x | ANNUAL 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.) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer x | Smaller Reporting Company ¨ | |
(Do not check if a smaller reporting company) | Emerging growth company ¨ |
PART I | |
PART II | |
PART III | |
PART IV | |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |
NCE | New Century Energies, Inc. |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
PSCo | Public Service Company of Colorado |
SPS | Southwestern Public Service Company |
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |
CFTC | Commodity Futures Trading Commission |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
DOE | United States Department of Energy |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
IRS | Internal Revenue Service |
NERC | North American Electric Reliability Corporation |
NMPRC | New Mexico Public Regulation Commission |
PHMSA | Pipeline and Hazardous Materials Safety Administration |
PUCT | Public Utility Commission of Texas |
SEC | Securities and Exchange Commission |
Electric and Resource Adjustment Clauses | |
DCRF | Distribution cost recovery factor |
DSM | Demand side management |
EE | Energy efficiency |
EECRF | Energy efficiency cost recovery factor |
FPPCAC | Fuel and purchased power cost adjustment clause |
PCRF | Power cost recovery factor |
TCRF | Transmission cost recovery factor (recovers transmission infrastructure improvement costs and changes in wholesale transmission charges) |
Other Terms and Abbreviations | |
AFUDC | Allowance for funds used during construction |
ALJ | Administrative law judge |
APBO | Accumulated postretirement benefit obligation |
ARO | Asset retirement obligation |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
BART | Best available retrofit technology |
CAA | Clean Air Act |
CAIR | Clean Air Interstate Rule |
C&I | Commercial and Industrial |
CO2 | Carbon dioxide |
CCN | Certificate of convenience and necessity |
CPP | Clean Power Plan |
CSAPR | Cross-State Air Pollution Rule |
CWIP | Construction work in progress |
EGU | Electric generating unit |
ERCOT | Electric Reliability Council of Texas |
ETR | Effective tax rate |
FASB | Financial Accounting Standards Board |
FTR | Financial transmission right |
GAAP | Generally accepted accounting principles |
GHG | Greenhouse gas |
IPP | Independent power producers |
IRC | Internal Revenue Code |
ITC | Investment tax credit |
MISO | Midcontinent Independent System Operator, Inc. |
Moody’s | Moody’s Investor Services |
NAAQS | National Ambient Air Quality Standard |
Native load | Customer demand of retail and wholesale customers whereby a utility has an obligation to serve under statute or long-term contract. |
NAV | Net asset value |
NOL | Net operating loss |
NOx | Nitrogen oxide |
NTC | Notifications to construct |
O&M | Operating and maintenance |
OCI | Other comprehensive income |
PJM | PJM Interconnection, LLC |
PM | Particulate matter |
PPA | Purchased power agreement |
PRP | Potentially responsible party |
PSIA | Pipeline system integrity adjustment |
PTC | Production tax credit |
PV | Photovoltaic |
QF | Qualifying facilities |
R&E | Research and experimentation |
REC | Renewable energy credit |
ROE | Return on equity |
RPS | Renewable portfolio standards |
RTO | Regional Transmission Organization |
SIP | State implementation plan |
SO2 | Sulfur dioxide |
SPP | Southwest Power Pool, Inc. |
Standard & Poor’s | Standard & Poor’s Ratings Services |
TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act |
Measurements | |
KV | Kilovolts |
KWh | Kilowatt hours |
MMBtu | Million British thermal units |
MW | Megawatts |
MWh | Megawatt hours |
• | DCRF — Recovers distribution costs in Texas that are not included in base rates. |
• | EECRF — Recovers costs associated with providing energy efficiency programs in Texas. |
• | EE rider — Recovers costs associated with providing energy efficiency programs in New Mexico. |
• | FPPCAC — Adjusts monthly to recover the actual fuel and purchased power costs. |
• | PCRF — Allows recovery of certain purchased power costs in Texas that are not included in base rates. |
• | RPS — Recovers deferred costs associated with renewable energy programs in New Mexico. |
• | TCRF — Recovers certain transmission infrastructure improvement costs and changes in wholesale transmission charges in Texas that are not included in base rates. |
System Peak Demand (in MW) | |||||||||||
2017 | 2016 | 2015 | 2018 Forecast | ||||||||
SPS | 4,374 | 4,836 | 4,678 | 4,483 |
• | An investment cap of $1,675 per KW, which is equal to 102.5 percent of the estimated construction costs; |
• | SPS customers would receive a credit to their bills if actual capacity factors fall below 48 percent; |
• | SPS customers would receive 100 percent of the federal PTC; and |
• | SPS can file a HTY rate case and include projected capital additions for the wind farms five months beyond the end of the test year. Interim rates would also be made effective 30 days after filing which will allow SPS to closely match the start of cost recovery for that wind farm with the in service date. |
Coal | Natural Gas | Weighted Average Owned Fuel Cost | ||||||||||||||||
SPS Generating Plants | Cost | Percent | Cost | Percent | ||||||||||||||
2017 | $ | 2.18 | 74 | % | $ | 3.39 | 26 | % | $ | 2.50 | ||||||||
2016 | 2.12 | 70 | 2.81 | 30 | 2.32 | |||||||||||||
2015 | 2.12 | 73 | 3.11 | 27 | 2.39 |
2017 | 2016 | |||||
Renewable | 24.0 | % | 22.8 | % | ||
Wind | 21.2 | 21.6 | ||||
Solar | 1.8 | 1.2 |
• | SPS had approximately 1,500 MW of wind energy on its system at the end of 2017 and 2016. In addition to receiving purchased wind energy under these agreements, SPS typically receives wind RECs on certain agreements which are used to meet state renewable resource requirements. |
• | The average cost per MWh of wind energy under the IPP contracts and QF tariffs was approximately $27 for 2017 and $25 for 2016. The cost per MWh of wind energy varies by contract and may be influenced by a number of factors including regulation, state-specific renewable resource requirements and the year of contract execution. Generally, contracts executed in 2017 continued to benefit from improvements in technology, excess capacity among manufacturers, and motivation to commence new construction prior to the anticipated expiration of the federal PTCs. In December 2015, the federal PTCs were extended through 2019 with a phase down on sites that began construction in 2017. |
Year Ended Dec. 31 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Electric sales (Millions of KWh) | |||||||||||
Residential | 3,356 | 3,478 | 3,536 | ||||||||
Large C&I | 10,721 | 10,518 | 10,334 | ||||||||
Small C&I | 4,701 | 4,708 | 4,719 | ||||||||
Public authorities and other | 527 | 555 | 538 | ||||||||
Total retail | 19,305 | 19,259 | 19,127 | ||||||||
Sales for resale | 7,759 | 8,689 | 8,694 | ||||||||
Total energy sold | 27,064 | 27,948 | 27,821 | ||||||||
Number of customers at end of period | |||||||||||
Residential | 306,248 | 305,076 | 304,711 | ||||||||
Large C&I | 221 | 219 | 221 | ||||||||
Small C&I | 77,351 | 77,319 | 77,238 | ||||||||
Public authorities and other | 6,316 | 6,377 | 6,354 | ||||||||
Total retail | 390,136 | 388,991 | 388,524 | ||||||||
Wholesale | 7 | 8 | 8 | ||||||||
Total customers | 390,143 | 388,999 | 388,532 | ||||||||
Electric revenues (Thousands of Dollars) | |||||||||||
Residential | $ | 367,234 | $ | 343,475 | $ | 347,966 | |||||
Large C&I | 516,786 | 462,576 | 445,853 | ||||||||
Small C&I | 375,961 | 322,599 | 353,450 | ||||||||
Public authorities and other | 48,045 | 44,892 | 42,963 | ||||||||
Total retail | 1,308,026 | 1,173,542 | 1,190,232 | ||||||||
Wholesale | 388,715 | 414,815 | 409,956 | ||||||||
Other electric revenues | 221,259 | 262,602 | 187,030 | ||||||||
Total electric revenues | $ | 1,918,000 | $ | 1,850,959 | $ | 1,787,218 | |||||
KWh sales per retail customer | 49,483 | 49,510 | 49,230 | ||||||||
Revenue per retail customer | $ | 3,353 | $ | 3,017 | $ | 3,063 | |||||
Residential revenue per KWh | 10.94 | ¢ | 9.88 | ¢ | 9.84 | ¢ | |||||
Large C&I revenue per KWh | 4.82 | 4.40 | 4.31 | ||||||||
Small C&I revenue per KWh | 8.00 | 6.85 | 7.49 | ||||||||
Total retail revenue per KWh | 6.78 | 6.09 | 6.22 | ||||||||
Wholesale revenue per KWh | 5.01 | 4.77 | 4.72 |
Year Ended Dec. 31 | |||||||||||||||||
2017 | 2016 | 2015 | |||||||||||||||
Millions of KWh | Percent of Generation | Millions of KWh | Percent of Generation | Millions of KWh | Percent of Generation | ||||||||||||
Coal | 10,999 | 40 | % | 10,990 | 39 | % | 12,441 | 44 | % | ||||||||
Natural Gas | 9,950 | 36 | 10,909 | 38 | 10,514 | 36 | |||||||||||
Wind (a) | 5,828 | 21 | 6,120 | 22 | 5,252 | 19 | |||||||||||
Other (b) | 770 | 3 | 347 | 1 | 150 | 1 | |||||||||||
Total | 27,547 | 100 | % | 28,366 | 100 | % | 28,357 | 100 | % | ||||||||
Owned generation | 12,845 | 47 | % | 15,015 | 53 | % | 16,480 | 58 | % | ||||||||
Purchased generation | 14,702 | 53 | 13,351 | 47 | 11,877 | 42 | |||||||||||
Total | 27,547 | 100 | % | 28,366 | 100 | % | 28,357 | 100 | % |
(a) | This category includes wind energy de-bundled from RECs and also includes Windsource RECs. SPS uses RECs to meet or exceed state resource requirements and may sell surplus RECs. |
(b) | Distributed generation from the Solar*Rewards program is not included, and was approximately 26, 14 and 13 million net KWh for 2017, 2016, and 2015, respectively. |
Electric Utility Generating Stations: | ||||||||
Station, Location and Unit | Fuel | Installed | Summer 2017 Net Dependable Capability (MW) | |||||
Steam: | ||||||||
Cunningham-Hobbs, N.M., 2 Units | Natural Gas | 1957-1965 | 254 | |||||
Harrington-Amarillo, Texas, 3 Units | Coal | 1976-1980 | 1,018 | |||||
Jones-Lubbock, Texas, 2 Units | Natural Gas | 1971-1974 | 486 | |||||
Maddox-Hobbs, N.M., 1 Unit | Natural Gas | 1967 | 112 | |||||
Nichols-Amarillo, Texas, 3 Units | Natural Gas | 1960-1968 | 457 | |||||
Plant X-Earth, Texas, 4 Units | Natural Gas | 1952-1964 | 411 | |||||
Tolk-Muleshoe, Texas, 2 Units | Coal | 1982-1985 | 1,067 | |||||
Combustion Turbine: | ||||||||
Carlsbad-Carlsbad, N.M., 1 Unit | Natural Gas | 1968 | — | (a) | ||||
Cunningham-Hobbs, N.M., 2 Units | Natural Gas | 1998 | 212 | |||||
Jones-Lubbock, Texas, 2 Units | Natural Gas | 2011-2013 | 336 | |||||
Maddox-Hobbs, N.M., 1 Unit | Natural Gas | 1963-1976 | 61 | |||||
Total | 4,414 |
Conductor Miles | ||
345 KV | 8,516 | |
230 KV | 9,608 | |
115 KV | 13,555 | |
Less than 115 KV | 24,795 |
• | Dividends are subject to the FERC’s jurisdiction under the Federal Power Act, which prohibits the payment of dividends out of capital accounts; payment of dividends is allowed out of retained earnings only. |
• | The most restrictive dividend limitation for SPS is imposed by its state regulatory commissions. SPS’ state regulatory commissions indirectly limit the amount of dividends that SPS can pay Xcel Energy Inc. by requiring an equity-to-total capitalization ratio (excluding short-term debt) between 45.0 percent and 55.0 percent. In addition, SPS may not pay a dividend that would cause it to lose its investment grade bond rating. SPS’ equity-to-total capitalization ratio (excluding short-term debt) was 53.8 percent at Dec. 31, 2017 and $542 million in retained earnings was not restricted. |
(Thousands of Dollars) | 2017 | 2016 | ||||||
First quarter | $ | 26,715 | $ | 25,645 | ||||
Second quarter | 25,014 | 19,388 | ||||||
Third quarter | 26,166 | 27,498 | ||||||
Fourth quarter | 26,753 | 30,870 |
(Millions of Dollars) | 2017 | 2016 | ||||||
Electric revenues | $ | 1,918 | $ | 1,851 | ||||
Electric fuel and purchased power | (1,055 | ) | (1,035 | ) | ||||
Electric margin | $ | 863 | $ | 816 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increases (Texas and New Mexico) | $ | 62 | ||
Wholesale transmission revenue, net of costs | 16 | |||
Demand revenue | 12 | |||
Firm wholesale | (20 | ) | ||
Estimated impact of weather | (7 | ) | ||
Other, net | 4 | |||
Total increase in electric revenues | $ | 67 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increases (Texas and New Mexico) | $ | 62 | ||
Demand revenue | 12 | |||
Renewable energy credits | 7 | |||
Firm wholesale | (20 | ) | ||
Estimated impact of weather | (7 | ) | ||
Fuel handling and procurement | (5 | ) | ||
Wholesale transmission revenue, net of costs | (3 | ) | ||
Other, net | 1 | |||
Total increase in electric margin | $ | 47 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Texas 2016 electric rate case cost deferral | $ | 16 | ||
Electric distribution costs | 4 | |||
Employee benefits expense | 1 | |||
Plant generation costs | (4 | ) | ||
Other, net | 3 | |||
Total increase in O&M expenses | $ | 20 |
/s/ BEN FOWKE | /s/ ROBERT C. FRENZEL | |
Ben Fowke | Robert C. Frenzel | |
Chairman and Chief Executive Officer | Executive Vice President, Chief Financial Officer | |
Feb. 23, 2018 | Feb. 23, 2018 |
/s/ DELOITTE & TOUCHE LLP |
Minneapolis, Minnesota |
February 23, 2018 |
Year Ended Dec. 31 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Operating revenues | $ | 1,918,000 | $ | 1,850,959 | $ | 1,787,218 | |||||
Operating expenses | |||||||||||
Electric fuel and purchased power | 1,055,333 | 1,034,950 | 1,001,083 | ||||||||
Operating and maintenance expenses | 289,555 | 269,471 | 289,856 | ||||||||
Demand side management program expenses | 15,525 | 16,028 | 13,365 | ||||||||
Depreciation and amortization | 193,915 | 162,429 | 150,913 | ||||||||
Taxes (other than income taxes) | 66,863 | 60,800 | 57,536 | ||||||||
Total operating expenses | 1,621,191 | 1,543,678 | 1,512,753 | ||||||||
Operating income | 296,809 | 307,281 | 274,465 | ||||||||
Other income (expense), net | 2,359 | 91 | (6 | ) | |||||||
Allowance for funds used during construction — equity | 9,310 | 9,981 | 7,378 | ||||||||
Interest charges and financing costs | |||||||||||
Interest charges — includes other financing costs of $2,491, $3,055 and $3,158, respectively | 86,233 | 88,671 | 84,040 | ||||||||
Allowance for funds used during construction — debt | (5,384 | ) | (5,589 | ) | (4,491 | ) | |||||
Total interest charges and financing costs | 80,849 | 83,082 | 79,549 | ||||||||
Income before income taxes | 227,629 | 234,271 | 202,288 | ||||||||
Income taxes | 68,416 | 82,114 | 75,025 | ||||||||
Net income | $ | 159,213 | $ | 152,157 | $ | 127,263 |
Year Ended Dec. 31 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 159,213 | $ | 152,157 | $ | 127,263 | |||||
Other comprehensive income (loss) | |||||||||||
Pension and retiree medical benefits: | |||||||||||
Amortization of losses (gains) included in net periodic benefit cost, net of tax of $26, $(84), and $(260), respectively | 44 | (148 | ) | (464 | ) | ||||||
Derivative instruments: | |||||||||||
Reclassification of losses to net income, net of tax of $24, $80, and $97, respectively | 39 | 139 | 172 | ||||||||
Other comprehensive income (loss) | 83 | (9 | ) | (292 | ) | ||||||
Comprehensive income | $ | 159,296 | $ | 152,148 | $ | 126,971 |
Year Ended Dec. 31 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Operating activities | |||||||||||
Net income | $ | 159,213 | $ | 152,157 | $ | 127,263 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 193,870 | 162,957 | 153,241 | ||||||||
Demand side management program amortization | 1,673 | 1,673 | 1,673 | ||||||||
Deferred income taxes | 126,465 | 122,983 | 62,836 | ||||||||
Amortization of investment tax credits | (133 | ) | (213 | ) | (213 | ) | |||||
Allowance for equity funds used during construction | (9,310 | ) | (9,981 | ) | (7,378 | ) | |||||
Provision for bad debts | 5,091 | 6,066 | 4,655 | ||||||||
Net derivative losses | 63 | 217 | 268 | ||||||||
Other | (28 | ) | 122 | (3,827 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (10,392 | ) | (8,868 | ) | (3,291 | ) | |||||
Accrued unbilled revenues | (10,386 | ) | (15,637 | ) | 25,506 | ||||||
Inventories | (1,928 | ) | (959 | ) | 5,686 | ||||||
Prepayments and other | 4,267 | 22,651 | (24,712 | ) | |||||||
Accounts payable | 11,836 | 13,776 | (24,570 | ) | |||||||
Net regulatory assets and liabilities | 38,137 | (55,689 | ) | 26,452 | |||||||
Other current liabilities | 3,427 | 5,156 | (30,762 | ) | |||||||
Pension and other employee benefit obligations | (21,679 | ) | (15,276 | ) | (9,405 | ) | |||||
Change in other noncurrent assets | (1,206 | ) | (200 | ) | 2,352 | ||||||
Change in other noncurrent liabilities | (18,524 | ) | 6,748 | 8,974 | |||||||
Net cash provided by operating activities | 470,456 | 387,683 | 314,748 | ||||||||
Investing activities | |||||||||||
Utility capital/construction expenditures | (559,865 | ) | (512,522 | ) | (599,511 | ) | |||||
Allowance for equity funds used during construction | 9,310 | 9,981 | 7,378 | ||||||||
Proceeds from insurance recoveries | — | 3,901 | — | ||||||||
Investments in utility money pool arrangement | (142,000 | ) | (75,000 | ) | (92,000 | ) | |||||
Receipts from utility money pool arrangement | 77,000 | 75,000 | 92,000 | ||||||||
Other | (493 | ) | (1,174 | ) | 3,136 | ||||||
Net cash used in investing activities | (616,048 | ) | (499,814 | ) | (588,997 | ) | |||||
Financing activities | |||||||||||
(Repayment of) proceeds from short-term borrowings, net | (50,000 | ) | 35,000 | (22,000 | ) | ||||||
Proceeds from issuance of long-term debt | 442,338 | 295,985 | 198,496 | ||||||||
Repayment of long-term debt, including reacquisition premiums | (271,613 | ) | (200,000 | ) | — | ||||||
Borrowings under utility money pool arrangement | 335,000 | 636,500 | 579,700 | ||||||||
Repayments under utility money pool arrangement | (335,000 | ) | (636,500 | ) | (595,700 | ) | |||||
Capital contributions from parent | 143,659 | 66,225 | 214,535 | ||||||||
Dividends paid to parent | (108,765 | ) | (85,069 | ) | (100,544 | ) | |||||
Net cash provided by financing activities | 155,619 | 112,141 | 274,487 | ||||||||
Net change in cash and cash equivalents | 10,027 | 10 | 238 | ||||||||
Cash and cash equivalents at beginning of year | 844 | 834 | 596 | ||||||||
Cash and cash equivalents at end of year | $ | 10,871 | $ | 844 | $ | 834 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (75,978 | ) | $ | (78,236 | ) | $ | (76,474 | ) | ||
Cash received (paid) for income taxes, net | 41,548 | 61,813 | (23,987 | ) | |||||||
Supplemental disclosure of non-cash investing transactions: | |||||||||||
Property, plant and equipment additions in accounts payable | $ | 77,563 | $ | 43,074 | $ | 44,335 |
Dec. 31 | ||||||||
2017 | 2016 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 10,871 | $ | 844 | ||||
Accounts receivable, net | 79,581 | 74,190 | ||||||
Accounts receivable from affiliates | 1,297 | 949 | ||||||
Investments in money pool arrangements | 65,000 | — | ||||||
Accrued unbilled revenues | 129,804 | 119,418 | ||||||
Inventories | 40,433 | 38,505 | ||||||
Regulatory assets | 31,538 | 38,721 | ||||||
Derivative instruments | 15,882 | 5,114 | ||||||
Prepaid taxes | 15,025 | 21,779 | ||||||
Prepayments and other | 10,341 | 7,855 | ||||||
Total current assets | 399,772 | 307,375 | ||||||
Property, plant and equipment, net | 5,095,609 | 4,695,819 | ||||||
Other assets | ||||||||
Regulatory assets | 362,943 | 346,683 | ||||||
Derivative instruments | 18,954 | 22,113 | ||||||
Other | 11,266 | 7,477 | ||||||
Total other assets | 393,163 | 376,273 | ||||||
Total assets | $ | 5,888,544 | $ | 5,379,467 | ||||
Liabilities and Equity | ||||||||
Current liabilities | ||||||||
Short-term debt | $ | — | $ | 50,000 | ||||
Accounts payable | 211,756 | 176,157 | ||||||
Accounts payable to affiliates | 22,577 | 14,414 | ||||||
Regulatory liabilities | 68,835 | 41,577 | ||||||
Taxes accrued | 35,243 | 39,742 | ||||||
Accrued interest | 23,275 | 19,162 | ||||||
Dividends payable | 26,753 | 30,870 | ||||||
Derivative instruments | 3,565 | 3,565 | ||||||
Other | 29,641 | 29,703 | ||||||
Total current liabilities | 421,645 | 405,190 | ||||||
Deferred credits and other liabilities | ||||||||
Deferred income taxes | 574,906 | 989,137 | ||||||
Regulatory liabilities | 784,564 | 233,454 | ||||||
Asset retirement obligations | 28,524 | 28,663 | ||||||
Derivative instruments | 19,949 | 23,513 | ||||||
Pension and employee benefit obligations | 90,266 | 107,872 | ||||||
Other | 8,386 | 24,084 | ||||||
Total deferred credits and other liabilities | 1,506,595 | 1,406,723 | ||||||
Commitments and contingencies | ||||||||
Capitalization | ||||||||
Long-term debt | 1,829,941 | 1,635,858 | ||||||
Common stock — 200 shares authorized of $1.00 par value; 100 shares outstanding at Dec. 31, 2017 and 2016, respectively | — | — | ||||||
Additional paid in capital | 1,590,242 | 1,446,223 | ||||||
Retained earnings | 541,588 | 486,763 | ||||||
Accumulated other comprehensive loss | (1,467 | ) | (1,290 | ) | ||||
Total common stockholder’s equity | 2,130,363 | 1,931,696 | ||||||
Total liabilities and equity | $ | 5,888,544 | $ | 5,379,467 |
Common Stock Issued | Accumulated Other Comprehensive Income (Loss) | Total Common Stockholder’s Equity | ||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | Retained Earnings | |||||||||||||||||||
Balance at Dec. 31, 2014 | 100 | $ | — | $ | 1,165,463 | $ | 395,998 | $ | (989 | ) | $ | 1,560,472 | ||||||||||
Net income | 127,263 | 127,263 | ||||||||||||||||||||
Other comprehensive loss | (292 | ) | (292 | ) | ||||||||||||||||||
Common dividends declared to parent | (85,254 | ) | (85,254 | ) | ||||||||||||||||||
Contribution of capital by parent | 205,760 | 205,760 | ||||||||||||||||||||
Balance at Dec. 31, 2015 | 100 | $ | — | $ | 1,371,223 | $ | 438,007 | $ | (1,281 | ) | $ | 1,807,949 | ||||||||||
Net income | 152,157 | 152,157 | ||||||||||||||||||||
Other comprehensive loss | (9 | ) | (9 | ) | ||||||||||||||||||
Common dividends declared to parent | (103,401 | ) | (103,401 | ) | ||||||||||||||||||
Contribution of capital by parent | 75,000 | 75,000 | ||||||||||||||||||||
Balance at Dec. 31, 2016 | 100 | $ | — | $ | 1,446,223 | $ | 486,763 | $ | (1,290 | ) | $ | 1,931,696 | ||||||||||
Net income | 159,213 | 159,213 | ||||||||||||||||||||
Other comprehensive income | 83 | 83 | ||||||||||||||||||||
Common dividends declared to parent | (104,648 | ) | (104,648 | ) | ||||||||||||||||||
Contribution of capital by parent | 144,019 | 144,019 | ||||||||||||||||||||
Adoption of ASU No. 2018-02 | 260 | (260 | ) | — | ||||||||||||||||||
Balance at Dec. 31, 2017 | 100 | $ | — | $ | 1,590,242 | $ | 541,588 | $ | (1,467 | ) | $ | 2,130,363 |
Dec. 31 | |||||||
2017 | 2016 | ||||||
Long-Term Debt | |||||||
First Mortgage Bonds, Series due: | |||||||
June 15, 2024, 3.3% | $ | 350,000 | $ | 350,000 | |||
Aug. 15, 2041, 4.5% | 400,000 | 400,000 | |||||
Aug. 15, 2046, 3.4% | 300,000 | 300,000 | |||||
Aug. 15, 2047, 3.7% | 450,000 | — | |||||
Unsecured Senior G Notes, due Dec. 1, 2018, 8.75% | — | 250,000 | |||||
Unsecured Senior C and D Notes, due Oct. 1, 2033, 6% | 100,000 | 100,000 | |||||
Unsecured Senior F Notes, due Oct. 1, 2036, 6% | 250,000 | 250,000 | |||||
Unamortized (discount) premium | (1,746 | ) | 365 | ||||
Unamortized debt expense | (18,313 | ) | (14,507 | ) | |||
Total long-term debt | $ | 1,829,941 | $ | 1,635,858 | |||
Common Stockholder’s Equity | |||||||
Common stock — 200 shares authorized of $1.00 par value, 100 shares outstanding at Dec. 31, 2017 and 2016, respectively | $ | — | $ | — | |||
Additional paid in capital | 1,590,242 | 1,446,223 | |||||
Retained earnings | 541,588 | 486,763 | |||||
Accumulated other comprehensive loss | (1,467 | ) | (1,290 | ) | |||
Total common stockholder’s equity | $ | 2,130,363 | $ | 1,931,696 |
1. | Summary of Significant Accounting Policies |
• | Certain costs, which would otherwise be charged to expense or OCI, are deferred as regulatory assets based on the expected ability to recover the costs in future rates; and |
• | Certain credits, which would otherwise be reflected as income or OCI, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred. |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | 85,929 | $ | 80,569 | ||||
Less allowance for bad debts | (6,348 | ) | (6,379 | ) | ||||
$ | 79,581 | $ | 74,190 |
(Thousands of Dollars) | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 26,218 | $ | 25,453 | ||||
Fuel | 14,215 | 13,052 | ||||||
$ | 40,433 | $ | 38,505 |
(Thousands of Dollars) | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 6,765,371 | $ | 6,362,189 | ||||
Construction work in progress | 351,875 | 260,327 | ||||||
Total property, plant and equipment | 7,117,246 | 6,622,516 | ||||||
Less accumulated depreciation | (2,021,637 | ) | (1,926,697 | ) | ||||
$ | 5,095,609 | $ | 4,695,819 |
4. | Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Twelve Months Ended Dec. 31, 2017 | Twelve Months Ended Dec. 31, 2016 | Twelve Months Ended Dec. 31, 2015 | |||||||||
Borrowing limit | $ | 100 | $ | 100 | $ | 100 | ||||||
Amount outstanding at period end | — | — | — | |||||||||
Average amount outstanding | 13 | 28 | 21 | |||||||||
Maximum amount outstanding | 100 | 100 | 100 | |||||||||
Weighted average interest rate, computed on a daily basis | 1.12 | % | 0.67 | % | 0.40 | % | ||||||
