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 | Oct. 29, 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 | United States 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 | ||||
Electric, Purchased Gas and Resource Adjustment Clauses | |||||
DSM | Demand side management | ||||
FPPCAC | Fuel and Purchased Power Cost Adjustment Clause | ||||
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
ASC | FASB Accounting Standards Codification | ||||
C&I | Commercial and Industrial | ||||
CEO | Chief executive officer | ||||
CFO | Chief financial officer | ||||
COVID-19 | Novel coronavirus | ||||
ETR | Effective tax rate | ||||
FASB | Financial Accounting Standards Board | ||||
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. | ||||
VIE | Variable interest entity |
Forward-Looking Statements |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 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 (expense) income, net | ( | ( | |||||||||||||||||||||
Allowance for funds used during construction — equity | |||||||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $ | |||||||||||||||||||||||
Allowance for funds used during construction — debt | ( | ( | ( | ( | |||||||||||||||||||
Total interest charges and financing costs | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
See Notes to Financial Statements |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 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 $ | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Nine Months Ended Sept. 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 and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | 16.2 | ||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | ( | $ | ( | |||||||
Cash received (paid) for income taxes, net | ( | ||||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | $ | |||||||||
Inventory transfers to property, plant and equipment | |||||||||||
Operating lease right-of-use assets | |||||||||||
Allowance for equity funds used during construction |
Sept. 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 | |||||||||||
Borrowings under utility money pool arrangement | $ | $ | |||||||||
Accounts payable | |||||||||||
Accounts payable to affiliates | |||||||||||
Regulatory liabilities | |||||||||||
Taxes accrued | |||||||||||
Accrued interest | |||||||||||
Dividends payable to parent | |||||||||||
Derivative instruments | |||||||||||
Operating lease liabilities | |||||||||||
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 — | |||||||||||
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 Sept. 30, 2020 and 2019 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Dividends declared to parent | ( | ( | |||||||||||||||||||||||||||||||||
Contributions of capital by parent | |||||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Dividends declared to parent | ( | ( | |||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholder's Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Nine Months Ended Sept. 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 Sept. 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 Sept. 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
See Notes to Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Less allowance for bad debts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | $ | ||||||||||||
Fuel | ||||||||||||||
Total inventories | $ | $ |
(Millions of Dollars) | Sept. 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 Sept. 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 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 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 | N/A | % | ||||||||||||
Weighted average interest rate at period end | N/A | N/A |
Credit Facility (a) | Drawn (b) | Available | ||||||||||||
$ | $ | $ |
5. Revenues |
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 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 | $ | $ | ||||||||||||
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 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 |
Nine Months Ended Sept. 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 NOL & tax credit allowances | ( | ( | ||||||||||||
Other (net) | ( | ( | ||||||||||||
Effective income tax rate | ( | % | % |
Tax Years | Expiration | |||||||
2014 — 2016 | July 2021 |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | $ | ||||||||||||
Unrecognized tax benefit — Temporary tax positions | ||||||||||||||
Total unrecognized tax benefit | $ | $ |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
NOL and tax credit carryforwards | $ | ( | $ | ( |
7. Fair Value of Financial Assets and Liabilities |
Amounts in Millions (a) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Megawatt hours of electricity |
Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ |
Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Balance at July 1 | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Net losses recognized as regulatory assets and liabilities | ( | ( | ||||||||||||
Balance at Sept. 30 | $ | $ | ||||||||||||
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Balance at Jan. 1 | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Net (losses) gains recognized as regulatory assets and liabilities | ( | |||||||||||||
Balance at Sept. 30 | $ | $ |
Sept. 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 Sept. 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) | ( | ( | ||||||||||||||||||||||||
Effects of regulation | ||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | $ | $ | ( | $ | ( |
Nine Months Ended Sept. 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) | ( | ( | ||||||||||||||||||||||||
