Schedule I, Condensed Financial Statements of Xcel Energy Inc

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule I, Condensed Financial Information

XCEL ENERGY INC. CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (amounts in thousands, except per share data)
	Year Ended Dec. 31
	2016			2015			2014
Income
Equity earnings of subsidiaries	$	1,198,556		$	1,045,788		$	1,077,714
Total income	1,198,556			1,045,788			1,077,714
Expenses and other deductions
Operating expenses	22,128			19,865			19,756
Other income	(3,047		)	(1,242		)	(537		)
Interest charges and financing costs	115,473			91,801			84,830
Total expenses and other deductions	134,554			110,424			104,049
Income before income taxes	1,064,002			935,364			973,665
Income tax benefit	(59,377		)	(49,121		)	(47,641		)
Net income	$	1,123,379		$	984,485		$	1,021,306
Other Comprehensive Income
Pension and retiree medical benefits, net of tax of $(2,759), $(2,777), and $(2,528) respectively	$	(4,312	)	$	(4,380	)	$	(4,022	)
Derivative instruments, net of tax of $2,344, $1,764, and $1,390, respectively	3,711			2,766			2,125
Other, net of tax of $0, $0 and $21, respectively	—			—			33
Other comprehensive (loss) income	(601		)	(1,614		)	(1,864		)
Comprehensive income	$	1,122,778		$	982,871		$	1,019,442
Weighted average common shares outstanding:
Basic	508,794			507,768			503,847
Diluted	509,465			508,168			504,117
Earnings per average common share:
Basic	$	2.21		$	1.94		$	2.03
Diluted	2.21			1.94			2.03
Cash dividends declared per common share	1.36			1.28			1.20
See Notes to Condensed Financial Statements

XCEL ENERGY INC. CONDENSED STATEMENTS OF CASH FLOWS (amounts in thousands)
	Year Ended Dec. 31
	2016			2015			2014
Operating activities
Net cash provided by operating activities	$	816,717		$	704,823		$	842,832
Investing activities
Capital contributions to subsidiaries	(414,246		)	(820,382		)	(422,459		)
Investments in the utility money pool	(1,879,500		)	(971,200		)	(1,148,000		)
Return of investments in the utility money pool	1,879,500			987,200			1,204,000
Other, net	—			(16		)	—
Net cash used in investing activities	(414,246		)	(804,398		)	(366,459		)
Financing activities
Proceeds from (repayment of) short-term borrowings, net	(516,000		)	203,500			(95,500		)
Proceeds from issuance of long-term debt	1,538,762			495,449			—
Repayment of long-term debt	(703,979		)	—			—
Proceeds from issuance of common stock	—			7,011			180,798
Repurchase of common stock	(32,209		)	—			—
Dividends paid	(680,521		)	(606,574		)	(561,411		)
Other	(8,690		)	—			—
Net cash provided by (used in) financing activities	(402,637		)	99,386			(476,113		)
Net change in cash and cash equivalents	(166		)	(189		)	260
Cash and cash equivalents at beginning of period	517			706			446
Cash and cash equivalents at end of period	$	351		$	517		$	706
See Notes to Condensed Financial Statements

XCEL ENERGY INC. CONDENSED BALANCE SHEETS (amounts in thousands)
	Dec. 31
	2016		2015
Assets
Cash and cash equivalents	$	351	$	517
Accounts receivable from subsidiaries	363,617		315,866
Other current assets	10,007		35,701
Total current assets	373,975		352,084
Investment in subsidiaries	13,903,657		13,236,758
Other assets	163,795		163,237
Total other assets	14,067,452		13,399,995
Total assets	$	14,441,427	$	13,752,079
Liabilities and Equity
Current portion of long-term debt	$	250,000	$	450,000
Dividends payable	172,456		162,410
Short-term debt	68,000		584,000
Other current liabilities	17,537		80,526
Total current liabilities	507,993		1,276,936
Other liabilities	37,734		35,694
Total other liabilities	37,734		35,694
Commitments and contingencies
Capitalization
Long-term debt	2,874,851		1,838,529
Common stockholders’ equity	11,020,849		10,600,920
Total capitalization	13,895,700		12,439,449
Total liabilities and equity	$	14,441,427	$	13,752,079
See Notes to Condensed Financial Statements

NOTES TO CONDENSED FINANCIAL STATEMENTS

Incorporated by reference are Xcel Energy’s consolidated statements of common stockholders’ equity and OCI in Part II, Item 8.

Basis of Presentation — The condensed financial information of Xcel Energy Inc. is presented to comply with Rule 12-04 of Regulation S-X. Xcel Energy Inc.’s investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded in the balance sheets. The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries.

As a holding company with no business operations, Xcel Energy Inc.’s assets consist primarily of investments in its utility subsidiaries. Xcel Energy Inc.’s material cash inflows are only from dividends and other payments received from its utility subsidiaries and the proceeds raised from the sale of debt and equity securities. The ability of its utility subsidiaries to make dividend and other payments is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the Federal Power Act, and applicable state laws. Management does not expect maintaining these requirements to have an impact on Xcel Energy Inc.’s ability to pay dividends at the current level in the foreseeable future. Each of its utility subsidiaries, however, is legally distinct and has no obligation, contingent or otherwise, to make funds available to Xcel Energy Inc.

Related Party Transactions — Xcel Energy Inc. presents its related party receivables net of payables. Accounts receivable and payable with affiliates at Dec. 31 were:

	2016				2015
(Thousands of Dollars)	Accounts Receivable		Accounts Payable		Accounts Receivable		Accounts Payable
NSP-Minnesota	$	58,642	$	—	$	58,952	$	—
NSP-Wisconsin	13,969		—		17,391		—
PSCo	131,680		—		114,524		—
SPS	30,897		—		21,357		—
Xcel Energy Services Inc.	92,809		—		73,054		—
Xcel Energy Ventures Inc.	17,060		—		20,003		—
Other subsidiaries of Xcel Energy Inc.	18,560		—		10,585		—
	$	363,617	$	—	$	315,866	$	—

Dividends — Cash dividends paid to Xcel Energy Inc. by its subsidiaries were $923 million, $784 million and $857 million for the years ended Dec. 31, 2016, 2015 and 2014, respectively. These cash receipts are included in operating cash flows of the condensed statements of cash flows.

Money Pool— Xcel Energy received FERC approval to establish a utility money pool arrangement with the utility subsidiaries, subject to receipt of required state regulatory approvals. The utility money pool 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. The following tables present money pool lending for Xcel Energy Inc.:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Dec. 31, 2016
Lending limit	$	250
Loan outstanding at period end	—
Average loan outstanding	77
Maximum loan outstanding	211
Weighted average interest rate, computed on a daily basis	0.80		%
Weighted average interest rate at end of period	N/A
Money pool interest income	$	0.2

(Amounts in Millions, Except Interest Rates)	Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015			Year Ended Dec. 31, 2014
Lending limit	$	250		$	250		$	250
Loan outstanding at period end	—			—			16
Average loan outstanding	66			27			25
Maximum loan outstanding	211			141			250
Weighted average interest rate, computed on a daily basis	0.69		%	0.42		%	0.22		%
Weighted average interest rate at end of period	N/A			N/A			0.45
Money pool interest income	$	0.5		$	0.1		$	0.1

See Xcel Energy’s notes to the consolidated financial statements in Part II, Item 8 for other disclosures.