Weighted average interest rate at end of period | N/A | N/A | N/A |
(Amounts in Millions, Except Interest Rates) | Twelve Months Ended Dec. 31, 2017 | Twelve Months Ended Dec. 31, 2016 | Twelve Months Ended Dec. 31, 2015 | |||||||||
Borrowing limit | $ | 400 | $ | 400 | $ | 400 | ||||||
Amount outstanding at period end | — | 50 | 15 | |||||||||
Average amount outstanding | 69 | 43 | 100 | |||||||||
Maximum amount outstanding | 176 | 140 | 246 | |||||||||
Weighted average interest rate, computed on a daily basis | 1.13 | % | 0.67 | % | 0.46 | % | ||||||
Weighted average interest rate at end of period | NA | 0.95 | 0.60 |
• | The credit facility may be increased by up to $50 million. |
• | The credit facility has a financial covenant requiring that SPS’ debt-to-total capitalization ratio be less than or equal to 65 percent. SPS was in compliance as its debt-to-total capitalization ratio was 46 percent and 47 percent at Dec. 31, 2017 and 2016, respectively. If SPS does not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. |
• | The credit facility has a cross-default provision that provides SPS will be in default on its borrowings under the facility if SPS or any of its future significant subsidiaries whose total assets exceed 15 percent of SPS’ total assets, default on certain indebtedness in an aggregate principal amount exceeding $75 million. |
• | SPS was in compliance with all financial covenants on its debt agreements as of Dec. 31, 2017 and 2016. |
Credit Facility (a) | Drawn (b) | Available | ||||||||
$ | 400 | $ | 3 | $ | 397 |
(a) | This credit facility matures in June 2021. |
(b) | Includes letters of credit. |
5. | Preferred Stock |
Preferred Shares Authorized | Par Value | Preferred Shares Outstanding | ||||||
10,000,000 | $ | 1.00 | None |
6. | Income Taxes |
• | Corporate federal tax rate reduction from 35 percent to 21 percent; |
• | Normalization of resulting plant-related excess deferred taxes; |
• | Elimination of the corporate alternative minimum tax; |
• | Continued interest expense deductibility and discontinued bonus depreciation for regulated public utilities; |
• | Limitations on certain executive compensation deductions; |
• | Limitations on certain deductions for NOLs arising after Dec. 31, 2017 (limited to 80 percent of taxable income); |
• | Repeal of the section 199 manufacturing deduction; and |
• | Reduced deductions for meals and entertainment as well as state and local lobbying. |
• | $426 million ($559 million grossed-up for tax) of reclassifications of plant-related excess deferred taxes to regulatory liabilities upon valuation at the new 21 percent federal rate. The regulatory liabilities will be amortized consistent with IRS normalization requirements, resulting in customer refunds over the average remaining life of the related property; |
• | $45 million and $28 million of reclassifications (grossed-up for tax) of excess deferred taxes for non-plant related deferred tax assets and liabilities, respectively, to regulatory assets and liabilities; |
• | $8 million of total estimated income tax benefit related to the federal tax reform implementation, and a $2 million reduction to net income related to the allocation of Xcel Energy Services Inc.’s tax rate change on its deferred taxes. |
• | Immediate expensing, or “bonus depreciation,” of 50 percent for property placed in service in 2015, 2016, and 2017; |
• | PTCs at 100 percent of the applicable rate for wind energy projects that begin construction by the end of 2016; 80 percent of the credit rate for projects that begin construction in 2017; 60 percent of the credit rate for projects that begin construction in 2018; and 40 percent of the credit rate for projects that begin construction in 2019. The wind energy PTC was not extended for projects that begin construction after 2019; |
• | ITCs at 30 percent for commercial solar projects that begin construction by the end of 2019; 26 percent for projects that begin construction in 2020; 22 percent for projects that begin construction in 2021; and 10 percent for projects thereafter; |
• | R&E credit was permanently extended; and |
• | Delay of two years (until 2020) of the excise tax on certain employer-provided health insurance plans. |
Tax Year(s) | Expiration | |
2009 - 2011 | June 2018 | |
2012 - 2013 | October 2018 | |
2014 | September 2018 | |
2015 | September 2019 | |
2016 | September 2020 |
(Millions of Dollars) | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.3 | $ | 4.5 | ||||
Unrecognized tax benefit — Temporary tax positions | 2.0 | 24.2 | ||||||
Total unrecognized tax benefit | $ | 4.3 | $ | 28.7 |
(Millions of Dollars) | 2017 | 2016 | 2015 | |||||||||
Balance at Jan. 1 | $ | 28.7 | $ | 24.7 | $ | 13.2 | ||||||
Additions based on tax positions related to the current year | 0.9 | 1.4 | 4.2 | |||||||||
Reductions based on tax positions related to the current year | (0.6 | ) | — | (0.6 | ) | |||||||
Additions for tax positions of prior years | 1.3 | 3.9 | 9.0 | |||||||||
Reductions for tax positions of prior years | (19.9 | ) | (1.3 | ) | (1.1 | ) | ||||||
Settlements with taxing authorities | (6.1 | ) | — | — | ||||||||
Balance at Dec. 31 | $ | 4.3 | $ | 28.7 | $ | 24.7 |
(Millions of Dollars) | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
NOL and tax credit carryforwards | $ | (5.9 | ) | $ | (5.9 | ) |
(Millions of Dollars) | 2017 | 2016 | 2015 | |||||||||
Payable for interest related to unrecognized tax benefits at Jan. 1 | $ | (0.9 | ) | $ | — | $ | (0.1 | ) | ||||
Interest income (expense) income related to unrecognized tax benefits | 1.4 | (0.9 | ) | 0.1 | ||||||||
Receivable (payable) for interest related to unrecognized tax benefits at Dec. 31 | $ | 0.5 | $ | (0.9 | ) | $ | — |
(Millions of Dollars) | 2017 | 2016 | ||||||
Federal NOL carryforward | $ | 115 | $ | 275 | ||||
Federal tax credit carryforwards | 5 | 4 | ||||||
State NOL carryforwards | 40 | 60 |
2017 | 2016 (a) | 2015 (a) | |||||||
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income tax on pretax income, net of federal tax effect | 0.9 | % | 1.0 | % | 1.0 | % | |||
Increases (decreases) in tax from: | |||||||||
Tax reform | (3.5 | ) | — | — | |||||
Change in unrecognized tax benefits | (1.0 | ) | 0.8 | 0.5 | |||||
Tax credits recognized, net of federal income tax expense | (0.7 | ) | (0.5 | ) | (0.3 | ) | |||
Regulatory differences - other utility plant items | (0.8 | ) | (1.0 | ) | (0.8 | ) | |||
Other, net | 0.2 | (0.2 | ) | 1.7 | |||||
Effective income tax rate | 30.1 | % | 35.1 | % | 37.1 | % |
(a) | The prior periods included in this footnote have been reclassified to conform to current year presentation. |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Current federal tax benefit | $ | (20,858 | ) | $ | (40,853 | ) | $ | (1,327 | ) | |||
Current state tax (benefit) expense | (12,725 | ) | (2,929 | ) | 2,448 | |||||||
Current change in unrecognized tax (benefit) expense | (24,333 | ) | 3,126 | 11,281 | ||||||||
Deferred federal tax expense | 89,934 | 116,404 | 67,640 | |||||||||
Deferred state tax expense | 14,437 | 7,757 | 5,399 | |||||||||
Deferred change in unrecognized tax expense (benefit) | 22,094 | (1,178 | ) | (10,203 | ) | |||||||
Deferred investment tax credits | (133 | ) | (213 | ) | (213 | ) | ||||||
Total income tax expense | $ | 68,416 | $ | 82,114 | $ | 75,025 |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Deferred tax (benefit) expense excluding items below | $ | (414,231 | ) | $ | 128,393 | $ | 63,453 | |||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | 540,744 | (5,416 | ) | (780 | ) | |||||||
Tax (expense) benefit allocated to other comprehensive income, net of adoption of ASU No. 2018-02, and other | (48 | ) | 6 | 163 | ||||||||
Deferred tax expense | $ | 126,465 | $ | 122,983 | $ | 62,836 |
(Thousands of Dollars) | 2017 | 2016 (a) | ||||||
Deferred tax liabilities: | ||||||||
Differences between book and tax bases of property | $ | 659,165 | $ | 1,034,675 | ||||
Regulatory assets | 47,519 | 14,811 | ||||||
Pension expense | 33,815 | 51,895 | ||||||
Other | 4,604 | 3,267 | ||||||
Total deferred tax liabilities | $ | 745,103 | $ | 1,104,648 | ||||
Deferred tax assets: | ||||||||
Regulatory liabilities | 115,302 | (13,167 | ) | |||||
NOL carryforward | 26,238 | 100,179 | ||||||
Deferred fuel costs | 10,448 | 10,226 | ||||||
Other employee benefits | 5,769 | 9,656 | ||||||
Tax credit carryforward | 5,178 | 3,738 | ||||||
Other | 7,262 | 4,879 | ||||||
Total deferred tax assets | $ | 170,197 | $ | 115,511 | ||||
Net deferred tax liability | $ | 574,906 | $ | 989,137 |
(a) | The prior period included in this footnote has been reclassified to conform to current year presentation. |
7. | Benefit Plans and Other Postretirement Benefits |
• | Investment returns in 2017 were above the assumed level of 6.78 percent; |
• | Investment returns in 2016 were below the assumed level of 6.78 percent; |
• | Investment returns in 2015 were below the assumed level of 7.22 percent; and |
• | In 2018, SPS’ expected investment-return assumption is 6.78 percent. |
2017 | 2016 | |||||
Domestic and international equity securities | 34 | % | 36 | % | ||
Long-duration fixed income and interest rate swap securities | 31 | 31 | ||||
Short-to-intermediate fixed income securities | 19 | 15 | ||||
Alternative investments | 14 | 16 | ||||
Cash | 2 | 2 | ||||
Total | 100 | % | 100 | % |
Dec. 31, 2017 | ||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | |||||||||||||||
Cash equivalents | $ | 26,934 | $ | — | $ | — | $ | — | $ | 26,934 | ||||||||||
Commingled funds: | ||||||||||||||||||||
U.S. equity funds | 68,103 | — | — | — | 68,103 | |||||||||||||||
Non U.S. equity funds | 12,156 | — | — | 26,427 | 38,583 | |||||||||||||||
U.S. corporate bond funds | 54,830 | — | — | — | 54,830 | |||||||||||||||
Emerging market equity funds | — | — | — | 41,706 | 41,706 | |||||||||||||||
Emerging market debt funds | 9,967 | — | — | 22,063 | 32,030 | |||||||||||||||
Private equity investments | — | — | — | 11,168 | 11,168 | |||||||||||||||
Real estate | — | — | — | 25,896 | 25,896 | |||||||||||||||
Other commingled funds | 643 | — | — | 15,476 | 16,119 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Government securities | — | 57,578 | — | — | 57,578 | |||||||||||||||
U.S. corporate bonds | — | 41,041 | — | — | 41,041 | |||||||||||||||
Non U.S. corporate bonds | — | 6,717 | — | — | 6,717 | |||||||||||||||
Equity securities: | ||||||||||||||||||||
U.S. equities | 15,157 | — | — | — | 15,157 | |||||||||||||||
Other | (3,271 | ) | 566 | — | 72 | (2,633 | ) | |||||||||||||
Total | $ | 184,519 | $ | 105,902 | $ | — | $ | 142,808 | $ | 433,229 |
Dec. 31, 2016 | ||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | |||||||||||||||
Cash equivalents | $ | 29,237 | $ | — | $ | — | $ | — | $ | 29,237 | ||||||||||
Commingled funds: | ||||||||||||||||||||
U.S. equity funds | 62,899 | — | — | — | 62,899 | |||||||||||||||
Non U.S. equity funds | 24,472 | — | — | 21,931 | 46,403 | |||||||||||||||
U.S. corporate bond funds | 41,226 | — | — | — | 41,226 | |||||||||||||||
Emerging market equity funds | — | — | — | 24,637 | 24,637 | |||||||||||||||
Emerging market debt funds | 9,825 | — | — | 10,574 | 20,399 | |||||||||||||||
Commodity funds | — | — | — | 2,876 | 2,876 | |||||||||||||||
Private equity investments | — | — | — | 12,098 | 12,098 | |||||||||||||||
Real estate | — | — | — | 23,232 | 23,232 | |||||||||||||||
Other commingled funds | — | — | — | 28,247 | 28,247 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Government securities | — | 38,105 | — | — | 38,105 | |||||||||||||||
U.S. corporate bonds | — | 36,293 | — | — | 36,293 | |||||||||||||||
Non U.S. corporate bonds | — | 5,818 | — | — | 5,818 | |||||||||||||||
Mortgage-backed securities | — | 821 | — | — | 821 | |||||||||||||||
Asset-backed securities | — | 389 | — | — | 389 | |||||||||||||||
Equity securities: | ||||||||||||||||||||
U.S. equities | 10,477 | — | — | — | 10,477 | |||||||||||||||
Other | — | (2,762 | ) | — | — | (2,762 | ) | |||||||||||||
Total | $ | 178,136 | $ | 78,664 | $ | — | $ | 123,595 | $ | 380,395 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Accumulated Benefit Obligation at Dec. 31 | $ | 478,843 | $ | 453,317 | ||||
Change in Projected Benefit Obligation: | ||||||||
Obligation at Jan. 1 | $ | 483,601 | $ | 467,394 | ||||
Service cost | 9,758 | 9,761 | ||||||
Interest cost | 19,710 | 21,259 | ||||||
Plan amendments | (984 | ) | — | |||||
Actuarial loss | 31,218 | 25,053 | ||||||
Transfer to other plan | — | (3,305 | ) | |||||
Benefit payments | (27,424 | ) | (36,561 | ) | ||||
Obligation at Dec. 31 | $ | 515,879 | $ | 483,601 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Change in Fair Value of Plan Assets: | ||||||||
Fair value of plan assets at Jan. 1 | $ | 380,395 | $ | 378,913 | ||||
Actual return on plan assets | 56,756 | 23,306 | ||||||
Employer contributions | 23,502 | 18,088 | ||||||
Transfer to other plan | — | (3,351 | ) | |||||
Benefit payments | (27,424 | ) | (36,561 | ) | ||||
Fair value of plan assets at Dec. 31 | $ | 433,229 | $ | 380,395 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Funded Status of Plans at Dec. 31: | ||||||||
Funded status (a) | $ | (82,650 | ) | $ | (103,206 | ) |
(a) | Amounts are recognized in noncurrent liabilities on SPS’ balance sheets. |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | ||||||||
Net loss | $ | 237,024 | $ | 247,381 | ||||
Prior service credit | (1,372 | ) | — | |||||
Total | $ | 235,652 | $ | 247,381 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | ||||||||
Current regulatory assets | $ | 13,851 | $ | 13,524 | ||||
Noncurrent regulatory assets | 221,801 | 233,857 | ||||||
Total | $ | 235,652 | $ | 247,381 |
Measurement date | Dec. 31, 2017 | Dec. 31, 2016 |
2017 | 2016 | |||||
Significant Assumptions Used to Measure Benefit Obligations: | ||||||
Discount rate for year-end valuation | 3.63 | % | 4.13 | % | ||
Expected average long-term increase in compensation level | 3.75 | 3.75 | ||||
Mortality table | RP-2014 | RP-2014 |
• | $150 million in January 2018, of which $8 million was attributable to SPS; |
• | $162 million in 2017, of which $24 million was attributable to SPS |
• | $125 million in 2016, of which $18 million was attributable to SPS; and |
• | $90 million in 2015, of which $12 million was attributable to SPS. |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Service cost | $ | 9,758 | $ | 9,761 | $ | 11,006 | ||||||
Interest cost | 19,710 | 21,259 | 20,184 | |||||||||
Expected return on plan assets | (27,883 | ) | (27,602 | ) | (28,610 | ) | ||||||
Amortization of prior service cost | — | — | 39 | |||||||||
Amortization of net loss | 12,981 | 11,986 | 15,087 | |||||||||
Net periodic pension cost | 14,566 | 15,404 | 17,706 | |||||||||
Credits not recognized due to effects of regulation | 306 | 2,042 | 2,597 | |||||||||
Net benefit cost recognized for financial reporting | $ | 14,872 | $ | 17,446 | $ | 20,303 |
2017 | 2016 | 2015 | |||||||
Significant Assumptions Used to Measure Costs: | |||||||||
Discount rate | 4.13 | % | 4.66 | % | 4.11 | % | |||
Expected average long-term increase in compensation level | 3.75 | 4.00 | 3.75 | ||||||
Expected average long-term rate of return on assets | 6.78 | 6.78 | 7.22 |
2017 | 2016 | |||||
Domestic and international equity securities | 24 | % | 25 | % | ||
Short-to-intermediate fixed income securities | 60 | 57 | ||||
Alternative investments | 9 | 13 | ||||
Cash | 7 | 5 | ||||
Total | 100 | % | 100 | % |
Dec. 31, 2017 | ||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | |||||||||||||||
Cash equivalents | $ | 2,787 | $ | — | $ | — | $ | — | $ | 2,787 | ||||||||||
Insurance contracts | — | 4,716 | — | — | 4,716 | |||||||||||||||
Commingled funds: | ||||||||||||||||||||
U.S. equity funds | 7,032 | — | — | — | 7,032 | |||||||||||||||
U.S fixed income funds | 3,245 | — | — | — | 3,245 | |||||||||||||||
Emerging market debt funds | 3,836 | — | — | — | 3,836 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Government securities | — | 5,480 | — | — | 5,480 | |||||||||||||||
U.S. corporate bonds | — | 5,995 | — | — | 5,995 | |||||||||||||||
Non U.S. corporate bonds | — | 2,027 | — | — | 2,027 | |||||||||||||||
Asset-backed securities | — | 2,218 | — | — | 2,218 | |||||||||||||||
Mortgage-backed securities | — | 3,276 | — | — | 3,276 | |||||||||||||||
Equity securities: | ||||||||||||||||||||
Non U.S. equities | 3,323 | — | — | — | 3,323 | |||||||||||||||
Other | — | 104 | — | — | 104 | |||||||||||||||
Total | $ | 20,223 | $ | 23,816 | $ | — | $ | — | $ | 44,039 |
Dec. 31, 2016 | ||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | |||||||||||||||
Cash equivalents | $ | 1,966 | $ | — | $ | — | $ | — | $ | 1,966 | ||||||||||
Insurance contracts | — | 4,519 | — | — | 4,519 | |||||||||||||||
Commingled funds: | ||||||||||||||||||||
U.S. equity funds | 5,208 | — | — | — | 5,208 | |||||||||||||||
U.S fixed income funds | 2,593 | — | — | — | 2,593 | |||||||||||||||
Emerging market debt funds | 2,911 | — | — | — | 2,911 | |||||||||||||||
Other commingled funds | — | — | — | 5,258 | 5,258 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
Government securities | — | 3,611 | — | — | 3,611 | |||||||||||||||
U.S. corporate bonds | — | 5,962 | — | — | 5,962 | |||||||||||||||
Non U.S. corporate bonds | — | 1,653 | — | — | 1,653 | |||||||||||||||
Asset-backed securities | — | 1,810 | — | — | 1,810 | |||||||||||||||
Mortgage-backed securities | — | 2,748 | — | — | 2,748 | |||||||||||||||
Equity securities: | ||||||||||||||||||||
Non U.S. equities | 3,919 | — | — | — | 3,919 | |||||||||||||||
Other | — | 139 | — | — | 139 | |||||||||||||||
Total | $ | 16,597 | $ | 20,442 | $ | — | $ | 5,258 | $ | 42,297 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Change in Projected Benefit Obligation: | ||||||||
Obligation at Jan. 1 | $ | 41,860 | $ | 40,864 | ||||
Service cost | 875 | 775 | ||||||
Interest cost | 1,659 | 1,821 | ||||||
Medicare subsidy reimbursements | 14 | 31 | ||||||
Plan participants’ contributions | 637 | 653 | ||||||
Actuarial loss | 4,688 | 1,293 | ||||||
Benefit payments | (2,764 | ) | (3,577 | ) | ||||
Obligation at Dec. 31 | $ | 46,969 | $ | 41,860 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Change in Fair Value of Plan Assets: | ||||||||
Fair value of plan assets at Jan. 1 | $ | 42,297 | $ | 42,684 | ||||
Actual return on plan assets | 3,686 | 1,978 | ||||||
Plan participants’ contributions | 637 | 653 | ||||||
Employer contributions | 183 | 559 | ||||||
Benefit payments | (2,764 | ) | (3,577 | ) | ||||
Fair value of plan assets at Dec. 31 | $ | 44,039 | $ | 42,297 |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Funded Status of Plans at Dec. 31: | ||||||||
Funded status (a) | $ | (2,930 | ) | $ | 437 |
(a) | Amounts are recognized in noncurrent liabilities and noncurrent assets on SPS’ balance sheet as of Dec. 31, 2017 and 2016, respectively. |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Credit: | ||||||||
Net gain | $ | (8,620 | ) | $ | (12,595 | ) | ||
Prior service credit | (2,229 | ) | (2,630 | ) | ||||
Total | $ | (10,849 | ) | $ | (15,225 | ) |
(Thousands of Dollars) | 2017 | 2016 | ||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Credit Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | ||||||||
Current regulatory liabilities | $ | (827 | ) | $ | (1,004 | ) | ||
Noncurrent regulatory liabilities | (10,022 | ) | (14,221 | ) | ||||
Total | $ | (10,849 | ) | $ | (15,225 | ) |
Measurement date | Dec. 31, 2017 | Dec. 31, 2016 |
2017 | 2016 | |||||
Significant Assumptions Used to Measure Benefit Obligations: | ||||||
Discount rate for year-end valuation | 3.62 | % | 4.13 | % | ||
Mortality table | RP 2014 | RP 2014 | ||||
Health care costs trend rate — initial Pre-65 | 7.00 | % | 5.50 | % | ||
Health care costs trend rate — initial Post-65 | 5.50 | % | 5.50 | % |
One-Percentage Point | ||||||||
(Thousands of Dollars) | Increase | Decrease | ||||||
APBO | $ | 4,559 | $ | (3,858 | ) | |||
Service and interest components | 266 | (225 | ) |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Service cost | $ | 875 | $ | 775 | $ | 954 | ||||||
Interest cost | 1,659 | 1,821 | 1,745 | |||||||||
Expected return on plan assets | (2,355 | ) | (2,377 | ) | (2,540 | ) | ||||||
Amortization of prior service credit | (401 | ) | (401 | ) | (401 | ) | ||||||
Amortization of net gain | (618 | ) | (583 | ) | (639 | ) | ||||||
Net periodic postretirement benefit credit | $ | (840 | ) | $ | (765 | ) | $ | (881 | ) |
2017 | 2016 | 2015 | |||||||
Significant Assumptions Used to Measure Costs: | |||||||||
Discount rate | 4.13 | % | 4.65 | % | 4.08 | % | |||
Expected average long-term rate of return on assets | 5.80 | 5.80 | 5.80 |
(Thousands of Dollars) | Projected Pension Benefit Payments | Gross Projected Postretirement Health Care Benefit Payments | Expected Medicare Part D Subsidies | Net Projected Postretirement Health Care Benefit Payments | ||||||||||||
2018 | $ | 30,475 | $ | 3,277 | $ | 22 | $ | 3,255 | ||||||||
2019 | 28,755 | 3,189 | 19 | 3,170 | ||||||||||||
2020 | 29,621 | 3,229 | 21 | 3,208 | ||||||||||||
2021 | 29,721 | 3,351 | 25 | 3,326 | ||||||||||||
2022 | 30,712 | 3,384 | 30 | 3,354 | ||||||||||||
2023-2027 | 155,784 | 14,773 | 141 | 14,632 |
8. | Other Income (Expense), Net |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Interest income | $ | 2,407 | $ | 129 | $ | 129 | ||||||
Other nonoperating income | — | 5 | 11 | |||||||||
Insurance policy expense | (48 | ) | (43 | ) | (40 | ) | ||||||
Other nonoperating expense | — | — | (106 | ) | ||||||||
Other income (expense), net | $ | 2,359 | $ | 91 | $ | (6 | ) |
9. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a) | Dec. 31, 2017 | Dec. 31, 2016 | ||||
MWh of electricity | 4,251 | 2,685 |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ | (678 | ) | $ | (817 | ) | $ | (989 | ) | |||
After-tax net realized losses on derivative transactions reclassified into earnings | 39 | 139 | 172 | |||||||||
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | $ | (639 | ) | $ | (678 | ) | $ | (817 | ) |
Dec. 31, 2017 | ||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 14,717 | $ | 14,717 | $ | (1,994 | ) | $ | 12,723 | |||||||||||
Total current derivative assets | $ | — | $ | — | $ | 14,717 | $ | 14,717 | $ | (1,994 | ) | 12,723 | ||||||||||||
PPAs (a) | 3,159 | |||||||||||||||||||||||
Current derivative instruments | $ | 15,882 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
PPAs (a) | $ | 18,954 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 18,954 | ||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 1,994 | $ | 1,994 | $ | (1,994 | ) | $ | — | |||||||||||
Total current derivative liabilities | $ | — | $ | — | $ | 1,994 | $ | 1,994 | $ | (1,994 | ) | — | ||||||||||||
PPAs (a) | 3,565 | |||||||||||||||||||||||
Current derivative instruments | $ | 3,565 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
PPAs (a) | $ | 19,949 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 19,949 |
(a) | 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, 2017. At Dec. 31, 2017, 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, 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 | $ | — | $ | — | $ | 3,254 | $ | 3,254 | $ | (1,299 | ) | $ | 1,955 | |||||||||||
Total current derivative assets | $ | — | $ | — | $ | 3,254 | $ | 3,254 | $ | (1,299 | ) | 1,955 | ||||||||||||
PPAs (a) | 3,159 | |||||||||||||||||||||||
Current derivative instruments | $ | 5,114 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
PPAs (a) | $ | 22,113 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 22,113 | ||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 1,299 | $ | 1,299 | $ | (1,299 | ) | $ | — | |||||||||||
Total current derivative liabilities | $ | — | $ | — | $ | 1,299 | $ | 1,299 | $ | (1,299 | ) | — | ||||||||||||
PPAs (a) | 3,565 | |||||||||||||||||||||||
Current derivative instruments | $ | 3,565 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
PPAs (a) | $ | 23,513 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 23,513 |
(a) | 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, 2016. At Dec. 31, 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. |
Year Ended Dec. 31 | ||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Balance at Jan. 1 | $ | 1,955 | $ | 5,060 | $ | 15,884 | ||||||
Purchases | 41,176 | 7,616 | 23,425 | |||||||||
Settlements | (55,758 | ) | (41,923 | ) | (31,703 | ) | ||||||
Net transactions recorded during the period: | ||||||||||||
Net gains (losses) recognized as regulatory assets | 25,350 | 31,202 | (2,546 | ) | ||||||||
Balance at Dec. 31 | $ | 12,723 | $ | 1,955 | $ | 5,060 |
2017 | 2016 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 1,829,941 | $ | 2,001,992 | $ | 1,635,858 | $ | 1,741,502 |
10. | Rate Matters |
Revenue Request (Millions of Dollars) | ||||
Incremental revenue request | $ | 69 | ||
TCRF revenue conversion to base rates (a) | (14 | ) | ||
Net revenue increase request | $ | 55 |
(a) | The roll-in of the TCRF rider revenue into base rates will not have an impact on customer bills or revenue as these costs are already being recovered through the rider. SPS can request another TCRF rider after the conclusion of this rate case to recover transmission investments subsequent to June 30, 2017. |
