Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'NORTHERN STATES POWER CO | ' |
Entity Central Index Key | '0001123852 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000,000 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenues | ' | ' |
Electric, non-affiliates | $946,535 | $841,176 |
Electric, affiliates | 121,805 | 110,138 |
Natural gas | 349,532 | 235,286 |
Other | 6,454 | 6,635 |
Total operating revenues | 1,424,326 | 1,193,235 |
Operating expenses | ' | ' |
Electric fuel and purchased power | 458,083 | 388,901 |
Cost of natural gas sold and transported | 262,881 | 158,770 |
Cost of sales — other | 4,127 | 3,575 |
Operating and maintenance expenses | 297,581 | 273,280 |
Conservation program expenses | 36,617 | 24,879 |
Depreciation and amortization | 99,185 | 109,085 |
Taxes (other than income taxes) | 62,160 | 59,455 |
Total operating expenses | 1,220,634 | 1,017,945 |
Operating income | 203,692 | 175,290 |
Other income, net | 2,004 | 2,153 |
Allowance for funds used during construction — equity | 5,264 | 10,262 |
Interest charges and financing costs | ' | ' |
Interest charges — includes other financing costs of $1,593 and $1,486 respectively | 47,452 | 45,114 |
Allowance for funds used during construction — debt | -2,455 | -4,589 |
Total interest charges and financing costs | 44,997 | 40,525 |
Income before income taxes | 165,963 | 147,180 |
Income taxes | 57,599 | 45,215 |
Net income | $108,364 | $101,965 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest charges and financing costs | ' | ' |
Other financing costs | $1,593 | $1,486 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Comprehensive income: | ' | ' |
Net income | $108,364 | $101,965 |
Pension and retiree medical benefits: | ' | ' |
Amortization of losses included in net periodic benefit cost, net of tax of $4 and $15, respectively | 5 | 24 |
Derivative instruments: | ' | ' |
Net fair value (decrease) increase, net of tax of $(3) and $8, respectively | -4 | 5 |
Reclassification of losses to net income, net of tax of $134 and $135, respectively | 193 | 193 |
Total derivative instruments, net of tax | 189 | 198 |
Marketable securities: | ' | ' |
Net fair value increase (decrease), net of tax of $25 and $(22), respectively | 37 | -32 |
Other comprehensive income | 231 | 190 |
Comprehensive income | $108,595 | $102,155 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension and retiree medical benefits: | ' | ' |
Amortization of losses included in net periodic benefit cost, tax | $4 | $15 |
Derivative instruments: | ' | ' |
Net fair value (decrease) increase, tax | -3 | 8 |
Reclassification of losses to net income, tax | 134 | 135 |
Marketable securities: | ' | ' |
Net fair value increase (decrease), tax | $25 | ($22) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net income | $108,364 | $101,965 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 100,513 | 110,327 |
Nuclear fuel amortization | 28,862 | 27,522 |
Deferred income taxes | 46,792 | 53,338 |
Amortization of investment tax credits | -455 | -670 |
Allowance for equity funds used during construction | -5,264 | -10,262 |
Net realized and unrealized hedging and derivative transactions | 3,377 | -607 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -141,607 | -25,251 |
Accrued unbilled revenues | 37,702 | 25,672 |
Inventories | 71,897 | 33,946 |
Other current assets | -30,263 | -23,131 |
Accounts payable | -21,756 | 11,242 |
Net regulatory assets and liabilities | 23,282 | 19,685 |
Other current liabilities | 10,783 | 38,294 |
Pension and other employee benefit obligations | -51,582 | -69,407 |
Change in other noncurrent assets | 33,347 | 17,652 |
Change in other noncurrent liabilities | -18,709 | -3,900 |
Net cash provided by operating activities | 195,283 | 306,415 |
Investing activities | ' | ' |
Utility capital/construction expenditures | -323,448 | -376,588 |
Proceeds from insurance recoveries | 4,260 | 23,500 |
Allowance for equity funds used during construction | 5,264 | 10,262 |
Purchases of investments in external decommissioning fund | -229,548 | -586,239 |
Proceeds from the sale of investments in external decommissioning fund | 227,901 | 584,948 |
Investments in utility money pool arrangement | 0 | -20,000 |
Repayments from utility money pool arrangement | 0 | 20,000 |
Other, net | -1,077 | -2,284 |
Net cash used in investing activities | -316,648 | -346,401 |
Financing activities | ' | ' |
Repayments of short-term borrowings, net | -1,000 | -176,000 |
Borrowings under utility money pool arrangement | 273,000 | 238,000 |
Repayments under utility money pool arrangement | -157,000 | -58,000 |
Proceeds from issuance of long-term debt | 0 | 52 |
Capital contributions from parent | 95,000 | 120,000 |
Dividends paid to parent | -58,752 | -58,757 |
Net cash provided by financing activities | 151,248 | 65,295 |
Net change in cash and cash equivalents | 29,883 | 25,309 |
Cash and cash equivalents at beginning of period | 42,920 | 28,842 |
Cash and cash equivalents at end of period | 72,803 | 54,151 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest (net of amounts capitalized) | -63,766 | -61,296 |
Cash (paid) received for income taxes, net | -11,010 | 31,362 |
Supplemental disclosure of non-cash investing transactions: | ' | ' |
Property, plant and equipment additions in accounts payable | $126,685 | $120,689 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $72,803 | $42,920 |
Accounts receivable, net | 424,823 | 284,532 |
Accounts receivable from affiliates | 21,085 | 19,769 |
Accrued unbilled revenues | 217,710 | 255,412 |
Inventories | 208,018 | 279,915 |
Regulatory assets | 239,876 | 207,467 |
Derivative instruments | 54,248 | 66,726 |
Deferred income taxes | 65,021 | 80,095 |
Prepayments and other | 125,144 | 118,036 |
Total current assets | 1,428,728 | 1,354,872 |
Property, plant and equipment, net | 10,712,957 | 10,589,522 |
Other assets | ' | ' |
Nuclear decommissioning fund and other investments | 1,692,801 | 1,655,356 |
Regulatory assets | 960,543 | 990,204 |
Derivative instruments | 21,959 | 36,881 |
Other | 34,469 | 68,060 |
Total other assets | 2,709,772 | 2,750,501 |
Total assets | 14,851,457 | 14,694,895 |
Current liabilities | ' | ' |
Current portion of long-term debt | 14 | 2 |
Short-term debt | 130,000 | 131,000 |
Borrowings under utility money pool arrangement | 150,000 | 34,000 |
Accounts payable | 414,971 | 554,265 |
Accounts payable to affiliates | 76,262 | 65,941 |
Regulatory liabilities | 100,091 | 101,795 |
Taxes accrued | 242,172 | 195,734 |
Accrued interest | 40,242 | 59,846 |
Dividends payable to parent | 59,740 | 58,752 |
Derivative instruments | 12,927 | 13,066 |
Other | 109,595 | 104,544 |
Total current liabilities | 1,336,014 | 1,318,945 |
Deferred credits and other liabilities | ' | ' |
Deferred income taxes | 2,274,247 | 2,253,915 |
Deferred investment tax credits | 28,747 | 29,202 |
Regulatory liabilities | 438,871 | 430,999 |
Asset retirement obligations | 1,754,875 | 1,732,763 |
Derivative instruments | 144,194 | 151,651 |
Pension and employee benefit obligations | 255,691 | 307,282 |
Other | 105,253 | 100,614 |
Total deferred credits and other liabilities | 5,001,878 | 5,006,426 |
Commitments and contingencies | ' | ' |
Capitalization | ' | ' |
Long-term debt | 3,888,916 | 3,888,730 |
Common stock — authorized 5,000,000 shares of $0.01 par value; 1,000,000 shares outstanding at March 31, 2014 and Dec. 31, 2013, respectively | 10 | 10 |
Additional paid in capital | 2,961,603 | 2,866,603 |
Retained earnings | 1,684,534 | 1,635,910 |
Accumulated other comprehensive loss | -21,498 | -21,729 |
Total common stockholder’s equity | 4,624,649 | 4,480,794 |
Total liabilities and equity | $14,851,457 | $14,694,895 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Capitalization, Long-term Debt and Equity [Abstract] | ' | ' |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Managements_Opinion
Management's Opinion | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Management's Opinion | ' |
In the opinion of management, the accompanying unaudited consolidated 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 NSP-Minnesota and its subsidiaries as of March 31, 2014 and Dec. 31, 2013; the results of its operations, including the components of net income and comprehensive income, for the three months ended March 31, 2014 and 2013; and its cash flows for the three months ended March 31, 2014 and 2013. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2014 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2013 balance sheet information has been derived from the audited 2013 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2013. These notes to the consolidated 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 consolidated financial statements and notes thereto, included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2013, filed with the SEC on Feb. 24, 2014. Due to the seasonality of NSP-Minnesota’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2013, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting Pronouncements | ' |
Accounting Pronouncements | |
Recently issued accounting pronouncements that have been adopted in the current period did not materially impact the consolidated financial statements, and no material impact is expected from accounting pronouncements issued and pending implementation. |
Selected_Balance_Sheet_Data
Selected Balance Sheet Data | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||
Selected Balance Sheet Data | ' | ||||||||
Selected Balance Sheet Data | |||||||||
(Thousands of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Accounts receivable, net | |||||||||
Accounts receivable | $ | 446,179 | $ | 304,748 | |||||
Less allowance for bad debts | (21,356 | ) | (20,216 | ) | |||||
$ | 424,823 | $ | 284,532 | ||||||
(Thousands of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Inventories | |||||||||
Materials and supplies | $ | 145,905 | $ | 144,140 | |||||
Fuel | 56,061 | 81,971 | |||||||
Natural gas | 6,052 | 53,804 | |||||||
$ | 208,018 | $ | 279,915 | ||||||
(Thousands of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Property, plant and equipment, net | |||||||||
Electric plant | $ | 13,579,169 | $ | 13,530,767 | |||||
Natural gas plant | 1,097,599 | 1,092,314 | |||||||
Common and other property | 504,720 | 503,168 | |||||||
Construction work in progress | 1,032,567 | 902,820 | |||||||
Total property, plant and equipment | 16,214,055 | 16,029,069 | |||||||
Less accumulated depreciation | (5,823,092 | ) | (5,783,658 | ) | |||||
Nuclear fuel | 2,193,544 | 2,186,799 | |||||||
Less accumulated amortization | (1,871,550 | ) | (1,842,688 | ) | |||||
$ | 10,712,957 | $ | 10,589,522 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Except to the extent noted below, the circumstances set forth in Note 6 to the consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2013 appropriately represent, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. | |||||||||
Federal Tax Loss Carryback Claims — In 2012 and 2013, NSP-Minnesota identified certain expenses related to 2009, 2010, 2011 and 2013 that qualify for an extended carryback beyond the typical two-year carryback period. As a result of a higher tax rate in prior years, NSP-Minnesota recognized a tax benefit of approximately $15 million in 2012 and $12 million in 2013. | |||||||||
Federal Audit — NSP-Minnesota is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s 2008 federal income tax return expired in September 2012. The statute of limitations applicable to Xcel Energy’s 2009 federal income tax return expires in June 2015. In the third quarter of 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. As of March 31, 2014, the IRS had proposed an adjustment to the federal tax loss carryback claims that would result in $10 million of income tax expense for the 2009 through 2011 claims and the anticipated claim for 2013. Xcel Energy is continuing to work through the audit process, but the outcome and timing of a resolution is uncertain. | |||||||||
State Audits — NSP-Minnesota is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of March 31, 2014, NSP-Minnesota’s 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 Tax Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual effective tax rate (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: | |||||||||
(Millions of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Unrecognized tax benefit — Permanent tax positions | $ | 5.5 | $ | 8.5 | |||||
Unrecognized tax benefit — Temporary tax positions | 16.4 | 16.7 | |||||||
Total unrecognized tax benefit | $ | 21.9 | $ | 25.2 | |||||
The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: | |||||||||
(Millions of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
NOL and tax credit carryforwards | $ | (12.5 | ) | $ | (12.4 | ) | |||
It is reasonably possible that NSP-Minnesota’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS audit progresses and state audits resume. As the IRS examination moves closer to completion, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $6 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 March 31, 2014 and Dec. 31, 2013 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of March 31, 2014 or Dec. 31, 2013. |
Rate_Matters
Rate Matters | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Public Utilities, General Disclosures [Abstract] | ' | ||||||||||||
Rate Matters | ' | ||||||||||||
Rate Matters | |||||||||||||
Except to the extent noted below, the circumstances set forth in Note 10 to the consolidated financial statements included in NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2013 appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. | |||||||||||||
Pending Regulatory Proceedings — Minnesota Public Utilities Commission (MPUC) | |||||||||||||
Minnesota 2014 Multi-Year Electric Rate Case — In November 2013, NSP-Minnesota filed a two-year electric rate case with the MPUC. The rate case is based on a requested return on equity (ROE) of 10.25 percent, a 52.5 percent equity ratio, a 2014 average electric rate base of $6.67 billion and an additional average rate base of $412 million in 2015. | |||||||||||||
The NSP-Minnesota electric rate case reflects an overall increase in revenues of approximately $193 million or 6.9 percent in 2014 and an additional $98 million or 3.5 percent in 2015. The request includes a proposed rate moderation plan for 2014 and 2015. After reflecting interim rate adjustments, NSP-Minnesota is requesting a rate increase of $127 million or 4.6 percent in 2014 and an incremental rate increase of $164 million or 5.6 percent in 2015. | |||||||||||||
NSP-Minnesota’s moderation plan includes the acceleration of the eight-year amortization of the excess depreciation reserve which the MPUC approved in NSP-Minnesota’s last electric rate case and the use of expected funds from the U.S. Department of Energy (DOE) for settlement of certain claims. These DOE refunds would be in excess of amounts needed to fund NSP-Minnesota’s decommissioning expense. The interim rate adjustments are primarily associated with ROE, Monticello life cycle management (LCM)/extended power uprate (EPU) project costs and NSP-Minnesota’s request to amortize amounts associated with the canceled Prairie Island EPU project. NSP-Minnesota may file a petition for deferred accounting regarding these Monticello costs later in 2014. | |||||||||||||
The rate request, moderation plan, interim rate adjustments, customer bill impacts and certain impacts on expenses are detailed in the table below: | |||||||||||||
(Millions of Dollars) | 2014 | Percentage | 2015 | Percentage | |||||||||
Increase | Increase | ||||||||||||
Pre-moderation deficiency | $ | 274 | $ | 81 | |||||||||
Moderation change compared to prior year: | |||||||||||||
Depreciation reserve | (81 | ) | 53 | ||||||||||
DOE settlement proceeds | — | (36 | ) | ||||||||||
Filed rate request | 193 | 6.90% | 98 | 3.50% | |||||||||
Interim rate adjustments | (66 | ) | 66 | ||||||||||
Impact on customer bill | 127 | 4.60% | 164 | 5.60% | |||||||||
Potential expense deferral | 16 | — | |||||||||||
Depreciation expense - reduction/(increase) | 81 | (46 | ) | ||||||||||
Recognition of DOE settlement proceeds | — | 36 | |||||||||||
Pre-tax impact on operating income | $ | 224 | $ | 154 | |||||||||
