x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New Mexico | 75-0575400 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
790 South Buchanan Street | ||
Amarillo, Texas | 79101 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer x | Smaller reporting company ¨ | |
(Do not check if smaller reporting company) | Emerging growth company ¨ |
Class | Outstanding at July 27, 2018 | |
Common Stock, $1 par value | 100 shares |
PART I — FINANCIAL INFORMATION | |||
Item l — | |||
Item 2 — | |||
Item 4 — | |||
PART II — OTHER INFORMATION | |||
Item 1 — | |||
Item 1A — | |||
Item 6 — | |||
Certifications Pursuant to Section 302 | 1 | ||
Certifications Pursuant to Section 906 | 1 | ||
Statement Pursuant to Private Litigation | 1 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating revenues | $ | 481,338 | $ | 479,796 | $ | 928,570 | $ | 939,868 | |||||||
Operating expenses | |||||||||||||||
Electric fuel and purchased power | 257,642 | 267,942 | 511,586 | 521,627 | |||||||||||
Operating and maintenance expenses | 66,148 | 69,421 | 132,216 | 145,561 | |||||||||||
Demand side management expenses | 4,779 | 3,691 | 8,937 | 7,566 | |||||||||||
Depreciation and amortization | 49,579 | 46,815 | 97,995 | 97,233 | |||||||||||
Taxes (other than income taxes) | 15,629 | 16,689 | 33,219 | 33,479 | |||||||||||
Total operating expenses | 393,777 | 404,558 | 783,953 | 805,466 | |||||||||||
Operating income | 87,561 | 75,238 | 144,617 | 134,402 | |||||||||||
Other expense, net | (782 | ) | (613 | ) | (1,486 | ) | (1,331 | ) | |||||||
Allowance for funds used during construction — equity | 3,201 | 1,869 | 6,618 | 4,004 | |||||||||||
Interest charges and financing costs | |||||||||||||||
Interest charges — includes other financing costs of $702, $581, $1,396, and $1,156, respectively | 20,621 | 21,946 | 40,776 | 44,684 | |||||||||||
Allowance for funds used during construction — debt | (1,532 | ) | (1,128 | ) | (3,303 | ) | (2,467 | ) | |||||||
Total interest charges and financing costs | 19,089 | 20,818 | 37,473 | 42,217 | |||||||||||
Income before income taxes | 70,891 | 55,676 | 112,276 | 94,858 | |||||||||||
Income taxes | 12,440 | 20,314 | 20,726 | 34,441 | |||||||||||
Net income | $ | 58,451 | $ | 35,362 | $ | 91,550 | $ | 60,417 |
Three Months Ended June 30, | Six Months Ended June 30 | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 58,451 | $ | 35,362 | $ | 91,550 | $ | 60,417 | ||||||||
Other comprehensive income | ||||||||||||||||
Pension and retiree medical benefits: | ||||||||||||||||
Amortization of losses included in net periodic benefit cost, net of tax of $5, $9, $10 and $18, respectively | 18 | 15 | 37 | 30 | ||||||||||||
Derivative instruments: | ||||||||||||||||
Reclassification of losses to net income, net of tax of $4, $6, $7 and $12, respectively | 12 | 10 | 24 | 19 | ||||||||||||
Other comprehensive income | 30 | 25 | 61 | 49 | ||||||||||||
Comprehensive income | $ | 58,481 | $ | 35,387 | $ | 91,611 | $ | 60,466 |
Six Months Ended June 30 | |||||||
2018 | 2017 | ||||||
Operating activities | |||||||
Net income | $ | 91,550 | $ | 60,417 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 98,128 | 97,126 | |||||
Demand side management program amortization | 837 | 837 | |||||
Deferred income taxes | (2,306 | ) | 48,099 | ||||
Amortization of investment tax credits | (26 | ) | (66 | ) | |||
Allowance for equity funds used during construction | (6,618 | ) | (4,004 | ) | |||
Net derivative losses | 31 | 31 | |||||
Other, net | (5 | ) | 10 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (25,351 | ) | (12,210 | ) | |||
Accrued unbilled revenues | 2,329 | (16,668 | ) | ||||
Inventories | 7,915 | 5,411 | |||||
Prepayments and other | 671 | 7,028 | |||||
Accounts payable | 640 | 16,799 | |||||
Net regulatory assets and liabilities | 46,163 | (3,477 | ) | ||||
Other current liabilities | 13,937 | (2,896 | ) | ||||
Pension and other employee benefit obligations | (7,885 | ) | (21,946 | ) | |||
Change in other noncurrent assets | 4,397 | (373 | ) | ||||
Change in other noncurrent liabilities | (458 | ) | (2,351 | ) | |||
Net cash provided by operating activities | 223,949 | 171,767 | |||||
Investing activities | |||||||
Utility capital/construction expenditures | (478,352 | ) | (279,918 | ) | |||
Allowance for equity funds used during construction | 6,618 | 4,004 | |||||
Investments in utility money pool arrangement | (46,000 | ) | — | ||||
Repayments from utility money pool arrangement | 111,000 | — | |||||
Other, net | — | (493 | ) | ||||
Net cash used in investing activities | (406,734 | ) | (276,407 | ) | |||
Financing activities | |||||||
Proceeds from short-term borrowings, net | 132,000 | 56,000 | |||||
Borrowings under utility money pool arrangement | 180,000 | 572,000 | |||||
Repayments under utility money pool arrangement | (80,000 | ) | (511,000 | ) | |||
Capital contributions from parent | 360 | 45,000 | |||||
Repayment of long-term debt | — | (18 | ) | ||||
Dividends paid to parent | (60,008 | ) | (57,585 | ) | |||
Other, net | (31 | ) | — | ||||
Net cash provided by financing activities | 172,321 | 104,397 | |||||
Net change in cash and cash equivalents | (10,464 | ) | (243 | ) | |||
Cash and cash equivalents at beginning of period | 10,871 | 844 | |||||
Cash and cash equivalents at end of period | $ | 407 | $ | 601 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | (36,680 | ) | $ | (40,450 | ) | |
Cash (paid) received for income taxes, net | (7,560 | ) | 17,213 | ||||
Supplemental disclosure of non-cash investing transactions: | |||||||
Property, plant and equipment additions in accounts payable | $ | 43,286 | $ | 34,529 |
June 30, 2018 | Dec. 31, 2017 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 407 | $ | 10,871 | |||
Accounts receivable, net | 102,379 | 79,581 | |||||
Accounts receivable from affiliates | 4,764 | 1,297 | |||||
Investments in utility money pool arrangement | — | 65,000 | |||||
Accrued unbilled revenues | 127,475 | 129,804 | |||||
Inventories | 32,518 | 40,433 | |||||
Regulatory assets | 26,093 | 31,538 | |||||
Derivative instruments | 38,549 | 15,882 | |||||
Prepaid taxes | 15,710 | 15,025 | |||||
Prepayments and other | 10,219 | 10,341 | |||||
Total current assets | 358,114 | 399,772 | |||||
Property, plant and equipment, net | 5,434,187 | 5,095,609 | |||||
Other assets | |||||||
Regulatory assets | 360,902 | 362,943 | |||||
Derivative instruments | 17,374 | 18,954 | |||||
Other | 3,710 | 11,266 | |||||
Total other assets | 381,986 | 393,163 | |||||
Total assets | $ | 6,174,287 | $ | 5,888,544 | |||
Liabilities and Equity | |||||||
Current liabilities | |||||||
Short-term debt | $ | 132,000 | $ | — | |||
Borrowings under utility money pool arrangement | 100,000 | — | |||||
Accounts payable | 184,825 | 211,756 | |||||
Accounts payable to affiliates | 15,036 | 22,577 | |||||
Regulatory liabilities | 123,303 | 68,835 | |||||
Taxes accrued | 51,965 | 35,243 | |||||
Accrued interest | 23,413 | 23,275 | |||||
Dividends payable | 30,697 | 26,753 | |||||
Derivative instruments | 3,565 | 3,565 | |||||
Other | 26,019 | 29,641 | |||||
Total current liabilities | 690,823 | 421,645 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes | 577,492 | 574,906 | |||||
Regulatory liabilities | 781,917 | 784,564 | |||||
Asset retirement obligations | 29,279 | 28,524 | |||||
Derivative instruments | 18,166 | 19,949 | |||||
Pension and employee benefit obligations | 82,326 | 90,266 | |||||
Other | 4,630 | 8,386 | |||||
Total deferred credits and other liabilities | 1,493,810 | 1,506,595 | |||||
Commitments and contingencies | |||||||
Capitalization | |||||||
Long-term debt | 1,830,508 | 1,829,941 | |||||
Common stock — 200 shares authorized of $1.00 par value; 100 shares outstanding at June 30, 2018 and Dec. 31, 2017, respectively | — | — | |||||
Additional paid in capital | 1,591,366 | 1,590,242 | |||||
Retained earnings | 569,186 | 541,588 | |||||
Accumulated other comprehensive loss | (1,406 | ) | (1,467 | ) | |||
Total common stockholder’s equity | 2,159,146 | 2,130,363 | |||||
Total liabilities and equity | $ | 6,174,287 | $ | 5,888,544 |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Thousands of Dollars) | June 30, 2018 | Dec. 31, 2017 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | 107,990 | $ | 85,929 | ||||
Less allowance for bad debts | (5,611 | ) | (6,348 | ) | ||||
$ | 102,379 | $ | 79,581 |
(Thousands of Dollars) | June 30, 2018 | Dec. 31, 2017 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 25,416 | $ | 26,218 | ||||
Fuel | 7,102 | 14,215 | ||||||
$ | 32,518 | $ | 40,433 |
(Thousands of Dollars) | June 30, 2018 | Dec. 31, 2017 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 7,059,344 | $ | 6,765,371 | ||||
Construction work in progress | 447,945 | 351,875 | ||||||
Total property, plant and equipment | 7,507,289 | 7,117,246 | ||||||
Less accumulated depreciation | (2,073,102 | ) | (2,021,637 | ) | ||||
$ | 5,434,187 | $ | 5,095,609 |
4. | Income Taxes |
Six Months Ended June 30 | ||||||
2018 | 2017 | |||||
Federal statutory rate | 21.0 | % | 35.0 | % | ||
State tax, net of federal tax effect | 2.4 | 2.2 | ||||
Increases (decreases) in tax from: | ||||||