• | Intervenors’ direct testimony — April 25, 2018; |
• | PUCT Staff direct testimony — May 2, 2018; |
• | PUCT Staff and intervenors’ cross-rebuttal testimony — May 14, 2018; |
• | SPS’ rebuttal testimony — May 23, 2018; and |
• | Hearings — June 4 - 14, 2018. |
• | Staff and intervenor direct testimony — April 13, 2018; |
• | SPS’ rebuttal testimony — May 2, 2018; and |
• | Hearings — May 15 - 25, 2018. |
11. | Commitments and Contingencies |
(Millions of Dollars) | Coal | Natural gas supply | Natural gas storage and transportation | |||||||||
2018 | $ | 172 | $ | 11 | $ | 29 | ||||||
2019 | 106 | — | 32 | |||||||||
2020 | 64 | — | 32 | |||||||||
2021 | 20 | — | 27 | |||||||||
2022 | 21 | — | 21 | |||||||||
Thereafter | — | — | 50 | |||||||||
Total | $ | 383 | $ | 11 | $ | 191 |
(Millions of Dollars) | Capacity | |||
2018 | $ | 58 | ||
2019 | 20 | |||
2020 | 12 | |||
2021 | 12 | |||
2022 | 13 | |||
Thereafter | 18 | |||
Total | $ | 133 |
(Millions of Dollars) | Operating Leases | PPA (a) (b) Operating Leases | Total Operating Leases | |||||||||
2018 | $ | 5 | $ | 52 | $ | 57 | ||||||
2019 | 5 | 51 | 56 | |||||||||
2020 | 5 | 51 | 56 | |||||||||
2021 | 5 | 51 | 56 | |||||||||
2022 | 5 | 51 | 56 | |||||||||
Thereafter | 61 | 543 | 604 |
(a) | Amounts do not include PPAs accounted for as executory contracts. |
(b) | PPA operating leases contractually expire through 2033. |
(Thousands of Dollars) | Beginning Balance Jan. 1, 2017 | Accretion | Cash Flow Revisions (a) | Ending Balance Dec. 31, 2017 (b) | ||||||||||||
Electric plant | ||||||||||||||||
Steam production asbestos | $ | 19,070 | $ | 1,155 | $ | (1,676 | ) | $ | 18,549 | |||||||
Electric distribution | 6,799 | 249 | — | 7,048 | ||||||||||||
Steam production ash containment | 1,593 | 85 | — | 1,678 | ||||||||||||
Other | 1,201 | 48 | — | 1,249 | ||||||||||||
Total liability | $ | 28,663 | $ | 1,537 | $ | (1,676 | ) | $ | 28,524 |
(a) | In 2017, an asbestos ARO was revised for changes in timing of estimated cash flows. |
(b) | There were no ARO liabilities recognized or settled during the year ended Dec. 31, 2017. |
(Thousands of Dollars) | Beginning Balance Jan. 1, 2016 | Accretion | Cash Flow Revisions | Ending Balance Dec. 31, 2016 (a) | ||||||||||||
Electric plant | ||||||||||||||||
Steam production asbestos | $ | 17,981 | $ | 1,089 | $ | — | $ | 19,070 | ||||||||
Steam production ash containment | 1,513 | 80 | — | 1,593 | ||||||||||||
Electric distribution | 6,559 | 240 | — | 6,799 | ||||||||||||
Other | 1,180 | 42 | (21 | ) | 1,201 | |||||||||||
Total liability | $ | 27,233 | $ | 1,451 | $ | (21 | ) | $ | 28,663 |
(a) | There were no ARO liabilities recognized or settled during the year ended Dec. 31, 2016. |
12. | Regulatory Assets and Liabilities |
(Thousands of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||||||||||
Regulatory Assets | Current | Noncurrent | Current | Noncurrent | |||||||||||||||||
Pension and retiree medical obligations (a) | 7 | Various | $ | 12,752 | $ | 223,038 | $ | 13,986 | $ | 234,171 | |||||||||||
Excess deferred taxes - TCJA | 6 | Various | — | 44,685 | — | — | |||||||||||||||
Net AROs (b) | 11 | Plant lives | — | 24,201 | — | 24,352 | |||||||||||||||
Recoverable deferred taxes on AFUDC recorded in plant (c) | 1 | Plant lives | — | 23,888 | — | 44,258 | |||||||||||||||
Losses on reacquired debt | 4 | Term of related debt | 807 | 22,664 | 127 | 1,617 | |||||||||||||||
Renewable resources and environmental initiatives | 11 | One to three years | 1,600 | 1,301 | 3,580 | 2,900 | |||||||||||||||
Conservation programs (d) | 1 | One to two years | 2,674 | 733 | 3,754 | 2,431 | |||||||||||||||
Other | Various | 13,705 | 22,433 | 17,274 | 36,954 | ||||||||||||||||
Total regulatory assets | $ | 31,538 | $ | 362,943 | $ | 38,721 | $ | 346,683 |
(a) | Includes the non-qualified pension plan. |
(b) | Includes amounts recorded for future recovery of AROs. |
(c) | Includes a write-down of $23.2 million as a result of the revaluation of deferred tax gross up at the new federal tax rate at Dec. 31, 2017. |
(d) | Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. |
(Thousands of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||||||||||
Regulatory Liabilities | Current | Noncurrent | Current | Noncurrent | |||||||||||||||||
Excess deferred taxes - TCJA (a) | 6 | Various | $ | — | $ | 563,662 | $ | — | $ | — | |||||||||||
Plant removal costs | 11 | Plant lives | — | 196,875 | — | 208,638 | |||||||||||||||
Revenue subject to refund | 10 | One to two years | 6,825 | 6,503 | 5,093 | 3,602 | |||||||||||||||
Gain from asset sales | 10 | Various | — | 2,476 | — | 2,530 | |||||||||||||||
Deferred electric energy costs | 1 | Less than one year | 48,460 | — | 32,451 | — | |||||||||||||||
Contract valuation adjustments (b) | 1, 9 | Term of related contract | 12,723 | — | 1,955 | — | |||||||||||||||
Other | Various | 827 | 15,048 | 2,078 | 18,684 | ||||||||||||||||
Total regulatory liabilities | $ | 68,835 | $ | 784,564 | $ | 41,577 | $ | 233,454 |
(a) | Primarily relates to the revaluation of recoverable/regulated plant ADIT and $28.0 million revaluation impact of non-plant ADIT at Dec. 31, 2017. |
(b) | Includes the fair value of certain long-term PPAs used to meet energy capacity requirements. |
13. | Other Comprehensive Income |
Year Ended Dec. 31, 2017 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (678 | ) | $ | (612 | ) | $ | (1,290 | ) | |||
Losses reclassified from net accumulated other comprehensive loss | 39 | 44 | 83 | |||||||||
Net current period other comprehensive income | 39 | 44 | 83 | |||||||||
Adoption of ASU No. 2018-02 (a) | (137 | ) | (123 | ) | (260 | ) | ||||||
Accumulated other comprehensive loss at Dec. 31 | $ | (776 | ) | $ | (691 | ) | $ | (1,467 | ) |
(a) | In 2017, SPS implemented ASU No. 2018-02 related to the TCJA, which resulted in reclassification of certain credit balances within accumulated other comprehensive loss to retained earnings. For further information, see Note 2. |
Year Ended Dec. 31, 2016 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (817 | ) | $ | (464 | ) | $ | (1,281 | ) | |||
Other comprehensive loss before reclassifications | — | (148 | ) | (148 | ) | |||||||
Losses reclassified from net accumulated other comprehensive loss | 139 | — | 139 | |||||||||
Net current period other comprehensive income (loss) | 139 | (148 | ) | (9 | ) | |||||||
Accumulated other comprehensive loss at Dec. 31 | $ | (678 | ) | $ | (612 | ) | $ | (1,290 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 63 | (a) | $ | 219 | (a) | |||
Total, pre-tax | 63 | 219 | |||||||
Tax benefit | (24 | ) | (80 | ) | |||||
Total, net of tax | 39 | 139 | |||||||
Defined benefit pension and postretirement losses: | |||||||||
Amortization of net loss | 69 | (b) | — | (b) | |||||
Total, pre-tax | 69 | — | |||||||
Tax benefit | (25 | ) | — | ||||||
Total, net of tax | 44 | — | |||||||
Total amounts reclassified, net of tax | $ | 83 | $ | 139 |
(a) | Included in interest charges. |
(b) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 7 for details regarding these benefit plans. |
14. | Related Party Transactions |
(Thousands of Dollars) | 2017 | 2016 | 2015 | |||||||||
Operating revenues: | ||||||||||||
Electric | $ | 2 | $ | 56 | $ | — | ||||||
Operating expenses: | ||||||||||||
Purchased power | 1,436 | 8,809 | 8,632 | |||||||||
Other operating expenses — paid to Xcel Energy Services Inc. | 196,558 | 188,175 | 197,134 | |||||||||
Interest expense | — | 189 | 156 | |||||||||
Interest income | — | — | 6 |
2017 | 2016 | |||||||||||||||
(Thousands of Dollars) | Accounts Receivable | Accounts Payable | Accounts Receivable | Accounts Payable | ||||||||||||
NSP-Minnesota | $ | 964 | $ | — | $ | 935 | $ | — | ||||||||
NSP-Wisconsin | 7 | — | — | 333 | ||||||||||||
PSCo | — | 279 | — | 745 | ||||||||||||
Other subsidiaries of Xcel Energy Inc. | 326 | 22,298 | 14 | 13,336 | ||||||||||||
$ | 1,297 | $ | 22,577 | $ | 949 | $ | 14,414 |
15. | Summarized Quarterly Financial Data (Unaudited) |
Quarter Ended | ||||||||||||||||
(Thousands of Dollars) | March 31, 2017 | June 30, 2017 | Sept. 30, 2017 | Dec. 31, 2017 | ||||||||||||
Operating revenues | $ | 460,072 | $ | 479,796 | $ | 551,623 | $ | 426,509 | ||||||||
Operating income | 58,415 | 74,489 | 122,407 | 41,498 | ||||||||||||
Net income | 25,055 | 35,362 | 67,781 | 31,015 |
Quarter Ended | ||||||||||||||||
(Thousands of Dollars) | March 31, 2016 | June 30, 2016 | Sept. 30, 2016 | Dec. 31, 2016 | ||||||||||||
Operating revenues | $ | 390,839 | $ | 440,445 | $ | 554,926 | $ | 464,749 | ||||||||
Operating income | 53,569 | 68,386 | 122,362 | 62,964 | ||||||||||||
Net income | 22,523 | 32,211 | 68,346 | 29,077 |
1. | Financial Statements |
Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, 2017. | |
Report of Independent Registered Public Accounting Firm — Financial Statements | |
Statements of Income — For the three years ended Dec. 31, 2017, 2016 and 2015. | |
Statements of Comprehensive Income — For the three years ended Dec. 31, 2017, 2016 and 2015. | |
Statements of Cash Flows — For the three years ended Dec. 31, 2017, 2016 and 2015. | |
Balance Sheets — As of Dec. 31, 2017 and 2016. | |
Statements of Common Stockholder’s Equity — For the three years ended Dec. 31, 2017, 2016 and 2015. | |
Statements of Capitalization — As of Dec. 31, 2017 and 2016. | |
2. | Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2017, 2016 and 2015. |
3. | Exhibits |
* | Indicates incorporation by reference | |
+ | Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors |
10.19*+ | |
10.20*+ | |
10.21*+ | |
10.22*+ | |
10.23*+ | |
10.24*+ | |
10.26*+ | |
10.27*+ | |
10.28*+ | |
10.29*+ | |
101 | The following materials from SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2017 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) the Statements of Stockholder’s Equity, (vi) the Statements of Capitalization, (vii) Notes to Financial Statements, (viii) document and entity information, and (ix) Schedule II. |
Additions | ||||||||||||||||||||
Balance at Jan. 1 | Charged to Costs and Expenses | Charged to Other Accounts(a) | Deductions from Reserves (b) | Balance at Dec. 31 | ||||||||||||||||
Allowance for bad debts: | ||||||||||||||||||||
2017 | $ | 6,379 | $ | 5,091 | $ | 1,169 | $ | 6,291 | $ | 6,348 | ||||||||||
2016 | 5,888 | 6,066 | 907 | 6,482 | 6,379 | |||||||||||||||
2015 | 5,839 | 4,655 | 1,036 | 5,642 | 5,888 |
(a) | Recovery of amounts previously written off. |
(b) | Deductions relate primarily to bad debt write-offs. |
SOUTHWESTERN PUBLIC SERVICE COMPANY | ||
Feb. 23, 2018 | /s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |
/s/ BEN FOWKE | /s/ DAVID T. HUDSON | |
Ben Fowke | David T. Hudson | |
Chairman, Chief Executive Officer and Director | President and Director | |
(Principal Executive Officer) | ||
/s/ ROBERT C. FRENZEL | /s/ JEFFREY S. SAVAGE | |
Robert C. Frenzel | Jeffrey S. Savage | |
Executive Vice President, Chief Financial Officer and Director | Senior Vice President, Controller | |
(Principal Financial Officer) | (Principal Accounting Officer) | |
/s/ MARVIN E. MCDANIEL, JR. | ||
Marvin E. McDaniel, Jr. | ||
Director |
Year Ended Dec. 31 | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings, as defined: | |||||||||||||||||||
Pretax income | $ | 227,629 | $ | 234,271 | $ | 202,288 | $ | 205,054 | $ | 148,938 | |||||||||
Add: Fixed charges | 93,784 | 112,793 | 109,073 | 105,946 | 104,534 | ||||||||||||||
Total earnings, as defined | $ | 321,413 | $ | 347,064 | $ | 311,361 | $ | 311,000 | $ | 253,472 | |||||||||
Fixed charges, as defined: | |||||||||||||||||||
Interest charges | $ | 86,233 | $ | 88,671 | $ | 84,040 | $ | 80,218 | $ | 77,866 | |||||||||
Interest component of leases | 7,551 | 24,122 | 25,033 | 25,728 | 26,668 | ||||||||||||||
Total fixed charges, as defined | $ | 93,784 | $ | 112,793 | $ | 109,073 | $ | 105,946 | $ | 104,534 | |||||||||
Ratio of earnings to fixed charges | 3.4 | 3.1 | 2.9 | 2.9 | 2.4 |
/s/ DELOITTE & TOUCHE LLP | |
Minneapolis, Minnesota | |
February 23, 2018 |
1. | I have reviewed this report on Form 10-K 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 |
1. | I have reviewed this report on Form 10-K 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 |
(1) | The Form 10-K 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-K 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-K. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director |
• | 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 SPS’ SEC filings, including “Risk Factors” in Item 1A of this Form 10-K, or in other publicly disseminated written documents. |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Feb. 23, 2018 |
Jun. 30, 2017 |
|
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 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 100 |
STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands |
Total |
Common stock |
Additional Paid In Capital |
Retained Earnings |
AOCI Attributable to Parent |
|||
---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2014 | $ 1,560,472 | $ 0 | $ 1,165,463 | $ 395,998 | $ (989) | |||
Beginning Balance (in shares) at Dec. 31, 2014 | 100 | |||||||
Comprehensive income: | ||||||||
Net income | 127,263 | 127,263 | ||||||
Other comprehensive income | (292) | (292) | ||||||
Common dividends declared to parent | (85,254) | (85,254) | ||||||
Contribution of capital by parent | 205,760 | 205,760 | ||||||
Ending Balance at Dec. 31, 2015 | 1,807,949 | $ 0 | 1,371,223 | 438,007 | (1,281) | |||
Ending Balance (in shares) at Dec. 31, 2015 | 100 | |||||||
Comprehensive income: | ||||||||
Net income | 152,157 | 152,157 | ||||||
Other comprehensive income | (9) | (9) | ||||||
Common dividends declared to parent | (103,401) | (103,401) | ||||||
Contribution of capital by parent | 75,000 | 75,000 | ||||||
Ending Balance at Dec. 31, 2016 | $ 1,931,696 | $ 0 | 1,446,223 | 486,763 | (1,290) | |||
Ending Balance (in shares) at Dec. 31, 2016 | 100 | 100 | ||||||
Comprehensive income: | ||||||||
Net income | $ 159,213 | 159,213 | ||||||
Other comprehensive income | 83 | 83 | ||||||
Common dividends declared to parent | (104,648) | (104,648) | ||||||
Contribution of capital by parent | 144,019 | 144,019 | ||||||
Adoption of ASU No. 2018-02 | 0 | 260 | (260) | [1] | ||||
Ending Balance at Dec. 31, 2017 | $ 2,130,363 | $ 0 | $ 1,590,242 | $ 541,588 | $ (1,467) | |||
Ending Balance (in shares) at Dec. 31, 2017 | 100 | 100 | ||||||
|
STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Interest charges and financing costs | |||
Other financing costs | $ 2,491 | $ 3,055 | $ 3,158 |
BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Capitalization, Long-term Debt and Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 200 | 200 |
Common stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Common stock, shares outstanding (in shares) | 100 | 100 |
STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Comprehensive income: | |||
Net income | $ 159,213 | $ 152,157 | $ 127,263 |
Other comprehensive income (loss) | |||
Amortization of losses (gains) included in net periodic benefit cost, net of tax of $26, $(84), and $(260), respectively | 44 | (148) | (464) |
Derivative instruments: | |||
Reclassification of losses to net income, net of tax of $24, $80, and $97, respectively | 39 | 139 | 172 |
Other comprehensive income | 83 | (9) | (292) |
Comprehensive income | $ 159,296 | $ 152,148 | $ 126,971 |
STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Derivative instruments: | |||
Reclassification of losses to net income, tax | $ 24 | $ 80 | $ 97 |
Amortization of losses (gains) included in net periodic benefit cost, tax | $ 26 | $ (84) | $ (260) |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and System of Accounts — SPS is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity. SPS’ financial statements and disclosures are presented in accordance with GAAP. All of SPS’ underlying accounting records also conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions, which are the same in all material respects. Variable Interest Entities — SPS evaluates its arrangements and contracts with other entities, including but not limited to, PPAs and fuel contracts, to determine if the other party is a variable interest entity, if SPS has a variable interest and if SPS is the primary beneficiary. SPS follows accounting guidance for variable interest entities which requires consideration of the activities that most significantly impact an entity’s financial performance and power to direct those activities, when determining whether SPS is a variable interest entity’s primary beneficiary. See Note 11 for further discussion of variable interest entities. Use of Estimates — In recording transactions and balances resulting from business operations, SPS uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. The recorded estimates are revised when better information becomes available or when actual amounts can be determined. Those revisions can affect operating results. Regulatory Accounting — SPS accounts for certain income and expense items in accordance with accounting guidance for regulated operations. Under this guidance:
Estimates of recovering deferred costs and returning deferred credits are based on specific ratemaking decisions or precedent for each item. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If restructuring or other changes in the regulatory environment occur, SPS may no longer be eligible to apply this accounting treatment, and may be required to eliminate regulatory assets and liabilities from its balance sheet. Such changes could have a material effect on SPS’ financial condition, results of operations and cash flows. See Note 12 for further discussion of regulatory assets and liabilities. Revenue Recognition — Revenues related to the sale of energy are generally recorded when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meter, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is recognized. SPS presents its revenues net of any excise or other fiduciary-type taxes or fees. SPS participates in SPP. SPS recognizes sales to both native load and other end use customers on a gross basis. Revenues and charges for short-term wholesale sales of excess energy transacted through SPP are recorded on a gross basis in electric revenues and cost of sales. Other revenues and charges related to participating and transacting in RTOs are recorded on a net basis in cost of sales. SPS has various rate-adjustment mechanisms in place that provide for the recovery of electric fuel costs and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. Certain rate rider mechanisms qualify as alternative revenue programs under generally accepted accounting principles. These mechanisms arise from costs imposed upon the utility by action of a regulator or legislative body related to an environmental, public safety or other mandate. When certain criteria are met, revenue is recognized equal to the revenue requirement, including return on rate base items, for the qualified mechanisms. The mechanisms are revised periodically for differences between the total amount collected under the riders and the revenue recognized, which may increase or decrease the level of revenue collected from customers. Conservation Programs — SPS has implemented programs in its jurisdictions to assist customers in conserving energy and reducing peak demand on the electric system. These programs include commercial motor, air conditioner and lighting upgrades, as well as residential rebates for participation in air conditioner interruption and home weatherization. The costs incurred for some DSM programs are deferred as permitted by the applicable regulatory jurisdiction. For those programs, costs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Recorded revenues for incentive programs designed for recovery of lost margins and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the annual period in which they are earned. SPS recovers approved conservation program costs in base rate revenue or through a rider. Property, Plant and Equipment and Depreciation — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs are charged to expense as incurred. Maintenance and replacement of items determined to be less than a unit of property are charged to operating expenses as incurred. Planned major maintenance activities are charged to operating expense unless the cost represents the acquisition of an additional unit of property or the replacement of an existing unit of property. Property, plant and equipment also includes costs associated with property held for future use. The depreciable lives of certain plant assets are reviewed annually and revised, if appropriate. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. SPS records depreciation expense related to its plant using the straight-line method over the plant’s useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Depreciation expense, expressed as a percentage of average depreciable property, was 2.8, 2.7 and 2.6 percent for the years ended Dec. 31, 2017, 2016 and 2015, respectively. Leases — SPS evaluates a variety of contracts for lease classification at inception, including PPAs and rental arrangements for office space, vehicles, and equipment. Contracts determined to contain a lease because of per unit pricing that is other than fixed or market price, terms regarding the use of a particular asset, and other factors are evaluated further to determine if the arrangement is a capital lease. See Note 11 for further discussion of leases. AFUDC — AFUDC represents the cost of capital used to finance utility construction activity. AFUDC is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in SPS’ rate base for establishing utility service rates. AROs — SPS accounts for AROs under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion, and the capitalized costs are depreciated over the useful life of the long-lived asset. Changes resulting from revisions to the timing or amount of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. SPS also recovers through rates certain future plant removal costs in addition to AROs. The accumulated removal costs for these obligations are reflected in the balance sheets as a regulatory liability. See Note 11 for further discussion of AROs. Income Taxes — SPS accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. SPS defers income taxes for all temporary differences between pretax financial and taxable income, and between the book and tax bases of assets and liabilities. SPS uses the tax rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. The effects of SPS’ tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability which will be refundable to utility customers over the remaining life of the related assets. A tax rate increase would result in the establishment of a similar regulatory asset. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize it over the book depreciable lives of the related property. The requirement to defer and amortize tax credits only applies to federal ITCs related to public utility property. Utility rate regulation also has resulted in the recognition of certain regulatory assets and liabilities related to income taxes, which are summarized in Note 12. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available evidence is considered, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. SPS follows the applicable accounting guidance to measure and disclose uncertain tax positions that it has taken or expects to take in its income tax returns. SPS recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax. SPS reports interest and penalties related to income taxes within the other income and interest charges sections in the statements of income. Xcel Energy Inc. and its subsidiaries, including SPS, file consolidated federal income tax returns as well as combined or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to Xcel Energy Inc.’s subsidiaries based on separate company computations of tax. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with combined state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries which are recorded directly in equity by the subsidiaries based on the relative positive tax liabilities of the subsidiaries. See Note 6 for further discussion of income taxes. Types of and Accounting for Derivative Instruments — SPS uses derivative instruments in connection with its utility commodity price and interest rate activities, including forward contracts, futures, swaps and options. All derivative instruments not designated and qualifying for the normal purchases and normal sales exception, as defined by the accounting guidance for derivatives and hedging, are recorded on the balance sheets at fair value as derivative instruments. This includes certain instruments used to mitigate market risk for the utility operations including transmission in organized markets. The classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. The classification as a regulatory asset or liability is based on expected recovery of derivative instrument settlements through fuel and purchased energy cost recovery mechanisms. Interest rate hedging transactions are recorded as a component of interest expense. For further information on derivatives entered to mitigate market risk associated with transmission in organized markets, see Note 9. Cash Flow Hedges — Certain qualifying hedging relationships are designated as a hedge of a forecasted transaction or future cash flow (cash flow hedge). Changes in the fair value of a derivative designated as a cash flow hedge, to the extent effective, are included in OCI, or deferred as a regulatory asset or liability based on recovery mechanisms until earnings are affected by the hedged transaction. Normal Purchases and Normal Sales — SPS enters into contracts for the purchase and sale of commodities for use in its business operations. Derivatives and hedging accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting if designated as normal purchases or normal sales. SPS evaluates all of its contracts at inception to determine if they are derivatives and if they meet the normal purchases and normal sales designation requirements. None of the contracts entered into within the commodity trading operations qualify for a normal purchases and normal sales designation. See Note 9 for further discussion of SPS’ risk management and derivative activities. Fair Value Measurements — SPS presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its financial statements. Cash equivalents are recorded at cost plus accrued interest; money market funds are measured using quoted NAVs. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used as a primary input to establish fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price for an identical contract in an active market, SPS may use quoted prices for similar contracts or internally prepared valuation models to determine fair value. For the pension and postretirement plan assets published trading data and pricing models, generally using the most observable inputs available, are utilized to estimate fair value for each security. See Notes 7 and 9 for further discussion. Cash and Cash Equivalents — SPS considers investments in certain instruments, including commercial paper and money market funds, with a remaining maturity of three months or less at the time of purchase, to be cash equivalents. Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. SPS establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. Inventory — All inventory is recorded at average cost. RECs — RECs are marketable environmental instruments that represent proof that energy was generated from eligible renewable energy sources. RECs are awarded upon delivery of the associated energy and can be bought and sold. RECs are typically used as a form of measurement of compliance to RPS enacted by those states that are encouraging construction and consumption from renewable energy sources, but can also be sold separately from the energy produced. SPS acquires RECs from the generation or purchase of renewable power. When RECs are purchased or acquired in the course of generation they are recorded as inventory at cost. The cost of RECs that are utilized for compliance purposes is recorded as electric fuel and purchased power expense. As a result of certain state regulatory orders, SPS reduces recoverable fuel costs for the cost of certain RECs and records that cost as a regulatory asset when the amount is recoverable in future rates. Sales of RECs that are purchased or acquired in the course of generation are recorded in electric utility operating revenues on a gross basis. The cost of these RECs, related transaction costs, and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense. Emission Allowances — Emission allowances, including the annual SO2 and NOx emission allowance entitlement received from the EPA, are recorded at cost plus associated broker commission fees. SPS follows the inventory accounting model for all emission allowances. Sales of emission allowances are included in electric utility operating revenues and the operating activities section of the statements of cash flows. Environmental Costs — Environmental costs are recorded when it is probable SPS is liable for remediation costs and the liability can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. If an environmental expense is related to facilities currently in use, such as emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs, excluding inflationary increases, are recorded based on experience, an assessment of the current situation and the technology currently available for use in the remediation. The recorded costs are regularly adjusted as estimates are revised and remediation proceeds. If other participating PRPs exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for SPS’ expected share of the cost. Any future costs of restoring sites where operation may be extended are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses, which may include final remediation costs. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 11 for further discussion of environmental costs. Benefit Plans and Other Postretirement Benefits — SPS maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans under applicable accounting guidance requires management to make various assumptions and estimates. Based on regulatory recovery mechanisms, certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are recorded as regulatory assets and liabilities, rather than OCI. See Note 7 for further discussion of benefit plans and other postretirement benefits. Guarantees — SPS recognizes, upon issuance or modification of a guarantee, a liability for the fair market value of the obligation that has been assumed in issuing the guarantee. This liability includes consideration of specific triggering events and other conditions which may modify the ongoing obligation to perform under the guarantee. The obligation recognized is reduced over the term of the guarantee as SPS is released from risk under the guarantee. See Note 11 for specific details of issued guarantees. Segment Information — SPS has only one reportable segment. SPS is a wholly owned subsidiary of Xcel Energy Inc. and operates in the regulated electric utility industry providing wholesale and retail electric service in the states of Texas and New Mexico. Operating results from the regulated electric utility segment serve as the primary basis for the chief operating decision maker to evaluate the performance of SPS. Subsequent Events — Management has evaluated the impact of events occurring after Dec. 31, 2017 up to the date of issuance of these financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. |
Accounting Pronouncements |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Revenue Recognition — In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU No. 2014-09), which provides a new framework for the recognition of revenue. As the appropriate timing of recognition of revenue from contracts with customers in our regulated operations continues to generally be based on the delivery of electricity, SPS’ adoption will primarily result in increased disclosures regarding sources of revenues, including alternative revenue programs. The guidance is effective for interim and annual periods beginning after Dec. 15, 2017. SPS is implementing the standard on a modified retrospective basis, which requires application to contracts with customers effective Jan. 1, 2018. 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 eliminates the available-for-sale classification for marketable equity securities and also replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes. Under the new standard, 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 is effective for interim and annual reporting periods beginning after Dec. 15, 2017. The overall impacts of the Jan. 1, 2018 adoption will not be material. 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 most leases. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018. SPS has not yet fully determined the impacts of implementation. However, adoption is expected to occur on Jan. 1, 2019 utilizing the practical expedients provided by the standard and proposed in Targeted Improvements, Topic 842 (Proposed ASU 2018-200). As such, agreements entered prior to Jan. 1, 2019 that are currently considered leases are expected to be recognized on the balance sheet, including contracts for use of office space, equipment and natural gas storage assets, as well as certain purchased power agreements (PPAs) for natural gas-fueled generating facilities. SPS expects that similar agreements entered after Dec. 31, 2018 will generally qualify as leases under the new standard. Presentation of Net Periodic Benefit Cost — In March 2017, the FASB issued Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 715 (ASU No. 2017-07), which establishes that only the service cost element of pension cost may be presented as a component of operating income in the income statement. Also under the guidance, only the service cost component of pension cost is eligible for capitalization. As a result of application of accounting principles for rate regulated entities, a similar amount of pension cost, including non-service components, will be recognized consistent with the historical ratemaking treatment and the impacts of adoption will be limited to changes in classification of non-service costs in the statement of income. This guidance is effective for interim and annual reporting periods beginning after Dec. 15, 2017. Recently Adopted Accounting for the TCJA — In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), to supplement the accounting requirements of ASC Topic 740 Income Taxes (ASC Topic 740) as it relates to assessing and recognizing the impacts of the TCJA in the period of enactment. SAB 118 allows an entity to recognize provisional amounts in its financial statements in circumstances in which the entity’s assessment is incomplete, but for which a reasonable estimate can be made. Provisional amounts recognized are subject to adjustment for up to one year from the enactment date. For further details, see Note 6 to the financial statements. Reporting Comprehensive Income — In February 2018, the FASB issued Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, Topic 220 (ASU No. 2018-02), which addresses the stranded amounts of accumulated OCI which may result from enactment of a new tax law. Though accumulated OCI is presented on a net-of-tax basis, ASC Topic 740 requires that the effects of new tax laws on items in accumulated OCI be recognized without a corresponding adjustment to accumulated OCI, and instead recorded to income tax expense. ASU No. 2018-02 permits stranded amounts of accumulated OCI specifically resulting from the TCJA to be removed from accumulated OCI and reclassified to retained earnings, if elected. SPS adopted the guidance in the fourth quarter of 2017, and elected to recognize a $0.3 million increase to accumulated other comprehensive loss and retained earnings in the financial statements for the year ended Dec. 31, 2017, related to a revaluation of deferred income tax assets and liabilities for items in accumulated other comprehensive loss, at the TCJA federal tax rate. |
Selected Balance Sheet Data |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data
|
Borrowings and Other Financing Instruments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. SPS had no money pool borrowings outstanding during the three months ended Dec. 31, 2017. 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. SPS had no commercial paper borrowings outstanding during the three months ended Dec. 31, 2017. Commercial paper outstanding for SPS was as follows:
Letters of Credit — SPS may use letters of credit, generally with terms of one-year, to provide financial guarantees for certain operating obligations. At Dec. 31, 2017 and 2016, there were $3 million and $5 million of letters of credit outstanding, respectively, 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 to fulfill short-term funding needs, SPS must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. SPS has the right to request an extension of the June 2021 termination date for two additional one-year periods. The extension requests are subject to majority bank group approval. Other features of SPS’ credit facility include:
At Dec. 31, 2017, SPS had the following committed credit facility available (in millions):
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 Dec. 31, 2017 and 2016. Long-Term Borrowings and Other Financing Instruments Generally, all real and personal property of SPS is subject to the lien of its first mortgage indenture. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses associated with refinanced debt are deferred and amortized over the life of the related new issuance, in accordance with regulatory guidelines. In 2017, SPS issued $450 million of 3.70 percent first mortgage bonds due Aug. 15, 2047. In 2016, SPS issued $300 million of 3.40 percent first mortgage bonds due Aug. 15, 2046. During the next five years, SPS has no long-term debt maturities. Deferred Financing Costs — Deferred financing costs of approximately $18 million and $15 million, net of amortization, are presented as a deduction from the carrying amount of long-term debt at Dec. 31, 2017 and 2016, respectively. SPS is amortizing these financing costs over the remaining maturity periods of the related debt. Dividend Restrictions — SPS’ dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts; payment of dividends is allowed out of retained earnings only. The most restrictive dividend limitation for SPS is imposed by its state regulatory commissions. SPS’ state regulatory commissions indirectly limit the amount of dividends that SPS can pay Xcel Energy Inc. by requiring an equity-to-total capitalization ratio (excluding short-term debt) between 45.0 percent and 55.0 percent. In addition, SPS may not pay a dividend that would cause it to lose its investment grade bond rating. SPS’ equity ratio (excluding short-term debt) was 53.8 percent at Dec. 31, 2017 and $542 million in retained earnings was not restricted. |
Preferred Stock |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock SPS has authorized the issuance of preferred stock.
|
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Federal Tax Reform — In December 2017, the TCJA was signed into law. While the legislation will require interpretations and regulations to be issued by the IRS, the key provisions impacting Xcel Energy (which includes SPS), generally beginning in 2018, include:
Entities are required under ASC Topic 740 to recognize the accounting impacts of a tax law change, including the impacts of a change in tax rates on deferred tax assets and liabilities, in the period including the date of the tax law enactment. The SEC staff issued guidance in SAB 118 that supplements the accounting requirements of ASC Topic 740 if elements of the TCJA assessment are not complete, and provides for up to a one year period to finalize the required accounting. Xcel Energy has estimated the effects of the TCJA, which have been reflected in the Dec. 31, 2017 consolidated financial statements. Issuance of U.S. Treasury regulations interpreting the TCJA, other U.S. Treasury and IRS guidance or interpretations of the application of ASC Topic 740 may result in changes to these estimates. Overall for Xcel Energy, reductions in deferred tax assets and liabilities due to the reduction in corporate federal tax rates result in a net tax benefit. However, as a result of IRS requirements and past regulatory treatment of deferred taxes in the determination of regulated rates of the utility subsidiaries, including deferred taxes related to regulated plant and certain other deferred tax assets and liabilities, the impact was primarily recognized as a regulatory liability refundable to utility customers. The fourth quarter 2017 estimated accounting impacts of the December 2017 enactment of the new tax law at SPS included:
Xcel Energy has accounted for the state tax impacts of federal tax reform based on currently enacted state tax laws. Any future state tax law changes related to the TCJA will be accounted for in the periods state laws are enacted. Consolidated Appropriations Act, 2016 — In December 2015, the Consolidated Appropriations Act, 2016 (Act) was signed into law. The Act provided for the following:
The accounting related to the Act was recorded beginning in the fourth quarter of 2015 because a change in tax law is accounted for beginning in the period of enactment. Federal Audit — SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statutes of limitations applicable to Xcel Energy’s federal income tax returns expire as follows:
In 2012, the IRS commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. The IRS proposed an adjustment to the federal tax loss carryback claims that would have resulted in $14 million of income tax expense for the 2009 through 2011 claims, and the 2013 through 2015 claims. In the fourth quarter of 2015, the IRS forwarded the issue to the Office of Appeals (“Appeals”). In the third quarter of 2017, Xcel Energy and Appeals reached an agreement and the benefit related to the agreed upon portions was recognized. SPS did not accrue any income tax benefit related to this adjustment. As of Dec. 31, 2017, the case has been forwarded to the Joint Committee on Taxation. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. In the third quarter of 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. After evaluating the proposed adjustment, Xcel Energy filed a protest with the IRS. Xcel Energy anticipates the issue will be forwarded to Appeals. As of Dec. 31, 2017, Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is uncertain. State Audits — SPS is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Dec. 31, 2017, SPS’ earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2009. In 2016, Texas began an audit of years 2009 and 2010, and in September 2017, began an audit of 2011. In the fourth quarter of 2017, Texas concluded these audits and SPS recognized the related benefit. Unrecognized Tax Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. A reconciliation of the amount of unrecognized tax benefit is as follows:
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
The unrecognized tax benefit amounts were reduced by the tax benefits associated with 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 progresses and audit resumes and state audits resume. As the IRS Appeals progresses, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $1 million. The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. A reconciliation of the beginning and ending amount of the payable for interest related to unrecognized tax benefits are as follows:
No amounts were accrued for penalties related to unrecognized tax benefits as of Dec. 31, 2017, 2016, or 2015. Other Income Tax Matters — NOL amounts represent the amount of the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows:
The federal carryforward periods expire between 2021 and 2037. The state carryforward periods expire between 2021 and 2036. Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences for the years ending Dec. 31:
The components of income tax expense for the years ending Dec. 31 were:
The components of deferred income tax expense for the years ending Dec. 31 were:
The components of the net deferred tax liability at Dec. 31 were as follows:
|
Benefit Plans and Other Postretirement Benefits |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Consistent with the process for rate recovery of pension and postretirement benefits for its employees, SPS accounts for its participation in, and related costs of, pension and other postretirement benefit plans sponsored by Xcel Energy Inc. as multiple employer plans. SPS is responsible for its share of cash contributions, plan costs and obligations and is entitled to its share of plan assets; accordingly, SPS accounts for its pro rata share of these plans, including pension expense and contributions, resulting in accounting consistent with that of a single employer plan exclusively for SPS employees. Xcel Energy, which includes SPS, offers various benefit plans to its employees. Approximately 68 percent of employees that receive benefits are represented by several local labor unions under several collective-bargaining agreements. At Dec. 31, 2017, SPS had 791 bargaining employees covered under a collective-bargaining agreement, which expires in October 2019. The plans invest in various instruments which are disclosed under the accounting guidance for fair value measurements which establishes a hierarchical framework for disclosing the observability of the inputs utilized in measuring fair value. The three levels in the hierarchy and examples of each level are as follows: Level 1 — Quoted prices are available in active markets for identical assets as of the reporting date. The types of assets 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 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 included in Level 3 are those with inputs 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 NAVs. Insurance contracts — Insurance contract fair values take into consideration the value of the investments in separate accounts of the insurer, which are priced based on observable inputs. Investments in commingled funds, equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs, which take into consideration the value of underlying fund investments, as well as the other accrued assets and liabilities of a fund, in order to determine a per share market value. The investments in commingled funds may be redeemed for NAV with proper notice. Proper notice varies by fund and can range from daily with a few days’ notice to annually with 90 days’ notice. Private equity investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Depending on the fund, unscheduled distributions from real estate investments may require approval of the fund or may be redeemed with proper notice, which is typically quarterly with 45-90 days’ notice; however, withdrawals from real estate investments may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Derivative Instruments — Fair values for foreign currency derivatives are determined using pricing models based on the prevailing forward exchange rate of the underlying currencies. The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Pension Benefits Xcel Energy, which includes SPS, has several noncontributory, defined benefit pension plans that cover almost all employees. Generally, benefits are based on a combination of years of service, the employee’s average pay and, in some cases, social security benefits. Xcel Energy Inc.’s and SPS’ policy is to fully fund into an external trust the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws. In addition to the qualified pension plans, Xcel Energy maintains a supplemental executive retirement plan (SERP) and a nonqualified pension plan. The SERP is maintained for certain executives that were participants in the plan in 2008, when the SERP was closed to new participants. The nonqualified pension plan provides unfunded, nonqualified benefits for compensation that is in excess of the limits applicable to the qualified pension plans, with distributions attributable to SPS funded by SPS’ operating cash flows. The total obligations of the SERP and nonqualified plan as of Dec. 31, 2017 and 2016 were $37 million and $44 million, respectively, of which $2 million and $3 million were attributable to SPS. In 2017 and 2016, Xcel Energy recognized net benefit cost for financial reporting for the SERP and nonqualified plans of $5 million and $8 million, respectively, of which immaterial amounts were attributable to SPS. In 2016, Xcel Energy established rabbi trusts to provide partial funding for future distributions of the SERP and its deferred compensation plan. Rabbi trust funding of deferred compensation plan distributions attributable to SPS will be supplemented by SPS operating cash flows as determined necessary. The amount of rabbi trust funding attributable to SPS is immaterial. Also in 2016, Xcel Energy amended the deferred compensation plan to provide eligible participants the ability to diversify deferred settlements of equity awards, other than time-based equity awards, into various fund options. Xcel Energy Inc. and SPS base the investment-return assumption on expected long-term performance for each of the investment types included in the pension asset portfolio and consider the historical returns achieved by the asset portfolio over the past 20-year or longer period, as well as the long-term return levels projected and recommended by investment experts. Xcel Energy Inc. and SPS continually review the pension assumptions. The pension cost determination assumes a forecasted mix of investment types over the long-term.
