QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Southwestern Public Service Company | |||||||||||
(Exact name of registrant as specified in its charter) |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
N/A | ||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
N/A | N/A | N/A |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | ||||||||||||||
☒ | Smaller Reporting Company | ||||||||||||||||
Emerging growth company |
Class | July 31, 2020 | |||||||
Common Stock, $1.00 par value |
PART I | FINANCIAL INFORMATION | |||||||
Item 1 — | ||||||||
Item 2 — | ||||||||
Item 4 — | ||||||||
PART II | OTHER INFORMATION | |||||||
Item 1 — | ||||||||
Item 1A — | ||||||||
Item 6 — | ||||||||
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
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 | |||||
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit | ||||
EPA | Environmental Protection Agency | ||||
FERC | Federal Energy Regulatory Commission | ||||
IRS | Internal Revenue Service | ||||
NMPRC | New Mexico Public Regulation Commission | ||||
PUCT | Public Utility Commission of Texas | ||||
SEC | Securities and Exchange Commission | ||||
Other Terms and Abbreviations | |||||
ALJ | Administrative Law Judge | ||||
ASC | FASB Accounting Standards Codification | ||||
C&I | Commercial and Industrial | ||||
CEO | Chief executive officer | ||||
CFO | Chief financial officer | ||||
COVID-19 | Novel coronavirus | ||||
DSM | Demand side management | ||||
ETR | Effective tax rate | ||||
FASB | Financial Accounting Standards Board | ||||
FPPCAC | Fuel and Purchased Power Cost Adjustment Clause | ||||
FTR | Financial transmission right | ||||
GAAP | Generally accepted accounting principles | ||||
IPP | Independent power producers | ||||
LLC | Limited liability company | ||||
NOL | Net operating loss | ||||
O&M | Operating and maintenance | ||||
OATT | Open access transmission tariff | ||||
PPA | Power purchase agreement | ||||
PTC | Production tax credit | ||||
ROE | Return on equity | ||||
ROFR | Right of first refusal | ||||
RTO | Regional Transmission Organization | ||||
SPP | Southwest Power Pool, Inc. | ||||
TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act | ||||
VIE | Variable interest entity | ||||
Measurements | |||||
MW | Megawatts | ||||
MWh | Megawatt hours |
Forward-Looking Statements |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power | |||||||||||||||||||||||
Operating and maintenance expenses | |||||||||||||||||||||||
Demand side management expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes (other than income taxes) | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Allowance for funds used during construction — equity | |||||||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $0.9, $0.8, $1.8 and $1.6, respectively | |||||||||||||||||||||||
Allowance for funds used during construction — debt | ( | ( | ( | ( | |||||||||||||||||||
Total interest charges and financing costs | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax (benefit) expense | ( | ( | |||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
See Notes to Financial Statements |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Pension and retiree medical benefits: | |||||||||||||||||||||||
Reclassification of loss to net income, net of tax of $ | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Reclassification of loss to net income, net of tax of $ | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 30 | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Provision for bad debts | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Accrued unbilled revenues | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepayments and other | ( | ||||||||||
Accounts payable | ( | ||||||||||
Net regulatory assets and liabilities | ( | ||||||||||
Other current liabilities | ( | ||||||||||
Pension and other employee benefit obligations | ( | ( | |||||||||
Other, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Utility capital/construction expenditures | ( | ( | |||||||||
Investments in utility money pool arrangement | ( | ( | |||||||||
Repayments from utility money pool arrangement | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Repayments of short-term borrowings, net | ( | ||||||||||
Proceeds from issuance of long-term debt, net | |||||||||||
Borrowings under utility money pool arrangement | |||||||||||
Repayments under utility money pool arrangement | ( | ( | |||||||||
Capital contributions from parent | |||||||||||
Dividends paid to parent | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
Net change in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | ( | $ | ( | |||||||
Cash received for income taxes, net | |||||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Property, plant and equipment additions in accounts payable | $ | $ | |||||||||
Inventory transfers to property, plant and equipment | |||||||||||
Operating lease right-of-use assets | |||||||||||
Allowance for equity funds used during construction |
June 30, 2020 | Dec. 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Accounts receivable from affiliates | |||||||||||
Accrued unbilled revenues | |||||||||||
Inventories | |||||||||||
Regulatory assets | |||||||||||
Derivative instruments | |||||||||||
Prepaid taxes | |||||||||||
Prepayments and other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets | |||||||||||
Regulatory assets | |||||||||||
Derivative instruments | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable to affiliates | |||||||||||
Regulatory liabilities | |||||||||||
Taxes accrued | |||||||||||
Accrued interest | |||||||||||