Regulatory differences - ARAM (a) | (4.2 | ) | — | |||
Regulatory differences - ARAM (b) | 1.3 | — | ||||
Regulatory differences - other utility plant items | (1.4 | ) | (0.8 | ) | ||
Tax credits, net of federal income tax expense | (0.7 | ) | (0.5 | ) | ||
Other, net | 0.1 | 0.4 | ||||
Effective income tax rate | 18.5 | % | 36.3 | % |
(a) | The average rate assumption method (ARAM); a method to flow back excess deferred taxes to customers. |
(b) | As we receive direction from our regulatory commissions regarding the return of excess deferred taxes (to our customers resulting from the Tax Cuts and Jobs Act |
Tax Year(s) | Expiration | |
2009 - 2011 | December 2018 | |
2012 - 2014 | October 2019 | |
2015 | September 2019 | |
2016 | September 2020 |
(Millions of Dollars) | June 30, 2018 | Dec. 31, 2017 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.5 | $ | 2.3 | ||||
Unrecognized tax benefit — Temporary tax positions | 1.6 | 2.0 | ||||||
Total unrecognized tax benefit | $ | 4.1 | $ | 4.3 |
(Millions of Dollars) | June 30, 2018 | Dec. 31, 2017 | ||||||
NOL and tax credit carryforwards | $ | (6.6 | ) | $ | (5.9 | ) |
5. | Rate Matters |
• | The ability to use an equity ratio that reflects SPS' actual capital structure, which SPS has informed the parties it intends to be 57 percent to mitigate the impact of TCJA on credit metrics; |
• | A 9.5 percent ROE for the calculation of allowance for funds used during construction (AFUDC); |
• | TCRF rider will remain in effect; |
• | SPS will accelerate depreciation rates for the Tolk Generating Station Units 1 and 2 by 50 percent of the original request; and |
• | SPS agrees that it will file its next base rate case no later than Dec. 31, 2019. |
(Millions of Dollars) | ||||
Original base rate request | $ | 69 | ||
Base rate revenue to be recovered through TCRF | (15 | ) | ||
Net revenue request | 54 | |||
Adjustment for TCJA and other items | (37 | ) | ||
Requested incremental revenue | 17 | |||
Unspecified settlement adjustments | (13 | ) | ||
Accelerated depreciation (Tolk plant) | (4 | ) | ||
SPS' net revenue change | $ | — |
(Millions of Dollars) | NMPRC Staff Testimony | NMAG Testimony | SPS Rebuttal Testimony | Hearing Examiner's Recommendation | ||||||||||||
SPS request | $ | 43 | $ | 43 | $ | 43 | $ | 43 | ||||||||
Reduction to request for the impact of the TCJA | (11 | ) | (11 | ) | (11 | ) | (11 | ) | ||||||||
SPS request, including the impact of the TCJA | 32 | 32 | 32 | 32 | ||||||||||||
ROE | (4 | ) | (6 | ) | — | (5 | ) | |||||||||
Capital structure | (7 | ) | (3 | ) | — | (3 | ) | |||||||||
Depreciation lives (Tolk and Cunningham plants) | (3 | ) | (3 | ) | — | (3 | ) | |||||||||
Disallow rate case expenses | (2 | ) | (3 | ) | (1 | ) | — | |||||||||
Regional transmission revenue and expense (adjustment for the impact of the TCJA): | ||||||||||||||||
Impact of the TCJA | — | (3 | ) | — | (1 | ) | ||||||||||
Aligning costs with transmission plant in rate base | — | — | — | (1 | ) | |||||||||||
Post test year plant (updated to actual) | (1 | ) | (2 | ) | (3 | ) | — | |||||||||
Excess generation adjustment | — | (1 | ) | — | (1 | ) | ||||||||||
Other, net | (4 | ) | (4 | ) | (1 | ) | (6 | ) | ||||||||
Recommended rate increase | $ | 11 | $ | 7 | $ | 27 | $ | 12 | ||||||||
ROE | 9.0 | % | 9.21 | % | 10.25 | % | 9.4 | % | ||||||||
Equity ratio | 52.0 | % | 53.97 | % | 58.0 | % | 53.97 | % |
6. | Commitments and Contingencies |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2018 | Year Ended Dec. 31, 2017 | ||||||
Borrowing limit | $ | 100 | $ | 100 | ||||
Amount outstanding at period end | 100 | — | ||||||
Average amount outstanding | 24 | 13 | ||||||
Maximum amount outstanding | 100 | 100 | ||||||
Weighted average interest rate, computed on a daily basis | 1.84 | % | 1.12 | % | ||||
Weighted average interest rate at period end | 1.85 | N/A |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2018 | Year Ended Dec. 31, 2017 | ||||||
Borrowing limit | $ | 400 | $ | 400 | ||||
Amount outstanding at period end | 132 | — | ||||||
Average amount outstanding | 32 | 69 | ||||||
Maximum amount outstanding | 140 | 176 | ||||||
Weighted average interest rate, computed on a daily basis | 2.25 | % | 1.13 | % | ||||
Weighted average interest rate at period end | 2.29 | N/A |
Credit Facility (a) | Drawn (b) | Available | ||||||||
$ | 400 | $ | 134 | $ | 266 |
(a) | This credit facility expires in June 2021. |
(b) | Includes outstanding commercial paper and letters of credit. |
8. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a) | June 30, 2018 | Dec. 31, 2017 | ||||
Megawatt hours of electricity | 12,941 | 4,251 |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
June 30, 2018 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | ||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 35,897 | $ | 35,897 | $ | (508 | ) | $ | 35,389 | |||||||||||
Total current derivative assets | $ | — | $ | — | $ | 35,897 | $ | 35,897 | $ | (508 | ) | 35,389 | ||||||||||||
PPAs (a) | 3,160 | |||||||||||||||||||||||
Current derivative instruments | $ | 38,549 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
PPAs (a) | $ | 17,374 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 17,374 | ||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 508 | $ | 508 | $ | (508 | ) | $ | — | |||||||||||
Total current derivative liabilities | $ | — | $ | — | $ | 508 | $ | 508 | $ | (508 | ) | — | ||||||||||||
PPAs (a) | 3,565 | |||||||||||||||||||||||
Current derivative instruments | $ | 3,565 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
PPAs (a) | $ | 18,166 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 18,166 |
(a) | During 2006, SPS qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
(b) | SPS nets derivative instruments and related collateral in its balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2018. At June 30, 2018, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Dec. 31, 2017 | ||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | ||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 14,717 | $ | 14,717 | $ | (1,994 | ) | $ | 12,723 | |||||||||||
Total current derivative assets | $ | — | $ | — | $ | 14,717 | $ | 14,717 | $ | (1,994 | ) | 12,723 | ||||||||||||
PPAs (a) | 3,159 | |||||||||||||||||||||||
Current derivative instruments | $ | 15,882 | ||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||
PPAs (a) | $ | 18,954 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 18,954 | ||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||
Electric commodity | $ | — | $ | — | $ | 1,994 | $ | 1,994 | $ | (1,994 | ) | $ | — | |||||||||||
Total current derivative liabilities | $ | — | $ | — | $ | 1,994 | $ | 1,994 | $ | (1,994 | ) | — | ||||||||||||
PPAs (a) | 3,565 | |||||||||||||||||||||||
Current derivative instruments | $ | 3,565 | ||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||
PPAs (a) | $ | 19,949 | ||||||||||||||||||||||
Noncurrent derivative instruments | $ | 19,949 |
(a) | During 2006, SPS qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
(b) | SPS nets derivative instruments and related collateral in its balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2017. At Dec. 31, 2017, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Three Months Ended June 30, | ||||||||
(Thousands of Dollars) | 2018 | 2017 | ||||||
Balance at April 1 | $ | 5,343 | $ | 1,192 | ||||
Purchases | 18,668 | 35,822 | ||||||
Settlements | (14,798 | ) | (14,098 | ) | ||||
Net transactions recorded during the period: | ||||||||
Net gains recognized as regulatory assets and liabilities | 26,176 | 5,749 | ||||||
Balance at June 30 | $ | 35,389 | $ | 28,665 |
Six Months Ended June 30 | ||||||||
(Thousands of Dollars) | 2018 | 2017 | ||||||
Balance at Jan. 1 | $ | 12,723 | $ | 1,955 | ||||
Purchases | 19,348 | 39,333 | ||||||
Settlements | (25,237 | ) | (30,498 | ) | ||||
Net transactions recorded during the period: | ||||||||
Net gains recognized as regulatory assets and liabilities | 28,555 | 17,875 | ||||||
Balance at June 30 | $ | 35,389 | $ | 28,665 |
June 30, 2018 | Dec. 31, 2017 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 1,830,508 | $ | 1,858,497 | $ | 1,829,941 | $ | 2,001,992 |
9. | Other Expense, Net |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(Thousands of Dollars) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income | $ | 356 | $ | 147 | $ | 298 | $ | 192 | ||||||||
Other nonoperating income | 1 | 1 | 3 | — | ||||||||||||
Other nonoperating expense | — | — | — | (1 | ) | |||||||||||
Insurance policy expense | (12 | ) | (12 | ) | (24 | ) | (24 | ) | ||||||||
Benefits non-service cost | (1,127 | ) | (749 | ) | (1,763 | ) | (1,498 | ) | ||||||||
Other expense, net | $ | (782 | ) | $ | (613 | ) | $ | (1,486 | ) | $ | (1,331 | ) |
10. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended June 30 | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 2,430 | $ | 2,440 | $ | 280 | $ | 219 | ||||||||
Interest cost (a) | 4,602 | 4,927 | 411 | 415 | ||||||||||||
Expected return on plan assets (a) | (7,082 | ) | (6,971 | ) | (616 | ) | (589 | ) | ||||||||
Amortization of prior service credit (a) | (34 | ) | — | (100 | ) | (100 | ) | |||||||||