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 |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Electric revenues | $ | $ | ||||||||||||
Electric fuel and purchased power | (626.6) | (651.0) | ||||||||||||
Electric margin | $ | 807.1 | $ | 746.7 |
(Millions of Dollars) | 2020 vs. 2019 | |||||||
Regulatory rate outcomes (Texas and New Mexico) (a) | $ | 87.8 | ||||||
Wholesale transmission revenue (net) | 19.7 | |||||||
Purchased capacity costs | 9.3 | |||||||
Estimated impact of weather | 7.5 | |||||||
PTCs flowed back to customers (offset by lower ETR) | (35.1) | |||||||
Firm wholesale generation | (10.5) | |||||||
New Mexico tax reform related regulatory settlement (2019) | (10.2) | |||||||
Sales and demand (b) | (8.0) | |||||||
Other (net) | (0.1) | |||||||
Total increase in electric margin | $ | 60.4 |
Public Utility Regulation |
Proceeding | Amount (in millions) | Filing Date | Approval | |||||||||||||||||
2019 Texas Electric Rate Case | $88 | August 2019 | Received | |||||||||||||||||
2020 New Mexico Electric Rate Case | TBD | January 2021 | Pending Filing | |||||||||||||||||
2020 Texas Electric Rate Case | TBD | February 2021 | Pending Filing |
(Millions of Dollars) | Nine Months Ended Sept. 30, 2020 | |||||||
Revenue surcharge accrual | $ | 70 | ||||||
Depreciation and amortization | (37) | |||||||
O&M expense | (15) | |||||||
Interest expense | (11) | |||||||
Taxes other than income taxes | (7) |
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 | |||||||||||
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 | ||||||||
Oct. 29, 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 |
9 Months Ended |
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Sep. 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 Sept. 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 nine months ended Sept. 30, 2020 and 2019; and its cash flows for the nine months ended Sept. 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 Sept. 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.
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Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 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 |
9 Months Ended |
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Sep. 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 $0.1 million (after tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for bad debts on accrued unbilled revenues, the Jan. 1, 2020 adoption of ASC Topic 326 did not have a significant impact on SPS’ financial statements.
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STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Interest charges and financing costs | ||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 1.0 | $ 0.9 | $ 2.8 | $ 2.5 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Comprehensive income: | ||||
Net Income (Loss) Attributable to Parent | $ 127.1 | $ 105.1 | $ 241.5 | $ 218.0 |
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 | 0.0 | 0.0 | 0.1 | 0.1 |
Other comprehensive income | 0.0 | 0.0 | 0.1 | 0.1 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | 127.1 | 105.1 | 241.6 | 218.1 |
Tax on reclassification of loss to net income | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Statement of Comprehensive Income [Abstract] | ||||
Tax on reclassification of loss to net income | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
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 Sept. 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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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Sept. 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 Sept. 30, 2020, SPS had the following committed revolving credit facility available (in millions of dollars):
(a)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 Sept. 30, 2020 and Dec. 31, 2019. Long-Term Borrowings During the nine months ended Sept. 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 from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue is classified by the type of goods/services rendered and market/customer type. SPS’ operating revenues consisted 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 Tax Loss Carryback Claims — In 2020, Xcel Energy identified certain expenses related to tax years 2009-2011 that qualify for an extended carryback claim. SPS is not expected to accrue any income tax expense related to this adjustment. 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:
Additionally, the statute of limitations related to the federal tax loss carryback claim referenced above has been extended. 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 unknown. 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 Office of Appeals reached an agreement and no material adjustments were required. In 2018, the IRS began an audit of tax years 2014 - 2016. In July 2020, Xcel Energy and the IRS reached an agreement and the related benefit was recognized. State Audits — SPS is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Sept. 30, 2020, SPS’ earliest open tax year subject to examination by state taxing authorities under applicable statutes of limitations is 2011. As of Sept. 30, 2020, there are no state income tax audits in progress. Unrecognized 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 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 credit carryforwards were $2.1 million and $1.4 million at Sept. 30, 2020 and Dec. 31, 2019, respectively. As the IRS and state audits resume, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $0.6 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 Sept. 30, 2020 and Dec. 31, 2019, respectively.