Dividends payable to parent | |||||||||||
Derivative instruments | |||||||||||
Current obligation under operating lease | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Derivative instruments | |||||||||||
Pension and employee benefit obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | |||||||||||
Common stock — 200 shares authorized of $1.00 par value; 100 shares outstanding at June 30, 2020 and Dec. 31, 2019, respectively | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total common stockholder’s equity | |||||||||||
Total liabilities and equity | $ | $ |
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholder’s Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 and 2019 | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Dividends declared to parent | ( | ( | |||||||||||||||||||||||||||||||||
Contributions of capital by parent | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Dividends declared to parent | ( | ( | |||||||||||||||||||||||||||||||||
Contributions of capital by parent | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholder’s Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 and 2019 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Dividends declared to parent | ( | ( | |||||||||||||||||||||||||||||||||
Contributions of capital by parent | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Dividends declared to parent | ( | ( | |||||||||||||||||||||||||||||||||
Contributions of capital by parent | |||||||||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | ( | ( | |||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
See Notes to Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Less allowance for bad debts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | $ | ||||||||||||
Fuel | ||||||||||||||
Total inventories | $ | $ |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | $ | ||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant and equipment | ||||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2020 | Year Ended Dec. 31, 2019 | ||||||||||||
Borrowing limit | $ | $ | ||||||||||||
Amount outstanding at period end | ||||||||||||||
Average amount outstanding | ||||||||||||||
Maximum amount outstanding | ||||||||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||||||||
Weighted average interest rate at period end | N/A | N/A |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2020 | Year Ended Dec. 31, 2019 | ||||||||||||
Borrowing limit | $ | $ | ||||||||||||
Amount outstanding at period end | ||||||||||||||
Average amount outstanding | ||||||||||||||
Maximum amount outstanding | ||||||||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||||||||
Weighted average interest rate at period end | N/A | N/A |
Credit Facility (a) | Outstanding (b) | Available | ||||||||||||
$ | $ | $ |
5. Revenues |
Three Months Ended | ||||||||||||||
(Millions of Dollars) | June 30, 2020 | June 30, 2019 | ||||||||||||
Major revenue types | ||||||||||||||
Revenue from contracts with customers: | ||||||||||||||
Residential | $ | $ | ||||||||||||
C&I | ||||||||||||||
Other | ||||||||||||||
Total retail | ||||||||||||||
Wholesale | ||||||||||||||
Transmission | ||||||||||||||
Other | ||||||||||||||
Total revenue from contracts with customers | ||||||||||||||
Alternative revenue and other | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Six Months Ended | ||||||||||||||
(Millions of Dollars) | June 30, 2020 | June 30, 2019 | ||||||||||||
Major revenue types | ||||||||||||||
Revenue from contracts with customers: | ||||||||||||||
Residential | $ | $ | ||||||||||||
C&I | ||||||||||||||
Other | ||||||||||||||
Total retail | ||||||||||||||
Wholesale | ||||||||||||||
Transmission | ||||||||||||||
Other | ||||||||||||||
Total revenue from contracts with customers | ||||||||||||||
Alternative revenue and other | ||||||||||||||
Total revenues | $ | $ |
6. Income Taxes |
Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Federal statutory rate | % | % | ||||||||||||
State tax (net of federal tax effect) | ||||||||||||||
Decreases in tax from: | ||||||||||||||
Wind PTCs | ( | ( | ||||||||||||
Plant regulatory differences (a) | ( | ( | ||||||||||||
Prior period adjustments | ( | ( | ||||||||||||
Other tax credits, net of NOL & tax credit allowances | ( | ( | ||||||||||||
Other (net) | ( | ( | ||||||||||||
Effective income tax rate | ( | % | % |
Tax Years | Expiration | |||||||
2009 - 2013 | September 2020 | |||||||
2014 - 2016 | June 2021 |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | $ | ||||||||||||
Unrecognized tax benefit — Temporary tax positions | ||||||||||||||
Total unrecognized tax benefit | $ | $ |
(Millions of Dollars) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
NOL and tax credit carryforwards | $ | ( | $ | ( |
7. Fair Value of Financial Assets and Liabilities |
(Amounts in Millions) (a) | June 30, 2020 | Dec. 31, 2019 | ||||||||||||
MWh of electricity |
June 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value Total | Netting (a) | Total | Level 1 | Level 2 | Level 3 | Fair Value Total | Netting (a) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | $ |
June 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value Total | Netting (a) | Total | Level 1 | Level 2 | Level 3 | Fair Value Total | Netting (a) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | . | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | $ |
Three Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Balance at April 1 | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Net gains recognized as regulatory assets and liabilities | ||||||||||||||