In December 2013, the MPUC approved interim rates of $127 million effective Jan. 3, 2014, subject to refund. The MPUC determined that the costs of Sherco Unit 3 would be allowed in interim rates, and that NSP-Minnesota’s request to accelerate the depreciation reserve amortization was a permissible adjustment to its interim rate request. | |||||||||||||
The next steps in the procedural schedule are expected to be as follows: | |||||||||||||
• | Direct Testimony — June 5, 2014; | ||||||||||||
• | Rebuttal Testimony — July 7, 2014; | ||||||||||||
• | Surrebuttal Testimony — Aug. 4, 2014; | ||||||||||||
• | Evidentiary Hearing — Aug. 11-18, 2014; | ||||||||||||
• | Reply Brief — Oct. 14, 2014; and | ||||||||||||
• | Administrative Law Judge (ALJ) Report — Dec. 22, 2014. | ||||||||||||
A final MPUC decision is anticipated in March 2015. | |||||||||||||
NSP-Minnesota Nuclear Project Prudence Investigation — The MPUC has initiated an investigation to determine whether the costs in excess of the $320 million included in the certificate of need (CON) for NSP-Minnesota’s Monticello LCM/EPU project were prudent. The final costs for the Monticello LCM/EPU project were approximately $665 million. | |||||||||||||
In October 2013, NSP-Minnesota filed a report to further support the change and prudence of the incurred costs. The filing indicated the increase in costs was primarily attributable to three factors: (1) the original estimate was based on a high level conceptual design and the project scope increased as the actual conditions of the plant were incorporated into the design; (2) implementation difficulties, including the amount of work that occurred in confined and radioactive or electrically sensitive spaces and NSP-Minnesota’s and its vendors’ ability to attract and retain experienced workers; and (3) additional Nuclear Regulatory Commission (NRC) licensing related requests over the five-plus year application process. NSP-Minnesota has provided information that the cost deviation is in line with similar upgrade projects undertaken by other utilities and the project remains economically beneficial to customers. NSP-Minnesota has received all necessary licenses from the NRC for the Monticello EPU, and has begun the process to comply with the license requirements for higher power levels, subject to NRC oversight and review. | |||||||||||||
At the direction of the MPUC, the Minnesota Department of Commerce (DOC) has retained a consultant to assist in their review. The consultant, Global Energy and Water Consulting, LLC is covering the cost split between LCM and EPU; reasons for the cost increases; project management and oversight; and the prudence of scope changes among others. The results and any recommendations from the conclusion of this prudence proceeding are expected to be considered by the MPUC in NSP-Minnesota’s 2014 Minnesota electric rate case. The next steps in the procedural schedule are expected to be as follows: | |||||||||||||
• | Direct Testimony — July 2, 2014; | ||||||||||||
• | Rebuttal Testimony — Aug. 26, 2014; | ||||||||||||
• | Surrebuttal Testimony — Sept. 19, 2014; | ||||||||||||
• | Hearing — Sept. 29 - Oct. 3, 2014; | ||||||||||||
• | Reply Brief — Nov. 21, 2014; and | ||||||||||||
• | ALJ Report — Dec. 31, 2014. | ||||||||||||
A final MPUC decision is anticipated in the first quarter of 2015. | |||||||||||||
Recently Concluded Regulatory Proceedings — North Dakota Public Service Commission (NDPSC) | |||||||||||||
North Dakota 2013 Electric Rate Case — In December 2012, NSP-Minnesota filed a request with the NDPSC to increase annual retail electric rates approximately $16.9 million, or 9.25 percent. The rate filing was based on a 2013 forecast test year, a requested ROE of 10.6 percent, an electric rate base of approximately $377.6 million and an equity ratio of 52.56 percent. In January 2013, the NDPSC approved an interim electric increase of $14.7 million, effective Feb. 16, 2013, subject to refund. | |||||||||||||
In February 2014, the NDPSC approved a four-year rate plan settlement. The approved plan will provide increased revenues of approximately $7.4 million, $9.4 million and $10.1 million, an annual rate increase of 4.9 percent for 2013, 2014 and 2015 respectively, with no increase in 2016. Additionally, the rate plan includes a gradually increasing ROE of 9.75, 10.0, 10.0 and 10.25 percent for 2013 through 2016, respectively. Final rates for 2013 and the 2014 rate increase went into effect May 1, 2014. The 2015 rate increase will take effect Jan. 1, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
Commitments and Contingencies | |||||||||
Except to the extent noted below and in Note 5, the circumstances set forth in Notes 10, 11 and 12 to the consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2013 appropriately represent, in all material respects, the current status of commitments and contingent liabilities, including those regarding public liability for claims resulting from any nuclear incident and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to NSP-Minnesota’s financial position. | |||||||||
Purchased Power Agreements (PPAs) | |||||||||
Under certain PPAs, NSP-Minnesota purchases power from independent power producing entities for which NSP-Minnesota is required to reimburse natural gas or biomass fuel costs, or to participate in tolling arrangements under which NSP-Minnesota 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. | |||||||||
NSP-Minnesota had approximately 1,069 megawatts (MW) of capacity under long-term purchased power agreements as of March 31, 2014 and Dec. 31, 2013 with entities that have been determined to be variable interest entities. NSP-Minnesota has concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. These agreements have expiration dates through the year 2028. | |||||||||
Guarantees — Under certain railcar lease agreements accounted for as operating leases, NSP-Minnesota guarantees the lessor’s proceeds from sale of the leased assets at the end of the lease term will at least equal the guaranteed residual value. The guarantees issued by NSP-Minnesota limit their exposure to a maximum amount stated in the guarantees; however, NSP-Minnesota expects sale proceeds to exceed the guaranteed amounts. These lease agreements expire in 2014 and 2019. | |||||||||
The following table presents the guarantee issued and outstanding for NSP-Minnesota: | |||||||||
(Millions of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Guarantees issued and outstanding | $ | 8.1 | $ | 9.2 | |||||
Environmental Loss Contingency Disclosure [Text Block] | ' | ||||||||
Environmental Contingencies | |||||||||
Environmental Requirements | |||||||||
Water and waste | |||||||||
Federal Clean Water Act (CWA) Effluent Limitations Guidelines (ELG) — In June 2013, the U.S. Environmental Protection Agency (EPA) published a proposed ELG rule for power plants that use coal, natural gas, oil or nuclear materials as fuel and discharge treated effluent to surface waters as well as utility-owned landfills that receive coal combustion residuals. The final rule is now expected in September 2015. Under the current proposed rule, facilities would need to comply as soon as possible after July 2017 but no later than July 2022. The impact of this rule on NSP-Minnesota is uncertain at this time. | |||||||||
Federal CWA Section 316 (b) — The federal CWA requires the EPA to regulate cooling water intake structures to assure that these structures reflect the best technology available for minimizing adverse environmental impacts to aquatic species. In 2011, the EPA published the proposed rule that sets standards for minimization of aquatic species impingement, but leaves entrainment reduction requirements at the discretion of the permit writer and the regional EPA office. A final rule is anticipated in May 2014. It is not possible to provide an accurate estimate of the overall cost of this rulemaking at this time due to the uncertainty of the final regulatory requirements. | |||||||||
NSP-Minnesota submitted its Black Dog CWA compliance plan for the Minnesota Pollution Control Agency’s (MPCA) review and approval in 2010. The MPCA is currently reviewing the proposal in consultation with the EPA. | |||||||||
Air | |||||||||
Cross-State Air Pollution Rule (CSAPR) — In 2011, the EPA issued the CSAPR to address long range transport of particulate matter (PM) and ozone by requiring reductions in sulfur dioxide (SO2) and nitrous oxide (NOx) from utilities in the eastern half of the United States, including Minnesota. The CSAPR would set more stringent requirements than the proposed Clean Air Transport Rule. The rule would also create an emissions trading program. | |||||||||
In August 2012, the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit) vacated the CSAPR and remanded it back to the EPA. The D.C. Circuit stated the EPA must continue administering the Clean Air Interstate Rule (CAIR) pending adoption of a valid replacement. In April 2014, the U.S. Supreme Court reversed and remanded the case to the D.C. Circuit. The Court held that the EPA’s rule design did not violate the Clean Air Act and that states had received adequate opportunity to develop their own plans. Because the D.C. Circuit overturned the CSAPR on two over-arching issues, there are many other issues the D.C. Circuit did not rule on that will now need to be considered on remand. Because it is not yet known how the litigation over the remaining issues will be resolved, it is not yet known what requirements may be imposed in the future, or their timing. | |||||||||
CAIR — In 2005, the EPA issued the CAIR to further regulate SO2 and NOx emissions. The CAIR does not currently apply to Minnesota. | |||||||||
Regional Haze Rules — In 2005, the EPA amended the best available retrofit technology (BART) requirements of its regional haze rules, which require the installation and operation of emission controls for industrial facilities emitting air pollutants that reduce visibility in certain national parks and wilderness areas. In its first regional haze state implementation plan (SIP), Minnesota identified the NSP-Minnesota facilities that will have to reduce SO2, NOx and PM emissions under BART and set emissions limits for those facilities. | |||||||||
In 2009, the MPCA approved a SIP and submitted it to the EPA for approval. The MPCA’s source-specific BART limits for Sherco Units 1 and 2 require combustion controls for NOx and scrubber upgrades for SO2. The MPCA concluded selective catalytic reduction (SCRs) should not be required because the minor visibility benefits derived from SCRs do not outweigh the substantial costs. The combustion controls have been installed and the scrubber upgrades, to be completed by January 2015, are underway. These emission controls are projected to cost approximately $50 million, of which $42.5 million has already been spent. NSP-Minnesota anticipates these costs will be fully recoverable in rates. | |||||||||
After the CSAPR was adopted in 2011, the MPCA supplemented its SIP, determining that CSAPR meets BART requirements, but also implementing its source-specific BART determination for Sherco Units 1 and 2 from the 2009 SIP. In June 2012, the EPA approved the SIP for electric generating units and also approved the source-specific emission limits for Sherco Units 1 and 2 as strengthening the SIP, but avoided characterizing them as BART limits. | |||||||||
In August 2012, the National Parks Conservation Association, Sierra Club, Voyageurs National Park Association, Friends of the Boundary Waters Wilderness, Minnesota Center for Environmental Advocacy and Fresh Energy appealed the EPA’s approval of the Minnesota SIP to the U.S. Court of Appeals for the Eighth Circuit. NSP-Minnesota and other regulated parties were denied intervention. In June 2013, the Court ordered this case to be held in abeyance until the U.S. Supreme Court decides on the CSAPR. It is not yet known how the U.S. Supreme Court’s April 2014 decision on the CSAPR will impact the Eighth Circuit’s proceedings on the SIP. If this litigation ultimately results in further EPA proceedings concerning the SIP, such proceedings may consider whether SCRs should be required for Sherco Units 1 and 2. | |||||||||
Reasonably Attributable Visibility Impairment (RAVI) — Additional visibility rules relate to a program called the RAVI program. In 2009, the U.S. Department of the Interior (DOI) certified that a portion of the visibility impairment in Voyageurs and Isle Royale National Parks is reasonably attributable to emissions from Sherco Units 1 and 2. The EPA is required to make its own determination as to whether Sherco Units 1 and 2 cause or contribute to RAVI and, if so, whether the level of controls required by the MPCA is appropriate. The EPA has stated it plans to issue a separate notice on the issue of BART for Sherco Units 1 and 2 under the RAVI program. It is not yet known when the EPA will publish a proposal under RAVI or what that proposal will entail. | |||||||||
In December 2012, a lawsuit against the EPA was filed in the U.S. District Court for the District of Minnesota by the following organizations: National Parks Conservation Association, Minnesota Center for Environmental Advocacy, Friends of the Boundary Waters Wilderness, Voyageurs National Park Association, Fresh Energy and Sierra Club. The lawsuit alleges the EPA has failed to perform a nondiscretionary duty to determine BART for Sherco Units 1 and 2 under the RAVI program. The EPA filed an answer denying the allegations. The Court denied NSP-Minnesota’s motion to intervene in July 2013. NSP-Minnesota appealed this decision to the U.S. Court of Appeals for the Eighth Circuit. Oral arguments were held in March 2014. The court is expected to issue an opinion in the next few months. | |||||||||
Commitments and Contingencies | ' | ||||||||
Legal Contingencies | |||||||||
NSP-Minnesota 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 NSP-Minnesota’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. | |||||||||
Employment, Tort and Commercial Litigation | |||||||||
Merricourt Wind Project Litigation — In April 2011, NSP-Minnesota terminated its agreements with enXco Development Corporation (enXco) for the development of a 150 MW wind project in southeastern North Dakota. NSP-Minnesota’s decision to terminate the agreements was based in large part on the adverse impact this project could have on endangered or threatened species protected by federal law and the uncertainty in cost and timing in mitigating this impact. NSP-Minnesota also terminated the agreements due to enXco’s nonperformance of certain other conditions, including failure to obtain a Certificate of Site Compatibility and the failure to close on the contracts by an agreed upon date of March 31, 2011. NSP-Minnesota recorded a $101 million deposit in the first quarter of 2011, which was collected in April 2011. In May 2011, NSP-Minnesota filed a declaratory judgment action in the U.S. District Court in Minnesota to obtain a determination that it acted properly in terminating the agreements. enXco also filed a separate lawsuit in the same court seeking approximately $240 million for an alleged breach of contract. NSP-Minnesota believes enXco’s lawsuit is without merit. In October 2012, NSP-Minnesota filed a motion for summary judgment. In April 2013, the U.S. District Court granted NSP-Minnesota’s motion and entered judgment in its favor. In April 2013, enXco filed a notice of appeal to the Eighth Circuit. It is uncertain when the Eighth Circuit will decide this appeal. Although Xcel Energy believes the likelihood of loss is remote based on existing case law and the U.S. District Court’s April 2013 decision, it is not possible to estimate the amount or range of reasonably possible loss in the event of an adverse outcome of this matter. No accrual has been recorded for this matter. | |||||||||