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Benefit Plans and Other Postretirement Benefits |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (expense) income, net” in the statements of income or capitalized on the balance sheets 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 |
9 Months Ended |
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Sep. 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 and Other 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 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. 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, the FERC issued an order denying the SPS complaint in its entirety and found 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. 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.On March 16, 2020, GridLiance also filed additional rate increases for 2020 which would raise their annual revenue requirement to $13.6 million, with approximately $8.7 million allocated to SPS’ retail customers. The hearing portion of this proceeding was concluded on Sept. 11, 2020. The initial post-hearing brief was filed on Oct. 27, 2020 and the administrative law judge’s decision on this case is expected on Feb. 3, 2021. The FERC will then rule on the judge’s decision and either sustain it, overturn it, or order further proceedings. SPS has incurred approximately $12.6 million in associated charges as of Sept. 30, 2020. Contract Termination — SPS and Lubbock Power & Light are parties to a 25-year, 170 MW partial requirements contract. Lubbock Power & Light has initiated discussions with SPS concerning the interpretation of contractual terms related to early termination and default. If the parties are unable to reach resolution, the contract calls for the matter to proceed to arbitration. 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 megawatts of capacity under long-term PPAs at Sept. 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. The PPAs 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 Sept. 30, 2020, SPS had the following committed revolving credit facility available (in millions of dollars):
(a)Expires in June 2024. (b)Includes outstanding letters of credit.
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Money Pool | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Money pool borrowings for SPS were as follows:
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Commercial Paper | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for SPS was as follows:
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | SPS’ operating revenues consisted 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) |
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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 on its balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2020 and Dec. 31, 2019. At Sept. 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 nine months ended Sept. 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) |
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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 (expense) income, net” in the statements of income or capitalized on the balance sheets as a regulatory asset.
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Accounting Pronouncements (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jan. 01, 2020 |
Sep. 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 |
Sep. 30, 2020 |
Dec. 31, 2019 |
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Accounts receivable, net | ||
Accounts receivable | $ 117.9 | $ 98.0 |
Less allowance for bad debts | (7.1) | (5.3) |
Accounts receivable, net | $ 110.8 | $ 92.7 |
Selected Balance Sheet Data Selected Balance Sheet Data Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
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Inventories | $ 33.2 | $ 31.0 |
Inventory, Net | 33.2 | 31.0 |
Materials and supplies | ||
Inventories | 26.2 | 24.7 |
Fuel | ||
Inventories | $ 7.0 | $ 6.3 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,826.9 | $ 8,938.4 |
Accumulated depreciation | (2,458.4) | (2,306.8) |
Property, plant and equipment, net | 7,368.5 | 6,631.6 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,751.8 | 8,453.0 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,075.1 | $ 485.4 |
Borrowings and Other Financing Instruments - Money Pool (Details) - Money Pool - USD ($) |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Mar. 31, 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 | 10,000,000 | $ 0 | |
Average amount outstanding | 0 | $ 8,000,000 | |
Maximum amount outstanding | $ 10,000,000 | $ 100,000,000 | |
Weighted average interest rate, computed on a daily basis | 0.09% | 2.42% | |
Weighted average interest rate at period end | 0.90% |
Borrowings and Other Financing Instruments - Commercial Paper (Details) - Commercial Paper - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Sep. 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 | 0 | 72,000,000 |