Balance at June 30 | $ | $ | ||||||||||||
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Balance at Jan. 1 | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Net gains recognized as regulatory assets and liabilities | ||||||||||||||
Balance at June 30 | $ | $ |
June 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
8. Benefit Plans and Other Postretirement Benefits |
Three Months Ended June 30 | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service credit (a) | ( | ( | ||||||||||||||||||||||||
Amortization of net loss (gain) (a) | ( | ( | ||||||||||||||||||||||||
Net periodic benefit cost (credit) | ( | ( | ||||||||||||||||||||||||
Credits not recognized due to effects of regulation | ||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | $ | $ | ( | $ | ( |
Six Months Ended June 30 | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service credit (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net loss (gain) (a) | ( | ( | ||||||||||||||||||||||||
Net periodic benefit cost (credit) | ( | ( | ||||||||||||||||||||||||
Credits not recognized due to effects of regulation | ||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | $ | $ | ( | $ | ( |
9. Commitments and Contingencies |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
Six Months Ended June 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Electric revenues | $ | 818.4 | $ | 864.6 | ||||||||||
Electric fuel and purchased power | (386.6) | (410.8) | ||||||||||||
Electric margin | $ | 431.8 | $ | 453.8 |
(Millions of Dollars) | 2020 vs 2019 | |||||||
PTCs flowed back to customers (offset by a lower ETR) | $ | (26.4) | ||||||
Firm wholesale generation | (10.7) | |||||||
New Mexico tax reform related regulatory settlement (2019) | (10.2) | |||||||
Sales and demand (a) | (5.8) | |||||||
Wholesale transmission revenue (net) | 13.8 | |||||||
Purchased capacity costs | 10.5 | |||||||
Estimated impact of weather | 6.4 | |||||||
Regulatory rate outcomes (New Mexico) | 4.1 | |||||||
Other (net) | (3.7) | |||||||
Total decrease in electric margin | $ | (22.0) |
Public Utility Regulation |
Mechanism | Utility Service | Amount Requested (in millions) | Filing Date | Approval | Additional Information | |||||||||||||||||||||||||||
NMPRC | ||||||||||||||||||||||||||||||||
Rate Case | Electric | $31 | July 2019 | Received | In July 2019, SPS filed an electric rate case with the NMPRC seeking an increase in retail electric base rates of approximately $51 million. The rate request was based on an ROE of 10.35%, an equity ratio of 54.77%, a rate base of approximately $1.3 billion and a historic test year with rate base additions through Aug. 31, 2019. In December 2019, SPS revised its base rate increase request to approximately $47 million, based on a ROE of 10.10% and updated information. The request also included an increase of $14.6 million for accelerated depreciation including the early retirement of the Tolk coal plant in 2032. On Jan. 13, 2020, SPS and various parties filed an uncontested comprehensive stipulation. The stipulation includes a base rate revenue increase of $31 million, based on an ROE of 9.45% and an equity ratio of 54.77%. The stipulation also includes an acceleration of depreciation on the Tolk coal plant to reflect early retirement in 2037, which results in a total increase in depreciation expense of $8 million. The parties to the stipulation agreed not to oppose the full application of depreciation rates associated with the 2032 retirement date in SPS’ next base rate case. On May 11, 2020, the Hearing Examiner issued a Certification of Stipulation recommending approval of the uncontested comprehensive stipulation without modification. On May 20, 2020, the NMPRC approved the stipulation without modification. New rates and tariffs were effective beginning May 28, 2020. | |||||||||||||||||||||||||||
PUCT | ||||||||||||||||||||||||||||||||
Rate Case | Electric | $141 | August 2019 | Pending | In August 2019, SPS filed an electric rate case with the PUCT seeking an increase in retail electric base rates of approximately $141 million. The filing requests an ROE of 10.35%, a 54.65% equity ratio, rate base of approximately $2.6 billion and utilizes a historic 12 month period that ended June 30, 2019. SPS’ request was subsequently revised in March 2020 to approximately $130 million, based on a requested ROE of 10.1%, a 54.62% equity ratio, rate base of approximately $2.6 billion and historic test year ended June 30, 2019. On May 20, 2020, SPS, the PUCT Staff and various intervenors reached an uncontested settlement, which includes: •An electric rate increase of $88 million and a reset of the Transmission Cost Recovery Factor to zero; •ROE of 9.45% and equity ratio of 54.62% for allowance for funds used during construction purposes; •Depreciation rates: ◦Tolk - 2037 end-of-life date; ◦Hale - 25-year end-of-life date; ◦All other generating units - end-of-life dates as proposed by SPS; and ◦Transmission - 35% of the incremental change between existing depreciation rates and rates proposed by SPS. •Ring-fencing measures like those in other recent PUCT settlements, including: ◦Credit agreements and indentures (e.g., no cross-default provisions); ◦Financial covenants; ◦Restrictions on pledging of assets and securing debt; ◦Maintaining stand-alone credit facility and ratings; and ◦Affiliate and non-affiliate limitations. Final rates are expected to be retroactively applied as of Sept. 12, 2019. A decision from the PUCT is anticipated in the third quarter of 2020. |
Environmental |
ITEM 4 — CONTROLS AND PROCEDURES |
ITEM 1 — LEGAL PROCEEDINGS |
ITEM 1A — RISK FACTORS |