Biomass Fuel Handling Reimbursement — NSP-Minnesota has a PPA through which it procures energy from Fibrominn, LLC (Fibrominn). Under this agreement, NSP-Minnesota is charged for certain costs of transporting biomass fuels that are delivered to Fibrominn’s generation facility. Fibrominn has demanded that NSP-Minnesota provide additional cost reimbursement for the period from September 2007 through March 2014, totaling approximately $19 million. NSP-Minnesota has evaluated Fibrominn’s claim and based on the terms of the PPA with Fibrominn and its current understanding of the facts, NSP-Minnesota disputes the validity of Fibrominn’s claim, on the ground that, among other things, it seeks to impose contractual obligations on NSP-Minnesota that are neither supported by the terms nor the intent of the PPA. NSP-Minnesota has concluded that a loss is reasonably possible with respect to this matter; however, given the surrounding uncertainties, NSP-Minnesota is currently unable to determine the amount of reasonably possible loss. If a loss were sustained, NSP-Minnesota would attempt to recover these fuel-related costs. No accrual has been recorded for this matter. | |||||||||
Nuclear Power Operations and Waste Disposal | |||||||||
Nuclear Waste Disposal Litigation — In 1998, NSP-Minnesota filed a complaint in the U.S. Court of Federal Claims against the United States requesting breach of contract damages for the DOE’s failure to begin accepting spent nuclear fuel by Jan. 31, 1998, as required by the contract between the United States and NSP-Minnesota. NSP-Minnesota sought contract damages in this lawsuit through Dec. 31, 2004. In September 2007, the court awarded NSP-Minnesota $116.5 million in damages. In August 2007, NSP-Minnesota filed a second complaint; this lawsuit claimed damages for the period Jan. 1, 2005 through Dec. 31, 2008. | |||||||||
In July 2011, the United States and NSP-Minnesota executed a settlement agreement resolving both lawsuits, providing an initial $100 million payment from the United States to NSP-Minnesota, and providing a method by which NSP-Minnesota can recover its spent fuel storage costs through 2013, estimated to be an additional $100 million. In January 2014, the United States proposed, and NSP-Minnesota accepted, an extension to the settlement agreement which will allow NSP-Minnesota to recover spent fuel storage costs through 2016. The extension does not address costs for used fuel storage after 2016; such costs could be the subject of future litigation. NSP-Minnesota has received a total of $181.9 million of settlement proceeds as of March 31, 2014. Amounts received from the installments will be subsequently credited to customers, except for approved reductions such as legal costs and amounts set aside to be credited through another regulatory mechanism. |
Borrowings_and_Other_Financing
Borrowings and Other Financing Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Borrowings and Other Financing Instruments | ' | ||||||||||
Borrowings and Other Financing Instruments | |||||||||||
Short-Term Borrowings | |||||||||||
Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for NSP-Minnesota were as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2014 | Twelve Months Ended Dec. 31, 2013 | |||||||||
Borrowing limit | $ | 250 | $ | 250 | |||||||
Amount outstanding at period end | 150 | 34 | |||||||||
Average amount outstanding | 47 | 42 | |||||||||
Maximum amount outstanding | 150 | 211 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.21 | % | 0.14 | % | |||||||
Weighted average interest rate at period end | 0.21 | 0.25 | |||||||||
Commercial Paper — NSP-Minnesota meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for NSP-Minnesota was as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2014 | Twelve Months Ended Dec. 31, 2013 | |||||||||
Borrowing limit | $ | 500 | $ | 500 | |||||||
Amount outstanding at period end | 130 | 131 | |||||||||
Average amount outstanding | 249 | 97 | |||||||||
Maximum amount outstanding | 397 | 347 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.25 | % | 0.34 | % | |||||||
Weighted average interest rate at period end | 0.24 | 0.25 | |||||||||
Letters of Credit — NSP-Minnesota uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At March 31, 2014 and Dec. 31, 2013, there were $18.9 million and $15.9 million of letters of credit outstanding, respectively, under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. | |||||||||||
Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, NSP-Minnesota 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 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. | |||||||||||
At March 31, 2014, NSP-Minnesota had the following committed credit facility available (in millions): | |||||||||||
Credit Facility (a) | Drawn (b) | Available | |||||||||
$ | 500 | $ | 148.9 | $ | 351.1 | ||||||
(a) | Credit facility expires in July 2017. | ||||||||||
(b) | Includes outstanding commercial paper and letters of credit. | ||||||||||
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Minnesota had no direct advances on the credit facility outstanding at March 31, 2014 and Dec. 31, 2013. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 values. | |||||||||||||||||||||||||
Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds, international equity funds, private equity investments and real estate investments are measured using net asset values, which take into consideration the value of underlying fund investments, as well as the other accrued assets and liabilities of a fund, in order to determine a per-share market value. The investments in commingled funds and international equity funds may be redeemed for net asset value with proper notice. Proper notice varies by fund and can range from daily with one or two days notice to annually with 90 days notice. Private equity investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate investments may be redeemed with proper notice, which is typically quarterly with 45-90 days notice; however, withdrawals from real estate investments may be delayed or discounted as a result of fund illiquidity. Based on NSP-Minnesota’s evaluation of its redemption rights, fair value measurements for private equity and real estate investments have been assigned a Level 3. | |||||||||||||||||||||||||
Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. | |||||||||||||||||||||||||
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. 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 NSP-Minnesota include transmission congestion instruments purchased from Midcontinent Independent Transmission System Operator, Inc. (MISO), PJM Interconnection, LLC (PJM), Electric Reliability Council of Texas, Southwest Power Pool, Inc. (SPP) and New York Independent System Operator, generally referred to as financial transmission rights (FTRs). 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 energy congestion, which is caused by overall transmission load and other transmission constraints. 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. NSP-Minnesota’s valuation process for FTRs utilizes complex iterative modeling to predict the impacts of forecasted changes in these drivers of transmission system congestion on the historical pricing of FTR purchases. | |||||||||||||||||||||||||
If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of management’s forecasts for several of the inputs to this complex valuation model – including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms, and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of NSP-Minnesota’s FTRs relative to its electric utility operations, the numerous unobservable quantitative inputs to the complex model used for valuation of FTRs are insignificant to the consolidated financial statements of NSP-Minnesota. | |||||||||||||||||||||||||
Non-Derivative Instruments Fair Value Measurements | |||||||||||||||||||||||||
The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Together with all accumulated earnings or losses, the assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning the Monticello and Prairie Island nuclear generating plants. The fund contains cash equivalents, debt securities, equity securities and other investments – all classified as available-for-sale. NSP-Minnesota plans to reinvest matured securities until decommissioning begins. NSP-Minnesota uses the MPUC approved asset allocation for the escrow and investment targets by asset class for both the escrow and qualified trust. | |||||||||||||||||||||||||
NSP-Minnesota recognizes the costs of funding the decommissioning of its nuclear generating plants over the lives of the plants, assuming rate recovery of all costs. Given the purpose and legal restrictions on the use of nuclear decommissioning fund assets, realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund, including any other-than-temporary impairments, are deferred as a component of the regulatory asset for nuclear decommissioning. | |||||||||||||||||||||||||
Unrealized gains for the nuclear decommissioning fund were $258.6 million and $240.3 million at March 31, 2014 and Dec. 31, 2013, respectively, and unrealized losses and amounts recorded as other-than-temporary impairments were $45.8 million and $58.5 million at March 31, 2014 and Dec. 31, 2013, respectively. | |||||||||||||||||||||||||
The following tables present the cost and fair value of NSP-Minnesota’s non-derivative instruments with recurring fair value measurements, in the nuclear decommissioning fund, at March 31, 2014 and Dec. 31, 2013: | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 15,854 | $ | 15,854 | $ | — | $ | — | $ | 15,854 | |||||||||||||||
Commingled funds | 476,011 | — | 483,409 | — | 483,409 | ||||||||||||||||||||
International equity funds | 78,812 | — | 82,710 | — | 82,710 | ||||||||||||||||||||
Private equity investments | 60,912 | — | — | 73,801 | 73,801 | ||||||||||||||||||||
Real estate | 49,224 | — | — | 62,954 | 62,954 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 34,176 | — | 28,822 | — | 28,822 | ||||||||||||||||||||
U.S. corporate bonds | 78,362 | — | 81,827 | — | 81,827 | ||||||||||||||||||||
International corporate bonds | 15,223 | — | 15,685 | — | 15,685 | ||||||||||||||||||||
Municipal bonds | 261,106 | — | 260,044 | — | 260,044 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 380,896 | 558,289 | — | — | 558,289 | ||||||||||||||||||||
Total | $ | 1,450,576 | $ | 574,143 | $ | 952,497 | $ | 136,755 | $ | 1,663,395 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $29.4 million of miscellaneous investments. | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 33,281 | $ | 33,281 | $ | — | $ | — | $ | 33,281 | |||||||||||||||
Commingled funds | 457,986 | — | 452,227 | — | 452,227 | ||||||||||||||||||||
International equity funds | 78,812 | — | 81,671 | — | 81,671 | ||||||||||||||||||||
Private equity investments | 52,143 | — | — | 62,696 | 62,696 | ||||||||||||||||||||
Real estate | 45,564 | — | — | 57,368 | 57,368 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 34,304 | — | 27,628 | — | 27,628 | ||||||||||||||||||||
U.S. corporate bonds | 80,275 | — | 83,538 | — | 83,538 | ||||||||||||||||||||
International corporate bonds | 15,025 | — | 15,358 | — | 15,358 | ||||||||||||||||||||
Municipal bonds | 241,112 | — | 232,016 | — | 232,016 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 406,695 | 581,243 | — | — | 581,243 | ||||||||||||||||||||
Total | $ | 1,445,197 | $ | 614,524 | $ | 892,438 | $ | 120,064 | $ | 1,627,026 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $28.3 million of miscellaneous investments. | ||||||||||||||||||||||||
The following tables present the changes in Level 3 nuclear decommissioning fund investments for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
(Thousands of Dollars) | Jan. 1, 2014 | Purchases | Settlements | Gains Recognized as Regulatory Assets | Transfers Out | March 31, 2014 | |||||||||||||||||||
of Level 3 | |||||||||||||||||||||||||
Private equity investments | $ | 62,696 | $ | 8,769 | $ | — | $ | 2,336 | $ | — | $ | 73,801 | |||||||||||||
Real estate | 57,368 | 3,660 | — | 1,926 | — | 62,954 | |||||||||||||||||||
Total | $ | 120,064 | $ | 12,429 | $ | — | $ | 4,262 | $ | — | $ | 136,755 | |||||||||||||
(Thousands of Dollars) | Jan. 1, 2013 | Purchases | Settlements | Gains Recognized as Regulatory Assets | Transfers Out of Level 3(a) | March 31, 2013 | |||||||||||||||||||
Private equity investments | $ | 33,250 | $ | 1,256 | $ | — | $ | — | $ | — | $ | 34,506 | |||||||||||||
Real estate | 39,074 | 4,786 | (4,299 | ) | 845 | — | 40,406 | ||||||||||||||||||
Asset-backed securities | 2,067 | — | — | — | (2,067 | ) | — | ||||||||||||||||||
Mortgage-backed securities | 30,209 | — | — | — | (30,209 | ) | — | ||||||||||||||||||
Total | $ | 104,600 | $ | 6,042 | $ | (4,299 | ) | $ | 845 | $ | (32,276 | ) | $ | 74,912 | |||||||||||
(a) | Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value measurements. | ||||||||||||||||||||||||
The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, at March 31, 2014: | |||||||||||||||||||||||||
Final Contractual Maturity | |||||||||||||||||||||||||
(Thousands of Dollars) | Due in 1 Year | Due in 1 to 5 | Due in 5 to 10 | Due after 10 | Total | ||||||||||||||||||||
or Less | Years | Years | Years | ||||||||||||||||||||||
Government securities | $ | — | $ | — | $ | — | $ | 28,822 | $ | 28,822 | |||||||||||||||
U.S. corporate bonds | 311 | 15,816 | 64,341 | 1,359 | 81,827 | ||||||||||||||||||||
International corporate bonds | — | 3,762 | 11,923 | — | 15,685 | ||||||||||||||||||||
Municipal bonds | 3,088 | 25,410 | 38,770 | 192,776 | 260,044 | ||||||||||||||||||||
Debt securities | $ | 3,399 | $ | 44,988 | $ | 115,034 | $ | 222,957 | $ | 386,378 | |||||||||||||||
Derivative Instruments Fair Value Measurements | |||||||||||||||||||||||||
NSP-Minnesota enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. | |||||||||||||||||||||||||
Interest Rate Derivatives — NSP-Minnesota enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. | |||||||||||||||||||||||||
At March 31, 2014, accumulated other comprehensive losses related to interest rate derivatives included $0.8 million of 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 any unsettled hedges, as applicable. | |||||||||||||||||||||||||
Wholesale and Commodity Trading Risk — NSP-Minnesota conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy and energy-related instruments. NSP-Minnesota’s 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 — NSP-Minnesota enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs and vehicle fuel. | |||||||||||||||||||||||||
At March 31, 2014, NSP-Minnesota had various vehicle fuel contracts designated as cash flow hedges extending through December 2016. NSP-Minnesota also enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers but are not designated as qualifying hedging transactions. Changes in the fair value of non-trading commodity derivative instruments are recorded in other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. NSP-Minnesota recorded immaterial amounts to income related to the ineffectiveness of cash flow hedges for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
At March 31, 2014, net gains related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses included an immaterial amount of net gains expected to be reclassified into earnings during the next 12 months as the hedged transactions occur. | |||||||||||||||||||||||||
Additionally, NSP-Minnesota enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenue, net of amounts credited to customers under margin-sharing mechanisms. | |||||||||||||||||||||||||
The following table details the gross notional amounts of commodity forwards, options and FTRs at March 31, 2014 and Dec. 31, 2013: | |||||||||||||||||||||||||
(Amounts in Thousands) (a)(b) | March 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||
Megawatt hours of electricity | 28,381 | 52,107 | |||||||||||||||||||||||
Million British thermal units of natural gas | — | 2,470 | |||||||||||||||||||||||
Gallons of vehicle fuel | 238 | 265 | |||||||||||||||||||||||
(a) | Amounts are not reflective of net positions in the underlying commodities. | ||||||||||||||||||||||||
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. | ||||||||||||||||||||||||
The following tables detail the impact of derivative activity during the three months ended March 31, 2014 and 2013 on accumulated other comprehensive loss, regulatory assets and liabilities and income: | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Losses | |||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and (Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 342 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | (7 | ) | — | (15 | ) | (b) | — | — | |||||||||||||||||