The assets are invested in a portfolio according to Xcel Energy Inc.’s and SPS’ return, liquidity and diversification objectives to provide funding for plan obligations and minimize contributions to the plan, within appropriate levels of risk. The principal mechanism for achieving these objectives is the projected asset allocation given the long-term risk, return, and liquidity characteristics of each particular asset class. There were no significant concentrations of risk in any particular industry, index, or entity. Market volatility can impact even well-diversified portfolios and significantly affect the return levels achieved by pension assets in any year. The following table presents the target pension asset allocations for SPS at Dec. 31 for the upcoming year:
The ongoing investment strategy is based on plan-specific investment recommendations that seek to minimize potential investment and interest rate risk as a plan’s funded status increases over time. The investment recommendations result in a greater percentage of long-duration fixed income securities being allocated to specific plans having relatively higher funded status ratios and a greater percentage of growth assets being allocated to plans having relatively lower funded status ratios. The aggregate projected asset allocation presented in the table above for the master pension trust results from the plan-specific strategies. Pension Plan Assets The following tables present, for each of the fair value hierarchy levels, SPS’ pension plan assets that are measured at fair value as of Dec. 31, 2017 and 2016:
There were no assets transferred in or out of Level 3 for the years ended Dec. 31, 2017, 2016 or 2015. Benefit Obligations — A comparison of the actuarially computed pension benefit obligation and plan assets for SPS is presented in the following table:
Mortality — In 2014, the Society of Actuaries published a new mortality table (RP-2014) that increased the overall life expectancy of males and females. In 2014, SPS adopted this mortality table, with modifications, based on its population and specific experience. During 2017, a new projection table was released (MP-2017). SPS evaluated the updated projection table and concluded that the methodology currently in use and adopted in 2016 is consistent with the recently updated 2017 table and continues to be representative of SPS’ population. Cash Flows — Cash funding requirements can be impacted by changes to actuarial assumptions, actual asset levels and other calculations prescribed by the funding requirements of income tax and other pension-related regulations. Required contributions were made in 2015 through 2018 to meet minimum funding requirements. Total voluntary and required pension funding contributions across all four of Xcel Energy’s pension plans were as follows:
For future years, Xcel Energy and SPS anticipate contributions will be made as necessary. Plan Amendments — Xcel Energy, which includes SPS, amended the Xcel Energy Inc. Nonbargaining Pension Plan (South) in 2017 to reduce supplemental benefits for non-bargaining participants as well as to allow the transfer of a portion of non-qualified pension obligations into the qualified plans. In 2016, there were no plan amendments made which affected the benefit obligation. Benefit Costs — The components of SPS’ net periodic pension cost were:
In addition to the benefit costs in the table above, for the pension plans sponsored by Xcel Energy Inc., costs are allocated to SPS based on Xcel Energy Services Inc. employees’ labor costs. Amounts allocated to SPS were $8 million, $4 million and $5 million in 2017, 2016 and 2015, respectively. Pension costs include an expected return impact for the current year that may differ from actual investment performance in the plan. The return assumption used for 2018 pension cost calculations is 6.78 percent. The cost calculation uses a market-related valuation of pension assets. Xcel Energy, including SPS, uses a calculated value method to determine the market-related value of the plan assets. The market-related value begins with the fair market value of assets as of the beginning of the year. The market-related value is determined by adjusting the fair market value of assets to reflect the investment gains and losses (the difference between the actual investment return and the expected investment return on the market-related value) during each of the previous five years at the rate of 20 percent per year. As these differences between actual investment returns and the expected investment returns are incorporated into the market-related value, the differences are recognized over the expected average remaining years of service for active employees. Defined Contribution Plans Xcel Energy, which includes SPS, maintains 401(k) and other defined contribution plans that cover substantially all employees. The expense to these plans for SPS was approximately $3 million in 2017, 2016 and 2015. Postretirement Health Care Benefits Xcel Energy, which includes SPS, has a contributory health and welfare benefit plan that provides health care and death benefits to certain retirees. Xcel Energy discontinued contributing toward health care benefits for SPS nonbargaining employees retiring after June 30, 2003. Employees of NCE who retired in 2002 continue to receive employer-subsidized health care benefits. Nonbargaining employees of the former NCE who retired after 1998, bargaining employees of the former NCE who retired after 1999 and nonbargaining employees of NCE who retired after June 30, 2003, are eligible to participate in the Xcel Energy health care program with no employer subsidy. Regulatory agencies for nearly all retail and wholesale utility customers have allowed rate recovery of accrued postretirement benefit costs. Plan Assets — Certain state agencies that regulate Xcel Energy Inc.’s utility subsidiaries also have issued guidelines related to the funding of postretirement benefit costs. SPS is required to fund postretirement benefit costs for Texas and New Mexico jurisdictional amounts collected in rates. These assets are invested in a manner consistent with the investment strategy for the pension plan. The following table presents the target postretirement asset allocations for Xcel Energy Inc. and SPS at Dec. 31 for the upcoming year:
Xcel Energy Inc. and SPS base investment-return assumptions for the postretirement health care fund assets on expected long-term performance for each of the investment types included in the asset portfolio. Assumptions and target allocations are determined at the master trust level. The investment mix at each of Xcel Energy Inc.’s utility subsidiaries may vary from the investment mix of the total asset portfolio. The assets are invested in a portfolio according to Xcel Energy Inc.’s and SPS’ return, liquidity and diversification objectives to provide a source of funding for plan obligations and minimize contributions to the plan, within appropriate levels of risk. The principal mechanism for achieving these objectives is the projected asset allocation given the long-term risk, return, correlation and liquidity characteristics of each particular asset class. There were no significant concentrations of risk in any particular industry, index, or entity. Market volatility can impact even well-diversified portfolios and significantly affect the return levels achieved by postretirement health care assets in any year. The following tables present, for each of the fair value hierarchy levels, SPS’ proportionate allocation of the total postretirement benefit plan assets that are measured at fair value as of Dec. 31, 2017 and 2016:
There were no assets transferred in or out of Level 3 for the years ended Dec. 31, 2017, 2016 or 2015. Benefit Obligations — A comparison of the actuarially computed benefit obligation and plan assets for SPS is presented in the following table:
Beginning with the Dec. 31, 2017 measurement, Xcel Energy Inc. and SPS separated its initial medical trend assumption for pre-Medicare (Pre-65) and post-Medicare (Post-65) claims costs of 7.0 percent and 5.5 percent, respectively, in order to reflect different short-term expectations based on recent experience differences. The ultimate trend assumption remained at 4.5 percent for both Pre-65 and Post-65 claims costs as similar long-term trend rates are expected for both populations. The period until the ultimate rate is reached is five years. Xcel Energy Inc. and SPS base the medical trend assumption on the long-term cost inflation expected in the health care market, considering the levels projected and recommended by industry experts, as well as recent actual medical cost increases experienced by the retiree medical plan. A one-percent change in the assumed health care cost trend rate would have the following effects on SPS:
Cash Flows — The postretirement health care plans have no funding requirements under income tax and other retirement-related regulations other than fulfilling benefit payment obligations, when claims are presented and approved under the plans. Additional cash funding requirements are prescribed by certain state and federal rate regulatory authorities. Xcel Energy, which includes SPS, contributed $20 million, $18 million and $18 million during 2017, 2016 and 2015, respectively, of which the amounts attributable to SPS were immaterial. Xcel Energy expects to contribute approximately $12 million during 2018, of which amounts attributable to SPS will be zero. Plan Amendments — In 2017 and 2016, there were no plan amendments made which affected the benefit obligation. Benefit Costs — The components of SPS’ net periodic postretirement benefit costs were:
In addition to the benefit costs in the table above, for the postretirement health care plans sponsored by Xcel Energy Inc., costs are allocated to SPS based on Xcel Energy Services Inc. employees’ labor costs. Projected Benefit Payments — The following table lists SPS’ projected benefit payments for the pension and postretirement benefit plans:
|
Other Income, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other Income (Expense), Net Other income (expense), net for the years ended Dec. 31 consisted of the following:
|
Fair Value of Financial Assets and Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Fair Value Measurements The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires 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 NAVs. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Electric commodity derivatives held by SPS include transmission congestion instruments, generally referred to as FTRs, purchased from SPP. 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 transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. 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 important inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements 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 pertinent to the value 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 Dec. 31, 2017, accumulated other comprehensive losses related to interest rate derivatives included $0.1 million 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, including derivatives. SPS’ risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee, which is made up of management personnel not directly involved in the activities governed by this policy. Commodity Derivatives — SPS enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric utility operations. 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 Dec. 31, 2017 and 2016:
Consideration of Credit Risk and Concentrations — SPS continuously 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 set forth in the contracts. 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 credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the balance sheets. SPS employs additional credit risk control mechanisms when appropriate, 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 with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities. At Dec. 31, 2017, two of the eight most significant counterparties for these activities, comprising $10.6 million or 28 percent of this credit exposure, had investment grade ratings from S&P’s, Moody’s or Fitch Ratings. Five of the eight most significant counterparties, comprising $7.8 million or 20 percent of this credit exposure, were not rated by external rating agencies, but based on SPS’ internal analysis, had credit quality consistent with investment grade. One of these significant counterparties, comprising approximately $0.1 million or less than 1 percent of this credit exposure, had credit quality less than investment grade, based on external analysis. Seven of these significant counterparties are municipal or cooperative electric entities, or other utilities. Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate cash flow hedges on SPS’ accumulated other comprehensive loss, included in the statements of common stockholder’s equity and in the statements of comprehensive income, is detailed in the following table:
Pre-tax losses related to interest rate derivatives reclassified from accumulated other comprehensive loss into earnings were $0.1 million, $0.2 million and $0.3 million each of the years ended Dec. 31, 2017, 2016 and 2015, respectively. Changes in the fair value of FTRs resulting in pre-tax net gains of $0.5 million and $3.0 million for the years ended Dec. 31, 2017 and 2016, respectively and pre-tax net losses of $3.1 million for the year ended Dec. 31, 2015, were reclassified 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 gains of $0.8 million and $2.1 million were recognized for the years ended Dec. 31, 2017 and 2016, respectively and FTR settlement losses of $1.6 million were recognized for the years ended Dec. 31, 2015, 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 years ended Dec. 31, 2017, 2016 and 2015. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. 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 Dec. 31, 2017:
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, 2016:
The following table presents the changes in Level 3 commodity derivatives for the years ended Dec. 31, 2017, 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 years ended Dec. 31, 2017, 2016 and 2015. Fair Value of Long-Term Debt As of Dec. 31, 2017 and 2016, 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 Dec. 31, 2017 and 2016, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Rate Matters |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate Matters | Rate Matters Tax Reform — Regulatory Proceedings The specific impacts of the TCJA on retail customer rates are subject to regulatory approval. SPS is in the process of quantifying the rate impacts of the TCJA and addressing these impacts in its open proceedings focused on retail base rate impacts. On Jan. 25, 2018, the PUCT issued an order requiring utilities to apply deferred accounting for the impacts of the TCJA. On Feb. 16, 2018, SPS provided the PUCT supplemental testimony on the impacts of the TCJA for its ongoing Texas 2017 electric rate case, including increasing its equity ratio to 58 percent to offset the negative impact of the TCJA on its credit metrics and potentially its credit ratings. In February 2018, SPS provided the NMPRC a preliminary quantification of the impacts of the TCJA on its ongoing New Mexico 2017 electric rate case. SPS also recommended increasing its equity ratio to 58 percent to offset the negative impact of the TCJA on its credit metrics and potentially its credit ratings. In a separate NMPRC investigation into the impacts of the TCJA on regulated utilities in New Mexico, SPS provided additional information on the impacts of the TCJA on 2018 operations on Feb. 23, 2018. Pending and Recently Concluded Regulatory Proceedings — PUCT Appeal of the Texas 2015 Electric Rate Case Decision — In 2014, SPS had requested an overall retail electric revenue rate increase of $42 million. In 2015, the PUCT approved an overall rate decrease of approximately $4 million, net of rate case expenses. In April 2016, SPS filed an appeal with the Texas State District Court (District Court) challenging 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 March 2017, the District Court denied SPS’ appeal. In April 2017, SPS appealed the District Court’s decision to the Court of Appeals. A decision is pending. Texas 2017 Electric Rate Case — In 2017, SPS filed a $55 million, or 5.8 percent, retail electric, non-fuel base rate increase case in Texas with each of its Texas municipalities and the PUCT. The request was based on the 12-month period ended June 30, 2017, with the final three months based on estimates, a requested ROE of 10.25 percent, a Texas retail electric rate base of approximately $1.9 billion and an equity ratio of 53.97 percent. The following table summarizes SPS’ rate increase request:
Key dates in the revised procedural schedule are as follows:
The final rates are expected to be effective retroactive to Jan. 23, 2018 through a customer surcharge. A PUCT decision is expected in the fourth quarter of 2018. As discussed above, the PUCT has opened a docket on the impact of the TCJA, which may have a significant impact on this rate case. On Feb. 16, 2018, SPS provided additional information on the impacts of the TCJA. Pending Regulatory Proceedings — NMPRC Appeal of the New Mexico 2016 Electric Rate Case Dismissal — In November 2016, SPS filed an electric rate case with the NMPRC seeking an increase in base rates of approximately $41 million, representing a total revenue increase of approximately 10.9 percent. The rate filing was based on a requested ROE of 10.1 percent, an equity ratio of 53.97 percent, an electric rate base of approximately $832 million and a FTY ending June 30, 2018. In April 2017, the NMPRC dismissed SPS’ rate case. In May 2017, SPS filed a notice of appeal to the New Mexico Supreme Court. A decision is pending. New Mexico 2017 Electric Rate Case — In October 2017, SPS filed an electric rate case with the NMPRC seeking an increase in retail electric base rates of approximately $43 million. The request is based on a HTY ended June 30, 2017, a ROE of 10.25 percent, an equity ratio of 53.97 percent and a jurisdictional rate base of approximately $885 million, including rate base additions through Nov. 30, 2017. This rate case also takes into account the decline in sales of 380 MW in 2017 from certain wholesale customers and seeks to adjust the life of SPS’ Tolk power plant (Unit 1 from 2042 to 2032 and Unit 2 from 2045 to 2032). Key dates in the procedural schedule are as follows:
SPS anticipates a decision and implementation of final rates in the second half of 2018. As discussed above, the NMPRC has opened a docket on the impact of the TCJA, which may have a significant impact on this rate case. Pending Regulatory Proceedings — FERC SPP Open Access Transmission Tariff (OATT) Upgrade Costs — Under the SPP OATT, costs of participant-funded, or “sponsored,” transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP OATT has allowed SPP to charge for these upgrades since 2008, but SPP had not been charging its customers for these upgrades. In 2016, the FERC granted SPP’s request to recover the charges not billed since 2008. SPP subsequently billed SPS approximately $13 million for these charges. SPP is also billing SPS ongoing charges of approximately $0.5 million per month. SPS is currently seeking recovery of these SPP charges in its pending Texas and New Mexico base rate cases. In October 2017, SPS filed a complaint against SPP regarding the amounts billed asserting that SPP has assessed upgrade charges to SPS even where SPS’ transmission service was not dependent upon the upgrade as required by the SPP OATT. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the differential in future rate proceedings. |
Commitments and Contingencies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Commitments Capital Commitments — SPS has made commitments in connection with a portion of its projected capital expenditures. SPS’ capital commitments primarily relate to the following major projects: Transmission NTC — SPS has accepted NTCs for several hundred miles of transmission line and related substation projects based on needs identified through SPP’s various planning processes, including those associated with economics, reliability, generator interconnection and the load addition processes. Most significant are the 345 KV transmission line from TUCO to Yoakum County to Hobbs Plant and the Hobbs Plant to China Draw 345 KV transmission lines. New Mexico and Texas Wind Projects — SPS is seeking approval from the NMPRC and the PUCT to build, own and operate 1,000 MW of new wind generation through the addition of two wind generation facilities in New Mexico and Texas. Fuel Contracts — SPS has entered into various long-term commitments for the purchase and delivery of a significant portion of its current coal and natural gas requirements. These contracts expire in various years between 2018 and 2029. SPS is required to pay additional amounts depending on actual quantities shipped under these agreements. The estimated minimum purchases for SPS under these contracts as of Dec. 31, 2017, are as follows:
Additional expenditures for fuel and natural gas storage and transportation will be required to meet expected future electric generation needs. SPS’ risk of loss, in the form of increased costs from market price changes in fuel, is mitigated through the cost-rate adjustment mechanisms, which provide for pass-through of most fuel, storage and transportation costs to customers. PPAs — SPS has entered into PPAs with other utilities and energy suppliers with expiration dates through 2033 for purchased power to meet system load and energy requirements and meet operating reserve obligations. In general, these agreements provide for energy payments, based on actual energy delivered and capacity payments. Capacity payments are typically contingent on the independent power producing entity meeting contract obligations, including plant availability requirements. Contractual payments are adjusted based on market indices. The effects of price adjustments on our financial results are mitigated through purchased energy cost recovery mechanisms. Included in electric fuel and purchased power expenses for PPAs accounted for as executory contracts, were payments for capacity of $58 million, $57 million and $57 million in 2017, 2016 and 2015, respectively. At Dec. 31, 2017, the estimated future payments for capacity that SPS is obligated to purchase pursuant to these executory contracts, subject to availability, are as follows:
Additional energy payments under these PPAs and PPAs accounted for as operating leases will be required to meet expected future electric demand. Leases — SPS leases a variety of equipment and facilities. These leases, primarily for office space, generating facilities, vehicles, aircraft and power-operated equipment, are accounted for as operating leases. Total expenses under operating lease obligations were approximately $58 million, $57 million and $55 million for 2017, 2016 and 2015, respectively. These expenses include capacity payments for PPAs accounted for as operating leases of $51 million, $51 million and $49 million in 2017, 2016 and 2015, respectively, recorded to electric fuel and purchased power expenses. Included in the future commitments under operating leases are estimated future capacity payments under PPAs that have been accounted for as operating leases in accordance with the applicable accounting guidance. Future commitments under operating leases are:
Variable Interest Entities — The accounting guidance for consolidation of variable interest entities requires enterprises to consider the activities that most significantly impact an entity’s financial performance, and power to direct those activities, when determining whether an enterprise is a variable interest entity’s primary beneficiary. PPAs — Under certain PPAs, SPS purchases power from independent power producing entities 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. In addition, certain solar PPAs provide SPS with an option to purchase emission allowances or sharing provisions related to production credits generated by the solar facility under contract. These specific PPAs create a variable interest in the independent power producing entity. SPS has determined that certain independent power producing entities are variable interest entities. SPS is not subject to risk of loss from the operations of these entities, and no significant financial support has been, or is required to be provided other than contractual payments for energy and capacity set forth in the PPAs. SPS has evaluated each of these variable interest entities for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices, and financing activities. 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. SPS had approximately 897 MW of capacity under long-term PPAs at both Dec. 31, 2017 and 2016 with entities that have been determined to be variable interest entities. These agreements have expiration dates through the year 2041. Fuel Contracts — SPS purchases all of its coal requirements for its Harrington and Tolk electric generating stations from TUCO under contracts for those facilities that expire in December 2022. TUCO arranges for the purchase, receiving, transporting, unloading, handling, crushing, weighing, and delivery of coal to meet SPS’ requirements. TUCO is responsible for negotiating and administering contracts with coal suppliers, transporters and handlers. No significant financial support has been, or is required to be provided to TUCO by SPS, other than contractual payments for delivered coal. However, the fuel contracts create a variable interest in TUCO due to SPS’ reimbursement of certain fuel procurement costs. SPS has determined that TUCO is a variable interest entity. SPS has concluded that it is not the primary beneficiary of TUCO because SPS does not have the power to direct the activities that most significantly impact TUCO’s economic performance. Environmental Contingencies SPS has been or is currently involved with the cleanup of contamination from certain hazardous substances at several sites. In many situations, SPS believes it will recover some portion of these costs through insurance claims. Additionally, where applicable, SPS is pursuing, or intends to pursue, recovery from other PRPs and through the regulated rate process. New and changing federal and state environmental mandates can also create added financial liabilities for SPS, which are normally recovered through the regulated rate process. To the extent any costs are not recovered through the options listed above, SPS would be required to recognize an expense. Site Remediation — Various federal and state environmental laws impose liability, without regard to the legality of the original conduct, where hazardous substances or other regulated materials have been released to the environment. SPS may sometimes pay all or a portion of the cost to remediate sites where past activities of SPS or other parties have caused environmental contamination. Environmental contingencies could arise from various situations, including sites of former manufactured gas plants operated by SPS, its predecessors, or other entities; and third-party sites, such as landfills, for which SPS is alleged to be a PRP that sent wastes to that site. MGP, Landfill or Disposal Sites — SPS is currently involved in investigating and/or remediating an MGP, landfill or other disposal site. SPS has identified one site where contamination is present and where investigation and/or remediation activities are currently underway. Other parties may have responsibility for some portion of the investigation and/or remediation activities that are underway. SPS anticipates that the investigation or remediation activities will continue through at least 2018. SPS has accrued $0.1 million for the site as of Dec. 31, 2017 and 2016, respectively. There may be insurance recovery and/or recovery from other PRPs that will offset any costs incurred. SPS anticipates that any amounts spent will be fully recovered from customers. Environmental Requirements Water and Waste Asbestos Removal — Some of SPS’ facilities contain asbestos. Most asbestos will remain undisturbed until the facilities that contain it are demolished or removed. SPS has recorded an estimate for final removal of the asbestos as an ARO. It may be necessary to remove some asbestos to perform maintenance or make improvements to other equipment. The cost of removing asbestos as part of other work is not expected to be material and is recorded as incurred as operating expenses for maintenance projects, capital expenditures for construction projects or removal costs for demolition projects. Federal CWA Waters of the United States Rule — In 2015, the EPA and the U.S. Army Corps of Engineers (Corps) published a final rule that significantly expanded the types of water bodies regulated under the CWA and broadened the scope of waters subject to federal jurisdiction. In October 2015, the U.S. Court of Appeals for the Sixth Circuit issued a nationwide stay of the final rule and subsequently ruled that it, rather than the federal district courts, had jurisdiction over challenges to the rule. In January 2017, the U.S. Supreme Court agreed to resolve the dispute as to which court should hear challenges to the rule. A ruling is expected in 2018. In February 2017, President Trump issued an executive order requiring the EPA and the Corps to review and revise the final rule. On June 2017, the agencies issued a proposed rule that rescinds the final rule and reinstates the prior definition of “Water of the U.S.” The agencies are also undertaking a rulemaking to develop a new definition of “Waters of the U.S.” Federal CWA Effluent Limitations Guidelines (ELG) — In 2015, the EPA issued a final ELG rule for power plants that use coal, natural gas, oil or nuclear materials as fuel and discharge treated effluent to surface waters as well as utility-owned landfills that receive coal combustion residuals. In 2017, the EPA delayed the compliance date for flue gas desulfurization wastewater and bottom ash transport until November 2020 while the agency conducts a rulemaking process to potentially revise the effluent limitations and pretreatment standards for these waste streams. Air GHG Emission Standard for Existing Sources (CPP) — In 2015, the EPA issued its final CPP rule for existing power plants. Among other things, the CPP requires that state plans include enforceable measures to ensure emissions from existing power plants achieve the EPA’s state-specific interim and final emission performance targets. The CPP was challenged by multiple parties in the D.C. Circuit Court. In February 2016, the U.S. Supreme Court issued an order staying the final CPP rule. The stay will remain in effect until the D.C. Circuit Court reaches its decision and the U.S. Supreme Court either declines to review the lower court’s decision or reaches a decision of its own. In March 2017, President Trump signed an executive order requiring the EPA Administrator to review the CPP rule and if appropriate publish proposed rules suspending, revising or rescinding it. Accordingly, the EPA requested that the D.C. Circuit Court hold the litigation in abeyance until the EPA completes its work under the executive order. The D.C. Circuit granted the EPA’s request and is holding the litigation in abeyance, while considering briefs