ITEM 6 — EXHIBITS |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | ||||||||||
3.01* | SPS Form 10-Q for the quarter ended Sept. 30, 2017 | 001-03789 | 3.01 | |||||||||||
3.02* | SPS Form 10-K for the year ended Dec. 31, 2018 | 001-03789 | 3.02 | |||||||||||
4.01* | SPS Form 8-K dated May 18, 2020 | 001-03789 | 4.02 | |||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||
101.SCH | Inline XBRL Schema | |||||||||||||
101.CAL | Inline XBRL Calculation | |||||||||||||
101.DEF | Inline XBRL Definition | |||||||||||||
101.LAB | Inline XBRL Label | |||||||||||||
101.PRE | Inline XBRL Presentation | |||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Southwestern Public Service Company | ||||||||
July 31, 2020 | By: | /s/ JEFFREY S. SAVAGE | ||||||
Jeffrey S. Savage | ||||||||
Senior Vice President, Controller | ||||||||
(Principal Accounting Officer) | ||||||||
/s/ BRIAN J. VAN ABEL | ||||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer and Director | ||||||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer and Director | |||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) | |||||
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer and Director | |||||
(Principal Financial Officer) |
Management's Opinion |
6 Months Ended |
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Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of SPS as of June 30, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income and comprehensive income, and changes in stockholder’s equity for the three and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2020 up to the date of issuance of these financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2019 balance sheet information has been derived from the audited 2019 financial statements included in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2019. These notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the financial statements and notes thereto, included in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the SEC on Feb. 21, 2020. Due to the seasonality of SPS’ electric sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies set forth in Note 1 to the financial statements in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Recently Adopted Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. SPS implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $0.1 million (after tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for doubtful accounts on accrued unbilled revenues, the Jan. 1, 2020 adoption of ASC Topic 326 did not have a significant impact on SPS’ financial statements.
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STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Interest charges and financing costs | ||||
Other financing costs | $ 0.9 | $ 0.8 | $ 1.8 | $ 1.6 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Comprehensive income: | ||||
Net Income (Loss) Attributable to Parent | $ 71.7 | $ 58.8 | $ 114.4 | $ 112.9 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 0.1 | 0.0 | 0.1 | 0.0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0.0 | 0.1 | 0.0 | 0.1 |
Other comprehensive income | 0.1 | 0.1 | 0.1 | 0.1 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 71.8 | $ 58.9 | $ 114.5 | $ 113.0 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Derivative instruments: | ||||
Tax on reclassification of loss to net income | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Tax on reclassification of loss to net income | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
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 |
Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. •Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices; •Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs; and •Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset value. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Electric commodity derivatives held by SPS include transmission congestion instruments, generally referred to as FTRs, purchased from SPP. FTRs purchased from an 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. Fair Value of Long-Term Debt Other financial instruments for which the carrying amount did not equal fair value:
Fair value of SPS’ long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of June 30, 2020 and Dec. 31, 2019, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
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Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data |
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Borrowings and Other Financing Instruments |
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Borrowings and Other Financing Instruments | Short-Term Borrowings SPS meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for SPS were as follows:
Commercial Paper — Commercial paper outstanding for SPS was as follows:
Letters of Credit — SPS uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At both June 30, 2020 and Dec. 31, 2019, there were $2 million of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Revolving 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 revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval. As of June 30, 2020, SPS had the following committed revolving credit facility available (in millions of dollars):
(a)This credit facility expires in June 2024. (b)Includes outstanding letters of credit. 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 as of June 30, 2020 and Dec. 31, 2019. Long-Term Borrowings During the six months ended June 30, 2020, SPS issued $350 million of 3.15% first mortgage bonds due May 1, 2050.