Total | $ | (7 | ) | $ | — | $ | 327 | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | (2,253 | ) | (c) | |||||||||||||
Electric commodity | — | 4,899 | — | (17,926 | ) | (d) | — | ||||||||||||||||||
Natural gas commodity | — | 7,901 | — | (9,306 | ) | (e) | (580 | ) | (e) | ||||||||||||||||
Total | $ | — | $ | 12,800 | $ | — | $ | (27,232 | ) | $ | (2,833 | ) | |||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Gains | |||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and(Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 342 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | 13 | — | (14 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | 13 | $ | — | $ | 328 | $ | — | $ | — | |||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 2,776 | (c) | ||||||||||||||
Electric commodity | — | 6,419 | — | (15,229 | ) | (d) | — | ||||||||||||||||||
Natural gas commodity | — | 2 | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | 6,421 | $ | — | $ | (15,229 | ) | $ | 2,776 | ||||||||||||||
(a) | Amounts are recorded to interest charges. | ||||||||||||||||||||||||
(b) | Amounts are recorded to operating and maintenance (O&M) expenses. | ||||||||||||||||||||||||
(c) | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||||||||||||||||||||||
(d) | Amounts are 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. | ||||||||||||||||||||||||
(e) | Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||||||||||||||||||||||
NSP-Minnesota had no derivative instruments designated as fair value hedges during the three months ended March 31, 2014 and 2013. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. | |||||||||||||||||||||||||
Consideration of Credit Risk and Concentrations — NSP-Minnesota 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 NSP-Minnesota’s own credit risk when determining the fair value of derivative liabilities, the impact of considering credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. | |||||||||||||||||||||||||
NSP-Minnesota 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. | |||||||||||||||||||||||||
NSP-Minnesota’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity and transmission activities. At March 31, 2014, seven of NSP-Minnesota’s 10 most significant counterparties for these activities, comprising $21.0 million or 25 percent of this credit exposure, had investment grade credit ratings from Standard & Poor’s Ratings Services, Moody’s Investor Services or Fitch Ratings. The remaining three significant counterparties, comprising $10.3 million or 12 percent of this credit exposure, were not rated by these agencies, but based on NSP-Minnesota’s internal analysis, had credit quality consistent with investment grade. All 10 of these significant counterparties are municipal or cooperative electric entities, or other utilities. | |||||||||||||||||||||||||
Credit Related Contingent Features — Contract provisions for derivative instruments that NSP-Minnesota enters into, including those recorded to the consolidated balance sheet at fair value, as well as those accounted for as normal purchase-normal sale (NPNS) contracts and therefore not reflected on the balance sheet, may require the posting of collateral or settlement of the contracts for various reasons, including if NSP-Minnesota is unable to maintain its credit ratings. At March 31, 2014 and Dec. 31, 2013, no derivative instruments in a liability position would have required the posting of collateral or settlement of applicable outstanding contracts if the credit ratings of NSP-Minnesota were downgraded below investment grade. | |||||||||||||||||||||||||
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that NSP-Minnesota’s ability to fulfill its contractual obligations is reasonably expected to be impaired. NSP-Minnesota had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2014 and Dec. 31, 2013. | |||||||||||||||||||||||||
Recurring Fair Value Measurements — The following table presents for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at March 31, 2014: | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 32 | $ | — | $ | 32 | $ | — | $ | 32 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 19,827 | 944 | 20,771 | (5,917 | ) | 14,854 | ||||||||||||||||||
Electric commodity | — | — | 16,207 | 16,207 | (265 | ) | 15,942 | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 19,859 | $ | 17,151 | $ | 37,010 | $ | (6,182 | ) | 30,828 | |||||||||||||
PPAs (a) | 23,420 | ||||||||||||||||||||||||
Current derivative instruments | $ | 54,248 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 10 | $ | — | $ | 10 | $ | — | $ | 10 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 15,718 | 1,932 | 17,650 | (407 | ) | 17,243 | ||||||||||||||||||
Total noncurrent derivative assets | $ | — | $ | 15,728 | $ | 1,932 | $ | 17,660 | $ | (407 | ) | 17,253 | |||||||||||||
PPAs (a) | 4,706 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 21,959 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 10,875 | $ | 392 | $ | 11,267 | $ | (11,267 | ) | $ | — | ||||||||||||
Electric commodity | — | — | 265 | 265 | (265 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 10,875 | $ | 657 | $ | 11,532 | $ | (11,532 | ) | — | |||||||||||||
PPAs (a) | 12,927 | ||||||||||||||||||||||||
Current derivative instruments | $ | 12,927 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 1,707 | $ | — | $ | 1,707 | $ | (1,596 | ) | $ | 111 | ||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 1,707 | $ | — | $ | 1,707 | $ | (1,596 | ) | 111 | |||||||||||||
PPAs (a) | 144,083 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 144,194 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated 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 March 31, 2014. At March 31, 2014, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $6.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2013: | |||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 48 | $ | — | $ | 48 | $ | — | $ | 48 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 17,854 | 1,167 | 19,021 | (6,718 | ) | 12,303 | ||||||||||||||||||
Electric commodity | — | — | 30,692 | 30,692 | (1,723 | ) | 28,969 | ||||||||||||||||||
Natural gas commodity | $ | — | $ | 1,986 | $ | — | $ | 1,986 | $ | — | 1,986 | ||||||||||||||
Total current derivative assets | $ | — | $ | 19,888 | $ | 31,859 | $ | 51,747 | $ | (8,441 | ) | 43,306 | |||||||||||||
PPAs (a) | 23,420 | ||||||||||||||||||||||||
Current derivative instruments | $ | 66,726 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 16 | $ | — | $ | 16 | $ | (16 | ) | $ | — | ||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 32,074 | 3,395 | 35,469 | (9,071 | ) | 26,398 | ||||||||||||||||||
Total noncurrent derivative assets | $ | — | $ | 32,090 | $ | 3,395 | $ | 35,485 | $ | (9,087 | ) | 26,398 | |||||||||||||
PPAs (a) | 10,483 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 36,881 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 8,108 | $ | 1,804 | $ | 9,912 | $ | (9,912 | ) | $ | — | ||||||||||||
Electric commodity | — | — | 1,723 | 1,723 | (1,723 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 8,108 | $ | 3,527 | $ | 11,635 | $ | (11,635 | ) | — | |||||||||||||
PPAs (a) | 13,066 | ||||||||||||||||||||||||
Current derivative instruments | $ | 13,066 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 14,382 | $ | — | $ | 14,382 | $ | (10,137 | ) | $ | 4,245 | ||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 14,382 | $ | — | $ | 14,382 | $ | (10,137 | ) | 4,245 | |||||||||||||
PPAs (a) | 147,406 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 151,651 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated 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, 2013. At Dec. 31, 2013, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $4.2 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents the changes in Level 3 commodity derivatives for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2014 | 2013 | |||||||||||||||||||||||
Balance at Jan. 1 | $ | 31,727 | $ | 16,649 | |||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||
Settlements | (52,708 | ) | (12,449 | ) | |||||||||||||||||||||
Net transactions recorded during the period: | |||||||||||||||||||||||||
Gains (losses) recognized in earnings (a) | 999 | (62 | ) | ||||||||||||||||||||||
Gains recognized as regulatory assets and liabilities | 38,408 | 3,504 | |||||||||||||||||||||||
Balance at March 31 | $ | 18,426 | $ | 7,642 | |||||||||||||||||||||
(a) | These amounts relate to commodity derivatives held at the end of the period. | ||||||||||||||||||||||||
NSP-Minnesota 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 months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
Fair Value of Long-Term Debt | |||||||||||||||||||||||||
As of March 31, 2014 and Dec. 31, 2013, other financial instruments for which the carrying amount did not equal fair value were as follows: | |||||||||||||||||||||||||
March 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Long-term debt, including current portion | $ | 3,888,930 | $ | 4,258,313 | $ | 3,888,732 | $ | 4,099,745 | |||||||||||||||||
The fair value of NSP-Minnesota’s 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 March 31, 2014 and Dec. 31, 2013, 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
Other Income, Net | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Other Income, Net | ' | ||||||||
Other Income, Net | |||||||||
Other income, net consisted of the following: | |||||||||
Three Months Ended March 31 | |||||||||
(Thousands of Dollars) | 2014 | 2013 | |||||||
Interest income | $ | 2,709 | $ | 3,398 | |||||
Other nonoperating income | 368 | 277 | |||||||
Insurance policy expense | (1,073 | ) | (1,522 | ) | |||||
Other income, net | $ | 2,004 | $ | 2,153 | |||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
Segment Information | |||||||||||||||||||||
Operating results from the regulated electric utility and regulated natural gas utility are each separately and regularly reviewed by NSP-Minnesota’s chief operating decision maker. NSP-Minnesota evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. | |||||||||||||||||||||
NSP-Minnesota has the following reportable segments: regulated electric utility, regulated natural gas utility and all other. | |||||||||||||||||||||
• | NSP-Minnesota’s regulated electric utility segment generates electricity which is transmitted and distributed in Minnesota, North Dakota and South Dakota. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated electric utility also includes NSP-Minnesota’s commodity trading operations. | ||||||||||||||||||||
• | NSP-Minnesota’s regulated natural gas utility segment transports, stores and distributes natural gas in portions of Minnesota and North Dakota. | ||||||||||||||||||||
• | Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include appliance repair services, nonutility real estate activities and revenues associated with processing solid waste into refuse-derived fuel. | ||||||||||||||||||||
Asset and capital expenditure information is not provided for NSP-Minnesota’s reportable segments because as an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment, and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. | |||||||||||||||||||||
To report income from operations for regulated electric and regulated natural gas utility segments, the majority of costs are directly assigned to each segment. However, some costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. | |||||||||||||||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 1,068,340 | $ | 349,532 | $ | 6,454 | $ | — | $ | 1,424,326 | |||||||||||
Intersegment revenues | 164 | 276 | — | (440 | ) | — | |||||||||||||||
Total revenues | $ | 1,068,504 | $ | 349,808 | $ | 6,454 | $ | (440 | ) | $ | 1,424,326 | ||||||||||
Net income | $ | 78,255 | $ | 27,059 | $ | 3,050 | $ | — | $ | 108,364 | |||||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 951,314 | $ | 235,286 | $ | 6,635 | $ | — | $ | 1,193,235 | |||||||||||
Intersegment revenues | 135 | 145 | — | (280 | ) | — | |||||||||||||||
Total revenues | $ | 951,449 | $ | 235,431 | $ | 6,635 | $ | (280 | ) | $ | 1,193,235 | ||||||||||
Net income | $ | 69,998 | $ | 21,138 | $ | 10,829 | $ | — | $ | 101,965 | |||||||||||
(a) | Operating revenues include $122 million and $110 million of intercompany electric revenue for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||
(b) | Operating revenues include an immaterial amount of intercompany gas revenue for the three months ended March 31, 2014 and 2013, respectively. |
Benefit_Plans_and_Other_Postre
Benefit Plans and Other Postretirement Benefits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Benefit Plans and Other Postretirement Benefits | ' | ||||||||||||||||
Benefit Plans and Other Postretirement Benefits | |||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 7,425 | $ | 8,292 | $ | 47 | $ | 30 | |||||||||
Interest cost | 11,827 | 10,934 | 1,248 | 1,225 | |||||||||||||
Expected return on plan assets | (15,730 | ) | (15,788 | ) | (75 | ) | (104 | ) | |||||||||
Amortization of transition obligation | — | — | — | 8 | |||||||||||||
Amortization of prior service cost (credit) | 234 | 514 | (759 | ) | (759 | ) | |||||||||||
Amortization of net loss | 11,196 | 13,247 | 854 | 1,318 | |||||||||||||
Net periodic benefit cost | 14,952 | 17,199 | 1,315 | 1,718 | |||||||||||||
Costs not recognized due to the effects of regulation | (7,759 | ) | (6,772 | ) | — | — | |||||||||||
Net benefit cost recognized for financial reporting | $ | 7,193 | $ | 10,427 | $ | 1,315 | $ | 1,718 | |||||||||
In January 2014, contributions of $130.0 million were made across three of Xcel Energy’s pension plans, of which $52.1 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2014. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||
Other Comprehensive Income | |||||||||||||||||
Changes in accumulated other comprehensive gain (loss), net of tax, for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains and Losses on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive gain (loss) at Jan. 1 | $ | (20,609 | ) | $ | 73 | $ | (1,193 | ) | $ | (21,729 | ) | ||||||
Other comprehensive gain (loss) before reclassifications | (4 | ) | 37 | — | 33 | ||||||||||||
Losses reclassified from net accumulated other comprehensive loss | 193 | — | 5 | 198 | |||||||||||||
Net current period other comprehensive income | 189 | 37 | 5 | 231 | |||||||||||||
Accumulated other comprehensive gain (loss) at March 31 | $ | (20,420 | ) | $ | 110 | $ | (1,188 | ) | $ | (21,498 | ) | ||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains and Losses on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (21,393 | ) | $ | (99 | ) | $ | (1,707 | ) | $ | (23,199 | ) | |||||
Other comprehensive gain (loss) before reclassifications | 5 | (32 | ) | — | (27 | ) | |||||||||||
Losses reclassified from net accumulated other comprehensive loss | 193 | — | 24 | 217 | |||||||||||||
Net current period other comprehensive income (loss) | 198 | (32 | ) | 24 | 190 | ||||||||||||
Accumulated other comprehensive loss at March 31 | $ | (21,195 | ) | $ | (131 | ) | $ | (1,683 | ) | $ | (23,009 | ) | |||||
Reclassifications from accumulated other comprehensive gain (loss) for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Amounts Reclassified from | |||||||||||||||||
Accumulated Other | |||||||||||||||||
Comprehensive Gain (Loss) | |||||||||||||||||
(Thousands of Dollars) | Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||
Interest rate derivatives | $ | 342 | (a) | $ | 342 | (a) | |||||||||||
Vehicle fuel derivatives | (15 | ) | (b) | (14 | ) | (b) | |||||||||||
Total, pre-tax | 327 | 328 | |||||||||||||||
Tax benefit | (134 | ) | (135 | ) | |||||||||||||
Total, net of tax | 193 | 193 | |||||||||||||||
Defined benefit pension and postretirement (gains) losses: | |||||||||||||||||
Amortization of net loss | 58 | (c) | 85 | (c) | |||||||||||||
Prior service credit | (49 | ) | (c) | (47 | ) | (c) | |||||||||||
Transition obligation | — | (c) | 1 | (c) | |||||||||||||
Total, pre-tax | 9 | 39 | |||||||||||||||
Tax benefit | (4 | ) | (15 | ) | |||||||||||||
Total, net of tax | 5 | 24 | |||||||||||||||
Total amounts reclassified, net of tax | $ | 198 | $ | 217 | |||||||||||||