Amortization of net loss (gain) (a) | 3,517 | 3,245 | (113 | ) | (155 | ) | ||||||||||
Net periodic benefit cost (credit) | 3,433 | 3,641 | (138 | ) | (210 | ) | ||||||||||
Credits not recognized due to the effects of regulation | 761 | 574 | — | — | ||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 4,194 | $ | 4,215 | $ | (138 | ) | $ | (210 | ) |
Six Months Ended June 30 | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 4,860 | $ | 4,880 | $ | 559 | $ | 438 | ||||||||
Interest cost (a) | 9,205 | 9,855 | 821 | 830 | ||||||||||||
Expected return on plan assets (a) | (14,164 | ) | (13,942 | ) | (1,231 | ) | (1,178 | ) | ||||||||
Amortization of prior service credit (a) | (69 | ) | — | (201 | ) | (200 | ) | |||||||||
Amortization of net loss (gain) (a) | 7,034 | 6,490 | (226 | ) | (310 | ) | ||||||||||
Net periodic benefit cost (credit) | 6,866 | 7,283 | (278 | ) | (420 | ) | ||||||||||
Credits not recognized due to the effects of regulation | 1,735 | 722 | — | — | ||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | 8,601 | $ | 8,005 | $ | (278 | ) | $ | (420 | ) |
11. | Other Comprehensive Income (Loss) |
Three Months Ended June 30, 2018 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at April 1 | $ | (764 | ) | $ | (672 | ) | $ | (1,436 | ) | |||
Losses reclassified from net accumulated other comprehensive loss | 12 | 18 | 30 | |||||||||
Net current period other comprehensive income | 12 | 18 | 30 | |||||||||
Accumulated other comprehensive loss at June 30 | $ | (752 | ) | $ | (654 | ) | $ | (1,406 | ) |
Three Months Ended June 30, 2017 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at April 1 | $ | (669 | ) | $ | (597 | ) | $ | (1,266 | ) | |||
Losses reclassified from net accumulated other comprehensive loss | 10 | 15 | 25 | |||||||||
Net current period other comprehensive income | 10 | 15 | 25 | |||||||||
Accumulated other comprehensive loss at June 30 | $ | (659 | ) | $ | (582 | ) | $ | (1,241 | ) |
Six Months Ended June 30, 2018 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (776 | ) | $ | (691 | ) | $ | (1,467 | ) | |||
Losses reclassified from net accumulated other comprehensive loss | 24 | 37 | 61 | |||||||||
Net current period other comprehensive income | 24 | 37 | 61 | |||||||||
Accumulated other comprehensive loss at June 30 | $ | (752 | ) | $ | (654 | ) | $ | (1,406 | ) |
Six Months Ended June 30, 2017 | ||||||||||||
(Thousands of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit and Postretirement Items | Total | |||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (678 | ) | $ | (612 | ) | $ | (1,290 | ) | |||
Losses reclassified from net accumulated other comprehensive loss | 19 | 30 | 49 | |||||||||
Net current period other comprehensive income | 19 | 30 | 49 | |||||||||
Accumulated other comprehensive loss at June 30 | $ | (659 | ) | $ | (582 | ) | $ | (1,241 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 16 | (a) | $ | 16 | (a) | |||
Total, pre-tax | 16 | 16 | |||||||
Tax benefit | (4 | ) | (6 | ) | |||||
Total, net of tax | 12 | 10 | |||||||
Defined benefit pension and postretirement losses: | |||||||||
Amortization of net loss | 23 | (b) | 24 | (b) | |||||
Total, pre-tax | 23 | 24 | |||||||
Tax benefit | (5 | ) | (9 | ) | |||||
Total, net of tax | 18 | 15 | |||||||
Total amounts reclassified, net of tax | $ | 30 | $ | 25 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 31 | (a) | $ | 31 | (a) | |||
Total, pre-tax | 31 | 31 | |||||||
Tax benefit | (7 | ) | (12 | ) | |||||
Total, net of tax | 24 | 19 | |||||||
Defined benefit pension and postretirement losses: | |||||||||
Amortization of net loss | 47 | (b) | 48 | (b) | |||||
Total, pre-tax | 47 | 48 | |||||||
Tax benefit | (10 | ) | (18 | ) | |||||
Total, net of tax | 37 | 30 | |||||||
Total amounts reclassified, net of tax | $ | 61 | $ | 49 |
(b) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 10 to the financial statements for details regarding these benefit plans. |
Three Months Ended | ||||||||
(Thousands of Dollars) | June 30, 2018 | June 30, 2017 | ||||||
Major product lines | ||||||||
Revenue from contracts with customers: | ||||||||
Residential | $ | 85,107 | $ | 84,188 | ||||
Commercial and industrial (C&I) | 200,760 | 215,805 | ||||||
Other | 11,363 | 12,242 | ||||||
Total retail | 297,230 | 312,235 | ||||||
Wholesale | 115,629 | 101,893 | ||||||
Transmission | 58,970 | 56,394 | ||||||
Other | 2,858 | 2,065 | ||||||
Total revenue from contracts with customers | 474,687 | 472,587 | ||||||
Alternative revenue and other | 6,651 | 7,209 | ||||||
Total revenues | $ | 481,338 | $ | 479,796 |
Six Months Ended | ||||||||
(Thousands of Dollars) | June 30, 2018 | June 30, 2017 | ||||||
Major product lines | ||||||||
Revenue from contracts with customers: | ||||||||
Residential | $ | 165,156 | $ | 163,789 | ||||
C&I | 396,531 | 416,762 | ||||||
Other | 21,027 | 21,854 | ||||||
Total retail | 582,714 | 602,405 | ||||||
Wholesale | 208,861 | 193,034 | ||||||
Transmission | 114,616 | 110,572 | ||||||
Other | 10,389 | 4,010 | ||||||
Total revenue from contracts with customers | 916,580 | 910,021 | ||||||
Alternative revenue and other | 11,990 | 29,847 | ||||||
Total revenues | $ | 928,570 | $ | 939,868 |
Six Months Ended June 30 | ||||||||
(Millions of Dollars) | 2018 | 2017 | ||||||
Electric revenues before impact of the TCJA | $ | 950 | $ | 940 | ||||
Electric fuel and purchased power | (516 | ) | (522 | ) | ||||
Electric margin before impact of the TCJA | $ | 434 | $ | 418 | ||||
Impact of the TCJA (offset as a reduction in income tax expense) | (17 | ) | — | |||||
Electric margin | $ | 417 | $ | 418 |
(Millions of Dollars) | 2018 vs 2017 | |||
Fuel and purchased power cost recovery | $ | (53 | ) | |
Firm wholesale | (12 | ) | ||
Trading | 36 | |||
Wholesale transmission revenue | 17 | |||
Estimated impact of weather | 11 | |||
Other, net | 11 | |||
Total increase in electric revenues before impact of the TCJA | $ | 10 | ||
Impact of TCJA (offset as a reduction in income tax expense) | (21 | ) | ||
Total decrease in electric revenues | $ | (11 | ) |
(Millions of Dollars) | 2018 vs 2017 | |||
Firm wholesale | $ | (12 | ) | |
Estimated impact of weather | 11 | |||
Wholesale transmission revenue, net of costs | 7 | |||
Other, net | 10 | |||
Total increase in electric margin before impact of the TCJA | $ | 16 | ||
Impact of TCJA (offset as a reduction in income tax expense) | (17 | ) | ||
Total decrease in electric margin | $ | (1 | ) |
* | Indicates incorporation by reference |
3.01* | |
3.02* | |
101 | The following materials from SPS’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Statements of Income, (ii) the Statements of Comprehensive Income (iii) the Statements of Cash Flows, (iv) the Balance Sheets, (v) Notes to Financial Statements, and (vi) document and entity information. |
Southwestern Public Service Company | ||
July 27, 2018 | By: | /s/ JEFFREY S. SAVAGE |
Jeffrey S. Savage | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) | ||
/s/ ROBERT C. FRENZEL | ||
Robert C. Frenzel | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |
1. | I have reviewed this report on Form 10-Q of Southwestern Public Service Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) |
1. | I have reviewed this report on Form 10-Q of Southwestern Public Service Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of SPS as of the dates and for the periods expressed in the Form 10-Q. |
/s/ BEN FOWKE | |
Ben Fowke | |
Chairman, Chief Executive Officer and Director | |
(Principal Executive Officer) | |
/s/ ROBERT C. FRENZEL | |
Robert C. Frenzel | |
Executive Vice President, Chief Financial Officer and Director | |
(Principal Financial Officer) |
• | Economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures; |
• | The risk of a significant slowdown in growth or decline in the U.S. economy, the risk of delay in growth recovery in the U.S. economy or the risk of increased cost for insurance premiums, security and other items as a consequence of past or future terrorist attacks; |
• | Trade, monetary, fiscal, taxation and environmental policies of governments, agencies and similar organizations in geographic areas where SPS has a financial interest; |
• | Customer business conditions, including demand for their products or services and supply of labor and materials used in creating their products and services; |
• | Financial or regulatory accounting principles or policies imposed by the FASB, the SEC, the FERC and similar entities with regulatory oversight; |
• | Availability of cost or capital such as changes in: interest rates; market perceptions of the utility industry, SPS, Xcel Energy Inc. or any of its other subsidiaries; or security ratings; |
• | Factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, maintenance or repairs; unanticipated changes to fossil fuel or natural gas supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; cyber incidents; or electric transmission or natural gas pipeline constraints; |
• | Employee workforce factors, including loss or retirement of key executives, collective-bargaining agreements with union employees, or work stoppages; |