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Revenues |
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Revenue | Revenue is classified by the type of goods/services rendered and market/customer type. SPS’ operating revenues consists of the following:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
Note 7 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2019 represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference. The following table reconciles the difference between the statutory rate and the ETR:
(a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. Federal Audits — SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s federal income tax returns expire as follows:
In 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. Xcel Energy filed a protest with the IRS. In April 2020, Xcel Energy and Appeals reached an agreement and no material adjustments were required. In 2018, the IRS began an audit of tax years 2014 - 2016. As of June 30, 2020, no adjustments have been proposed. State Audits — SPS is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of June 30, 2020, SPS’ earliest open tax year subject to examination by state taxing authorities under applicable statutes of limitations is 2009. There are currently no state income tax audits in progress. Unrecognized Benefits — Unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority to an earlier period. Unrecognized tax benefits — permanent vs temporary:
Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $1.8 million and $1.4 million at June 30, 2020 and Dec. 31, 2019, respectively. As the IRS audit progresses and state audits resume, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $2.9 million in the next 12 months. Payables for interest related to unrecognized tax benefits were not material and no amounts were accrued for penalties related to unrecognized tax benefits as of June 30, 2020 and Dec. 31, 2019, respectively.
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Benefit Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost (Credit)
(a) The components of net periodic cost other than the service cost component are included in the line item “other income (expense), net” in the income statement or capitalized on the balance sheet as a regulatory asset. In January 2020, contributions of $150.0 million were made across four of Xcel Energy’s pension plans, of which $14.4 million was attributable to SPS. Xcel Energy does not expect additional pension contributions during 2020.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The following include commitments, contingencies and unresolved contingencies that are material to SPS’ financial position. Legal SPS is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to, when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on SPS’ financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Rate Matters SPP OATT Upgrade Costs — Under the SPP OATT, costs of transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. SPP had not been charging its customers for these upgrades, even though the SPP OATT had allowed SPP to do so since 2008. In 2016, the FERC granted SPP’s request to recover these previously unbilled charges and SPP subsequently billed SPS approximately $13 million. In July 2018, SPS’ appeal to the D.C. Circuit over the FERC rulings granting SPP the right to recover these previously unbilled charges was remanded to the FERC. In February 2019, the FERC reversed its 2016 decision and ordered SPP to refund the charges retroactively collected from its transmission customers, including SPS, related to periods before September 2015. In April 2019, several parties, including SPP, filed requests for a rehearing. In February 2020, FERC issued an order rejecting all rehearing requests and providing certain clarifications. In March 2020, SPP and Oklahoma Gas & Electric separately filed petitions for review of FERC’s orders at the D.C. Circuit. SPS has intervened in both appeals in support of FERC. The timing of an appeals decision is uncertain. Any refunds received by SPS are expected to be given back to SPS customers through future rates. In October 2017, SPS filed a separate related complaint against SPP asserting that SPP has assessed upgrade charges to SPS in violation of the SPP OATT. In March 2018, FERC issued an order denying the SPS complaint in its entirety, and finding SPP’s calculations to be consistent with the SPP Tariff. SPS filed a request for rehearing in April 2018. The FERC issued a tolling order granting a rehearing for further consideration in May 2018. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the amounts through future SPS customer rates. In June 2020, the D.C. Circuit issued a decision in an unrelated proceeding (Allegheny Defense Project v. FERC), which held that FERC’s longstanding use of tolling orders to extend FERC’s deadline to act on the merits of requests for rehearing is improper. The effect on this decision on tolling orders previously issued by FERC is unclear. SPP Filing to Assign GridLiance Facilities to SPS Rate Zone — In August 2018, SPP filed a request with the FERC to amend its OATT to include the costs of the GridLiance High Plains, LLC facilities in the SPS rate zone. In a previous filing, the FERC determined that some of these facilities did not qualify as transmission facilities under the SPP OATT. SPP’s proposed tariff changes resulted in an increase in