by the parties on whether the court should remand the challenges to the EPA rather than holding them in abeyance, determining whether and how the court continues or ends the stay that currently applies to the CPP. In October 2017, the EPA published a proposed rule to repeal the CPP, based on an analysis that the CPP exceeds the EPA’s statutory authority under the CAA. In the proposal, the EPA stated it has not yet determined whether it will promulgate a new rule to regulate GHG emissions from existing EGUs. In December 2017, the EPA issued an Advanced Notice of Proposed Rulemaking to take and consider comments on whether to issue a future rule and what such a rule should include. CSAPR — CSAPR addresses long range transport of PM and ozone by requiring reductions in SO2 and NOx from utilities in the eastern half of the United States, including Texas, using an emissions trading program. CSAPR was adopted to address interstate emissions impacting downwind states’ attainment of the ozone and particulate NAAQS. As the EPA revises NAAQS, it will consider whether to make any further reductions to CSAPR emission budgets and whether to change which states are included in the emissions trading program. In September 2017, the EPA adopted a final rule that withdraws Texas from the CSAPR particle program and determines that further emission reductions in Texas are not needed to address interstate particle transport. Texas is no longer subject to the annual SO2 and NOX emission budgets under CSAPR. In November 2017, the National Parks Conservation Association and Sierra Club appealed this rule to the D.C. Circuit Court. In January 2018, the Court granted SPS’ motion to intervene in support of the EPA’s final rule. Regional Haze Rules — The regional haze program requires SO2, NOX and PM emission controls at power plants and other industrial facilities to reduce visibility impairment in national parks and wilderness areas. The program is divided into two parts: BART and reasonable further progress. Texas’ first regional haze plan has undergone federal review as described below. BART Determination for Texas: The EPA published a proposed BART rule for Texas in January 2017 that could have required installation of dry scrubbers to reduce SO2 emissions from Harrington Units 1 and 2. Investment costs associated with dry scrubbers for Harrington Units 1 and 2 could have been approximately $400 million. In October 2017, the EPA issued a revised final rule adopting a BART alternative Texas only SO2 trading program that applies to all Harrington and Tolk units. Under the trading program, SPS expects the allowance allocations to be sufficient for SO2 emissions from units in 2019 and future years. The anticipated costs of compliance are not expected to have a material impact on the results of operations, financial position or cash flows; and SPS believes that compliance costs would be recoverable through regulatory mechanisms. Several parties have challenged whether the final rule issued by the EPA should be considered to have met the requirements imposed in a Consent Decree entered the United States District Court for the District of Columbia that established deadlines for the EPA to take final action on state regional haze plan submissions. The matter is now submitted to the court. In December 2017, the National Parks Conservation Association, Sierra Club, and Environmental Defense Fund appealed the EPA’s October 2017 final BART rule to the Fifth Circuit, and filed a petition for administrative reconsideration of the final rule with the EPA. In January 2018, the court granted SPS’ motion to intervene in the Fifth Circuit litigation in support of the EPA’s final rule. Reasonable Progress Rule: In January 2016, the EPA adopted a final rule establishing a federal implementation plan for reasonable further progress under the regional haze program for the state of Texas. The rule imposes SO2 emission limitations that would require 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. SPS appealed the EPA’s decision and obtained a stay of the final rule. In March 2017, the Fifth Circuit remanded the rule to the EPA for reconsideration, leaving the stay in effect. In a future rulemaking, the EPA will address whether SO2 emission reductions beyond those required in the BART alternative rule are needed at Tolk under the “reasonable progress” requirements of the regional haze program. The risk of these controls being imposed along with the risk of investments to provide additional cooling water to Tolk have caused SPS to seek to decrease the remaining depreciable life of the Tolk units. The EPA has not announced a schedule for acting on the remanded rule. Implementation of the NAAQS for SO2 — The EPA adopted a more stringent NAAQS for SO2 in 2010, and evaluated areas in three phases. In December 2017, the EPA adopted a final rule that completed its initial designations of areas attaining or not attaining the standard. The EPA’s final actions designate all areas near SPS generating plants as meeting the SO2 NAAQS with one exception. In June 2016, the EPA issued final designations which found 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 the area near the Harrington plant is designated nonattainment in 2020, the Texas Commission on Environmental Quality (TCEQ) will need to develop 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 final designation is made and any required state plans are developed. SPS believes that should SO2 control systems be required or require upgrades for a plant, compliance costs or the costs of alternative cost-effective generation will be recoverable through regulatory mechanisms and therefore does not expect a material impact on results of operations, financial position or cash flows. Revisions to the NAAQS for Ozone — In 2015, the EPA revised the NAAQS for ozone by lowering the eight-hour standard from 75 parts per billion (ppb) to 70 ppb. In November 2017, the EPA published final designations of areas that meet the 2015 ozone standard. SPS meets the 2015 ozone standard in all areas where its generating units operate. Asset Retirement Obligations Recorded AROs — AROs have been recorded for property related to the following: electric steam and other production, electric distribution and transmission, and general property. The electric production obligations include asbestos, processed water containment facilities which are included under the category of ash-containment, storage tanks and control panels. The asbestos recognition associated with electric production includes certain specific plants. SPS recognized AROs for the removal of electric transmission and distribution equipment, which consists of obligations associated with polychlorinated biphenyl, mineral oil, mercury and street lighting lamps. The electric general ARO includes small obligations related to storage tanks. A reconciliation of SPS’ AROs for the years ended Dec. 31, 2017 and 2016 is as follows:
Indeterminate AROs — Outside of the known and recorded asbestos AROs, other plants or buildings may contain asbestos due to the age of many of SPS’ facilities, but no confirmation or measurement of the amount of asbestos or cost of removal could be determined as of Dec. 31, 2017. Therefore, an ARO has not been recorded for these facilities. Removal Costs — SPS records a regulatory liability for the plant removal costs of generation, transmission and distribution facilities that are recovered currently in rates. Generally, the accrual of future non-ARO removal obligations is not required. However, long-standing ratemaking practices approved by applicable state and federal regulatory commissions have allowed provisions for such costs in historical depreciation rates. These removal costs have accumulated over a number of years based on varying rates as authorized by the appropriate regulatory entities. Given the long time periods over which the amounts were accrued and the changing of rates over time, SPS has estimated the amount of removal costs accumulated through historic depreciation expense based on current factors used in the existing depreciation rates. Accordingly, the recorded amounts of estimated future removal costs are considered regulatory liabilities. Removal costs as of Dec. 31, 2017 and 2016 were $197 million and $209 million, respectively. 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. Other Contingencies See Note 10 for further discussion. |
Regulatory Assets and Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities SPS’ financial statements are prepared in accordance with the applicable accounting guidance, as discussed in Note 1. Under this guidance, regulatory assets and liabilities are created for amounts that regulators may allow to be collected, or may require to be paid back to customers in future electric rates. If changes in the utility industry or the business of SPS no longer allow for the application of regulatory accounting guidance under GAAP, SPS would be required to recognize the write-off of regulatory assets and liabilities in net income or OCI. The components of regulatory assets shown on the balance sheets of SPS at Dec. 31, 2017 and 2016 are:
The components of regulatory liabilities shown on the balance sheets of SPS at Dec. 31, 2017 and 2016 are:
At Dec. 31, 2017 and 2016, approximately $64 million and $65 million of SPS’ regulatory assets represented past expenditures not currently earning a return, respectively. This amount primarily includes formula rates, loss on reacquired debt and certain expenditures associated rate cases. |
Other Comprehensive Income |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31, 2017 and 2016 were as follows:
Reclassifications from accumulated other comprehensive loss for the years ended Dec. 31, 2017 and 2016 were as follows:
|
Related Party Transactions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions Xcel Energy Services Inc. provides management, administrative and other services for the subsidiaries of Xcel Energy Inc., including SPS. The services are provided and billed to each subsidiary in accordance with service agreements executed by each subsidiary. SPS uses the service provided by Xcel Energy Services Inc. whenever possible. Costs are charged directly to the subsidiary and are allocated if they cannot be directly assigned. Xcel Energy Inc., NSP-Minnesota, PSCo and SPS have established a utility money pool arrangement with the utility subsidiaries. See Note 4 for further discussion of this borrowing arrangement. The table below contains significant affiliate transactions among the companies and related parties for the years ended Dec. 31:
Accounts receivable and payable with affiliates at Dec. 31 were:
|
Summarized Quarterly Financial Data (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | Summarized Quarterly Financial Data (Unaudited)
|
Schedule II, Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II, Valuation and Qualifying Accounts | SOUTHWESTERN PUBLIC SERVICE CO. VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DEC. 31, 2017, 2016 AND 2015 (amounts in thousands)
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||
Accounting Policies [Abstract] | |||||||||
Business and System of Accounts | Business and System of Accounts — SPS is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity. SPS’ financial statements and disclosures are presented in accordance with GAAP. All of SPS’ underlying accounting records also conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions, which are the same in all material respects. |
||||||||
Variable Interest Entities | Variable Interest Entities — SPS evaluates its arrangements and contracts with other entities, including but not limited to, PPAs and fuel contracts, to determine if the other party is a variable interest entity, if SPS has a variable interest and if SPS is the primary beneficiary. SPS follows accounting guidance for variable interest entities which requires consideration of the activities that most significantly impact an entity’s financial performance and power to direct those activities, when determining whether SPS is a variable interest entity’s primary beneficiary. See Note 11 for further discussion of variable interest entities. |
||||||||
Use of Estimates | Use of Estimates — In recording transactions and balances resulting from business operations, SPS uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. The recorded estimates are revised when better information becomes available or when actual amounts can be determined. Those revisions can affect operating results. |
||||||||
Regulatory Accounting | Regulatory Accounting — SPS accounts for certain income and expense items in accordance with accounting guidance for regulated operations. Under this guidance:
Estimates of recovering deferred costs and returning deferred credits are based on specific ratemaking decisions or precedent for each item. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If restructuring or other changes in the regulatory environment occur, SPS may no longer be eligible to apply this accounting treatment, and may be required to eliminate regulatory assets and liabilities from its balance sheet. Such changes could have a material effect on SPS’ financial condition, results of operations and cash flows. See Note 12 for further discussion of regulatory assets and liabilities. |
||||||||
Revenue Recognition | Revenue Recognition — Revenues related to the sale of energy are generally recorded when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meter, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is recognized. SPS presents its revenues net of any excise or other fiduciary-type taxes or fees. SPS participates in SPP. SPS recognizes sales to both native load and other end use customers on a gross basis. Revenues and charges for short-term wholesale sales of excess energy transacted through SPP are recorded on a gross basis in electric revenues and cost of sales. Other revenues and charges related to participating and transacting in RTOs are recorded on a net basis in cost of sales. SPS has various rate-adjustment mechanisms in place that provide for the recovery of electric fuel costs and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. |
||||||||
Conservation Programs | Conservation Programs — SPS has implemented programs in its jurisdictions to assist customers in conserving energy and reducing peak demand on the electric system. These programs include commercial motor, air conditioner and lighting upgrades, as well as residential rebates for participation in air conditioner interruption and home weatherization. The costs incurred for some DSM programs are deferred as permitted by the applicable regulatory jurisdiction. For those programs, costs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Recorded revenues for incentive programs designed for recovery of lost margins and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the annual period in which they are earned. SPS recovers approved conservation program costs in base rate revenue or through a rider. |
||||||||
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs are charged to expense as incurred. Maintenance and replacement of items determined to be less than a unit of property are charged to operating expenses as incurred. Planned major maintenance activities are charged to operating expense unless the cost represents the acquisition of an additional unit of property or the replacement of an existing unit of property. Property, plant and equipment also includes costs associated with property held for future use. The depreciable lives of certain plant assets are reviewed annually and revised, if appropriate. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. SPS records depreciation expense related to its plant using the straight-line method over the plant’s useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Depreciation expense, expressed as a percentage of average depreciable property, was 2.8, 2.7 and 2.6 percent for the years ended Dec. 31, 2017, 2016 and 2015, respectively. |
||||||||
Leases | Leases — SPS evaluates a variety of contracts for lease classification at inception, including PPAs and rental arrangements for office space, vehicles, and equipment. Contracts determined to contain a lease because of per unit pricing that is other than fixed or market price, terms regarding the use of a particular asset, and other factors are evaluated further to determine if the arrangement is a capital lease. See Note 11 for further discussion of leases. |
||||||||
AFUDC | AFUDC — AFUDC represents the cost of capital used to finance utility construction activity. AFUDC is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in SPS’ rate base for establishing utility service rates. |
||||||||
Asset Retirement Obligations | AROs — SPS accounts for AROs under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion, and the capitalized costs are depreciated over the useful life of the long-lived asset. Changes resulting from revisions to the timing or amount of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. SPS also recovers through rates certain future plant removal costs in addition to AROs. The accumulated removal costs for these obligations are reflected in the balance sheets as a regulatory liability. See Note 11 for further discussion of AROs. |
||||||||
Income Taxes | Income Taxes — SPS accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. SPS defers income taxes for all temporary differences between pretax financial and taxable income, and between the book and tax bases of assets and liabilities. SPS uses the tax rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. The effects of SPS’ tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability which will be refundable to utility customers over the remaining life of the related assets. A tax rate increase would result in the establishment of a similar regulatory asset. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize it over the book depreciable lives of the related property. The requirement to defer and amortize tax credits only applies to federal ITCs related to public utility property. Utility rate regulation also has resulted in the recognition of certain regulatory assets and liabilities related to income taxes, which are summarized in Note 12. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available evidence is considered, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. SPS follows the applicable accounting guidance to measure and disclose uncertain tax positions that it has taken or expects to take in its income tax returns. SPS recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax. SPS reports interest and penalties related to income taxes within the other income and interest charges sections in the statements of income. Xcel Energy Inc. and its subsidiaries, including SPS, file consolidated federal income tax returns as well as combined or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to Xcel Energy Inc.’s subsidiaries based on separate company computations of tax. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with combined state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries which are recorded directly in equity by the subsidiaries based on the relative positive tax liabilities of the subsidiaries. See Note 6 for further discussion of income taxes. |
||||||||
Types of and Accounting for Derivative Instruments | Types of and Accounting for Derivative Instruments — SPS uses derivative instruments in connection with its utility commodity price and interest rate activities, including forward contracts, futures, swaps and options. All derivative instruments not designated and qualifying for the normal purchases and normal sales exception, as defined by the accounting guidance for derivatives and hedging, are recorded on the balance sheets at fair value as derivative instruments. This includes certain instruments used to mitigate market risk for the utility operations including transmission in organized markets. The classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. The classification as a regulatory asset or liability is based on expected recovery of derivative instrument settlements through fuel and purchased energy cost recovery mechanisms. Interest rate hedging transactions are recorded as a component of interest expense. For further information on derivatives entered to mitigate market risk associated with transmission in organized markets, see Note 9. Cash Flow Hedges — Certain qualifying hedging relationships are designated as a hedge of a forecasted transaction or future cash flow (cash flow hedge). Changes in the fair value of a derivative designated as a cash flow hedge, to the extent effective, are included in OCI, or deferred as a regulatory asset or liability based on recovery mechanisms until earnings are affected by the hedged transaction. Normal Purchases and Normal Sales — SPS enters into contracts for the purchase and sale of commodities for use in its business operations. Derivatives and hedging accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting if designated as normal purchases or normal sales. SPS evaluates all of its contracts at inception to determine if they are derivatives and if they meet the normal purchases and normal sales designation requirements. None of the contracts entered into within the commodity trading operations qualify for a normal purchases and normal sales designation. See Note 9 for further discussion of SPS’ risk management and derivative activities. |
||||||||
Fair Value Measurements | Fair Value Measurements — SPS presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its financial statements. Cash equivalents are recorded at cost plus accrued interest; money market funds are measured using quoted NAVs. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used as a primary input to establish fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price for an identical contract in an active market, SPS may use quoted prices for similar contracts or internally prepared valuation models to determine fair value. For the pension and postretirement plan assets published trading data and pricing models, generally using the most observable inputs available, are utilized to estimate fair value for each security. See Notes 7 and 9 for further discussion. |
||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents — SPS considers investments in certain instruments, including commercial paper and money market funds, with a remaining maturity of three months or less at the time of purchase, to be cash equivalents. |
||||||||
Accounts Receivable and Allowance for Bad Debts | Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. SPS establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. |
||||||||
Inventory | Inventory — All inventory is recorded at average cost. |
||||||||
Renewable Energy Credits | RECs — RECs are marketable environmental instruments that represent proof that energy was generated from eligible renewable energy sources. RECs are awarded upon delivery of the associated energy and can be bought and sold. RECs are typically used as a form of measurement of compliance to RPS enacted by those states that are encouraging construction and consumption from renewable energy sources, but can also be sold separately from the energy produced. SPS acquires RECs from the generation or purchase of renewable power. When RECs are purchased or acquired in the course of generation they are recorded as inventory at cost. The cost of RECs that are utilized for compliance purposes is recorded as electric fuel and purchased power expense. As a result of certain state regulatory orders, SPS reduces recoverable fuel costs for the cost of certain RECs and records that cost as a regulatory asset when the amount is recoverable in future rates. Sales of RECs that are purchased or acquired in the course of generation are recorded in electric utility operating revenues on a gross basis. The cost of these RECs, related transaction costs, and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense. |
||||||||
Emission Allowances | Emission Allowances — Emission allowances, including the annual SO2 and NOx emission allowance entitlement received from the EPA, are recorded at cost plus associated broker commission fees. SPS follows the inventory accounting model for all emission allowances. Sales of emission allowances are included in electric utility operating revenues and the operating activities section of the statements of cash flows. |
||||||||
Environmental Costs | Environmental Costs — Environmental costs are recorded when it is probable SPS is liable for remediation costs and the liability can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. If an environmental expense is related to facilities currently in use, such as emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs, excluding inflationary increases, are recorded based on experience, an assessment of the current situation and the technology currently available for use in the remediation. The recorded costs are regularly adjusted as estimates are revised and remediation proceeds. If other participating PRPs exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for SPS’ expected share of the cost. Any future costs of restoring sites where operation may be extended are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses, which may include final remediation costs. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 11 for further discussion of environmental costs. |
||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits — SPS maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans under applicable accounting guidance requires management to make various assumptions and estimates. Based on regulatory recovery mechanisms, certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are recorded as regulatory assets and liabilities, rather than OCI. See Note 7 for further discussion of benefit plans and other postretirement benefits. |
||||||||
Guarantees | Guarantees — SPS recognizes, upon issuance or modification of a guarantee, a liability for the fair market value of the obligation that has been assumed in issuing the guarantee. This liability includes consideration of specific triggering events and other conditions which may modify the ongoing obligation to perform under the guarantee. The obligation recognized is reduced over the term of the guarantee as SPS is released from risk under the guarantee. See Note 11 for specific details of issued guarantees. |
||||||||
Segment Information | Segment Information — SPS has only one reportable segment. SPS is a wholly owned subsidiary of Xcel Energy Inc. and operates in the regulated electric utility industry providing wholesale and retail electric service in the states of Texas and New Mexico. Operating results from the regulated electric utility segment serve as the primary basis for the chief operating decision maker to evaluate the performance of SPS. |
||||||||
Subsequent Events | Subsequent Events — Management has evaluated the impact of events occurring after Dec. 31, 2017 up to the date of issuance of these financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. |
Selected Balance Sheet Data (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net |
|
Borrowings and Other Financing Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | At Dec. 31, 2017, SPS had the following committed credit facility available (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Money pool borrowings for SPS were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for SPS was as follows:
|
Preferred Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Preferred Stock | SPS has authorized the issuance of preferred stock.
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Statute of Limitations Applicable to Open Tax Years | SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statutes of limitations applicable to Xcel Energy’s federal income tax returns expire as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows:
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Payable related to Unrecognized Tax Benefits | The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. A reconciliation of the beginning and ending amount of the payable for interest related to unrecognized tax benefits are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOL and Tax Credit Carryforwards | Other Income Tax Matters — NOL amounts represent the amount of the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences for the years ending Dec. 31:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ending Dec. 31 were:
The components of deferred income tax expense for the years ending Dec. 31 were: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability at Dec. 31 were as follows:
|
Benefit Plans and Other Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected Benefit Payments for the Pension and Postretirement Benefit Plans | The following table lists SPS’ projected benefit payments for the pension and postretirement benefit plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Asset Allocations and Plan Assets Measured at Fair Value | The following table presents the target pension asset allocations for SPS at Dec. 31 for the upcoming year:
The following tables present, for each of the fair value hierarchy levels, SPS’ pension plan assets that are measured at fair value as of Dec. 31, 2017 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation | A comparison of the actuarially computed pension benefit obligation and plan assets for SPS is presented in the following table:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funded Status of Plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | Benefit Costs — The components of SPS’ net periodic pension cost were:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Asset Allocations and Plan Assets Measured at Fair Value | The following tables present, for each of the fair value hierarchy levels, SPS’ proportionate allocation of the total postretirement benefit plan assets that are measured at fair value as of Dec. 31, 2017 and 2016:
The following table presents the target postretirement asset allocations for Xcel Energy Inc. and SPS at Dec. 31 for the upcoming year:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation | A comparison of the actuarially computed benefit obligation and plan assets for SPS is presented in the following table:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funded Status of Plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of One-Percent Change in Assumed Health Care Cost Trend Rate | A one-percent change in the assumed health care cost trend rate would have the following effects on SPS:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | The components of SPS’ net periodic postretirement benefit costs were:
|
Other Income, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other income (expense), net for the years ended Dec. 31 consisted of the following:
|
Fair Value of Financial Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity FTRs | The following table details the gross notional amounts of commodity FTRs at Dec. 31, 2017 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Loss | Financial Impact of Qualifying Cash Flow Hedges — The impact of qualifying interest rate cash flow hedges on SPS’ accumulated other comprehensive loss, included in the statements of common stockholder’s equity and in the statements of comprehensive income, is detailed in the following table:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Dec. 31, 2017:
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, 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Level 3 Commodity Derivatives | The following table presents the changes in Level 3 commodity derivatives for the years ended Dec. 31, 2017, 2016 and 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount and Fair Value of Long-term Debt | As of Dec. 31, 2017 and 2016, other financial instruments for which the carrying amount did not equal fair value were as follows:
|
Rate Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||
Texas 2017 Rate Case [Table Text Block] | The following table summarizes SPS’ rate increase request:
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Minimum Purchases Under Fuel Contracts | The estimated minimum purchases for SPS under these contracts as of Dec. 31, 2017, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payments for Capacity and Energy Pursuant to Purchased Power Agreements | At Dec. 31, 2017, the estimated future payments for capacity that SPS is obligated to purchase pursuant to these executory contracts, subject to availability, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Commitments Under Operating Leases | Future commitments under operating leases are:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | A reconciliation of SPS’ AROs for the years ended Dec. 31, 2017 and 2016 is as follows:
|
Regulatory Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets | The components of regulatory assets shown on the balance sheets of SPS at Dec. 31, 2017 and 2016 are:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities | The components of regulatory liabilities shown on the balance sheets of SPS at Dec. 31, 2017 and 2016 are:
|
Other Comprehensive Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31, 2017 and 2016 were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the years ended Dec. 31, 2017 and 2016 were as follows:
|
Related Party Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | The table below contains significant affiliate transactions among the companies and related parties for the years ended Dec. 31:
Accounts receivable and payable with affiliates at Dec. 31 were:
|
Summarized Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) |
|
Summary of Significant Accounting Policies (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Conservation Programs [Abstract] | |||
Maximum number of months following end of annual period in which revenues are earned to be included in incentive programs | 24 months | ||
Property, Plant and Equipment [Abstract] | |||
Depreciation expense expressed as a percentage of average depreciable property | 2.80% | 2.70% | 2.60% |
Cash and Cash Equivalents [Abstract] | |||
Maximum number of months of remaining maturity at time of purchase to consider investments in certain instruments as cash equivalents | 3 months |
Accounting Pronouncements Adoption of New Accounting Pronouncements (Details) - Accounting Standards Update 2018-02 $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Retained Earnings | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of tax effects from AOCI to retained earnings | $ 0.3 |
AOCI Attributable to Parent | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of tax effects from AOCI to retained earnings | $ (0.3) |
Selected Balance Sheet Data (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts receivable, net | ||
Accounts receivable | $ 85,929 | $ 80,569 |
Less allowance for bad debts | (6,348) | (6,379) |
Accounts receivable, net | $ 79,581 | $ 74,190 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 40,433 | $ 38,505 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 26,218 | 25,453 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 14,215 | $ 13,052 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 7,117,246 | $ 6,622,516 |
Less accumulated depreciation | (2,021,637) | (1,926,697) |
Property, plant and equipment, net | 5,095,609 | 4,695,819 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,765,371 | 6,362,189 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 351,875 | $ 260,327 |
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 0 | $ 50,000 | |
Money Pool | |||
Short-term Debt [Line Items] | |||
Borrowing limit | 100,000 | 100,000 | $ 100,000 |
Amount outstanding at period end | 0 | 0 | 0 |
Average amount outstanding | 13,000 | 28,000 | 21,000 |
Maximum amount outstanding | $ 100,000 | $ 100,000 | $ 100,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.12% | 0.67% | 0.40% |
Commercial Paper | |||
Short-term Debt [Line Items] | |||
Borrowing limit | $ 400,000 | $ 400,000 | $ 400,000 |
Amount outstanding at period end | 0 | 50,000 | 15,000 |
Average amount outstanding | 69,000 | 43,000 | 100,000 |
Maximum amount outstanding | $ 176,000 | $ 140,000 | $ 246,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.13% | 0.67% | 0.46% |
Weighted average interest rate at period end (percentage) | 0.95% | 0.60% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 50,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 3,000 | $ 5,000 |
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, Long-Term Borrowings (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Noncurrent, Net | $ 18 | $ 15 |
Equity to total capitalization ratio (excluding short-term debt), low end of range | 45.00% | |
Equity to total capitalization ratio (excluding short-term debt), high end of range | 55.00% | |
Equity to total capitalization ratio (excluding short-term debt) | 53.80% | |
Unrestricted Retained Earnings Per State Regulatory Commissions Dividend Restrictions | $ 542 | |
First Mortgage Bonds, Series due: | Series Due Aug. 15, 2046 | ||
Debt Instrument [Line Items] | ||
Interest Rate, Stated Percentage (in hundredths) | 3.40% | 3.40% |
Debt Instrument, Maturity Date | Aug. 15, 2046 | Aug. 15, 2046 |
SPS | First Mortgage Bonds, Series due: | Series Due August 15, 2047 | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 450 | |
Interest Rate, Stated Percentage (in hundredths) | 3.70% | |
Debt Instrument, Maturity Date | Aug. 15, 2047 | |
SPS | First Mortgage Bonds, Series due: | Series Due Aug. 15, 2046 | ||
Debt Instrument [Line Items] | ||
Face Amount | $ 300 | |
Interest Rate, Stated Percentage (in hundredths) | 3.40% | |
Debt Instrument, Maturity Date | Aug. 15, 2046 |
Preferred Stock (Details) |
Dec. 31, 2017
$ / shares
shares
|
---|---|
Equity [Abstract] | |
Preferred stock, shares authorized (in shares) | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 1.00 |
Preferred stock, shares outstanding (in shares) | 0 |
Income Taxes (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2012 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||
Income Tax Examination [Line Items] | ||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Corporate Federal Tax Rate | 21.00% | |||||||||||||||||
Tax Cuts and Jobs Act of 2017, Net Operating Loss Deduction Limitation, Percent of Taxable income | 80.00% | |||||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Liability, Provisional Income Tax (Expense) Benefit, Gross | $ 559,000,000 | |||||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | 8,000,000 | |||||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Net Income Reduction | $ 2,000,000 | |||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Excise Tax Delay | 2 years | |||||||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ (900,000) | $ 0 | $ (100,000) | |||||||||||||||
Interest Income (Expense) related to unrecognized tax benefits | $ 1,400,000 | $ (900,000) | $ 100,000 | |||||||||||||||
Unrecognized Tax Benefits, Interest Receivable (Payable) on Income Taxes Accrued | $ (500,000) | 900,000 | 0 | |||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | 0 | |||||||||||||||
Unrecognized Tax Benefits [Abstract] | ||||||||||||||||||
Unrecognized tax benefit — Permanent tax positions | 2,300,000 | 4,500,000 | ||||||||||||||||
Unrecognized tax benefit — Temporary tax positions | 2,000,000 | 24,200,000 | ||||||||||||||||
Total unrecognized tax benefit | $ 4,300,000 | 28,700,000 | 24,700,000 | 13,200,000 | 4,300,000 | 28,700,000 | $ 24,700,000 | $ 13,200,000 | ||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||||||
Balance at Jan. 1 | 28,700,000 | 24,700,000 | 13,200,000 | |||||||||||||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 900,000 | 1,400,000 | 4,200,000 | |||||||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (600,000) | 0 | (600,000) | |||||||||||||||
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 1,300,000 | 3,900,000 | 9,000,000 | |||||||||||||||
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions | (19,900,000) | (1,300,000) | (1,100,000) | |||||||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (6,100,000) | 0 | 0 | |||||||||||||||
Balance at Dec. 31 | $ 4,300,000 | $ 4,300,000 | $ 28,700,000 | $ 24,700,000 | ||||||||||||||
Tax Benefits Associated With NOL And Tax Credit Carryforwards [Abstract] | ||||||||||||||||||
NOL and tax credit carryforwards | (5,900,000) | (5,900,000) | ||||||||||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,000,000 | |||||||||||||||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | [1] | 35.00% | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.90% | 1.00% | [1] | 1.00% | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Percent | (3.50%) | 0.00% | [1] | 0.00% | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation Change In Unrecognized Tax Benefits, Percent | (1.00%) | 0.80% | [1] | 0.50% | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation Regulatory Differences Utility Plant Items, Percent | (0.70%) | (0.50%) | [1] | (0.30%) | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent | (0.80%) | (1.00%) | [1] | (0.80%) | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.20% | (0.20%) | [1] | 1.70% | [1] | |||||||||||||
Effective Income Tax Rate Reconciliation, Percent | 30.10% | 35.10% | [1] | 37.10% | [1] | |||||||||||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||||||||||||
Current Federal Tax Expense (Benefit) | $ (20,858,000) | $ (40,853,000) | $ (1,327,000) | |||||||||||||||
Current State and Local Tax Expense (Benefit) | (12,725,000) | (2,929,000) | 2,448,000 | |||||||||||||||
Current Change In Unrecognized Tax Expense (Benefit) | (24,333,000) | 3,126,000 | 11,281,000 | |||||||||||||||
Deferred Federal Income Tax Expense (Benefit) | 89,934,000 | 116,404,000 | 67,640,000 | |||||||||||||||
Deferred State and Local Income Tax Expense (Benefit) | 14,437,000 | 7,757,000 | 5,399,000 | |||||||||||||||
Deferred Change In Unrecognized Tax Expense (Benefit) | 22,094,000 | (1,178,000) | (10,203,000) | |||||||||||||||
Deferred investment tax credits | (133,000) | (213,000) | (213,000) | |||||||||||||||
Income Tax Expense (Benefit) | 68,416,000 | 82,114,000 | 75,025,000 | |||||||||||||||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||||||||||||
Deferred tax expense (benefit) excluding selected items | (414,231,000) | 128,393,000 | 63,453,000 | |||||||||||||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | 540,744,000 | (5,416,000) | (780,000) | |||||||||||||||
Other Comprehensive Income (Loss), Tax | (48,000) | 6,000 | 163,000 | |||||||||||||||
Deferred Income Tax Expense (Benefit) | 126,465,000 | $ 122,983,000 | $ 62,836,000 | |||||||||||||||
Deferred Tax Liabilities, Gross [Abstract] | ||||||||||||||||||
Deferred Tax Liabilities, Property, Plant and Equipment | 659,165,000 | 1,034,675,000 | [2] | |||||||||||||||
Deferred Tax Liabilities, Regulatory Assets | 47,519,000 | 14,811,000 | [2] | |||||||||||||||
Deferred Tax Liabilities, Compensation and Benefits, Employee Benefits | 33,815,000 | 51,895,000 | [2] | |||||||||||||||
Deferred Tax Liabilities, Other | 4,604,000 | 3,267,000 | [2] | |||||||||||||||
Deferred Tax Liabilities, Gross | 745,103,000 | 1,104,648,000 | [2] | |||||||||||||||
Deferred Tax Assets, Gross [Abstract] | ||||||||||||||||||
Deferred Tax Assets Regulatory Liabilities | 115,302,000 | (13,167,000) | [2] | |||||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 26,238,000 | 100,179,000 | [2] | |||||||||||||||
Deferred Tax Assets Unbilled Revenue Fuel Costs | 10,448,000 | 10,226,000 | [2] | |||||||||||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 5,769,000 | 9,656,000 | [2] | |||||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | 5,178,000 | 3,738,000 | [2] | |||||||||||||||
Deferred Tax Assets, Other | 7,262,000 | 4,879,000 | [2] | |||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 170,197,000 | 115,511,000 | [2] | |||||||||||||||
Deferred Tax Liabilities, Net | 574,906,000 | 989,137,000 | [2] | |||||||||||||||
Internal Revenue Service (IRS) | ||||||||||||||||||
Tax Audits [Abstract] | ||||||||||||||||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | ||||||||||||||||
Tax years under examination, Concluded | 2012 and 2013 | |||||||||||||||||
Year of carryback claim under examination | 2009 | |||||||||||||||||
Potential Tax Adjustments | $ 14,000,000 | |||||||||||||||||
Earliest year subject to examination | 2009 | |||||||||||||||||
Operating Loss Carryforwards | 115,000,000 | 275,000,000 | ||||||||||||||||
Tax Credit Carryforward, Amount | 5,000,000 | 4,000,000 | ||||||||||||||||
Carryforward expiration date range, low | 2021 | |||||||||||||||||
Carryforward expiration date range, high | 2037 | |||||||||||||||||
State and Local Jurisdiction | ||||||||||||||||||
Tax Audits [Abstract] | ||||||||||||||||||
Earliest year subject to examination | 2009 | |||||||||||||||||
Operating Loss Carryforwards | $ 40,000,000 | $ 60,000,000 | ||||||||||||||||
Carryforward expiration date range, low | 2021 | |||||||||||||||||
Carryforward expiration date range, high | 2036 | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2015, 2016, 2017 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Bonus depreciation rate, Percent | 50.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2016 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Production Tax Credit Rate, Percent | 100.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2017 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Production Tax Credit Rate, Percent | 80.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2018 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Production Tax Credit Rate, Percent | 60.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2019 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Production Tax Credit Rate, Percent | 40.00% | |||||||||||||||||
Investment Tax Credit Rate, Percent | 30.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2020 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Investment Tax Credit Rate, Percent | 26.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; 2021 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Investment Tax Credit Rate, Percent | 22.00% | |||||||||||||||||
Consolidated Appropriations Act of 2016; After 2021 Impact [Member] | ||||||||||||||||||
Consolidated Appropriations Act of 2016 [Abstract] | ||||||||||||||||||
Investment Tax Credit Rate, Percent | 10.00% | |||||||||||||||||
Plant Related Regulatory Liability [Member] | ||||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Liability, Provisional Income Tax (Expense) Benefit | $ 426,000,000 | |||||||||||||||||
Non-Plant Related Regulated Liability [Member] | ||||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Liability, Provisional Income Tax (Expense) Benefit | 28,000,000 | |||||||||||||||||
Non-Plant Related Regulatory Asset [Member] | ||||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Asset, Provisional Income Tax Expense (Benefit) | $ 45,000,000 | |||||||||||||||||
|
Benefit Plans and Other Postretirement Benefits, Employees Represented by Local Labor Unions (Details) |
Dec. 31, 2017
Employee
|
---|---|
Employees Represented by Local Labor Unions Under Collective Bargaining Agreements Receiving Benefits [Abstract] | |
Approximate percent of employees receiving benefits who are represented by local labor unions under collective bargaining agreements (as a percent) | 68.00% |
Number of bargaining employees receiving benefits under several collective bargaining agreements | 791 |
Benefit Plans and Other Postretirement Benefits Benefit Plans and Other Postretirement Benefits, Fair Value Hierarchy (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Commingled funds | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 90 days |
Real estate funds | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 45 days |
Real estate funds | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Notice period for investment redemption | 90 days |
Benefit Plans and Other Postretirement Benefits, Pension Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Pension Plan [Member] | |||
Pension Benefits [Abstract] | |||
Total benefit obligation | $ 515,879 | $ 483,601 | $ 467,394 |
Net benefit cost recognized for financial reporting | $ 14,872 | $ 17,446 | $ 20,303 |
Expected average long-term rate of return on assets (as a percent) | 6.78% | 6.78% | 7.22% |
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.78% | ||
Target Pension Asset Allocations [Abstract] | |||
Target pension asset allocations (as a percent) | 100.00% | 100.00% | |
Pension Plan [Member] | Domestic and international equity securities | |||
Target Pension Asset Allocations [Abstract] | |||
Target pension asset allocations (as a percent) | 34.00% | 36.00% | |
Pension Plan [Member] | Long-duration fixed income and interest rate swap securities | |||
Target Pension Asset Allocations [Abstract] | |||
Target pension asset allocations (as a percent) | 31.00% | 31.00% | |
Pension Plan [Member] | Short-to-intermediate fixed income securities | |||
Target Pension Asset Allocations [Abstract] | |||
Target pension asset allocations (as a percent) | 19.00% | 15.00% | |
Pension Plan [Member] | Alternative investments | |||
Target Pension Asset Allocations [Abstract] | |||
Target pension asset allocations (as a percent) | 14.00% | 16.00% | |
Pension Plan [Member] | Cash | |||
Target Pension Asset Allocations [Abstract] | |||
Target pension asset allocations (as a percent) | 2.00% | 2.00% | |
Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | |||
Pension Benefits [Abstract] | |||
Total benefit obligation | $ 2,000 | $ 3,000 | |
Minimum number of years historical achieved weighted average annual returns used to determine investment return assumptions (in years) | 20 years | ||
Xcel Energy Inc. | Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | |||
Pension Benefits [Abstract] | |||
Total benefit obligation | $ 37,000 | 44,000 | |
Net benefit cost recognized for financial reporting | $ 5,000 | $ 8,000 |
Benefit Plans and Other Postretirement Benefits, Fair Value of Pension Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 433,229 | $ 380,395 | $ 378,913 |
Plan asset investments measured at net asset value | 142,808 | 123,595 | |
Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 184,519 | 178,136 | |
Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 105,902 | 78,664 | |
Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 26,934 | 29,237 | |
Plan asset investments measured at net asset value | 0 | 0 | |
Cash equivalents | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 26,934 | 29,237 | |
Cash equivalents | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. equity funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 68,103 | 62,899 | |
Plan asset investments measured at net asset value | 0 | 0 | |
U.S. equity funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 68,103 | 62,899 | |
U.S. equity funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. equity funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. equity funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 38,583 | 46,403 | |
Plan asset investments measured at net asset value | 26,427 | 21,931 | |
Non U.S. equity funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 12,156 | 24,472 | |
Non U.S. equity funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. equity funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate bond funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 54,830 | 41,226 | |
Plan asset investments measured at net asset value | 0 | 0 | |
U.S. corporate bond funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 54,830 | 41,226 | |
U.S. corporate bond funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate bond funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market equity funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 41,706 | 24,637 | |
Plan asset investments measured at net asset value | 41,706 | 24,637 | |
Emerging market equity funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market equity funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market equity funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market debt funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 32,030 | 20,399 | |
Plan asset investments measured at net asset value | 22,063 | 10,574 | |
Emerging market debt funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 9,967 | 9,825 | |
Emerging market debt funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market debt funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Commodity funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,876 | ||
Plan asset investments measured at net asset value | 2,876 | ||
Commodity funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Commodity funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Commodity funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Private equity investments | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 11,168 | 12,098 | |
Plan asset investments measured at net asset value | 11,168 | 12,098 | |
Private equity investments | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Private equity investments | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Private equity investments | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real estate | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 25,896 | 23,232 | |
Plan asset investments measured at net asset value | 25,896 | 23,232 | |
Real estate | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real estate | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real estate | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other commingled funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 16,119 | 28,247 | |
Plan asset investments measured at net asset value | 15,476 | 28,247 | |
Other commingled funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 643 | 0 | |
Other commingled funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other commingled funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Government securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 57,578 | 38,105 | |
Plan asset investments measured at net asset value | 0 | 0 | |
Government securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Government securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 57,578 | 38,105 | |
Government securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate bonds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 41,041 | 36,293 | |
Plan asset investments measured at net asset value | 0 | 0 | |
U.S. corporate bonds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate bonds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 41,041 | 36,293 | |
U.S. corporate bonds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. corporate bonds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 6,717 | 5,818 | |
Plan asset investments measured at net asset value | 0 | 0 | |
Non U.S. corporate bonds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. corporate bonds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 6,717 | 5,818 | |
Non U.S. corporate bonds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Mortgage-backed securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 821 | ||
Plan asset investments measured at net asset value | 0 | ||
Mortgage-backed securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Mortgage-backed securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 821 | ||
Mortgage-backed securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Asset-backed securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 389 | ||
Plan asset investments measured at net asset value | 0 | ||
Asset-backed securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Asset-backed securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 389 | ||
Asset-backed securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
U.S. equities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 15,157 | 10,477 | |
Plan asset investments measured at net asset value | 0 | 0 | |
U.S. equities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 15,157 | 10,477 | |
U.S. equities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. equities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | (2,633) | (2,762) | |
Plan asset investments measured at net asset value | 72 | 0 | |
Other | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | (3,271) | 0 | |
Other | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 566 | (2,762) | |
Other | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans and Other Postretirement Benefits, Pension Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 31, 2018
USD ($)
Plan
|
Dec. 31, 2017
USD ($)
Plan
|
Dec. 31, 2016
USD ($)
Plan
|
Dec. 31, 2015
USD ($)
Plan
|
|||
Subsequent Event | Xcel Energy Inc. | ||||||
Cash Flows [Abstract] | ||||||
Number of pension plans to which contributions were made | Plan | 4 | |||||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated Benefit Obligation at Dec. 31 | $ 478,843 | $ 453,317 | ||||
Change in Projected Benefit Obligation [Roll Forward] | ||||||
Obligation at Jan. 1 | $ 515,879 | 483,601 | 467,394 | |||
Service cost | 9,758 | 9,761 | $ 11,006 | |||
Interest cost | 19,710 | 21,259 | 20,184 | |||
Plan amendments | (984) | 0 | ||||
Actuarial loss | 31,218 | 25,053 | ||||
Transfer to other plan | 0 | (3,305) | ||||
Benefit payments | (27,424) | (36,561) | ||||
Obligation at Dec. 31 | 515,879 | 483,601 | 467,394 | |||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at Jan. 1 | 433,229 | 380,395 | 378,913 | |||
Actual return on plan assets | 56,756 | 23,306 | ||||
Employer contributions | 23,502 | 18,088 | ||||
Transfer to other plan | 0 | (3,351) | ||||
Benefit payments | (27,424) | (36,561) | ||||
Fair value of plan assets at Dec. 31 | 433,229 | 380,395 | 378,913 | |||
Funded Status of Plans at Dec. 31 [Abstract] | ||||||
Funded status | [1] | (82,650) | (103,206) | |||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery Rates [Abstract] | ||||||
Net loss | 237,024 | 247,381 | ||||
Prior service credit | (1,372) | 0 | ||||
Total | 235,652 | 247,381 | ||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | ||||||
Current regulatory assets | 13,851 | 13,524 | ||||
Noncurrent regulatory assets | 221,801 | 233,857 | ||||
Total | $ 235,652 | $ 247,381 | ||||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | ||||||
Discount rate for year-end valuation (as a percent) | 3.63% | 4.13% | ||||
Expected average long-term increase in compensation level (as a percent) | 3.75% | 3.75% | ||||
Mortality table | RP-2014 | RP-2014 | ||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | $ 24,000 | $ 18,000 | 12,000 | |||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | 9,758 | 9,761 | 11,006 | |||
Interest cost | 19,710 | 21,259 | 20,184 | |||
Expected return on plan assets | (27,883) | (27,602) | (28,610) | |||
Amortization of prior service cost | 0 | 0 | 39 | |||
Amortization of net loss | 12,981 | 11,986 | 15,087 | |||
Net periodic pension cost | 14,566 | 15,404 | 17,706 | |||
Credits not recognized due to effects of regulation | 306 | 2,042 | 2,597 | |||
Net benefit cost recognized for financial reporting | $ 14,872 | $ 17,446 | $ 20,303 | |||
Significant Assumptions Used to Measure Costs [Abstract] | ||||||
Discount rate (as a percent) | 4.13% | 4.66% | 4.11% | |||
Expected average long-term increase in compensation level (as a percent) | 3.75% | 4.00% | 3.75% | |||
Expected average long-term rate of return on assets (as a percent) | 6.78% | 6.78% | 7.22% | |||
Allocated costs for pension plans sponsored by Xcel Energy Services Inc. | $ 8,000 | $ 4,000 | $ 5,000 | |||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.78% | |||||
Number of years fair market value of plan assets is adjusted using calculated value method (in years) | 5 years | |||||
Annual adjustment rate used in calculated value method (as a percent) | 20.00% | |||||
Pension Plan [Member] | Xcel Energy Inc. | ||||||
Cash Flows [Abstract] | ||||||
Number of pension plans to which contributions were made | Plan | 4 | 4 | 4 | |||
Total contributions to Xcel Energy's pension plans during the period | $ 162,000 | $ 125,000 | $ 90,000 | |||
Pension Plan [Member] | Subsequent Event | ||||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | 8,000 | |||||
Pension Plan [Member] | Subsequent Event | Xcel Energy Inc. | ||||||
Cash Flows [Abstract] | ||||||
Total contributions to Xcel Energy's pension plans during the period | $ 150,000 | |||||
|
Benefit Plans and Other Postretirement Benefits, Defined Contribution Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Contribution Plans [Abstract] | |||
Contributions to 401(k) and other defined contribution plans | $ 3 | $ 3 | $ 3 |
Benefit Plans and Other Postretirement Benefits, Postretirement Health Care Benefits (Details) - Other Postretirement Benefits Plan [Member] |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 100.00% | 100.00% |
Domestic and international equity securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 24.00% | 25.00% |
Short-to-intermediate fixed income securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 60.00% | 57.00% |
Alternative investments | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 9.00% | 13.00% |
Cash | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 7.00% | 5.00% |
Benefit Plans and Other Postretirement Benefits, Fair Value of Postretirement Benefit Plan Assets (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 44,039 | $ 42,297 | $ 42,684 |
Plan assets at net asset value | 0 | 5,258 | |
Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 20,223 | 16,597 | |
Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 23,816 | 20,442 | |
Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,787 | 1,966 | |
Plan assets at net asset value | 0 | 0 | |
Cash equivalents | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,787 | 1,966 | |
Cash equivalents | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalents | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 4,716 | 4,519 | |
Plan assets at net asset value | 0 | 0 | |
Insurance contracts | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 4,716 | 4,519 | |
Insurance contracts | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. equity funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 7,032 | 5,208 | |
Plan assets at net asset value | 0 | 0 | |
U.S. equity funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 7,032 | 5,208 | |
U.S. equity funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. equity funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S fixed income funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,245 | 2,593 | |