• | Increased competition in the utility industry or additional competition in the markets served by SPS, Xcel Energy Inc. and its other subsidiaries; |
• | State and federal legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures and affect the speed and degree to which competition enters the electric market; industry restructuring initiatives; transmission system operation and/or administration initiatives; recovery of investments made under traditional regulation; nature of competitors entering the industry; retail wheeling; a new pricing structure; and former customers entering the generation market; |
• | Environmental laws and regulations, including legislation and regulations relating to climate change, and the associated cost of compliance; |
• | Rate-setting policies or procedures of regulatory entities, including environmental externalities, which are values established by regulators assigning environmental costs to each method of electricity generation when evaluating generation resource options; |
• | Social attitudes regarding the utility and power industries; |
• | Cost and other effects of legal and administrative proceedings, settlements, investigations and claims; |
• | Technological developments that result in competitive disadvantages and create the potential for impairment of existing assets; |
• | Risks associated with implementation of new technologies; and |
• | Other business or investment considerations that may be disclosed from time to time in SEC filings, including “Risk Factors” in Item 1A of SPS’ Form 10-K for the year ended Dec. 31, 2017, or in other publicly disseminated written documents. |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 27, 2018 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SOUTHWESTERN PUBLIC SERVICE CO | |
Entity Central Index Key | 0000092521 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 100 |
STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income Statement [Abstract] | ||||
Operating revenues | $ 481,338 | $ 479,796 | $ 928,570 | $ 939,868 |
Operating expenses | ||||
Electric fuel and purchased power | 257,642 | 267,942 | 511,586 | 521,627 |
Operating and maintenance expenses | 66,148 | 69,421 | 132,216 | 145,561 |
Demand side management expenses | 4,779 | 3,691 | 8,937 | 7,566 |
Depreciation and amortization | 49,579 | 46,815 | 97,995 | 97,233 |
Taxes (other than income taxes) | 15,629 | 16,689 | 33,219 | 33,479 |
Total operating expenses | 393,777 | 404,558 | 783,953 | 805,466 |
Operating income | 87,561 | 75,238 | 144,617 | 134,402 |
Other expense, net | (782) | (613) | (1,486) | (1,331) |
Allowance for funds used during construction — equity | 3,201 | 1,869 | 6,618 | 4,004 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $702, $581, $1,396, and $1,156, respectively | 20,621 | 21,946 | 40,776 | 44,684 |
Allowance for funds used during construction — debt | (1,532) | (1,128) | (3,303) | (2,467) |
Total interest charges and financing costs | 19,089 | 20,818 | 37,473 | 42,217 |
Income before income taxes | 70,891 | 55,676 | 112,276 | 94,858 |
Income taxes | 12,440 | 20,314 | 20,726 | 34,441 |
Net income | $ 58,451 | $ 35,362 | $ 91,550 | $ 60,417 |
STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Interest charges and financing costs | ||||
Other financing costs | $ 702 | $ 581 | $ 1,396 | $ 1,156 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Comprehensive income: | ||||
Net income | $ 58,451 | $ 35,362 | $ 91,550 | $ 60,417 |
Pension and retiree medical benefits: | ||||
Amortization of losses included in net periodic benefit cost, net of tax of $5, $9, $10 and $18, respectively | 18 | 15 | 37 | 30 |
Derivative instruments: | ||||
Reclassification of losses to net income, net of tax of $4, $6, $7 and $12, respectively | 12 | 10 | 24 | 19 |
Other comprehensive income | 30 | 25 | 61 | 49 |
Comprehensive income | $ 58,481 | $ 35,387 | $ 91,611 | $ 60,466 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Derivative instruments: | ||||
Reclassification of losses to net income, tax | $ 4 | $ 6 | $ 7 | $ 12 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | $ 5 | $ 9 | $ 10 | $ 18 |
BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
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 |
Management's Opinion |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of SPS as of June 30, 2018 and Dec. 31, 2017; the results of its operations, including the components of net income and comprehensive income, for the three and six months ended June 30, 2018 and 2017; and its cash flows for the six months ended June 30, 2018 and 2017. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2018 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, 2017 balance sheet information has been derived from the audited 2017 financial statements included in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2017. 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, 2017, filed with the SEC on Feb. 23, 2018. Due to the seasonality of SPS’ electric sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the financial statements in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2017, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Leases — In February 2016, the Financial Accounting Standards Board (FASB) issued Leases, Topic 842 (Accounting Standards Update (ASU) No. 2016-02), which for lessees requires balance sheet recognition of right-of-use assets and lease liabilities for most leases. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018. SPS has not yet fully determined the impacts of implementation. However, adoption is expected to occur on Jan. 1, 2019 utilizing the practical expedients provided by the standard and proposed in Targeted Improvements, Topic 842 (Proposed ASU 2018-200). On Jan. 1, 2019 agreements considered leases for the use of office space, equipment and natural gas storage assets, as well as certain purchased power agreements (PPAs) for fossil-fueled generating facilities are expected to be recognized on the balance sheet. Recently Adopted Revenue Recognition — In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU No. 2014-09), which provides a new framework for the recognition of revenue. SPS implemented the guidance on a modified retrospective basis on Jan. 1, 2018. Results for reporting periods beginning after Dec. 31, 2017 are presented in accordance with Topic 606, while prior period results have not been adjusted and continue to be reported in accordance with prior accounting guidance. Other than increased disclosures regarding revenues related to contracts with customers, the implementation did not have a significant impact on SPS’ financial statements. For related disclosures, see Note 12 to the financial statements. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01), which eliminated the available-for-sale classification for marketable equity securities and also replaced the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes. Under the new standard, other than when the consolidation or equity method of accounting is utilized, changes in the fair value of equity securities are recognized in earnings. SPS implemented the guidance on Jan. 1, 2018 and the implementation did not have a material impact on its financial statements. Presentation of Net Periodic Benefit Cost — In March 2017, the FASB issued Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 715 (ASU No. 2017-07), which establishes that only the service cost element of pension cost may be presented as a component of operating income in the income statement. Also under the guidance, only the service cost component of pension cost is eligible for capitalization. As a result of the application of accounting principles for rate regulated entities, a similar amount of pension cost, including non-service components, will be recognized consistent with the historical ratemaking treatment, and the impacts of adoption will be limited to changes in classification of non-service costs in the statement of income. SPS implemented the new guidance on Jan. 1, 2018, and as a result, $1.5 million of pension costs were retrospectively reclassified from operating and maintenance expenses to other income, net on the income statement for the six months ended June 30, 2017. Under a practical expedient permitted by the standard, SPS used benefit cost amounts disclosed for prior periods as the basis for retrospective application. |
Selected Balance Sheet Data |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Except to the extent noted below, Note 6 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2017 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences:
(TCJA)), the ARAM deferral may decrease during the year, which would result in a reduction to tax expense with a corresponding reduction to revenue. Federal Audits — SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statutes of limitations applicable to Xcel Energy’s federal income tax returns expire as follows:
In 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. The IRS proposed an adjustment to the federal tax loss carryback claims and in 2015 the IRS forwarded the issue to the Office of Appeals (Appeals). In 2017 Xcel Energy and Appeals reached an agreement and the benefit related to the agreed upon portions was recognized. SPS did not accrue any income tax benefit related to this adjustment. In the second quarter of 2018, the Joint Committee on Taxation completed its review and took no exception to the agreement. As a result, the remaining unrecognized tax benefit was released and recorded as a payable to the IRS. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013. In the third quarter of 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s net operating loss (NOL) and effective tax rate (ETR). After evaluating the proposed adjustment Xcel Energy filed a protest with the IRS. As of June 30, 2018 the case has been forwarded to Appeals and 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. State Audits — SPS is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of June 30, 2018, SPS’ earliest open tax year that is 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 — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. A reconciliation of the amount of unrecognized tax benefit is as follows:
The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
It is reasonably possible that SPS’ amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS Appeals progresses and audit resumes and state audits resume. As the IRS Appeals progresses and the IRS audit resumes, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $3 million. The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. The payables for interest related to unrecognized tax benefits at June 30, 2018 and Dec. 31, 2017 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of June 30, 2018 or Dec. 31, 2017. |
Rate Matters |
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Public Utilities, General Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate Matters | Rate Matters Except to the extent noted below, the circumstances set forth in Note 10 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2017 and in Note 5 to the financial statements included in to SPS’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. Tax Reform — Regulatory Proceedings The specific impacts of the TCJA on customer rates are subject to regulatory approval. Each of the states in Xcel Energy’s service areas, including Texas and New Mexico, have opened dockets to address the impacts of the TCJA. Texas — In June 2018, SPS, the Public Utility Commission of Texas (PUCT) Staff and various intervenors reached a settlement in the Texas electric rate case which included the impacts of the TCJA. The settlement reflects no change in customer rates or refunds and SPS’ actual capital structure, which SPS has informed the parties it intends to be a 57 percent equity ratio to offset the negative impacts on its credit metrics and potentially its credit ratings. New Mexico — In February 2018, SPS indicated that the TCJA would reduce revenue requirements by approximately $11 million and recommended increasing its equity ratio to 58 percent to offset the negative impact of the TCJA on its credit metrics and potentially its credit ratings. The impact of the TCJA is expected to be addressed as part of SPS’ pending New Mexico electric rate case. Pending Regulatory Proceedings — PUCT Texas 2017 Electric Rate Case — In 2017, SPS filed a $54 million, or 5.8 percent, retail electric, non-fuel base rate increase case in Texas with each of its Texas municipalities and the PUCT. The request was based on a historic test year (HTY) ended June 30, 2017, a requested return on equity (ROE) of 10.25 percent, an electric rate base of approximately $1.9 billion and an equity ratio of 53.97 percent. The request also reflects the acceleration of depreciation lives for the two generating units at the Tolk Generating Station from 2042 and 2045 to 2032. In May 2018, SPS filed rebuttal testimony and revised its request to an overall increase in the annual base rate revenue of approximately $32 million, or 5.9 percent, net of the TCJA (approximately $32 million after adjusting for a 58 percent equity ratio) and other adjustments. This request would be equivalent to approximately $17 million after adjusting for the Transmission Cost Recovery Factor (TCRF) rider. In June 2018, SPS, the PUCT Staff and various intervenors reached a settlement, which results in no overall change to SPS’ revenues after adjusting for the impact of the TCJA and the lower costs of long-term debt. The following are key terms:
A reconciliation of the settlement is as follows:
Under the terms of the settlement, the final rates would not change from the current rates. However, SPS would be permitted to surcharge customers for unrecovered TCRF charges that were not billed during the period of Jan. 23, 2018 through June 10, 2018. A PUCT decision is expected in the third quarter of 2018. Appeal of the Texas 2015 Electric Rate Case Decision — In 2014, SPS had requested an overall retail electric revenue rate increase of $42 million. In 2015, the PUCT approved an overall rate decrease of approximately $4 million, net of rate case expenses. In April 2016, SPS filed an appeal with the Texas State District Court (District Court) challenging the PUCT’s order. In 2017, the District Court denied SPS’ appeal, and SPS appealed the District Court’s decision to the state Court of Appeals for the 7th Circuit. In 2018, the Court of Appeals upheld the District Court’s decision on the PUCT’s order, rejecting SPS’ appeal. As part of the settlement of the 2017 Texas rate case, SPS has agreed to end its appeal. Pending Regulatory Proceeding — New Mexico Public Regulation Commission (NMPRC) New Mexico 2017 Electric Rate Case — In October 2017, SPS filed an electric rate case with the NMPRC seeking an increase in base rates of approximately $43 million. The request was based on a HTY ended June 30, 2017, a ROE of 10.25 percent, an equity ratio of 53.97 percent, a 35 percent federal income tax rate and a rate base of approximately $885 million, including rate base additions through Nov. 30, 2017. In May 2018, SPS reduced its request to $27 million, net of the TCJA (approximately $11 million) and other adjustments, based on a requested ROE of 10.25 percent and an equity ratio of 58.0 percent. In June 2018, the New Mexico Hearing Examiner issued a recommended decision proposing an increase of $12 million based on a ROE of 9.4 percent and an equity ratio of 53.97 percent. She also denied SPS' requests to shorten depreciation lives related to Tolk Units 1 and 2 and Cunningham Unit 1. The Hearing Examiner rejected intervenor proposals to refund the impacts of the TCJA back to Jan. 1, 2018. The following table summarizes certain parties’ proposed modifications to SPS’ request, SPS’ revised request, and the Hearing Examiner’s recommendation:
SPS anticipates a decision and implementation of final rates in the third quarter of 2018. Appeal of the New Mexico 2016 Electric Rate Case Dismissal — In November 2016, SPS filed an electric rate case with the NMPRC seeking an increase in base rates of approximately $41 million, representing a total revenue increase of approximately 10.9 percent. The rate filing was based on a requested ROE of 10.1 percent, an equity ratio of 53.97 percent, an electric rate base of approximately $832 million and a future test year ending June 30, 2018. In 2017, the NMPRC dismissed SPS’ rate case. SPS filed a notice of appeal in the New Mexico Supreme Court. A decision is not expected until the second half of 2019. Pending Regulatory Proceeding — Federal Energy Regulatory Commission (FERC) Southwest Power Pool, Inc. (SPP) Open Access Transmission Tariff (OATT) Upgrade Costs — Under the SPP OATT, costs of participant funded, or “sponsored,” transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP OATT has allowed SPP to charge for these upgrades since 2008, but SPP had not been charging its customers for these upgrades. In 2016, the FERC granted SPP’s request to recover the charges not billed since 2008. SPP subsequently billed SPS approximately $13 million for these charges. SPP is also billing SPS ongoing charges of approximately $0.5 million per month. In November 2017, the FERC denied an SPS request for rehearing. In January 2018, SPS appealed the FERC request to the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit). SPS has filed to recover the SPP charges as part of the appeal. The appeal is currently pending. In October 2017, SPS filed a complaint against SPP regarding the amounts billed asserting that SPP has assessed upgrade charges to SPS in violation of the SPP OATT. In March 2018, the FERC denied SPS’ complaint. SPS sought rehearing in April 2018, and the FERC approved the rehearing request for further consideration on May 7, 2018. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the differential in future rate proceedings. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 above, the circumstances set forth in Notes 10 and 11 to the financial statements included in SPS’ Annual Report on Form 10-K for the year ended Dec. 31, 2017 and in Notes 5 and 6 to the financial statements included in SPS’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, appropriately represent, in all material respects, the current status of commitments and contingent liabilities and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to SPS’ financial position. PPAs SPS purchases power from independent power producing entities that own natural gas fueled power plants for which SPS is required to reimburse natural gas fuel costs, or to participate in tolling arrangements under which SPS procures the natural gas required to produce the energy that it purchases. These specific PPAs create a variable interest in the associated independent power producing entity. SPS had approximately 897 Megawatts (MW) of capacity under long-term PPAs as of June 30, 2018 and Dec. 31, 2017, with entities that have been determined to be variable interest entities. SPS has concluded that these entities are not required to be consolidated in its financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. These agreements have various expiration dates through 2041. Environmental Contingencies Manufactured Gas Plant (MGP), Landfill or Disposal Sites — SPS is currently involved in investigating and/or remediating an MGP, landfill or other disposal site. SPS has identified one site where contamination is present and where investigation and/or remediation activities are currently underway. Other parties may have responsibility for some portion of the investigation and/or remediation activities. SPS anticipates that the investigation or remediation activities will continue through at least 2018. SPS accrued $0.1 million for the site as of June 30, 2018 and Dec. 31, 2017, respectively. There may be insurance recovery and/or recovery from other potentially responsible parties that will offset any costs incurred. SPS anticipates that any amounts spent will be fully recovered from customers. Legal Contingencies SPS is involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on SPS’ financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. |
Borrowings and Other Financing Instruments |
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Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Short-Term Borrowings Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for SPS were as follows:
Commercial Paper — SPS meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. 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. As of June 30, 2018 and Dec. 31, 2017, there were $2 million and $3 million, respectively, of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Credit Facility — In order to use its commercial paper program 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. As of June 30, 2018, SPS had the following committed credit facility available (in millions of dollars):
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. SPS had no direct advances on the credit facility outstanding as of June 30, 2018 and Dec. 31, 2017. |
Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Fair Value Measurements The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. The three levels in the hierarchy are as follows: Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted 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 extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by SPS include transmission congestion instruments, generally referred to as financial transmission rights (FTRs), purchased from SPP. FTRs purchased from a regional transmission organization (RTO) are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. The valuation process for FTRs utilizes the cleared prices for each FTR for the most recent auction. 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 transparency in the auction process, 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, the limited transparency associated with the valuation of FTRs is insignificant to the financial statements of SPS. Derivative Instruments Fair Value Measurements SPS enters into derivative instruments, including forward contracts, for trading purposes and to manage risk in connection with changes in interest rates and electric utility commodity prices. Interest Rate Derivatives — SPS may enter into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. As of June 30, 2018, accumulated other comprehensive losses related to interest rate derivatives included immaterial net losses expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for unsettled hedges, as applicable. Wholesale and Commodity Trading Risk — SPS conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy and energy-related instruments, including derivatives. SPS’ risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee, which is made up of management personnel not directly involved in the activities governed by this policy. Commodity Derivatives — SPS enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric utility operations. This could include the purchase or sale of energy or energy-related products and FTRs. The following table details the gross notional amounts of commodity FTRs as of June 30, 2018 and Dec. 31, 2017:
Impact of Derivative Activities on Income and Accumulated Other Comprehensive Loss — Pre-tax losses related to interest rate derivatives reclassified from accumulated other comprehensive loss into earnings were immaterial for each of the three and six months ended June 30, 2018 and 2017. During the three and six months ended June 30, 2018, changes in the fair value of FTRs resulted in pre-tax net gains of $13.0 million and $13.4 million, respectively, and were recognized as regulatory assets and liabilities. For the three and six months ended June 30, 2017, changes in the fair value of FTRs resulted in pre-tax net gains of $0.2 million and $2.3 million, respectively, and were recognized as regulatory assets and liabilities. The classification as a regulatory asset or liability is based on expected recovery of FTR settlements through fuel and purchased energy cost recovery mechanisms. FTR settlement gains of $3.9 million and $3.4 million were recognized for the three and six months ended June 30, 2018, respectively, and were recorded to electric fuel and purchased power. For the three and six months ended June 30, 2017, FTR settlement gains of $1.2 million and $2.4 million, respectively, were recognized and recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. SPS had no derivative instruments designated as fair value hedges during the three and six months ended June 30, 2018 and 2017. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. Consideration of Credit Risk and Concentrations — SPS continuously monitors the creditworthiness of the counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Given this assessment, as well as an assessment of the impact of SPS’ own credit risk when determining the fair value of derivative liabilities, the impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the balance sheets. SPS employs additional credit risk control mechanisms when appropriate, such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. SPS’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities. As of June 30, 2018, six of SPS’ most significant counterparties, comprising $25.7 million or 50 percent of this credit exposure, were not rated by Standard & Poor’s, Moody’s or Fitch Ratings, but based on SPS’ internal analysis, had credit quality consistent with investment grade. The one remaining significant counterparty, comprising $0.2 million or less than 1 percent of this credit exposure, had credit quality less than investment grade, based on ratings from internal analysis. All seven of these significant counterparties are municipal or cooperative electric entities or other utilities. Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:
The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis as of Dec. 31, 2017:
The following table presents the changes in Level 3 commodity derivatives for the three and six months ended June 30, 2018 and 2017:
SPS recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and six months ended June 30, 2018 and 2017. Fair Value of Long-Term Debt As of June 30, 2018 and Dec. 31, 2017, other financial instruments for which the carrying amount did not equal fair value were as follows:
The fair value of SPS’ long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of June 30, 2018 and Dec. 31, 2017, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other Income, Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other Expense, Net Other expense, net consisted of the following:
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Benefit Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | 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, net” in the income statement or capitalized on the balance sheet as a regulatory asset. In January 2018, contributions of $150 million were made across four of Xcel Energy’s pension plans, of which $8.0 million was attributable to SPS. Xcel Energy does not expect additional pension contributions during 2018. |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income (Loss) Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2018 and 2017 were as follows:
Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2018 and 2017 were as follows:
(a) Included in interest charges.