the annual transmission revenue requirement of $9.5 million per year, with $6 million allocated to SPS’ retail customers. The remaining $3.5 million would be paid by other wholesale loads in the SPS rate zone. In September 2018, SPS protested the proposed SPP tariff charges, and asked the FERC to reject the SPP filing. On Oct. 31, 2018, the FERC issued an order accepting the proposed charges, subject to refund, as of Nov. 1, 2018, and set the case for settlement hearing procedures. Hearings are scheduled to begin in August 2020, and the ALJ’s initial decision is expected in February 2021. In addition, the chief ALJ has appointed a new settlement judge who has ordered additional settlement discussions prior to the scheduled hearing date. SPS has incurred approximately $10.2 million in associated charges as of June 30, 2020. SPS Filing to Modify Wholesale Transmission Rates — In 2018, SPS filed revisions to its wholesale transmission formula rate. The proposal includes an update to the depreciation rates for transmission plant. The new formula rate would also provide a credit to customers of “excess” accumulated deferred income tax resulting from the TCJA and recover certain wholesale regulatory commission expenses. The proposed changes would increase wholesale transmission revenues by approximately $9.4 million, with approximately $4.4 million of the total being recovered in SPP regional transmission rates. SPS proposed that the formula rate changes be effective Feb. 1, 2019. In January 2019, the FERC issued an order accepting the proposed rate changes as of Feb. 1, 2019, subject to refund and settlement procedures. On Dec. 23, 2019, SPS filed a Stipulation and Agreement of Settlement, which was approved by the FERC in April 2020. Environmental Manufactured Gas Plant, Landfill and Disposal Sites — SPS is currently remediating a former disposal site. SPS has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. VIEs Under certain PPAs, SPS purchases power from IPPs for which SPS is required to reimburse fuel costs, or to participate in tolling arrangements under which SPS procures the natural gas required to produce the energy that it purchases. These specific PPAs create a variable interest in the IPP. SPS had approximately 1,197 MW of capacity under long-term PPAs at June 30, 2020 and Dec. 31, 2019 with entities that have been determined to be VIEs. SPS 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. Agreements have expiration dates through 2041.
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Selected Balance Sheet Data (Tables) |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net |
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Inventories |
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Property, Plant and Equipment, Net |
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Borrowings and Other Financing Instruments (Tables) |
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Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | As of June 30, 2020, SPS had the following committed revolving credit facility available (in millions of dollars):
(a)This credit facility expires in June 2024. (b)Includes outstanding letters of credit.
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Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Money pool borrowings for SPS were as follows:
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Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for SPS was as follows:
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | SPS’ operating revenues consists of the following:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the difference between the statutory rate and the ETR:
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Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | Federal Audits — SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s federal income tax returns expire as follows:
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Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits — permanent vs temporary:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
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Fair Value of Financial Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity FTRs |
(a)Amounts are not reflective of net positions in the underlying commodities.
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Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — SPS’ derivative assets and liabilities measured at fair value on a recurring basis:
(a)SPS nets derivative instruments and related collateral in its balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b)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.
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Changes in Level 3 Commodity Derivatives | Changes in Level 3 commodity derivatives for the three and six months ended June 30, 2020 and 2019:
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Carrying Amount and Fair Value of Long-term Debt | Other financial instruments for which the carrying amount did not equal fair value:
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Benefit Plans and Other Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit)
(a) The components of net periodic cost other than the service cost component are included in the line item “other income (expense), net” in the income statement or capitalized on the balance sheet as a regulatory asset.