(a) | Included in interest charges. | ||||||||||||||||
(b) | Included in O&M expenses. | ||||||||||||||||
(c) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 for details regarding these benefit plans. |
Selected_Balance_Sheet_Data_Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||
Accounts receivable, net | ' | ||||||||
(Thousands of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Accounts receivable, net | |||||||||
Accounts receivable | $ | 446,179 | $ | 304,748 | |||||
Less allowance for bad debts | (21,356 | ) | (20,216 | ) | |||||
$ | 424,823 | $ | 284,532 | ||||||
Inventories | ' | ||||||||
(Thousands of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Inventories | |||||||||
Materials and supplies | $ | 145,905 | $ | 144,140 | |||||
Fuel | 56,061 | 81,971 | |||||||
Natural gas | 6,052 | 53,804 | |||||||
$ | 208,018 | $ | 279,915 | ||||||
Property, plant and equipment, net | ' | ||||||||
(Thousands of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Property, plant and equipment, net | |||||||||
Electric plant | $ | 13,579,169 | $ | 13,530,767 | |||||
Natural gas plant | 1,097,599 | 1,092,314 | |||||||
Common and other property | 504,720 | 503,168 | |||||||
Construction work in progress | 1,032,567 | 902,820 | |||||||
Total property, plant and equipment | 16,214,055 | 16,029,069 | |||||||
Less accumulated depreciation | (5,823,092 | ) | (5,783,658 | ) | |||||
Nuclear fuel | 2,193,544 | 2,186,799 | |||||||
Less accumulated amortization | (1,871,550 | ) | (1,842,688 | ) | |||||
$ | 10,712,957 | $ | 10,589,522 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||
A reconciliation of the amount of unrecognized tax benefit is as follows: | |||||||||
(Millions of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Unrecognized tax benefit — Permanent tax positions | $ | 5.5 | $ | 8.5 | |||||
Unrecognized tax benefit — Temporary tax positions | 16.4 | 16.7 | |||||||
Total unrecognized tax benefit | $ | 21.9 | $ | 25.2 | |||||
Tax Benefits Associated with NOL and Tax Credit Carryforwards | ' | ||||||||
The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: | |||||||||
(Millions of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
NOL and tax credit carryforwards | $ | (12.5 | ) | $ | (12.4 | ) |
Rate_Matters_Tables
Rate Matters (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Public Utilities, General Disclosures [Abstract] | ' | ||||||||||||
NSP-Minnesota's 2014 Electric Rate Case [Table Text Block] | ' | ||||||||||||
The rate request, moderation plan, interim rate adjustments, customer bill impacts and certain impacts on expenses are detailed in the table below: | |||||||||||||
(Millions of Dollars) | 2014 | Percentage | 2015 | Percentage | |||||||||
Increase | Increase | ||||||||||||
Pre-moderation deficiency | $ | 274 | $ | 81 | |||||||||
Moderation change compared to prior year: | |||||||||||||
Depreciation reserve | (81 | ) | 53 | ||||||||||
DOE settlement proceeds | — | (36 | ) | ||||||||||
Filed rate request | 193 | 6.90% | 98 | 3.50% | |||||||||
Interim rate adjustments | (66 | ) | 66 | ||||||||||
Impact on customer bill | 127 | 4.60% | 164 | 5.60% | |||||||||
Potential expense deferral | 16 | — | |||||||||||
Depreciation expense - reduction/(increase) | 81 | (46 | ) | ||||||||||
Recognition of DOE settlement proceeds | — | 36 | |||||||||||
Pre-tax impact on operating income | $ | 224 | $ | 154 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Schedule of Guarantor Obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Guarantor Obligations [Table Text Block] | ' | ||||||||
The following table presents the guarantee issued and outstanding for NSP-Minnesota: | |||||||||
(Millions of Dollars) | March 31, 2014 | Dec. 31, 2013 | |||||||
Guarantees issued and outstanding | $ | 8.1 | $ | 9.2 | |||||
Borrowings_and_Other_Financing1
Borrowings and Other Financing Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | ' | ||||||||||
Committed Credit Facility Available | ' | ||||||||||
At March 31, 2014, NSP-Minnesota had the following committed credit facility available (in millions): | |||||||||||
Credit Facility (a) | Drawn (b) | Available | |||||||||
$ | 500 | $ | 148.9 | $ | 351.1 | ||||||
(a) | Credit facility expires in July 2017. | ||||||||||
(b) | Includes outstanding commercial paper and letters of credit. | ||||||||||
Money Pool | ' | ||||||||||
Borrowings and Other Financing Instruments [Abstract] | ' | ||||||||||
Short-Term Borrowings | ' | ||||||||||
Money pool borrowings for NSP-Minnesota were as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2014 | Twelve Months Ended Dec. 31, 2013 | |||||||||
Borrowing limit | $ | 250 | $ | 250 | |||||||
Amount outstanding at period end | 150 | 34 | |||||||||
Average amount outstanding | 47 | 42 | |||||||||
Maximum amount outstanding | 150 | 211 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.21 | % | 0.14 | % | |||||||
Weighted average interest rate at period end | 0.21 | 0.25 | |||||||||
Commercial Paper | ' | ||||||||||
Borrowings and Other Financing Instruments [Abstract] | ' | ||||||||||
Short-Term Borrowings | ' | ||||||||||
Commercial paper outstanding for NSP-Minnesota was as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2014 | Twelve Months Ended Dec. 31, 2013 | |||||||||
Borrowing limit | $ | 500 | $ | 500 | |||||||
Amount outstanding at period end | 130 | 131 | |||||||||
Average amount outstanding | 249 | 97 | |||||||||
Maximum amount outstanding | 397 | 347 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.25 | % | 0.34 | % | |||||||
Weighted average interest rate at period end | 0.24 | 0.25 | |||||||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Cost and Fair Value of Nuclear Decommissioning Fund Investments | ' | ||||||||||||||||||||||||
The following tables present the cost and fair value of NSP-Minnesota’s non-derivative instruments with recurring fair value measurements, in the nuclear decommissioning fund, at March 31, 2014 and Dec. 31, 2013: | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 15,854 | $ | 15,854 | $ | — | $ | — | $ | 15,854 | |||||||||||||||
Commingled funds | 476,011 | — | 483,409 | — | 483,409 | ||||||||||||||||||||
International equity funds | 78,812 | — | 82,710 | — | 82,710 | ||||||||||||||||||||
Private equity investments | 60,912 | — | — | 73,801 | 73,801 | ||||||||||||||||||||
Real estate | 49,224 | — | — | 62,954 | 62,954 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 34,176 | — | 28,822 | — | 28,822 | ||||||||||||||||||||
U.S. corporate bonds | 78,362 | — | 81,827 | — | 81,827 | ||||||||||||||||||||
International corporate bonds | 15,223 | — | 15,685 | — | 15,685 | ||||||||||||||||||||
Municipal bonds | 261,106 | — | 260,044 | — | 260,044 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 380,896 | 558,289 | — | — | 558,289 | ||||||||||||||||||||
Total | $ | 1,450,576 | $ | 574,143 | $ | 952,497 | $ | 136,755 | $ | 1,663,395 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $29.4 million of miscellaneous investments. | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 33,281 | $ | 33,281 | $ | — | $ | — | $ | 33,281 | |||||||||||||||
Commingled funds | 457,986 | — | 452,227 | — | 452,227 | ||||||||||||||||||||
International equity funds | 78,812 | — | 81,671 | — | 81,671 | ||||||||||||||||||||
Private equity investments | 52,143 | — | — | 62,696 | 62,696 | ||||||||||||||||||||
Real estate | 45,564 | — | — | 57,368 | 57,368 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 34,304 | — | 27,628 | — | 27,628 | ||||||||||||||||||||
U.S. corporate bonds | 80,275 | — | 83,538 | — | 83,538 | ||||||||||||||||||||
International corporate bonds | 15,025 | — | 15,358 | — | 15,358 | ||||||||||||||||||||
Municipal bonds | 241,112 | — | 232,016 | — | 232,016 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 406,695 | 581,243 | — | — | 581,243 | ||||||||||||||||||||
Total | $ | 1,445,197 | $ | 614,524 | $ | 892,438 | $ | 120,064 | $ | 1,627,026 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $28.3 million of miscellaneous investments. | ||||||||||||||||||||||||
Changes in Level 3 Nuclear Decommissioning Fund Investments | ' | ||||||||||||||||||||||||
The following tables present the changes in Level 3 nuclear decommissioning fund investments for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
(Thousands of Dollars) | Jan. 1, 2014 | Purchases | Settlements | Gains Recognized as Regulatory Assets | Transfers Out | March 31, 2014 | |||||||||||||||||||
of Level 3 | |||||||||||||||||||||||||
Private equity investments | $ | 62,696 | $ | 8,769 | $ | — | $ | 2,336 | $ | — | $ | 73,801 | |||||||||||||
Real estate | 57,368 | 3,660 | — | 1,926 | — | 62,954 | |||||||||||||||||||
Total | $ | 120,064 | $ | 12,429 | $ | — | $ | 4,262 | $ | — | $ | 136,755 | |||||||||||||
(Thousands of Dollars) | Jan. 1, 2013 | Purchases | Settlements | Gains Recognized as Regulatory Assets | Transfers Out of Level 3(a) | March 31, 2013 | |||||||||||||||||||
Private equity investments | $ | 33,250 | $ | 1,256 | $ | — | $ | — | $ | — | $ | 34,506 | |||||||||||||
Real estate | 39,074 | 4,786 | (4,299 | ) | 845 | — | 40,406 | ||||||||||||||||||
Asset-backed securities | 2,067 | — | — | — | (2,067 | ) | — | ||||||||||||||||||
Mortgage-backed securities | 30,209 | — | — | — | (30,209 | ) | — | ||||||||||||||||||
Total | $ | 104,600 | $ | 6,042 | $ | (4,299 | ) | $ | 845 | $ | (32,276 | ) | $ | 74,912 | |||||||||||
(a) | Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value measurements. | ||||||||||||||||||||||||
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | ' | ||||||||||||||||||||||||
The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, at March 31, 2014: | |||||||||||||||||||||||||
Final Contractual Maturity | |||||||||||||||||||||||||
(Thousands of Dollars) | Due in 1 Year | Due in 1 to 5 | Due in 5 to 10 | Due after 10 | Total | ||||||||||||||||||||
or Less | Years | Years | Years | ||||||||||||||||||||||
Government securities | $ | — | $ | — | $ | — | $ | 28,822 | $ | 28,822 | |||||||||||||||
U.S. corporate bonds | 311 | 15,816 | 64,341 | 1,359 | 81,827 | ||||||||||||||||||||
International corporate bonds | — | 3,762 | 11,923 | — | 15,685 | ||||||||||||||||||||
Municipal bonds | 3,088 | 25,410 | 38,770 | 192,776 | 260,044 | ||||||||||||||||||||
Debt securities | $ | 3,399 | $ | 44,988 | $ | 115,034 | $ | 222,957 | $ | 386,378 | |||||||||||||||
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | ' | ||||||||||||||||||||||||
The following table details the gross notional amounts of commodity forwards, options and FTRs at March 31, 2014 and Dec. 31, 2013: | |||||||||||||||||||||||||
(Amounts in Thousands) (a)(b) | March 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||
Megawatt hours of electricity | 28,381 | 52,107 | |||||||||||||||||||||||
Million British thermal units of natural gas | — | 2,470 | |||||||||||||||||||||||
Gallons of vehicle fuel | 238 | 265 | |||||||||||||||||||||||
(a) | Amounts are not reflective of net positions in the underlying commodities. | ||||||||||||||||||||||||
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. | ||||||||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | ' | ||||||||||||||||||||||||
The following tables detail the impact of derivative activity during the three months ended March 31, 2014 and 2013 on accumulated other comprehensive loss, regulatory assets and liabilities and income: | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Losses | |||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and (Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 342 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | (7 | ) | — | (15 | ) | (b) | — | — | |||||||||||||||||
Total | $ | (7 | ) | $ | — | $ | 327 | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | (2,253 | ) | (c) | |||||||||||||
Electric commodity | — | 4,899 | — | (17,926 | ) | (d) | — | ||||||||||||||||||
Natural gas commodity | — | 7,901 | — | (9,306 | ) | (e) | (580 | ) | (e) | ||||||||||||||||
Total | $ | — | $ | 12,800 | $ | — | $ | (27,232 | ) | $ | (2,833 | ) | |||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Gains | |||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and(Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 342 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | 13 | — | (14 | ) | (b) | — | — | ||||||||||||||||||
Total | $ | 13 | $ | — | $ | 328 | $ | — | $ | — | |||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 2,776 | (c) | ||||||||||||||
Electric commodity | — | 6,419 | — | (15,229 | ) | (d) | — | ||||||||||||||||||
Natural gas commodity | — | 2 | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | 6,421 | $ | — | $ | (15,229 | ) | $ | 2,776 | ||||||||||||||
(a) | Amounts are recorded to interest charges. | ||||||||||||||||||||||||
(b) | Amounts are recorded to operating and maintenance (O&M) expenses. | ||||||||||||||||||||||||
(c) | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||||||||||||||||||||||
(d) | Amounts are 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. | ||||||||||||||||||||||||
(e) | Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||||||||||||||||||||||
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, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at March 31, 2014: | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 32 | $ | — | $ | 32 | $ | — | $ | 32 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 19,827 | 944 | 20,771 | (5,917 | ) | 14,854 | ||||||||||||||||||
Electric commodity | — | — | 16,207 | 16,207 | (265 | ) | 15,942 | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 19,859 | $ | 17,151 | $ | 37,010 | $ | (6,182 | ) | 30,828 | |||||||||||||
PPAs (a) | 23,420 | ||||||||||||||||||||||||
Current derivative instruments | $ | 54,248 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 10 | $ | — | $ | 10 | $ | — | $ | 10 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 15,718 | 1,932 | 17,650 | (407 | ) | 17,243 | ||||||||||||||||||
Total noncurrent derivative assets | $ | — | $ | 15,728 | $ | 1,932 | $ | 17,660 | $ | (407 | ) | 17,253 | |||||||||||||
PPAs (a) | 4,706 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 21,959 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 10,875 | $ | 392 | $ | 11,267 | $ | (11,267 | ) | $ | — | ||||||||||||
Electric commodity | — | — | 265 | 265 | (265 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 10,875 | $ | 657 | $ | 11,532 | $ | (11,532 | ) | — | |||||||||||||
PPAs (a) | 12,927 | ||||||||||||||||||||||||
Current derivative instruments | $ | 12,927 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 1,707 | $ | — | $ | 1,707 | $ | (1,596 | ) | $ | 111 | ||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 1,707 | $ | — | $ | 1,707 | $ | (1,596 | ) | 111 | |||||||||||||
PPAs (a) | 144,083 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 144,194 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated 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 March 31, 2014. At March 31, 2014, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $6.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2013: | |||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 48 | $ | — | $ | 48 | $ | — | $ | 48 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 17,854 | 1,167 | 19,021 | (6,718 | ) | 12,303 | ||||||||||||||||||
Electric commodity | — | — | 30,692 | 30,692 | (1,723 | ) | 28,969 | ||||||||||||||||||
Natural gas commodity | $ | — | $ | 1,986 | $ | — | $ | 1,986 | $ | — | 1,986 | ||||||||||||||
Total current derivative assets | $ | — | $ | 19,888 | $ | 31,859 | $ | 51,747 | $ | (8,441 | ) | 43,306 | |||||||||||||
PPAs (a) | 23,420 | ||||||||||||||||||||||||
Current derivative instruments | $ | 66,726 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 16 | $ | — | $ | 16 | $ | (16 | ) | $ | — | ||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 32,074 | 3,395 | 35,469 | (9,071 | ) | 26,398 | ||||||||||||||||||
Total noncurrent derivative assets | $ | — | $ | 32,090 | $ | 3,395 | $ | 35,485 | $ | (9,087 | ) | 26,398 | |||||||||||||
PPAs (a) | 10,483 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 36,881 | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 8,108 | $ | 1,804 | $ | 9,912 | $ | (9,912 | ) | $ | — | ||||||||||||
Electric commodity | — | — | 1,723 | 1,723 | (1,723 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 8,108 | $ | 3,527 | $ | 11,635 | $ | (11,635 | ) | — | |||||||||||||