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Revenues |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenues SPS principally generates revenue from the generation, transmission, distribution and sale of electricity to wholesale and retail customers. Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. SPS recognizes revenue in an amount that corresponds directly to the price of the energy delivered to the customer. The measurement of energy sales to customers is generally based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and the corresponding unbilled revenue is recognized. Contract terms are generally short-term in nature, and as such SPS does not recognize a separate financing component of its collections from customers. SPS presents its revenues net of any excise or other fiduciary-type taxes or fees. SPS participates in SPP. SPS recognizes sales to both native load and other end use customers on a gross basis in electric revenues and cost of sales. Revenues and charges for short term wholesale sales of excess energy transacted through RTOs are recorded on a gross basis. Other revenues and charges related to participating and transacting in RTOs are also recorded on a net basis in cost of sales. SPS has various rate-adjustment mechanisms in place that provide for the recovery of natural gas, electric fuel and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. Certain rate rider mechanisms qualify as alternative revenue programs under GAAP. These mechanisms arise from costs imposed upon the utility by action of a regulator or legislative body related to an environmental, public safety or other mandate. When certain criteria are met (including collection within 24 months), revenue is recognized equal to the revenue requirement, which may include return on rate base items and incentives. The mechanisms are revised periodically for differences between the total amount collected and the revenue recognized, which may increase or decrease the level of revenue collected from customers. Alternative revenue is recorded on a gross basis and is disclosed separate from revenue from contracts with customers in the period earned. In the following tables, regulated electric revenue is classified by the type of goods/services rendered and market/customer type.
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Selected Balance Sheet Data (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net |
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Inventories |
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Property, Plant and Equipment, Net |
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Income Taxes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences:
(TCJA)), the ARAM deferral may decrease during the year, which would result in a reduction to tax expense with a corresponding reduction to revenue. |
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Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | SPS is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statutes of limitations applicable to Xcel Energy’s federal income tax returns expire as follows:
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Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows:
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Rate Matters Rate Matters (Tables) |
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Public Utilities, General Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas 2017 Electric Rate Case - Settlement Reconciliation [Table Text Block] | A reconciliation of the settlement is as follows:
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New Mexico 2017 Electric Rate Case [Table Text Block] | The following table summarizes certain parties’ proposed modifications to SPS’ request, SPS’ revised request, and the Hearing Examiner’s recommendation:
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Borrowings and Other Financing Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | As of June 30, 2018, SPS had the following committed credit facility available (in millions of dollars):
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Money Pool | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Money pool borrowings for SPS were as follows:
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Borrowings and Other Financing Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Commercial paper outstanding for SPS was as follows:
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Fair Value of Financial Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amounts of Commodity FTRs | The following table details the gross notional amounts of commodity FTRs as of June 30, 2018 and Dec. 31, 2017:
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Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:
The following table presents for each of the fair value hierarchy levels, SPS’ derivative assets and liabilities measured at fair value on a recurring basis as of Dec. 31, 2017:
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Changes in Level 3 Commodity Derivatives | The following table presents the changes in Level 3 commodity derivatives for the three and six months ended June 30, 2018 and 2017:
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Carrying Amount and Fair Value of Long-term Debt | As of June 30, 2018 and Dec. 31, 2017, other financial instruments for which the carrying amount did not equal fair value were as follows:
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Other Income, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | Other expense, net consisted of the following:
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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 expense, net” in the income statement or capitalized on the balance sheet as a regulatory asset. |
Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss, Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2018 and 2017 were as follows:
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Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2018 and 2017 were as follows:
(a) Included in interest charges.
|
Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | In the following tables, regulated electric revenue is classified by the type of goods/services rendered and market/customer type.