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Accounting Pronouncements (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jan. 01, 2020 |
Jun. 30, 2020 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 0.1 | |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 0.1 | $ 0.1 |
Selected Balance Sheet Data Accounts Receivable, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Accounts receivable, net | ||
Accounts receivable | $ 96.6 | $ 98.0 |
Less allowance for bad debts | (6.5) | (5.3) |
Accounts receivable, net | $ 90.1 | $ 92.7 |
Selected Balance Sheet Data Selected Balance Sheet Data Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Inventories | $ 33.5 | $ 31.0 |
Inventory, Net | 33.5 | 31.0 |
Materials and supplies | ||
Inventories | 26.8 | 24.7 |
Fuel | ||
Inventories | $ 6.7 | $ 6.3 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,493.3 | $ 8,938.4 |
Accumulated depreciation | (2,387.9) | (2,306.8) |
Property, plant and equipment, net | 7,105.4 | 6,631.6 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,690.9 | 8,453.0 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 802.4 | $ 485.4 |
Borrowings and Other Financing Instruments - Money Pool (Details) - Money Pool - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
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Short-term Debt [Line Items] | ||
Borrowing limit | $ 100,000,000 | $ 100,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 62,000,000 | 8,000,000 |
Maximum amount outstanding | $ 100,000,000 | $ 100,000,000 |
Weighted average interest rate, computed on a daily basis | 0.83% | 2.42% |
Borrowings and Other Financing Instruments - Commercial Paper (Details) - Commercial Paper - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
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Short-term Debt [Line Items] | ||
Borrowing limit | $ 500,000,000 | $ 500,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 53,000,000 | 72,000,000 |
Maximum amount outstanding | $ 138,000,000 | $ 316,000,000 |
Weighted average interest rate, computed on a daily basis | 1.09% | 2.68% |
Borrowings and Other Financing Instruments - Letters of Credit (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
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Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 2,000,000 | $ 2,000,000 |
Debt Instrument, Term | 1 year | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 |
Borrowings and Other Financing Instruments - Credit Facility (Details) - Credit Facility - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
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---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | $ 500,000,000 | ||||
Outstanding | [2] | 2,000,000 | ||||
Available | 498,000,000 | |||||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | ||||
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Borrowings and Other Financing Instruments - Long-Term Borrowings (Details) - Series due 2050 [Domain] - Bonds [Member] $ in Millions |
May 18, 2020
USD ($)
|
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Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 3.15% |
Income Taxes (Details) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
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Income Tax Disclosure [Abstract] | ||||
Federal statutory rate, percent | 21.00% | 21.00% | ||
State tax (net of federal tax effect), percent | 2.30% | 2.10% | ||
Wind PTCs, percent | (26.70%) | (0.20%) | ||
Plant regulatory differences, percent | [1] | (6.40%) | (4.80%) | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | (2.00%) | (0.70%) | ||
Other tax credits, percent | (0.70%) | (0.60%) | ||
Other (net), percent | (0.20%) | (0.40%) | ||
Effective income tax rate, percent | (12.70%) | 16.40% | ||
Income Tax Credits and Adjustments | $ 0 | |||
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Income Taxes Unrecognized Benefits (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit - Permanent tax positions | $ 3,600,000 | $ 3,700,000 |
Unrecognized tax benefit - Temporary tax positions | 1,500,000 | 1,500,000 |
Total unrecognized tax benefit | 5,100,000 | 5,200,000 |
NOL and tax credit carryforwards | 4,500,000 | 4,400,000 |
Related NOLs and tax credit carryforwards | (1,800,000) | (1,400,000) |
Reasonably possible decrease in unrecognized tax benefits | 2,900,000 | |
Penalties related to unrecognized tax benefits | 0 | 0 |
Penalties related to unrecognized tax benefits | $ 0 | $ 0 |
Fair Value of Financial Assets and Liabilities - Interest Rate Derivatives (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Interest rate derivatives net losses reclassified during next 12 months | $ 0.1 |
Fair Value of Financial Assets and Liabilities - Commodity Derivatives (Details) - MWh MWh in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Electric Commodity [Member] | ||||