PPAs (a) | 13,066 | ||||||||||||||||||||||||
Current derivative instruments | $ | 13,066 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 14,382 | $ | — | $ | 14,382 | $ | (10,137 | ) | $ | 4,245 | ||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 14,382 | $ | — | $ | 14,382 | $ | (10,137 | ) | 4,245 | |||||||||||||
PPAs (a) | 147,406 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 151,651 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated 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, 2013. At Dec. 31, 2013, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $4.2 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
Changes in Level 3 Commodity Derivatives | ' | ||||||||||||||||||||||||
The following table presents the changes in Level 3 commodity derivatives for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2014 | 2013 | |||||||||||||||||||||||
Balance at Jan. 1 | $ | 31,727 | $ | 16,649 | |||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||
Settlements | (52,708 | ) | (12,449 | ) | |||||||||||||||||||||
Net transactions recorded during the period: | |||||||||||||||||||||||||
Gains (losses) recognized in earnings (a) | 999 | (62 | ) | ||||||||||||||||||||||
Gains recognized as regulatory assets and liabilities | 38,408 | 3,504 | |||||||||||||||||||||||
Balance at March 31 | $ | 18,426 | $ | 7,642 | |||||||||||||||||||||
(a) | These amounts relate to commodity derivatives held at the end of the period. | ||||||||||||||||||||||||
Carrying Amount and Fair Value of Long-term Debt | ' | ||||||||||||||||||||||||
As of March 31, 2014 and Dec. 31, 2013, other financial instruments for which the carrying amount did not equal fair value were as follows: | |||||||||||||||||||||||||
March 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Long-term debt, including current portion | $ | 3,888,930 | $ | 4,258,313 | $ | 3,888,732 | $ | 4,099,745 | |||||||||||||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Other Income, Net | ' | ||||||||
Other income, net consisted of the following: | |||||||||
Three Months Ended March 31 | |||||||||
(Thousands of Dollars) | 2014 | 2013 | |||||||
Interest income | $ | 2,709 | $ | 3,398 | |||||
Other nonoperating income | 368 | 277 | |||||||
Insurance policy expense | (1,073 | ) | (1,522 | ) | |||||
Other income, net | $ | 2,004 | $ | 2,153 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Results by Reportable Segment | ' | ||||||||||||||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 1,068,340 | $ | 349,532 | $ | 6,454 | $ | — | $ | 1,424,326 | |||||||||||
Intersegment revenues | 164 | 276 | — | (440 | ) | — | |||||||||||||||
Total revenues | $ | 1,068,504 | $ | 349,808 | $ | 6,454 | $ | (440 | ) | $ | 1,424,326 | ||||||||||
Net income | $ | 78,255 | $ | 27,059 | $ | 3,050 | $ | — | $ | 108,364 | |||||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 951,314 | $ | 235,286 | $ | 6,635 | $ | — | $ | 1,193,235 | |||||||||||
Intersegment revenues | 135 | 145 | — | (280 | ) | — | |||||||||||||||
Total revenues | $ | 951,449 | $ | 235,431 | $ | 6,635 | $ | (280 | ) | $ | 1,193,235 | ||||||||||
Net income | $ | 69,998 | $ | 21,138 | $ | 10,829 | $ | — | $ | 101,965 | |||||||||||
(a) | Operating revenues include $122 million and $110 million of intercompany electric revenue for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||
(b) | Operating revenues include an immaterial amount of intercompany gas revenue for the three months ended March 31, 2014 and 2013, respectively. |
Benefit_Plans_and_Other_Postre1
Benefit Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 7,425 | $ | 8,292 | $ | 47 | $ | 30 | |||||||||
Interest cost | 11,827 | 10,934 | 1,248 | 1,225 | |||||||||||||
Expected return on plan assets | (15,730 | ) | (15,788 | ) | (75 | ) | (104 | ) | |||||||||
Amortization of transition obligation | — | — | — | 8 | |||||||||||||
Amortization of prior service cost (credit) | 234 | 514 | (759 | ) | (759 | ) | |||||||||||
Amortization of net loss | 11,196 | 13,247 | 854 | 1,318 | |||||||||||||
Net periodic benefit cost | 14,952 | 17,199 | 1,315 | 1,718 | |||||||||||||
Costs not recognized due to the effects of regulation | (7,759 | ) | (6,772 | ) | — | — | |||||||||||
Net benefit cost recognized for financial reporting | $ | 7,193 | $ | 10,427 | $ | 1,315 | $ | 1,718 | |||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
Changes in accumulated other comprehensive gain (loss), net of tax, for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains and Losses on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive gain (loss) at Jan. 1 | $ | (20,609 | ) | $ | 73 | $ | (1,193 | ) | $ | (21,729 | ) | ||||||
Other comprehensive gain (loss) before reclassifications | (4 | ) | 37 | — | 33 | ||||||||||||
Losses reclassified from net accumulated other comprehensive loss | 193 | — | 5 | 198 | |||||||||||||
Net current period other comprehensive income | 189 | 37 | 5 | 231 | |||||||||||||
Accumulated other comprehensive gain (loss) at March 31 | $ | (20,420 | ) | $ | 110 | $ | (1,188 | ) | $ | (21,498 | ) | ||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains and Losses on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (21,393 | ) | $ | (99 | ) | $ | (1,707 | ) | $ | (23,199 | ) | |||||
Other comprehensive gain (loss) before reclassifications | 5 | (32 | ) | — | (27 | ) | |||||||||||
Losses reclassified from net accumulated other comprehensive loss | 193 | — | 24 | 217 | |||||||||||||
Net current period other comprehensive income (loss) | 198 | (32 | ) | 24 | 190 | ||||||||||||
Accumulated other comprehensive loss at March 31 | $ | (21,195 | ) | $ | (131 | ) | $ | (1,683 | ) | $ | (23,009 | ) | |||||
Reclassifications out of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Reclassifications from accumulated other comprehensive gain (loss) for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Amounts Reclassified from | |||||||||||||||||
Accumulated Other | |||||||||||||||||
Comprehensive Gain (Loss) | |||||||||||||||||
(Thousands of Dollars) | Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||
Interest rate derivatives | $ | 342 | (a) | $ | 342 | (a) | |||||||||||
Vehicle fuel derivatives | (15 | ) | (b) | (14 | ) | (b) | |||||||||||
Total, pre-tax | 327 | 328 | |||||||||||||||
Tax benefit | (134 | ) | (135 | ) | |||||||||||||
Total, net of tax | 193 | 193 | |||||||||||||||
Defined benefit pension and postretirement (gains) losses: | |||||||||||||||||
Amortization of net loss | 58 | (c) | 85 | (c) | |||||||||||||
Prior service credit | (49 | ) | (c) | (47 | ) | (c) | |||||||||||
Transition obligation | — | (c) | 1 | (c) | |||||||||||||
Total, pre-tax | 9 | 39 | |||||||||||||||
Tax benefit | (4 | ) | (15 | ) | |||||||||||||
Total, net of tax | 5 | 24 | |||||||||||||||
Total amounts reclassified, net of tax | $ | 198 | $ | 217 | |||||||||||||
(a) | Included in interest charges. | ||||||||||||||||
(b) | Included in O&M expenses. | ||||||||||||||||
(c) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 for details regarding these benefit plans. |
Selected_Balance_Sheet_Data_Ac
Selected Balance Sheet Data, Accounts Receivable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net | ' | ' |
Accounts receivable | $446,179 | $304,748 |
Less allowance for bad debts | -21,356 | -20,216 |
Accounts receivable, net | $424,823 | $284,532 |
Selected_Balance_Sheet_Data_In
Selected Balance Sheet Data, Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ' | ' |
Inventories | $208,018 | $279,915 |
Materials and supplies | ' | ' |
Public Utilities, Inventory [Line Items] | ' | ' |
Inventories | 145,905 | 144,140 |
Fuel | ' | ' |
Public Utilities, Inventory [Line Items] | ' | ' |
Inventories | 56,061 | 81,971 |
Natural gas | ' | ' |
Public Utilities, Inventory [Line Items] | ' | ' |
Inventories | $6,052 | $53,804 |
Selected_Balance_Sheet_Data_Pr
Selected Balance Sheet Data, Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $16,214,055 | $16,029,069 |
Less accumulated depreciation | -5,823,092 | -5,783,658 |
Property, plant and equipment, net | 10,712,957 | 10,589,522 |
Electric plant | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 13,579,169 | 13,530,767 |
Natural gas plant | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,097,599 | 1,092,314 |
Common and other property | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 504,720 | 503,168 |
Construction work in progress | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,032,567 | 902,820 |
Nuclear fuel | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,193,544 | 2,186,799 |
Less accumulated depreciation | ($1,871,550) | ($1,842,688) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Sep. 30, 2012 | Mar. 31, 2014 | |
Internal Revenue Service (IRS) | Internal Revenue Service (IRS) | State Jurisdiction (Minnesota) | ||||
Tax Audits [Abstract] | ' | ' | ' | ' | ' | ' |
Number Of Years Of Tax Loss Carryback Period | '2 | ' | ' | ' | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | ($12,000,000) | ($15,000,000) | $10,000,000 | ' | ' |
Year(s) no longer subject to audit as statute of limitations has expired | ' | ' | ' | '2008 | ' | ' |
Earliest year subject to examination | ' | ' | ' | '2009 | ' | '2009 |
Year(s) under examination | ' | ' | ' | ' | '2010 and 2011 | ' |
Unrecognized Tax Benefits [Abstract] | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit — Permanent tax positions | 5,500,000 | 8,500,000 | ' | ' | ' | ' |
Unrecognized tax benefit — Temporary tax positions | 16,400,000 | 16,700,000 | ' | ' | ' | ' |
Total unrecognized tax benefit | 21,900,000 | 25,200,000 | ' | ' | ' | ' |
NOL and tax credit carryforwards | -12,500,000 | -12,400,000 | ' | ' | ' | ' |
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | -6,000,000 | ' | ' | ' | ' | ' |
Amounts accrued for penalties related to unrecognized tax benefits | $0 | $0 | ' | ' | ' | ' |
Rate_Matters_Details
Rate Matters (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Mar. 31, 2014 | Nov. 30, 2013 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 |
Nuclear Project Prudency Investigation [Member] [Member] | Nuclear Project Prudency Investigation [Member] [Member] | Minnesota Public Utilities Commission [Member] | Minnesota Public Utilities Commission [Member] | Minnesota Public Utilities Commission [Member] | Minnesota Public Utilities Commission [Member] | Minnesota Public Utilities Commission [Member] | Minnesota Public Utilities Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | North Dakota Public Service Commission [Member] | |
2014 Electric Rate Case [Member] | 2014 Electric Rate Case [Member] | Electric Rate Case 2014, Rates 2014 [Member] | Electric Rate Case 2014, Rates 2014 [Member] | Electric Rate Case 2014, Rates 2015 [Member] | Electric Rate Case 2014, Rates 2015 [Member] | Electric Rate Case 2013 [Member] | Electric Rate Case 2013 [Member] | Electric Rate Case 2013 [Member] | Electric Rate Case 2013, 2013 Rates [Member] | Electric Rate Case 2013, Rates 2014 [Member] | Electric Rate Case 2013, Rates 2015 [Member] | Electric Rate Case 2013, ROE 2013 [Member] | Electric Rate Case 2013, ROE 2014 [Member] | Electric Rate Case 2013, ROE 2015 [Member] | Electric Rate Case 2013, ROE 2016 [Member] | |||
Public Utilities, General Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Revenue deficiency based on a forecast test year | ' | ' | ' | ' | $274 | ' | $81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Adjustment requested by public utility to rate increase (decrease) related to the depreciation reserve | ' | ' | ' | ' | -81 | ' | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of factors attributable to project cost increases | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years for the application process | '5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate Matters [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Amount | ' | ' | ' | ' | 193 | 127 | 98 | 164 | ' | ' | 16.9 | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Percentage | ' | ' | ' | ' | 6.90% | ' | 3.50% | ' | 4.90% | ' | 9.25% | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Return on Equity, Percentage | ' | ' | ' | 10.25% | ' | ' | ' | ' | ' | ' | 10.60% | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Base, Amount | ' | ' | ' | ' | 6,670 | ' | 412 | ' | ' | ' | 377.6 | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Equity Capital Structure, Percentage | ' | ' | ' | 52.50% | ' | ' | ' | ' | ' | ' | 52.56% | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Interim Rate Increase (Decrease), Amount | ' | ' | 127 | ' | ' | ' | ' | ' | ' | 14.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Adjustment to requested interim rate increase (decrease), amount | ' | ' | ' | ' | -66 | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Impact on Customer Bill, Increase (Decrease), Amount | ' | ' | ' | ' | 127 | ' | 164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Approved Rate Increase (Decrease), Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.4 | 9.4 | 10.1 | ' | ' | ' | ' |
Public utilities, Adjustment to requested rate increase (decrease) related to DOE settlement proceeds, amount | ' | ' | ' | ' | 0 | ' | -36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Recommended rate increase (decrease) impact on pre-tax income | ' | ' | ' | ' | 224 | ' | 154 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Impact on Customer Bill, Increase (Decrease), Percentage | ' | ' | ' | ' | 4.60% | 4.60% | 5.60% | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Rate Deferral | ' | ' | ' | ' | 16 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Adjustment to approved rate increase (decrease) related to depreciation expense | ' | ' | ' | ' | 81 | ' | -46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed duration of rate plan, years | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Cost of project allowed for recovery | ' | 320 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs for nuclear project, Amount | ' | $665 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Approved Return on Equity, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | 10.00% | 10.00% | 10.25% |
Commitments_and_Contingencies_1
Commitments and Contingencies, Purchased Power Agreements (Details) (Independent Power Producing Entities) | Mar. 31, 2014 | Dec. 31, 2013 |
MW | MW | |
Independent Power Producing Entities | ' | ' |
Purchased Power Agreements [Abstract] | ' | ' |
Generating capacity (in MW) | 1,069 | 1,069 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies, Guarantees and Indemnifications (Details) (Payment or Performance Guarantee, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Payment or Performance Guarantee | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $8.10 | $9.20 |
Commitments_and_Contingencies_3
Commitments and Contingencies, Environmental Contingencies (Details) (USD $) | Mar. 31, 2014 | Apr. 30, 2014 |
In Millions, unless otherwise specified | Capital Commitments | Subsequent Event |
Regional Haze Rules | Cross-State Air Pollution Rule | |
Environmental Requirements [Abstract] | ' | ' |
Number of issues on which the D.C. Circuit overturned the CSAPR | ' | 2 |
Liability for estimated cost to comply with regulation | $50 | ' |
Estimated amount spent on projects to reduce NOx emissions on Sherco Units 1 and 2 | $42.50 | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies, Legal Contingencies (Details) (USD $) | Mar. 31, 2014 | 31-May-11 | Apr. 30, 2011 | Mar. 31, 2011 | Mar. 31, 2014 | Jul. 31, 2011 | Sep. 30, 2007 | Mar. 31, 2014 |
Merricourt Wind Project Litigation [Member] | Merricourt Wind Project Litigation [Member] | Merricourt Wind Project Litigation [Member] | Merricourt Wind Project Litigation [Member] | Fibrominn Fuel Handling Dispute [Domain] | Nuclear Waste Disposal Litigation [Member] | Nuclear Waste Disposal Litigation [Member] | Nuclear Waste Disposal Litigation [Member] | |
MW | ||||||||
Legal Contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual for legal contingency | $0 | ' | ' | ' | $0 | ' | ' | ' |
Generating capacity (in MW) | ' | ' | 150 | ' | ' | ' | ' | ' |
Merricourt deposit | ' | ' | ' | 101,000,000 | ' | ' | ' | ' |
Minimum amount of damages claimed by plaintiff | ' | 240,000,000 | ' | ' | 19,000,000 | ' | ' | ' |