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Accounting Pronouncements (Details) - Accounting Standards Update 2017-07 $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Operating and Maintenance Expense | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net benefit cost (credit) recognized for financial reporting | $ (1.5) |
Other Income | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net benefit cost (credit) recognized for financial reporting | $ 1.5 |
Selected Balance Sheet Data (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts receivable, net | ||
Accounts receivable | $ 107,990 | $ 85,929 |
Less allowance for bad debts | (5,611) | (6,348) |
Accounts receivable, net | $ 102,379 | $ 79,581 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 32,518 | $ 40,433 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 25,416 | 26,218 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 7,102 | $ 14,215 |
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 7,507,289 | $ 7,117,246 |
Less accumulated depreciation | (2,073,102) | (2,021,637) |
Property, plant and equipment, net | 5,434,187 | 5,095,609 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,059,344 | 6,765,371 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 447,945 | $ 351,875 |
Commitments and Contingencies, Purchased Power Agreements (Details) - Independent Power Producing Entities - MW |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 897 | 897 |
Purchase Power Agreement Expiration (year) | 2041 |
Commitments and Contingencies Commitments and Contingencies, Environmental Contingencies - Site Contingencies (Details) - Other MGP, Landfill, or Disposal Sites [Domain] $ in Millions |
Jun. 30, 2018
USD ($)
Site
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Site Contingency [Line Items] | ||
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | Site | 1 | |
Accrual for Environmental Loss Contingencies | $ | $ 0.1 | $ 0.1 |
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 132,000,000 | $ 0 |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 100,000,000 | 100,000,000 |
Amount outstanding at period end | 100,000,000 | 0 |
Average amount outstanding | 24,000,000 | 13,000,000 |
Maximum amount outstanding | $ 100,000,000 | $ 100,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.84% | 1.12% |
Weighted average interest rate at period end (percentage) | 1.85% | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | $ 400,000,000 | $ 400,000,000 |
Amount outstanding at period end | 132,000,000 | 0 |
Average amount outstanding | 32,000,000 | 69,000,000 |
Maximum amount outstanding | $ 140,000,000 | $ 176,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 2.25% | 1.13% |
Weighted average interest rate at period end (percentage) | 2.29% |
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 132,000 | $ 0 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 2,000 | $ 3,000 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility - USD ($) |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility | [1] | $ 400,000,000 | |||||
Drawn | [2] | 134,000,000 | |||||
Available | $ 266,000,000 | ||||||
Maturity Date | Jun. 30, 2021 | ||||||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |||||
|
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | 0 | 0 |
Other Derivative Instruments | Electric Commodity | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 13,000,000 | 200,000 | 13,400,000 | 2,300,000 |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | $ (3,900,000) | $ (1,200,000) | $ (3,400,000) | $ (2,400,000) |
Fair Value of Financial Assets and Liabilities, Fair Value Measurements (Details) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 0 | $ 0 | ||||||||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ||||||||||
Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 38,549,000 | 15,882,000 | ||||||||||
Other Noncurrent Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 17,374,000 | 18,954,000 | ||||||||||
Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 3,565,000 | 3,565,000 | ||||||||||
Other Noncurrent Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 18,166,000 | 19,949,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35,389,000 | 12,723,000 | ||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (508,000) | [1] | (1,994,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35,389,000 | 12,723,000 | ||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (508,000) | [1] | (1,994,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (508,000) | [1] | (1,994,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (508,000) | [1] | (1,994,000) | [2] | ||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35,897,000 | 14,717,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35,897,000 | 14,717,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 508,000 | 1,994,000 | ||||||||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 508,000 | 1,994,000 | ||||||||||
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 3,160,000 | [3] | 3,159,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 17,374,000 | [3] | 18,954,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 3,565,000 | [3] | 3,565,000 | [4] | ||||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | Purchased Power Agreements | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 18,166,000 | [3] | 19,949,000 | [4] | ||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35,897,000 | 14,717,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35,897,000 | 14,717,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 508,000 | 1,994,000 | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 508,000 | $ 1,994,000 | ||||||||||
|
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at beginning of period | $ 5,343,000 | $ 1,192,000 | $ 12,723,000 | $ 1,955,000 |
Purchases | 18,668,000 | 35,822,000 | 19,348,000 | 39,333,000 |
Settlements | (14,798,000) | (14,098,000) | (25,237,000) | (30,498,000) |
Net gains recognized as regulatory assets and liabilities | 26,176,000 | 5,749,000 | 28,555,000 | 17,875,000 |
Balance at end of period | 35,389,000 | 28,665,000 | 35,389,000 | 28,665,000 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 1,830,508 | $ 1,829,941 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 1,858,497 | $ 2,001,992 |
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Interest Income (Expense), Nonoperating, Net | $ 356 | $ 147 | $ 298 | $ 192 |
Other Nonoperating Income | 1 | 1 | 3 | 0 |
Other Nonoperating Expense | 0 | 0 | 0 | (1) |
Insurance policy expense | (12) | (12) | (24) | (24) |
Defined Benefit Plan, Non-service Costs | (1,127) | (749) | (1,763) | (1,498) |
Other expense, net | $ (782) | $ (613) | $ (1,486) | $ (1,331) |
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jan. 31, 2018
USD ($)
Plan
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
|
Pension Plan [Member] | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | $ 2,430 | $ 2,440 | $ 4,860 | $ 4,880 | |
Interest cost | 4,602 | 4,927 | 9,205 | 9,855 | |
Expected return on plan assets | (7,082) | (6,971) | (14,164) | (13,942) | |
Amortization of prior service cost (credit) | (34) | 0 | (69) | 0 | |
Amortization of net loss (gain) | 3,517 | 3,245 | 7,034 | 6,490 | |
Net periodic benefit cost (credit) | 3,433 | 3,641 | 6,866 | 7,283 | |
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 761 | 574 | 1,735 | 722 | |
Net benefit cost (credit) recognized for financial reporting | 4,194 | 4,215 | 8,601 | 8,005 | |
Total contributions to the pension plans during the period | $ 8,000 | ||||
Pension Plan [Member] | Xcel Energy Inc. | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Total contributions to the pension plans during the period | $ 150,000 | ||||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 | ||||
Other Postretirement Benefits Plan [Member] | |||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | 280 | 219 | 559 | 438 | |
Interest cost | 411 | 415 | 821 | 830 | |
Expected return on plan assets | (616) | (589) | (1,231) | (1,178) | |
Amortization of prior service cost (credit) | (100) | (100) | (201) | (200) | |
Amortization of net loss (gain) | (113) | (155) | (226) | (310) | |
Net periodic benefit cost (credit) | (138) | (210) | (278) | (420) | |
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 0 | 0 | 0 | 0 | |
Net benefit cost (credit) recognized for financial reporting | $ (138) | $ (210) | $ (278) | $ (420) |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | $ 2,130,363 | |||
Losses reclassified from net accumulated other comprehensive loss | $ 30 | $ 25 | 61 | $ 49 |
Accumulated other comprehensive loss at end of period | 2,159,146 | 2,159,146 | ||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (764) | (669) | (776) | (678) |
Losses reclassified from net accumulated other comprehensive loss | 12 | 10 | 24 | 19 |
Net current period other comprehensive income | 12 | 10 | 24 | 19 |
Accumulated other comprehensive loss at end of period | (752) | (659) | (752) | (659) |
Defined Benefit Pension and Postretirement Items | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (672) | (597) | (691) | (612) |
Losses reclassified from net accumulated other comprehensive loss | 18 | 15 | 37 | 30 |
Net current period other comprehensive income | 18 | 15 | 37 | 30 |
Accumulated other comprehensive loss at end of period | (654) | (582) | (654) | (582) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (1,436) | (1,266) | (1,467) | (1,290) |
Losses reclassified from net accumulated other comprehensive loss | 30 | 25 | 61 | 49 |
Net current period other comprehensive income | 30 | 25 | 61 | 49 |
Accumulated other comprehensive loss at end of period | $ (1,406) | $ (1,241) | $ (1,406) | $ (1,241) |
Other Comprehensive Income (Reclassifications from AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total, pre-tax | $ (70,891) | $ (55,676) | $ (112,276) | $ (94,858) | ||||||
Tax benefit | 12,440 | 20,314 | 20,726 | 34,441 | ||||||
Total amounts reclassified, net of tax | 30 | 25 | 61 | 49 | ||||||
Gains and Losses on Cash Flow Hedges | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total amounts reclassified, net of tax | 12 | 10 | 24 | 19 | ||||||
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total, pre-tax | 16 | 16 | 31 | 31 | ||||||
Tax benefit | (4) | (6) | (7) | (12) | ||||||
Total, net of tax | 12 | 10 | 24 | 19 | ||||||
Gains and Losses on Cash Flow Hedges | Interest Rate Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Interest charges | 16 | 16 | 31 | 31 | [1] | |||||
Amortization of net loss | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total, pre-tax | 23 | 24 | 47 | [2] | 48 | [2] | ||||
Defined Benefit Pension and Postretirement Items | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total amounts reclassified, net of tax | 18 | 15 | 37 | 30 | ||||||
Defined Benefit Pension and Postretirement Items | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total, pre-tax | 23 | 24 | 47 | 48 | ||||||
Tax benefit | (5) | (9) | (10) | (18) | ||||||
Total amounts reclassified, net of tax | $ 18 | $ 15 | $ 37 | $ 30 | ||||||
|
Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 474,687 | $ 472,587 | $ 916,580 | $ 910,021 |
Alternative revenue and other | 6,651 | 7,209 | 11,990 | 29,847 |
Total operating revenues | 481,338 | 479,796 | $ 928,570 | 939,868 |
Maximum number of months following end of annual period in which revenues are earned to be included in incentive programs | 24 months | |||
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 297,230 | 312,235 | $ 582,714 | 602,405 |
Retail | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 85,107 | 84,188 | 165,156 | 163,789 |
Retail | Commercial and industrial (C&I) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 200,760 | 215,805 | 396,531 | 416,762 |
Retail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 11,363 | 12,242 | 21,027 | 21,854 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 115,629 | 101,893 | 208,861 | 193,034 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 58,970 | 56,394 | 114,616 | 110,572 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 2,858 | $ 2,065 | $ 10,389 | $ 4,010 |
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