Plan assets at net asset value | 0 | 0 | |
U.S fixed income funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,245 | 2,593 | |
U.S fixed income funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S fixed income funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market debt funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,836 | 2,911 | |
Plan assets at net asset value | 0 | 0 | |
Emerging market debt funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,836 | 2,911 | |
Emerging market debt funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Emerging market debt funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other commingled funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 5,258 | ||
Plan assets at net asset value | 5,258 | ||
Other commingled funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Other commingled funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Other commingled funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | ||
Government securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 5,480 | 3,611 | |
Plan assets at net asset value | 0 | 0 | |
Government securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Government securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 5,480 | 3,611 | |
Government securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate bonds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 5,995 | 5,962 | |
Plan assets at net asset value | 0 | 0 | |
U.S. corporate bonds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
U.S. corporate bonds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 5,995 | 5,962 | |
U.S. corporate bonds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. corporate bonds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,027 | 1,653 | |
Plan assets at net asset value | 0 | 0 | |
Non U.S. corporate bonds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. corporate bonds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,027 | 1,653 | |
Non U.S. corporate bonds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Asset-backed securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,218 | 1,810 | |
Plan assets at net asset value | 0 | 0 | |
Asset-backed securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Asset-backed securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 2,218 | 1,810 | |
Asset-backed securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Mortgage-backed securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,276 | 2,748 | |
Plan assets at net asset value | 0 | 0 | |
Mortgage-backed securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Mortgage-backed securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,276 | 2,748 | |
Mortgage-backed securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. equities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,323 | 3,919 | |
Plan assets at net asset value | 0 | 0 | |
Non U.S. equities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 3,323 | 3,919 | |
Non U.S. equities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non U.S. equities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 104 | 139 | |
Plan assets at net asset value | 0 | 0 | |
Other | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 104 | 139 | |
Other | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans and Other Postretirement Benefits, Postretirement Benefit Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) - Other Postretirement Benefits Plan [Member] - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Obligation at Jan. 1 | $ 41,860,000 | $ 40,864,000 | |||
Service cost | 875,000 | 775,000 | $ 954,000 | ||
Interest cost | 1,659,000 | 1,821,000 | 1,745,000 | ||
Medicare subsidy reimbursements | 14,000 | 31,000 | |||
Plan participant's contributions | 637,000 | 653,000 | |||
Actuarial loss | 4,688,000 | 1,293,000 | |||
Benefit payments | (2,764,000) | (3,577,000) | |||
Obligation at Dec. 31 | 46,969,000 | 41,860,000 | 40,864,000 | ||
Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at Jan. 1 | 42,297,000 | 42,684,000 | |||
Actual return on plan assets | 3,686,000 | 1,978,000 | |||
Plan participant's contributions | 637,000 | 653,000 | |||
Employer contributions | 183,000 | 559,000 | |||
Benefit payments | (2,764,000) | (3,577,000) | |||
Fair value of plan assets at Dec. 31 | 44,039,000 | 42,297,000 | 42,684,000 | ||
Funded Status of Plans at Dec. 31 [Abstract] | |||||
Funded status | [1] | (2,930,000) | 437,000 | ||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery Rates [Abstract] | |||||
Net loss | (8,620,000) | (12,595,000) | |||
Prior service credit | (2,229,000) | (2,630,000) | |||
Total | (10,849,000) | (15,225,000) | |||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost (Credit) Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | |||||
Current regulatory liabilities | (827,000) | (1,004,000) | |||
Noncurrent regulatory liabilities | (10,022,000) | (14,221,000) | |||
Total | $ (10,849,000) | $ (15,225,000) | |||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | |||||
Discount rate for year-end valuation (as a percent) | 3.62% | 4.13% | |||
Mortality table | RP 2014 | RP 2014 | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Pre-65 | 7.00% | 5.50% | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Post-65 | 5.50% | 5.50% | |||
Ultimate health care trend assumption rate (as a percent) | 4.50% | ||||
Period until ultimate trend rate is reached (in years) | 5 years | ||||
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |||||
One-percent increase in APBO | $ 4,559,000 | ||||
One-percent decrease in APBO | (3,858,000) | ||||
One-percent increase in service and interest components | 266,000 | ||||
One-percent decrease in service and interest components | (225,000) | ||||
Cash Flows [Abstract] | |||||
Expected contribution to postretirement health care plans during 2018 | 0 | ||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | 875,000 | $ 775,000 | 954,000 | ||
Interest cost | 1,659,000 | 1,821,000 | 1,745,000 | ||
Expected return on plan assets | (2,355,000) | (2,377,000) | (2,540,000) | ||
Amortization of prior service cost | (401,000) | (401,000) | (401,000) | ||
Amortization of net loss | (618,000) | (583,000) | (639,000) | ||
Net periodic pension cost | $ (840,000) | $ (765,000) | $ (881,000) | ||
Significant Assumptions Used to Measure Costs [Abstract] | |||||
Discount rate (as a percent) | 4.13% | 4.65% | 4.08% | ||
Expected average long-term rate of return on assets (as a percent) | 5.80% | 5.80% | 5.80% | ||
Xcel Energy Inc. | |||||
Cash Flows [Abstract] | |||||
Total contributions to Xcel Energy's postretirement health care plans during the year | $ 20,000,000 | $ 18,000,000 | $ 18,000,000 | ||
Expected contribution to postretirement health care plans during 2018 | $ 12,000,000 | ||||
|
Benefit Plans and Other Postretirement Benefits, Projected Benefit Payments (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Pension Plan [Member] | |
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |
2018 | $ 30,475 |
2019 | 28,755 |
2020 | 29,621 |
2021 | 29,721 |
2022 | 30,712 |
2023-2027 | 155,784 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |
2018 | 3,277 |
2019 | 3,189 |
2020 | 3,229 |
2021 | 3,351 |
2022 | 3,384 |
2023-2027 | 14,773 |
Expected Medicare Part D Subsidies [Abstract] | |
2018 | 22 |
2019 | 19 |
2020 | 21 |
2021 | 25 |
2022 | 30 |
2023-2027 | 141 |
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |
2018 | 3,255 |
2019 | 3,170 |
2020 | 3,208 |
2021 | 3,326 |
2022 | 3,354 |
2023-2027 | $ 14,632 |
Other Income, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Income and Expenses [Abstract] | |||
Interest income | $ 2,407 | $ 129 | $ 129 |
Other nonoperating income | 0 | 5 | 11 |
Insurance Policy Expense (Income), Net | (48) | (43) | (40) |
Other Nonoperating Expense | 0 | 0 | (106) |
Other income (expense), net | $ 2,359 | $ 91 | $ (6) |
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MWh in Thousands, $ in Millions |
Dec. 31, 2017
USD ($)
MWh
Counterparty
|
Dec. 31, 2016
MWh
|
||
---|---|---|---|---|
Credit Concentration Risk | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 8 | |||
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 | 7 | |||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 5 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ | $ 7.8 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 20.00% | |||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 2 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ | $ 10.6 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 28.00% | |||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 1 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ | $ 0.1 | |||
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 gains (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 Forwards, Options and FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional Amount | MWh | [1] | 4,251 | 2,685 | |
|
Fair Value of Financial Assets and Liabilities, Financial Impact of Qualifying Cash Flow Hedges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ (678) | $ (817) | $ (989) |
After-tax net realized losses on derivative transactions reclassified into earnings | 39 | 139 | 172 |
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | $ (639) | $ (678) | $ (817) |
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | |||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 |
Recognized gains (losses) from fair value hedges or related hedged transactions | 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] | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (100,000) | (200,000) | (300,000) |
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 | 3,000,000 | (3,100,000) |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | $ (800,000) | $ (2,100,000) | $ 1,600,000 |
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 15,882,000 | 5,114,000 | ||||||||||
Other Noncurrent Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 18,954,000 | 22,113,000 | ||||||||||
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 | 19,949,000 | 23,513,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 12,723,000 | 1,955,000 | ||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,994,000) | [1] | (1,299,000) | [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 | 12,723,000 | 1,955,000 | ||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,994,000) | [1] | (1,299,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,994,000) | [1] | (1,299,000) | [2] | ||||||||
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 | 0 | 0 | ||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,994,000) | [1] | (1,299,000) | [2] | ||||||||
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 | 14,717,000 | 3,254,000 | ||||||||||
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 | 14,717,000 | 3,254,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 1,994,000 | 1,299,000 | ||||||||||
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 | 1,994,000 | 1,299,000 | ||||||||||
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 3,159,000 | [3] | 3,159,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 18,954,000 | [3] | 22,113,000 | [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 | 19,949,000 | [3] | 23,513,000 | [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 | 14,717,000 | 3,254,000 | ||||||||||
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 | 14,717,000 | 3,254,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 1,994,000 | 1,299,000 | ||||||||||
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 | $ 1,994,000 | $ 1,299,000 | ||||||||||
|
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) (Details) - Commodity Contract - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at beginning of period | $ 1,955,000 | $ 5,060,000 | $ 15,884,000 |
Purchases | 41,176,000 | 7,616,000 | 23,425,000 |
Settlements | (55,758,000) | (41,923,000) | (31,703,000) |
Gains (losses) recognized as regulatory assets | 25,350,000 | 31,202,000 | (2,546,000) |
Balance at end of period | 12,723,000 | 1,955,000 | 5,060,000 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 1,829,941 | $ 1,635,858 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 2,001,992 | $ 1,741,502 |
Rate Matters (Details) $ in Millions |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Feb. 16, 2018 |
Feb. 28, 2018 |
Oct. 31, 2017
USD ($)
MW
|
Nov. 30, 2016
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Appeal of the Texas 2015 Electric Rate Case Decision | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 42.0 | |||||||
Texas 2017 Electric Rate Case [Member] | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 55.0 | |||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 5.80% | |||||||
Public Utilities, Number of Months in Test Year | 12 months | |||||||
Public Utilities, Number of Months in Test Year which are Estimated | 3 months | |||||||
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |||||||
Public Utilities, Requested Rate Base, Amount | $ 1,900.0 | |||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.97% | |||||||
Public Utilities, Incremental revenue request | $ 69.0 | |||||||
Appeal of the New Mexico 2016 Electric Rate Case Decision | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 41.0 | |||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 10.90% | |||||||
Public Utilities, Requested Return on Equity, Percentage | 10.10% | |||||||
Public Utilities, Requested Rate Base, Amount | $ 832.0 | |||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.97% | |||||||
New Mexico 2017 Electric Rate Case [Member] | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 43.0 | |||||||
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |||||||
Public Utilities, Requested Rate Base, Amount | $ 885.0 | |||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.97% | |||||||
Public Utilities, Decline in MW Sales from Wholesale Customers | MW | 380 | |||||||
Public Utility Commission of Texas (PUCT) | Appeal of the Texas 2015 Electric Rate Case Decision | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Approved Rate Decrease, Net of Rate Case Expenses | $ 4.0 | |||||||
Southwest Power Pool (SPP) | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 13.0 | |||||||
Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Monthly Billed Charges For Transmission Service Upgrades | 0.5 | |||||||
Transmission Cost Recovery Factory (TCRF) Rider [Member] | Texas 2017 Electric Rate Case [Member] | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Rider Conversion to Base Rates | $ (14.0) | |||||||
Subsequent Event | New Mexico 2017 Electric Rate Case [Member] | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Revised Requested Equity Capital Structure, Percentage | 58.00% | |||||||
SPS | Subsequent Event | Texas 2017 Electric Rate Case [Member] | ||||||||
Rate Matters [Abstract] | ||||||||
Public Utilities, Revised Requested Equity Capital Structure, Percentage | 58.00% |
Commitments and Contingencies, Capital Commitments (Details) - Capital Commitments |
12 Months Ended |
---|---|
Dec. 31, 2017
kV
MW
| |
TUCO to Yoakum to Hobbs Plant Transmission Line | |
Capital Commitments [Abstract] | |
Voltage capacity for transmission line (in kV) | 345 |
Hobbs Plant to China Draw Transmission Line | |
Capital Commitments [Abstract] | |
Voltage capacity for transmission line (in kV) | 345 |
New Mexico and Texas Wind Projects [Member] | |
Capital Commitments [Abstract] | |
Public Utilities, Facility Generating Capacity | MW | 1,000 |
Commitments and Contingencies, Fuel Contracts (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Coal | |
Fuel Contracts [Abstract] | |
2018 | $ 172 |
2019 | 106 |
2020 | 64 |
2021 | 20 |
2022 | 21 |
Thereafter | 0 |
Total | 383 |
Natural Gas Supply | |
Fuel Contracts [Abstract] | |
2018 | 11 |
2019 | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
Thereafter | 0 |
Total | 11 |
Natural Gas Storage and Transportation | |
Fuel Contracts [Abstract] | |
2018 | 29 |
2019 | 32 |
2020 | 32 |
2021 | 27 |
2022 | 21 |
Thereafter | 50 |
Total | $ 191 |
Minimum | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Fuel Contract Expiration Date | 2018 |
Maximum | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Fuel Contract Expiration Date | 2029 |
Commitments and Contingencies, Purchased Power Agreements (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Long-term Contract for Purchase of Electric Power [Line Items] | |||
Purchase Power Agreement Expiration Date | 2033 | ||
Capacity | |||
Purchased Power Agreements (PPAs) [Abstract] | |||
Payments for capacity | $ 58 | $ 57 | $ 57 |
Estimated Future Payments Under PPAs [Abstract] | |||
2018 | 58 | ||
2019 | 20 | ||
2020 | 12 | ||
2021 | 12 | ||
2022 | 13 | ||
Thereafter | 18 | ||
Total | $ 133 |
Commitments and Contingencies, Leases (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Lease Purchase Power Agreement Expiration Date | 2033 | |||||||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||||||
2018 | $ 57 | |||||||
2019 | 56 | |||||||
2020 | 56 | |||||||
2021 | 56 | |||||||
2022 | 56 | |||||||
Thereafter | 604 | |||||||
Office Space and Other Equipment | ||||||||
Operating Leases [Abstract] | ||||||||
Total expenses under operating lease obligations | 58 | $ 57 | $ 55 | |||||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||||||
2018 | 5 | |||||||
2019 | 5 | |||||||
2020 | 5 | |||||||
2021 | 5 | |||||||
2022 | 5 | |||||||
Thereafter | 61 | |||||||
Purchased Power Agreements | ||||||||
Operating Leases [Abstract] | ||||||||
Payments for capacity for PPAs under operating lease obligations | 51 | $ 51 | $ 49 | |||||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||||||
2018 | [1],[2] | 52 | ||||||
2019 | [1],[2] | 51 | ||||||
2020 | [1],[2] | 51 | ||||||
2021 | [1],[2] | 51 | ||||||
2022 | [1],[2] | 51 | ||||||
Thereafter | [1],[2] | $ 543 | ||||||
|
Commitments and Contingencies, Variable Interest Entities (Details) - MW |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Purchased Power Agreements [Abstract] | ||
VIE Purchase Power Agreement Expiration Date | 2041 | |
Independent Power Producing Entities | ||
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 897 | 897 |
Harrington Station Power Plant | ||
Fuel Contracts [Abstract] | ||
Coal Supply Agreement Expiration Date | 2022 | |
Tolk Station Power Plant | ||
Fuel Contracts [Abstract] | ||
Coal Supply Agreement Expiration Date | 2022 |
Commitments and Contingencies Commitments and Contingencies, Environmental Contingencies - Site Contingencies (Details) - Other MGP, Landfill, or Disposal Sites $ in Millions |
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|
Site Contingency [Line Items] | ||
Number of identified MGP sites under current investigation and/or remediation | 1 | |
Accrual for Environmental Loss Contingencies | $ 0.1 | $ 0.1 |
Commitments and Contingencies, Environmental Contingencies (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2015
Period
|
|
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 | |
National Ambient Air Quality Standards for Ozone | ||
Environmental Requirements [Abstract] | ||
Number of Hours Measured for Standard | Period | 8 | |
Former Level of Air Quality Concentrations (in parts per billion) | 75 | |
Revised Level of Air Quality Concentrations (in parts per billion) | 70 | |
Harrington Units 1 and 2 | Implementation of the National Ambient Air Quality Standard for Sulfur Dioxide | ||
Environmental Requirements [Abstract] | ||
Number of Years Unclassifiable Areas Will Be Monitored | 3 years | |
Harrington Units 1 and 2 | Capital Commitments | Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Liability for Estimated Cost to Comply with Regulation | $ 400 | |
Tolk Units 1 and 2 | Capital Commitments | Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Liability for Estimated Cost to Comply with Regulation | $ 600 |
Commitments and Contingencies, Asset Retirement Obligations (Details) - USD ($) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||
Beginning balance | $ 28,663,000 | [1] | $ 27,233,000 | |||||||
Liabilities Incurred | 0 | 0 | ||||||||
Liabilities settled | 0 | 0 | ||||||||
Accretion | 1,537,000 | 1,451,000 | ||||||||
Cash flow revisions | (1,676,000) | [2] | (21,000) | |||||||
Ending balance | 28,524,000 | [3] | 28,663,000 | [1] | ||||||
Electric Plant Steam Production Asbestos | ||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||
Beginning balance | 19,070,000 | [1] | 17,981,000 | |||||||
Accretion | 1,155,000 | 1,089,000 | ||||||||
Cash flow revisions | (1,676,000) | [2] | 0 | |||||||
Ending balance | 18,549,000 | [3] | 19,070,000 | [1] | ||||||
Electric Plant Steam Production Ash Containment | ||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||
Beginning balance | 1,593,000 | [1] | 1,513,000 | |||||||
Accretion | 85,000 | 80,000 | ||||||||
Cash flow revisions | 0 | [2] | 0 | |||||||
Ending balance | 1,678,000 | [3] | 1,593,000 | [1] | ||||||
Electric Plant Electric Distribution | ||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||
Beginning balance | 6,799,000 | [1] | 6,559,000 | |||||||
Accretion | 249,000 | 240,000 | ||||||||
Cash flow revisions | 0 | [2] | 0 | |||||||
Ending balance | 7,048,000 | [3] | 6,799,000 | [1] | ||||||
Electric Plant Other | ||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||||
Beginning balance | 1,201,000 | [1] | 1,180,000 | |||||||
Accretion | 48,000 | 42,000 | ||||||||
Cash flow revisions | 0 | [2] | (21,000) | |||||||
Ending balance | $ 1,249,000 | [3] | $ 1,201,000 | [1] | ||||||
|
Commitments and Contingencies, Removal Costs (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $ 197 | $ 209 |
Regulatory Assets and Liabilities, Regulatory Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory Asset, Current | $ 31,538 | $ 38,721 | ||||||||||
Regulatory Asset, Noncurrent | 362,943 | 346,683 | ||||||||||
Past expenditures not currently earning a return | 64,000 | 65,000 | ||||||||||
Revaluation of Regulatory Assets for New Federal Tax Rate [Member] | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory Assets | $ 23,000 | |||||||||||
Pension and Retiree Medical Obligations | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | Various | |||||||||||
Regulatory Asset, Current | [1] | $ 12,752 | 13,986 | |||||||||
Regulatory Asset, Noncurrent | [1] | $ 223,038 | 234,171 | |||||||||
Excess deferred taxes - TCJA | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | Various | |||||||||||
Regulatory Asset, Current | $ 0 | 0 | ||||||||||
Regulatory Asset, Noncurrent | $ 44,685 | 0 | ||||||||||
Net AROs | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | Plant lives | |||||||||||
Regulatory Asset, Current | [2] | $ 0 | 0 | |||||||||
Regulatory Asset, Noncurrent | [2] | $ 24,201 | 24,352 | |||||||||
Recoverable Deferred Taxes on AFUDC Recorded in Plant | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | Plant lives | |||||||||||
Regulatory Asset, Current | $ 0 | [3] | 0 | |||||||||
Regulatory Asset, Noncurrent | $ 23,888 | [3] | 44,258 | |||||||||
Losses on Reacquired Debt | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | Term of related debt | |||||||||||
Regulatory Asset, Current | $ 807 | 127 | ||||||||||
Regulatory Asset, Noncurrent | $ 22,664 | 1,617 | ||||||||||
Renewable Resources and Environmental Initiatives | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | One to three years | |||||||||||
Regulatory Asset, Current | $ 1,600 | 3,580 | ||||||||||
Regulatory Asset, Noncurrent | $ 1,301 | 2,900 | ||||||||||
Conservation Programs | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | One to two years | |||||||||||
Regulatory Asset, Current | [4] | $ 2,674 | 3,754 | |||||||||
Regulatory Asset, Noncurrent | [4] | $ 733 | 2,431 | |||||||||
Other Regulatory Assets | ||||||||||||
Regulatory Assets [Line Items] | ||||||||||||
Regulatory asset, remaining amortization period | Various | |||||||||||
Regulatory Asset, Current | $ 13,705 | 17,274 | ||||||||||
Regulatory Asset, Noncurrent | $ 22,433 | $ 36,954 | ||||||||||
|
Regulatory Assets and Liabilities, Regulatory Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory Liability, Current | $ 68,835 | $ 41,577 | ||||||
Regulatory Liability, Noncurrent | $ 784,564 | 233,454 | ||||||
Excess deferred taxes - TCJA | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | Various | |||||||
Regulatory Liability, Current | $ 0 | [1] | 0 | |||||
Regulatory Liability, Noncurrent | 563,662 | [1] | 0 | |||||
Revaluation of Non-plant ADIT | $ 28,000 | |||||||
Plant Removal Costs | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | Plant lives | |||||||
Regulatory Liability, Current | $ 0 | 0 | ||||||
Regulatory Liability, Noncurrent | $ 196,875 | 208,638 | ||||||
Revenue Subject to Refund | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | One to two years | |||||||
Regulatory Liability, Current | $ 6,825 | 5,093 | ||||||
Regulatory Liability, Noncurrent | $ 6,503 | 3,602 | ||||||
Gain From Asset Sales | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | Various | |||||||
Regulatory Liability, Current | $ 0 | 0 | ||||||
Regulatory Liability, Noncurrent | $ 2,476 | 2,530 | ||||||
Deferred Electric Energy Costs | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | Less than one year | |||||||
Regulatory Liability, Current | $ 48,460 | 32,451 | ||||||
Regulatory Liability, Noncurrent | $ 0 | 0 | ||||||
Contract Valuation Adjustments | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | Term of related contract | |||||||
Regulatory Liability, Current | [2] | $ 12,723 | 1,955 | |||||
Regulatory Liability, Noncurrent | [2] | $ 0 | 0 | |||||
Other Regulatory Liabilities | ||||||||
Regulatory Liabilities [Line Items] | ||||||||
Regulatory liability, remaining amortization period | Various | |||||||
Regulatory Liability, Current | $ 827 | 2,078 | ||||||
Regulatory Liability, Noncurrent | $ 15,048 | $ 18,684 | ||||||
|
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss at beginning of period | $ 1,931,696 | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 83 | $ 139 | |||
Adoption of ASU No. 2018-02 | 0 | ||||
Accumulated other comprehensive loss at end of period | 2,130,363 | 1,931,696 | |||
AOCI Attributable to Parent | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss at beginning of period | (1,290) | (1,281) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (148) | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 83 | 139 | |||
Net current period other comprehensive income (loss) | 83 | (9) | |||
Adoption of ASU No. 2018-02 | [1] | (260) | |||
Accumulated other comprehensive loss at end of period | (1,467) | (1,290) | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss at beginning of period | (612) | (464) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (148) | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 44 | 0 | |||
Net current period other comprehensive income (loss) | 44 | (148) | |||
Adoption of ASU No. 2018-02 | [1] | (123) | |||
Accumulated other comprehensive loss at end of period | (691) | (612) | |||
Gains and Losses on Cash Flow Hedges | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss at beginning of period | (678) | (817) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 39 | 139 | |||
Net current period other comprehensive income (loss) | 39 | 139 | |||
Adoption of ASU No. 2018-02 | [1] | (137) | |||
Accumulated other comprehensive loss at end of period | $ (776) | $ (678) | |||
|
Other Comprehensive Income - Reclassification out of AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Total, pre-tax | $ (227,629) | $ (234,271) | $ (202,288) | |||||
Tax benefit | 68,416 | 82,114 | $ 75,025 | |||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 83 | 139 | ||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 69 | 0 | |||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 44 | 0 | ||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 69 | 0 | ||||||
Reclassification from AOCI, Current Period, Tax | (25) | 0 | ||||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 44 | 0 | ||||||
Gains and Losses on Cash Flow Hedges | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 39 | 139 | ||||||
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 | 63 | 219 | ||||||
Tax benefit | (24) | (80) | ||||||
Total, net of tax | 39 | 139 | ||||||
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 | [2] | $ 63 | $ 219 | |||||
|
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Operating revenues [Abstract] | |||
Electric | $ 2 | $ 56 | $ 0 |
Operating expenses [Abstract] | |||
Purchased power | 1,436 | 8,809 | 8,632 |
Other operating expenses - paid to Xcel Energy Services Inc. | 196,558 | 188,175 | 197,134 |
Interest expense | 0 | 189 | 156 |
Interest income | 0 | 0 | $ 6 |
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 1,297 | 949 | |
Accounts payable | 22,577 | 14,414 | |
NSP-Minnesota | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 964 | 935 | |
Accounts payable | 0 | 0 | |
NSP-Wisconsin | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 7 | 0 | |
Accounts payable | 0 | 333 | |
PSCo | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 0 | 0 | |
Accounts payable | 279 | 745 | |
Other Subsidiaries of Xcel Energy Inc. | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 326 | 14 | |
Accounts payable | $ 22,298 | $ 13,336 |
Summarized Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 426,509 | $ 551,623 | $ 479,796 | $ 460,072 | $ 464,749 | $ 554,926 | $ 440,445 | $ 390,839 | |||
Operating income | 41,498 | 122,407 | 74,489 | 58,415 | 62,964 | 122,362 | 68,386 | 53,569 | $ 296,809 | $ 307,281 | $ 274,465 |
Net income | $ 31,015 | $ 67,781 | $ 35,362 | $ 25,055 | $ 29,077 | $ 68,346 | $ 32,211 | $ 22,523 | $ 159,213 | $ 152,157 | $ 127,263 |
Schedule II, Valuation and Qualifying Accounts (Details) - Allowance for Bad Debts - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||
Balance at Jan. 1 | $ 6,379 | $ 5,888 | $ 5,839 | |||||
Charged to costs and expenses | 5,091 | 6,066 | 4,655 | |||||
Charged to other accounts | [1] | 1,169 | 907 | 1,036 | ||||
Deductions from reserves | [2] | 6,291 | 6,482 | 5,642 | ||||
Balance at Dec. 31 | $ 6,348 | $ 6,379 | $ 5,888 | |||||
|
B=U:TXI,5L>.8X/-C?]/<;A?&)%6^A$_*BU)U2..DIA>IAYD:\[Y-Z">2=4,+%(Q]6/$/4$L#!!0
M ( "V,5TRCX3TH@P8 /,B 8 >&PO=V]R:W-H965T ,GA$,C19W\9Z2L(,4*5XL2"OS%B#R62
M'1F;673U#'Q*BD]:YJTM+&M;(*4%?J+T8X$?(Z.X 3)G8RPL*(NA:9V>.\J/
MTWX,L20-D,7D"Y/'8@1;Q. D_9">&3G'J!X8T)E(L60)H]@B%JO=36/6F^R#
MR=*3%G(8L5UZ;!C)UNO-KK1;6LQ2BV J5ZK5G*3@,DMP(!V'D*A@"5/5:JR"
MU0J(F;*77 4RYZPM&<)@M8"L 0@)9- +AB%_2<)7D_ $V'P Y.N S2I@DP#%!P"_J7)-
MLUE/4JPF*58 Q4V227.?-"9I'I]N.V%7LX^_]D_ACM)XX! #=! & 'AL+W=O
,=%CK&79]O^]];%5LAJS:"I5_C)3@MPSW
->D2,A#7YS?UK[%VK.4L'-P;]4=6OLWI+245U&)0_M&,WV"NYYJ2N?@?
M< &%\) )QBB-$$CURH\#" K$ >%Z0"#5F;\_"%0%
MZ@[A>D @U2N_[D!0H.X0K@<$4KWRCQ\("IP_A.L!@52?^^!/GG3W+5-+9"
M[5V[K*.-/'6N5[^:G5KR!W)-YS_XT,]_YVI?=SIZE<:VKJ[!W$EIA%U+>F=]
M/MA?B&G0B)WI'TO[K(8^>A@8>1S_$9+I1V7U%U!+ P04 " MC%=,:;?R
ML=,! ";! &0 'AL+W=O
9-VXX&!YVHD:?H#[V9V-M]BL4DH-K978
M$@-51N^VQ],NX"/@EX3!+LXD5')!? [&US*CFY 0*"A<4!!^N\(]*!6$?!HO
MDR:=0P;B\ORF_A!K][5P?U?B1TQR2-X%88N>:C!U
MG"9+"NS;.,D+[SRP=SR^R3_X..W?A:EE:\D%G7_9V/\*T8%/97/C1ZCQ'VPV
M%%0N'#_[LQG';#0<=M,/8O,WSO\"4$L#!!0 ( "V,5TP=POB9N0$ -(#
M 9 >&PO=V]R:W-H965T.>3M]Y[*=/;+">7(#1CCA.&KC#)@B!>
M?0E!MT(8!
M #[! &0 'AL+W=O "UM4O;UR^>[_4$L#!!0 ( "V,5TRQ_58
K-I@
M -980 3SY-X0+=E"R5Q/8EOH9MXE028E5!R*MS^]78E(7XE 8:EQ.[="G$L
M28ME28AG2:I,2P+\2,XF]6 (D-GDV6&0^)8$&)? I.
",
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M8X?J=\RKIA7>D4EUO