Maximum amount outstanding | $ 0 | $ 316,000,000 |
Weighted average interest rate, computed on a daily basis | 2.68% |
Borrowings and Other Financing Instruments - Letters of Credit (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 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 ($) |
Sep. 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 |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 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 | 2.40% | 2.20% |
Wind PTCs, percent | (15.60%) | (3.90%) |
Plant regulatory differences, percent | (6.20%) | (4.70%) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | (1.50%) | (0.50%) |
Other tax credits, percent | (0.70%) | (0.60%) |
Other (net), percent | (0.30%) | (0.50%) |
Effective income tax rate, percent | (0.90%) | 13.00% |
Federal income tax adjustment | $ 0 | |
State income tax adjustment | $ 0 |
Income Taxes Unrecognized Benefits (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit - Permanent tax positions | $ 2,900,000 | $ 3,700,000 |
Unrecognized tax benefit - Temporary tax positions | 100,000 | 1,500,000 |
Total unrecognized tax benefit | 3,000,000.0 | 5,200,000 |
NOL and tax credit carryforwards | 2,200,000 | 4,400,000 |
Related NOLs and tax credit carryforwards | (2,100,000) | (1,400,000) |
Reasonably possible decrease in unrecognized tax benefits | 600,000 | |
Penalties related to unrecognized tax benefits | $ 0 | $ 0 |
Interest Rate Derivatives (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Interest rate derivatives net losses reclassified during next 12 months | $ 0.1 |
Commodity Derivatives (Details) - MWh MWh in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Electric Commodity [Member] | ||||
Derivative [Line Items] | ||||
Mwh of electricity | [1] | 8.3 | 6.4 | |
|
Consideration of Credit Risk Concentrations (Details) - Credit Concentration Risk $ in Millions |
Sep. 30, 2020
USD ($)
Counterparty
|
---|---|
Derivative [Line Items] | |
Significant counterparties | 10 |
Municipal or cooperative electric entities or other utilities | |
Derivative [Line Items] | |
Significant counterparties | 10 |
External credit rating, investment grade | |
Derivative [Line Items] | |
Significant counterparties | 3 |
Credit exposure | $ | $ 17.9 |
Credit exposure, percentage | 41.00% |
Internal investment grade | |
Derivative [Line Items] | |
Significant counterparties | 6 |
Credit exposure | $ | $ 25.5 |
Credit exposure, percentage | 59.00% |
External Credit Rating, Non Investment Grade [Member] | |
Derivative [Line Items] | |
Significant counterparties | 1 |
Credit exposure | $ | $ 0.1 |
Credit exposure, percentage | 0.30% |
Fair Value of Financial Assets and Liabilities - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 2,763.7 | $ 2,419.7 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 3,314.4 | $ 2,706.1 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jan. 31, 2020
USD ($)
Plan
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
|||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | $ 2.4 | $ 2.2 | $ 7.2 | $ 6.6 | |||
Interest cost (a) | [1] | 4.5 | 5.0 | 13.4 | 15.1 | ||
Expected return on plan assets (a) | [1] | (7.4) | (7.1) | (22.0) | (21.5) | ||
Amortization of prior service credit (a) | [1] | 0.0 | 0.0 | (0.1) | (0.1) | ||
Amortization of net loss (gain) (a) | [1] | 3.3 | 2.8 | 9.9 | 8.5 | ||
Net periodic benefit cost (credit) | 2.8 | 2.9 | 8.4 | 8.6 | |||
Effects of regulation | 0.5 | 0.5 | 1.5 | 1.3 | |||
Net benefit cost (credit) recognized for financial reporting | 3.3 | 3.4 | 9.9 | 9.9 | |||
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 | 0.3 | 0.2 | 0.7 | 0.7 | |||
Interest cost (a) | [1] | 0.3 | 0.4 | 1.1 | 1.3 | ||
Expected return on plan assets (a) | [1] | (0.5) | (0.5) | (1.4) | (1.5) | ||
Amortization of prior service credit (a) | [1] | (0.1) | (0.1) | (0.3) | (0.4) | ||
Amortization of net loss (gain) (a) | [1] | (0.1) | (0.1) | (0.3) | (0.3) | ||
Net periodic benefit cost (credit) | (0.1) | (0.1) | (0.2) | (0.2) | |||
Effects of regulation | 0.0 | 0.0 | 0.0 | 0.0 | |||
Net benefit cost (credit) recognized for financial reporting | $ (0.1) | $ (0.1) | $ (0.2) | $ (0.2) | |||
|
Commitments and Contingencies - SPP OATT Upgrade Costs (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 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 | 9 Months Ended |
---|---|---|
Aug. 31, 2018 |
Sep. 30, 2020 |
|
Public Utilities, General Disclosures [Line Items] | ||
Annual Transmission Revenue Requirement Increase | $ 9.5 | |
Annual Transmission Revenue Requirement Increase (SPS) | 6.0 | $ 12.6 |
Annual Transmission Revenue Requirement (Other Utilities) | $ 3.5 |
Commitments and Contingencies - Variable Interest Entities (Details) - MW |
Sep. 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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income Tax Expense (Benefit) | $ 10.8 | $ 10.5 | $ (2.1) | $ 32.6 |
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 | $ 3,295.8 | $ 3,295.8 |
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