951,000 | 3,920,000 | ||||||||||
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 5,526,000 | [3] | 7,892,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 23,692,000 | [3] | 25,272,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 3,565,000 | [3] | 3,565,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 25,296,000 | [3] | 27,078,000 | [4] | ||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 4,021,000 | 8,980,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 4,021,000 | 8,980,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,951,000 | 3,920,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 2,951,000 | $ 3,920,000 | ||||||||||
|
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at beginning of period | $ 1,730,000 | $ 6,457,000 | $ 5,060,000 | $ 15,884,000 |
Purchases | 1,956,000 | 17,284,000 | 3,800,000 | 22,213,000 |
Settlements | (7,130,000) | (10,022,000) | (14,122,000) | (18,400,000) |
Gains (losses) recognized as regulatory assets and liabilities | 4,514,000 | (2,256,000) | 6,332,000 | (8,234,000) |
Balance at end of period | 1,070,000 | 11,463,000 | 1,070,000 | 11,463,000 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Carrying Amount | |||||
Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Long-term debt, including current portion | [1] | $ 1,539,177 | $ 1,538,522 | ||
Fair Value | |||||
Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Long-term debt, including current portion | [1] | $ 1,775,895 | $ 1,678,673 | ||
|
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 94 | $ 13 | $ 179 | $ 45 |
Other nonoperating income | 298 | 65 | 247 | 110 |
Insurance policy income (expense) | 0 | 78 | 0 | (55) |
Other income, net | $ 392 | $ 156 | $ 426 | $ 100 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jan. 31, 2016
USD ($)
Plan
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
|
Pension Benefits | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | $ 2,440 | $ 2,751 | $ 4,880 | $ 5,503 | |
Interest cost | 5,315 | 5,046 | 10,630 | 10,092 | |
Expected return on plan assets | (6,901) | (7,152) | (13,802) | (14,305) | |
Amortization of prior service cost (credit) | 0 | 10 | 0 | 20 | |
Amortization of net loss (gain) | 2,997 | 3,772 | 5,994 | 7,544 | |
Net periodic benefit cost (credit) | 3,851 | 4,427 | 7,702 | 8,854 | |
Defined Benefit Plan Credits Recognized Due To Effects of Regulation | 638 | 686 | 716 | 1,399 | |
Net benefit cost (credit) recognized for financial reporting | 4,489 | 5,113 | 8,418 | 10,253 | |
Total contributions to the pension plans during the period | $ 18,000 | ||||
Postretirement Health Care Benefits | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | 194 | 238 | 388 | 477 | |
Interest cost | 455 | 437 | 910 | 873 | |
Expected return on plan assets | (594) | (635) | (1,188) | (1,270) | |
Amortization of prior service cost (credit) | (100) | (100) | (200) | (200) | |
Amortization of net loss (gain) | (146) | (160) | (292) | (320) | |
Net periodic benefit cost (credit) | (191) | (220) | (382) | (440) | |
Defined Benefit Plan Credits Recognized Due To Effects of Regulation | 0 | 0 | 0 | 0 | |
Net benefit cost (credit) recognized for financial reporting | $ (191) | $ (220) | $ (382) | $ (440) | |
Xcel Energy Inc. | Pension Benefits | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Total contributions to the pension plans during the period | $ 125,000 | ||||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | $ 1,807,949 | |||
Accumulated other comprehensive loss at end of period | $ 1,842,759 | 1,842,759 | ||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (775) | $ (947) | (817) | $ (989) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Losses reclassified from net accumulated other comprehensive loss | 43 | 43 | 85 | 85 |
Net current period other comprehensive income | 43 | 43 | 85 | 85 |
Accumulated other comprehensive loss at end of period | (732) | $ (904) | (732) | $ (904) |
Defined Benefit Pension and Postretirement Items | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (452) | (464) | ||
Other comprehensive income (loss) before reclassifications | 11 | 23 | ||
Losses reclassified from net accumulated other comprehensive loss | 0 | 0 | ||
Net current period other comprehensive income | 11 | 23 | ||
Accumulated other comprehensive loss at end of period | (441) | (441) | ||
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (1,227) | (1,281) | ||
Other comprehensive income (loss) before reclassifications | 11 | 23 | ||
Losses reclassified from net accumulated other comprehensive loss | 43 | 85 | ||
Net current period other comprehensive income | 54 | 108 | ||
Accumulated other comprehensive loss at end of period | $ (1,173) | $ (1,173) |
Other Comprehensive Income (Reclassifications from AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total, pre-tax | $ (50,479) | $ (35,139) | $ (85,814) | $ (66,724) | ||
Tax benefit | 18,268 | 12,563 | 31,080 | 23,901 | ||
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total, pre-tax | 67 | 67 | 134 | 133 | ||
Tax benefit | (24) | (24) | (49) | (48) | ||
Total, net of tax | 43 | 43 | 85 | 85 | ||
Gains and Losses on Cash Flow Hedges | Interest Rate Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest charges | [1] | $ 67 | $ 67 | $ 134 | $ 133 | |
|
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