Damages awarded | ' | ' | ' | ' | ' | ' | 116,500,000 | ' |
Storage costs for spent nuclear fuel | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Cash payment received under settlement agreement | ' | ' | ' | ' | ' | $100,000,000 | ' | $181,900,000 |
Borrowings_and_Other_Financing2
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | ' | ' |
Amount outstanding at period end | $130,000,000 | $131,000,000 |
Money Pool | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Borrowing limit | 250,000,000 | 250,000,000 |
Amount outstanding at period end | 150,000,000 | 34,000,000 |
Average amount outstanding | 47,000,000 | 42,000,000 |
Maximum amount outstanding | 150,000,000 | 211,000,000 |
Weighted average interest rate, computed on a daily basis (in hundredths) | 0.21% | 0.14% |
Weighted average interest rate at period end (in hundredths) | 0.21% | 0.25% |
Commercial Paper | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Borrowing limit | 500,000,000 | 500,000,000 |
Amount outstanding at period end | 130,000,000 | 131,000,000 |
Average amount outstanding | 249,000,000 | 97,000,000 |
Maximum amount outstanding | $397,000,000 | $347,000,000 |
Weighted average interest rate, computed on a daily basis (in hundredths) | 0.25% | 0.34% |
Weighted average interest rate at period end (in hundredths) | 0.24% | 0.25% |
Borrowings_and_Other_Financing3
Borrowings and Other Financing Instruments, Letters of Credit (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Letters of Credit [Abstract] | ' | ' |
Terms of letters of credit (in years) | '1 year | ' |
Letters of credit outstanding under credit facilities | $18.90 | $15.90 |
Borrowings_and_Other_Financing4
Borrowings and Other Financing Instruments, Credit Facility (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
Credit Facility [Abstract] | ' | ' | |
Credit facility | $500,000,000 | [1] | ' |
Drawn | 148,900,000 | [2] | ' |
Available | 351,100,000 | ' | |
Credit facility bank borrowings outstanding | $0 | $0 | |
[1] | Credit facility expires in July 2017. | ||
[2] | Includes outstanding commercial paper and letters of credit. |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Minimum | Commingled Funds and International Equity Funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Notice period for investment redemption (in days) | '1 |
Minimum | Real Estate Funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Notice period for investment redemption (in days) | '45 |
Maximum | Commingled Funds and International Equity Funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Notice period for investment redemption (in days) | '90 |
Maximum | Real Estate Funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Notice period for investment redemption (in days) | '90 |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Nuclear Decommissioning Fund (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Gross Unrealized Gain | $258,600,000 | $240,300,000 | ||
Available-for-sale Securities, Gross Unrealized Loss | 45,800,000 | 58,500,000 | ||
Investments [Abstract] | ' | ' | ||
Miscellaneous investments | 29,400,000 | 28,300,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 15,854,000 | 33,281,000 | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 1,450,576,000 | 1,445,197,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 476,011,000 | 457,986,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | International equity funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 78,812,000 | 78,812,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Private equity investments | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 60,912,000 | 52,143,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Real estate | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 49,224,000 | 45,564,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Government securities | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 34,176,000 | 34,304,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | U.S. corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 78,362,000 | 80,275,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | International corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 15,223,000 | 15,025,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Municipal bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 261,106,000 | 241,112,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Common stock | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Equity Securities | 380,896,000 | 406,695,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 15,854,000 | 33,281,000 | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 1,663,395,000 | [1] | 1,627,026,000 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 483,409,000 | 452,227,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | International equity funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 82,710,000 | 81,671,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Private equity investments | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 73,801,000 | 62,696,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Real estate | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 62,954,000 | 57,368,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Government securities | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 28,822,000 | 27,628,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | U.S. corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 81,827,000 | 83,538,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | International corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 15,685,000 | 15,358,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Municipal bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 260,044,000 | 232,016,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Common stock | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Equity Securities | 558,289,000 | 581,243,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 15,854,000 | 33,281,000 | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 574,143,000 | 614,524,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | International equity funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Private equity investments | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Real estate | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Government securities | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | U.S. corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | International corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Municipal bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Common stock | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Equity Securities | 558,289,000 | 581,243,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 0 | 0 | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 952,497,000 | 892,438,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 483,409,000 | 452,227,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | International equity funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 82,710,000 | 81,671,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Private equity investments | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Real estate | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Government securities | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 28,822,000 | 27,628,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | U.S. corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 81,827,000 | 83,538,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | International corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 15,685,000 | 15,358,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Municipal bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 260,044,000 | 232,016,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Common stock | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Equity Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 0 | 0 | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 136,755,000 | 120,064,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | International equity funds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Private equity investments | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 73,801,000 | 62,696,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Real estate | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities | 62,954,000 | 57,368,000 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Government securities | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | U.S. corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | International corporate bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Municipal bonds | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Common stock | ' | ' | ||
Available-for-sale Securities [Abstract] | ' | ' | ||
Available-for-sale Securities, Equity Securities | $0 | $0 | ||
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $29.4 million of miscellaneous investments. | |||
[2] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $28.3 million of miscellaneous investments. |
Fair_Value_of_Financial_Assets4
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Nuclear Decommissioning Fund (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ' | ' | |
Balance at beginning of period | $120,064 | $104,600 | |
Purchases | 12,429 | 6,042 | |
Settlements | 0 | -4,299 | |
Gains recognized as regulatory assets | 4,262 | 845 | |
Transfers out of Level 3 | 0 | -32,276 | [1] |
Balance at end of period | 136,755 | 74,912 | |
Private equity investments | ' | ' | |
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ' | ' | |
Balance at beginning of period | 62,696 | 33,250 | |
Purchases | 8,769 | 1,256 | |
Settlements | 0 | 0 | |
Gains recognized as regulatory assets | 2,336 | 0 | |
Transfers out of Level 3 | 0 | 0 | [1] |
Balance at end of period | 73,801 | 34,506 | |
Real estate | ' | ' | |
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ' | ' | |
Balance at beginning of period | 57,368 | 39,074 | |
Purchases | 3,660 | 4,786 | |
Settlements | 0 | -4,299 | |
Gains recognized as regulatory assets | 1,926 | 845 | |
Transfers out of Level 3 | 0 | 0 | [1] |
Balance at end of period | 62,954 | 40,406 | |
Asset-backed Securities | ' | ' | |
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ' | ' | |
Balance at beginning of period | ' | 2,067 | |
Purchases | ' | 0 | |
Settlements | ' | 0 | |
Gains recognized as regulatory assets | ' | 0 | |
Transfers out of Level 3 | ' | -2,067 | [1] |
Balance at end of period | ' | 0 | |
Mortgage-backed Securities | ' | ' | |
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ' | ' | |
Balance at beginning of period | ' | 30,209 | |
Purchases | ' | 0 | |
Settlements | ' | 0 | |
Gains recognized as regulatory assets | ' | 0 | |
Transfers out of Level 3 | ' | -30,209 | [1] |
Balance at end of period | ' | $0 | |
[1] | Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value measurements. |
Fair_Value_of_Financial_Assets5
Fair Value of Financial Assets and Liabilities, Final Contractual Maturity Dates of Debt Securities in Nuclear Decommissioning Fund (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Final Contractual Maturity [Abstract] | ' |
Due in 1 Year or Less | $3,399 |
Due in 1 to 5 Years | 44,988 |
Due in 5 to 10 Years | 115,034 |
Due after 10 Years | 222,957 |
Total | 386,378 |
Government securities | ' |
Final Contractual Maturity [Abstract] | ' |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 0 |
Due in 5 to 10 Years | 0 |
Due after 10 Years | 28,822 |
Total | 28,822 |
U.S. corporate bonds | ' |
Final Contractual Maturity [Abstract] | ' |
Due in 1 Year or Less | 311 |
Due in 1 to 5 Years | 15,816 |
Due in 5 to 10 Years | 64,341 |
Due after 10 Years | 1,359 |
Total | 81,827 |
International corporate bonds | ' |
Final Contractual Maturity [Abstract] | ' |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 3,762 |
Due in 5 to 10 Years | 11,923 |
Due after 10 Years | 0 |
Total | 15,685 |
Municipal bonds | ' |
Final Contractual Maturity [Abstract] | ' |
Due in 1 Year or Less | 3,088 |
Due in 1 to 5 Years | 25,410 |
Due in 5 to 10 Years | 38,770 |
Due after 10 Years | 192,776 |
Total | $260,044 |
Fair_Value_of_Financial_Assets6
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | MWh | MWh | ||
Credit Concentration Risk [Member] | ' | ' | ||
Consideration of Credit Risk and Concentrations [Abstract] | ' | ' | ||
Number of most significant counterparties for wholesale, trading and non trading commodity activities with credit exposure | 10 | ' | ||
Credit Concentration Risk [Member] | Investment Grade Ratings from Standard Poors, Moodys, or Fitch Ratings [Member] | ' | ' | ||
Consideration of Credit Risk and Concentrations [Abstract] | ' | ' | ||
Number of most significant counterparties for wholesale, trading and non trading commodity activities with credit exposure | 7 | ' | ||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 21 | ' | ||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 25.00% | ' | ||
Credit Concentration Risk [Member] | No Investment Grade Ratings from External Credit Rating Agencies [Member] | ' | ' | ||
Consideration of Credit Risk and Concentrations [Abstract] | ' | ' | ||
Number of most significant counterparties for wholesale, trading and non trading commodity activities with credit exposure | 3 | ' | ||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 10.3 | ' | ||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 12.00% | ' | ||
Interest Rate Swap [Member] | ' | ' | ||
Interest Rate Derivatives [Abstract] | ' | ' | ||
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | -0.8 | ' | ||
Electric Commodity [Member] | ' | ' | ||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ' | ' | ||
Notional amount | 28,381,000 | [1],[2] | 52,107,000 | [1],[2] |
Natural Gas Commodity [Member] | ' | ' | ||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ' | ' | ||
Notional amount | 0 | [1],[2] | 2,470,000 | [1],[2] |
Vehicle Fuel Commodity [Member] | ' | ' | ||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ' | ' | ||
Notional amount | 238,000 | [1],[2] | 265,000 | [1],[2] |
[1] | Amounts are not reflective of net positions in the underlying commodities. | |||
[2] | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Fair_Value_of_Financial_Assets7
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ' | ' | ||
Derivative instruments designated as fair value hedges | $0 | $0 | ||
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | ||
Cash Flow Hedges [Member] | ' | ' | ||
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 accumulated other comprehensive loss | -7,000 | 13,000 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 327,000 | 328,000 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Cash Flow Hedges [Member] | Interest Rate [Member] | ' | ' | ||
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 accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 342,000 | [1] | 342,000 | [1] |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Cash Flow Hedges [Member] | Vehicle Fuel And Other Commodity [Member] | ' | ' | ||
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 accumulated other comprehensive loss | -7,000 | 13,000 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | -15,000 | [2] | -14,000 | [2] |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Other Derivative Instruments [Member] | ' | ' | ||
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 accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 12,800,000 | 6,421,000 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | -27,232,000 | -15,229,000 | ||
Pre-tax gains (losses) recognized during the period in income | -2,833,000 | 2,776,000 | ||
Other Derivative Instruments [Member] | Commodity Trading [Member] | ' | ' | ||
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 accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | -2,253,000 | [3] | 2,776,000 | [3] |
Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
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 accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 4,899,000 | 6,419,000 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | -17,926,000 | [4] | -15,229,000 | [4] |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