Derivative [Line Items] | ||||
Mwh of electricity | [1] | 11.9 | 6.4 | |
|
Fair Value of Financial Assets and Liabilities - Consideration of Credit Risk Concentrations (Details) - Credit Concentration Risk $ in Millions |
Jun. 30, 2020
USD ($)
Counterparty
|
---|---|
Derivative [Line Items] | |
Significant counterparties | 9 |
Municipal or cooperative electric entities or other utilities | |
Derivative [Line Items] | |
Significant counterparties | 9 |
External credit rating, investment grade | |
Derivative [Line Items] | |
Significant counterparties | 2 |
Credit exposure | $ | $ 14.8 |
Credit exposure, percentage | 36.00% |
Internal investment grade | |
Derivative [Line Items] | |
Significant counterparties | 6 |
Credit exposure | $ | $ 26.0 |
Credit exposure, percentage | 64.00% |
External Credit Rating, Non Investment Grade [Member] | |
Derivative [Line Items] | |
Significant counterparties | 1 |
Credit exposure | $ | $ 0.1 |
Credit exposure, percentage | 0.20% |
Fair Value of Financial Assets and Liabilities - Impact of Derivative Activities on Income and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Derivative instruments designated as fair value hedges | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Other Derivative Instruments | Electric Commodity | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Changes in fair value of FTRs pre-tax gains | 2.6 | 9.9 | 2.5 | 4.6 |
FTR settlement gains | $ 2.3 | $ 0.2 | $ 5.1 | $ 0.2 |
Fair Value of Financial Assets and Liabilities - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 2,763.8 | $ 2,419.7 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 3,249.4 | $ 2,706.1 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jan. 31, 2020
USD ($)
Plan
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
|||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | $ 2.4 | $ 2.2 | $ 4.8 | $ 4.4 | |||
Interest cost (a) | [1] | 4.5 | 5.0 | 9.0 | 10.1 | ||
Expected return on plan assets (a) | [1] | (7.4) | (7.2) | (14.7) | (14.3) | ||
Amortization of prior service credit (a) | [1] | 0.0 | 0.0 | (0.1) | (0.1) | ||
Amortization of net loss (gain) (a) | [1] | 3.3 | 2.9 | 6.6 | 5.7 | ||
Net periodic benefit cost (credit) | 2.8 | 2.9 | 5.6 | 5.8 | |||
Credits not recognized due to effects of regulation | 0.5 | 0.4 | 1.0 | 0.8 | |||
Net benefit cost (credit) recognized for financial reporting | 3.3 | 3.3 | 6.6 | 6.6 | |||
Contributions to pension plans | $ 14.4 | ||||||
Pension Plan [Member] | Xcel Energy Inc. | |||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Contributions to pension plans | $ 150.0 | ||||||
Number of pension plans to which contributions were made | Plan | 4 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 0.2 | 0.2 | 0.5 | 0.4 | |||
Interest cost (a) | [1] | 0.4 | 0.4 | 0.7 | 0.9 | ||
Expected return on plan assets (a) | [1] | (0.5) | (0.5) | (0.9) | (1.0) | ||
Amortization of prior service credit (a) | [1] | (0.1) | (0.1) | (0.2) | (0.3) | ||
Amortization of net loss (gain) (a) | [1] | (0.1) | (0.1) | (0.2) | (0.2) | ||
Net periodic benefit cost (credit) | (0.1) | (0.1) | (0.1) | (0.2) | |||
Credits not recognized due to effects of regulation | 0.0 | 0.0 | 0.0 | 0.0 | |||
Net benefit cost (credit) recognized for financial reporting | $ (0.1) | $ (0.1) | $ (0.1) | $ (0.2) | |||
|
Commitments and Contingencies - SPP OATT Upgrade Costs (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | |
Public Utilities, General Disclosures [Line Items] | |
Charges For Transmission Service Upgrades | $ 13 |
Commitments and Contingencies - SPP Filing to Assign GridLiance Facilities to SPS Rate Zone (Details) - Southwest Power Pool (SPP) - SPP Open Access Transmission Tariff Upgrade Costs - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended |
---|---|---|
Aug. 31, 2018 |
Jun. 30, 2020 |
|
Public Utilities, General Disclosures [Line Items] | ||
Annual Transmission Revenue Requirement Increase | $ 9.5 | |
Annual Transmission Revenue Requirement Increase (SPS) | 6.0 | $ 10.2 |
Annual Transmission Revenue Requirement (Other Utilities) | $ 3.5 |
Commitments and Contingencies - SPS Filing to Modify Wholesale Transmission Rates (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Public Utilities, General Disclosure [Abstract] | |
Amount proposed changes would increase wholesale transmission revenues | $ 9.4 |
Amount of proposed changes would be recoverable | $ 4.4 |
Commitments and Contingencies - Variable Interest Entities (Details) - MW |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 1,197 | 1,197 |
Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income Tax Expense (Benefit) | $ (5.8) | $ 10.9 | $ (12.9) | $ 22.1 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | 2,884.5 | |||
Accumulated other comprehensive loss at end of period | $ 3,304.7 | $ 3,304.7 |
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