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 accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 7,901,000 | 2,000 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | -9,306,000 | [5] | 0 | |
Pre-tax gains (losses) recognized during the period in income | ($580,000) | [5] | $0 | |
[1] | Amounts are recorded to interest charges. | |||
[2] | Amounts are recorded to operating and maintenance (O&M) expenses. | |||
[3] | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | |||
[4] | Amounts are 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. | |||
[5] | Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. |
Fair_Value_of_Financial_Assets8
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Derivative instruments in a gross liability position | $0 | $0 |
Collateral posted related to adequate assurance clauses in derivative contracts | $0 | $0 |
Fair_Value_of_Financial_Assets9
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $0 | $0 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 6,500,000 | 4,200,000 | ||
Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 54,248,000 | 66,726,000 | ||
Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 21,959,000 | 36,881,000 | ||
Other Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 12,927,000 | 13,066,000 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 144,194,000 | 151,651,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 30,828,000 | 43,306,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 32,000 | 48,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 14,854,000 | 12,303,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 15,942,000 | 28,969,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets [Member] | Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 1,986,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 17,253,000 | 26,398,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 10,000 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 17,243,000 | 26,398,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 111,000 | 4,245,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 111,000 | 4,245,000 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets [Member] | ' | ' | ||
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 [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
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 [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
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 [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
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 [Member] | Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
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 [Member] | ' | ' | ||
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 [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
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 [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
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 [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 19,859,000 | 19,888,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 32,000 | 48,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 19,827,000 | 17,854,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
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 [Member] | Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 1,986,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 15,728,000 | 32,090,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 10,000 | 16,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 15,718,000 | 32,074,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 10,875,000 | 8,108,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 10,875,000 | 8,108,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 1,707,000 | 14,382,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 1,707,000 | 14,382,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 17,151,000 | 31,859,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 944,000 | 1,167,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 16,207,000 | 30,692,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets [Member] | Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1,932,000 | 3,395,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1,932,000 | 3,395,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 657,000 | 3,527,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 392,000 | 1,804,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 265,000 | 1,723,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 37,010,000 | 51,747,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 32,000 | 48,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 20,771,000 | 19,021,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 16,207,000 | 30,692,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets [Member] | Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 1,986,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 17,660,000 | 35,485,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 10,000 | 16,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 17,650,000 | 35,469,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 11,532,000 | 11,635,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 11,267,000 | 9,912,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 265,000 | 1,723,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 1,707,000 | 14,382,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 1,707,000 | 14,382,000 | ||
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | -6,182,000 | [1] | -8,441,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | -5,917,000 | [1] | -6,718,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Assets [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | -265,000 | [1] | -1,723,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Assets [Member] | Other Derivative Instruments [Member] | Natural Gas Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | 0 | [2] | |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Noncurrent Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | -407,000 | [1] | -9,087,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Vehicle Fuel And Other Commodity [Member] | Cash Flow Hedges [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | -16,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Noncurrent Assets [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | -407,000 | [1] | -9,071,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -11,532,000 | [1] | -11,635,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -11,267,000 | [1] | -9,912,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Current Liabilities [Member] | Other Derivative Instruments [Member] | Electric Commodity [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -265,000 | [1] | -1,723,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -1,596,000 | [1] | -10,137,000 | [2] |
Fair Value Measured on a Recurring Basis | Counterparty Netting | Other Noncurrent Liabilities [Member] | Other Derivative Instruments [Member] | Commodity Trading | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -1,596,000 | [1] | -10,137,000 | [2] |
Fair Value, Measurements, Nonrecurring [Member] | Other Current Assets [Member] | Purchased Power Agreements [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 23,420,000 | [3] | 23,420,000 | [3] |
Fair Value, Measurements, Nonrecurring [Member] | Other Noncurrent Assets [Member] | Purchased Power Agreements [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 4,706,000 | [3] | 10,483,000 | [3] |
Fair Value, Measurements, Nonrecurring [Member] | Other Current Liabilities [Member] | Purchased Power Agreements [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 12,927,000 | [3] | 13,066,000 | [3] |
Fair Value, Measurements, Nonrecurring [Member] | Other Noncurrent Liabilities [Member] | Purchased Power Agreements [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | $144,083,000 | [3] | $147,406,000 | [3] |
[1] | NSP-Minnesota nets derivative instruments and related collateral in its consolidated 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 March 31, 2014. At March 31, 2014, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $6.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[2] | NSP-Minnesota nets derivative instruments and related collateral in its consolidated 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, 2013. At Dec. 31, 2013, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $4.2 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[3] | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Recovered_Sheet1
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) (Commodity Contract [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Commodity Contract [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Balance at beginning of period | $31,727,000 | $16,649,000 |
Purchases | 0 | 0 |
Settlements | -52,708,000 | -12,449,000 |
Gains (losses) recognized in earnings | 999,000 | -62,000 |
Gains recognized as regulatory assets and liabilities | 38,408,000 | 3,504,000 |
Balance at end of period | 18,426,000 | 7,642,000 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | $0 | $0 |
Recovered_Sheet2
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt, including current portion | $3,888,930 | $3,888,732 |
Fair Value | ' | ' |
Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt, including current portion | $4,258,313 | $4,099,745 |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Interest income | $2,709 | $3,398 |
Other nonoperating income | 368 | 277 |
Insurance policy expense | -1,073 | -1,522 |
Other income, net | $2,004 | $2,153 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | $1,424,326 | $1,193,235 | ||
Net income | 108,364 | 101,965 | ||
Intercompany electric revenue | 121,805 | 110,138 | ||
Regulated Electric | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 1,068,504 | 951,449 | ||
Net income | 78,255 | 69,998 | ||
Regulated Natural Gas | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 349,808 | 235,431 | ||
Net income | 27,059 | 21,138 | ||
All Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 6,454 | 6,635 | ||
Net income | 3,050 | 10,829 | ||
Operating Segments | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 1,424,326 | [1],[2] | 1,193,235 | [1],[2] |
Operating Segments | Regulated Electric | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 1,068,340 | [1] | 951,314 | [1] |
Operating Segments | Regulated Natural Gas | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 349,532 | [2] | 235,286 | [2] |
Operating Segments | All Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 6,454 | 6,635 | ||
Intersegment Eliminations | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | -440 | -280 | ||
Intersegment Eliminations | Regulated Electric | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 164 | 135 | ||
Intersegment Eliminations | Regulated Natural Gas | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | 276 | 145 | ||
Intersegment Eliminations | All Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenues | $0 | $0 | ||
[1] | Operating revenues include $122 million and $110 million of intercompany electric revenue for the three months ended March 31, 2014 and 2013, respectively. | |||
[2] | Operating revenues include an immaterial amount of intercompany gas revenue for the three months ended March 31, 2014 and 2013, respectively. |
Benefit_Plans_and_Other_Postre2
Benefit Plans and Other Postretirement Benefits (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Pension Benefits | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | ' | $7,425,000 | $8,292,000 |
Interest cost | ' | 11,827,000 | 10,934,000 |
Expected return on plan assets | ' | -15,730,000 | -15,788,000 |
Amortization of transition obligation | ' | 0 | 0 |
Amortization of prior service cost (credit) | ' | 234,000 | 514,000 |
Amortization of net loss | ' | 11,196,000 | 13,247,000 |
Net periodic benefit cost | ' | 14,952,000 | 17,199,000 |
Costs not recognized due to the effects of regulation | ' | -7,759,000 | -6,772,000 |
Net benefit cost recognized for financial reporting | ' | 7,193,000 | 10,427,000 |
Total contributions to the pension plans during the period | 52,100,000 | ' | ' |
Postretirement Health Care Benefits | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | ' | 47,000 | 30,000 |
Interest cost | ' | 1,248,000 | 1,225,000 |
Expected return on plan assets | ' | -75,000 | -104,000 |
Amortization of transition obligation | ' | 0 | 8,000 |
Amortization of prior service cost (credit) | ' | -759,000 | -759,000 |
Amortization of net loss | ' | 854,000 | 1,318,000 |
Net periodic benefit cost | ' | 1,315,000 | 1,718,000 |
Costs not recognized due to the effects of regulation | ' | 0 | 0 |
Net benefit cost recognized for financial reporting | ' | 1,315,000 | 1,718,000 |
Xcel Energy Inc. | Pension Benefits | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Total contributions to the pension plans during the period | $130,000,000 | ' | ' |
Number of Xcel Energy's pension plans to which contributions were made | 3 | ' | ' |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive gain (loss) at beginning of period | ($21,729) | ($23,199) | ||
Other comprehensive gain (loss) before reclassifications | 33 | -27 | ||
Losses reclassified from net accumulated other comprehensive loss | 198 | 217 | ||
Net current period other comprehensive income (loss) | 231 | 190 | ||
Accumulated other comprehensive gain (loss) at end of period | -21,498 | -23,009 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Operating and maintenance expenses | 297,581 | 273,280 | ||
Total, pre-tax | -165,963 | -147,180 | ||
Tax benefit | 57,599 | 45,215 | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Total, net of tax | 198 | 217 | ||
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive gain (loss) at beginning of period | -20,609 | -21,393 | ||
Other comprehensive gain (loss) before reclassifications | -4 | 5 | ||
Losses reclassified from net accumulated other comprehensive loss | 193 | 193 | ||
Net current period other comprehensive income (loss) | 189 | 198 | ||
Accumulated other comprehensive gain (loss) at end of period | -20,420 | -21,195 | ||
Gains and Losses on Cash Flow Hedges [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Total, pre-tax | 327 | 328 | ||
Tax benefit | -134 | -135 | ||
Total, net of tax | 193 | 193 | ||
Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Interest charges | 342 | [1] | 342 | [1] |
Gains and Losses on Cash Flow Hedges [Member] | Vehicle Fuel And Other Commodity Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Operating and maintenance expenses | -15 | [2] | -14 | [2] |
Unrealized Gains and Losses on Marketable Securities [Member] | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive gain (loss) at beginning of period | 73 | -99 | ||
Other comprehensive gain (loss) before reclassifications | 37 | -32 | ||
Losses reclassified from net accumulated other comprehensive loss | 0 | 0 | ||
Net current period other comprehensive income (loss) | 37 | -32 | ||
Accumulated other comprehensive gain (loss) at end of period | 110 | -131 | ||
Defined Benefit Pension and Postretirement Items [Member] | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive gain (loss) at beginning of period | -1,193 | -1,707 | ||
Other comprehensive gain (loss) before reclassifications | 0 | 0 | ||
Losses reclassified from net accumulated other comprehensive loss | 5 | 24 | ||
Net current period other comprehensive income (loss) | 5 | 24 | ||
Accumulated other comprehensive gain (loss) at end of period | -1,188 | -1,683 | ||
Defined Benefit Pension and Postretirement Items [Member] | Amounts Reclassified from Accumulated Other Comprehensive Loss [Member] | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Amortization of net loss | 58 | [3] | 85 | [3] |
Prior service credit | -49 | [3] | -47 | [3] |
Transition obligation | 0 | [3] | 1 | [3] |
Total, pre-tax | 9 | 39 | ||
Tax benefit | -4 | -15 | ||
Total, net of tax | $5 | $24 | ||
[1] | Included in interest charges. | |||
[2] | Included in O&M expenses. | |||
[3] | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 for details regarding these benefit plans. |