Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 13, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NORTHERN STATES POWER CO | |
Entity Central Index Key | 1,123,852 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Operating revenues | |||
Electric, non-affiliates | $ 908,747 | $ 881,279 | |
Electric, affiliates | 124,896 | 124,875 | |
Natural gas | 194,130 | 279,467 | |
Other | 6,860 | 6,861 | |
Total operating revenues | 1,234,633 | 1,292,482 | |
Operating expenses | |||
Electric fuel and purchased power | 366,166 | 398,720 | |
Cost of natural gas sold and transported | 120,223 | 201,189 | |
Cost of sales — other | 4,432 | 4,327 | |
Operating and maintenance expenses | 320,496 | 314,050 | |
Conservation program expenses | 23,269 | 17,212 | |
Depreciation and amortization | 145,797 | 118,075 | |
Taxes (other than income taxes) | 70,352 | 63,832 | |
Loss on Monticello life cycle management/extended power uprate project | 0 | 124,226 | |
Total operating expenses | 1,050,735 | 1,241,631 | |
Operating income | 183,898 | 50,851 | |
Other income, net | 2,860 | 1,962 | |
Allowance for funds used during construction — equity | 5,648 | 5,930 | |
Interest charges and financing costs | |||
Interest charges — includes other financing costs of $1,742 and $1,610, respectively | 54,015 | 51,763 | |
Allowance for funds used during construction — debt | (2,706) | (2,914) | |
Total interest charges and financing costs | 51,309 | 48,849 | |
Income before income taxes | 141,097 | 9,894 | |
Income taxes | 46,468 | 2,970 | |
Net income | $ 94,629 | $ 6,924 | [1] |
[1] | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
CONSOLIDATED STATEMENTS OF INC3
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest charges and financing costs | ||
Other financing costs | $ 1,742 | $ 1,610 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Comprehensive income: | |||
Net income | $ 94,629 | $ 6,924 | [1] |
Pension and retiree medical benefits: | |||
Amortization of losses (gains) included in net periodic benefit cost, net of tax of $15 and ($4), respectively | 19 | (6) | |
Derivative instruments: | |||
Net fair value decrease, net of tax of $(1) and $(4), respectively | (1) | (6) | |
Reclassification of losses to net income, net of tax of $154 and $143, respectively | 223 | 208 | |
Total derivative instruments, net of tax | 222 | 202 | |
Marketable securities: | |||
Net fair value increase, net of tax of $0 and $0, respectively | 0 | 1 | |
Other comprehensive income | 241 | 197 | |
Comprehensive income | $ 94,870 | $ 7,121 | |
[1] | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
CONSOLIDATED STATEMENTS OF COM5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension and retiree medical benefits: | ||
Amortization of losses included in net periodic benefit cost, tax | $ 15 | $ (4) |
Derivative instruments: | ||
Net fair value (decrease) increase, tax | (1) | (4) |
Reclassification of losses to net income, tax | 154 | 143 |
Marketable securities: | ||
Net fair value (decrease) increase, tax | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Operating activities | |||
Net income | $ 94,629 | $ 6,924 | [1] |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 147,310 | 119,459 | |
Nuclear fuel amortization | 25,750 | 28,465 | |
Deferred income taxes | 47,018 | 9,565 | |
Amortization of Investment Tax Credits | (420) | (433) | |
Allowance for equity funds used during construction | (5,648) | (5,930) | |
Loss on Monticello life cycle management/extended power uprate project | 0 | 124,226 | |
Net realized and unrealized hedging and derivative transactions | 1,890 | 6,385 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (45,382) | 10,584 | |
Accrued unbilled revenues | 40,322 | 57,484 | |
Inventories | 35,378 | 27,059 | |
Other current assets | (14,146) | 14,042 | |
Accounts payable | (4,057) | (8,405) | |
Net regulatory assets and liabilities | 51,517 | 37,558 | |
Other current liabilities | (12,118) | 42,288 | |
Pension and other employee benefit obligations | (48,074) | (32,330) | |
Change in other noncurrent assets | (43) | (115) | |
Change in other noncurrent liabilities | (1,112) | (21,480) | |
Net cash provided by operating activities | 312,814 | 415,346 | |
Investing activities | |||
Utility capital/construction expenditures | (259,570) | (322,660) | |
Allowance for equity funds used during construction | 5,648 | 5,930 | |
Proceeds from insurance recoveries | 0 | 24,241 | |
Purchases of investments in external decommissioning fund | (109,373) | (387,826) | |
Proceeds from the sale of investments in external decommissioning fund | 104,280 | 386,111 | |
Investments in utility money pool arrangement | 0 | (15,000) | |
Repayments from utility money pool arrangement | 0 | 15,000 | |
Other, net | (2,084) | (2,244) | |
Net cash used in investing activities | (261,099) | (296,448) | |
Financing activities | |||
Repayments of short-term borrowings, net | (150,000) | (66,000) | |
Borrowings under utility money pool arrangement | 310,000 | 31,000 | |
Repayments under utility money pool arrangement | (217,000) | (31,000) | |
Repayments of Long-term Debt | 0 | (33) | |
Capital contributions from parent | 89,874 | 75,835 | |
Dividends paid to parent | (73,498) | (77,802) | |
Net cash used in financing activities | (40,624) | (68,000) | |
Net change in cash and cash equivalents | 11,091 | 50,898 | |
Cash and cash equivalents at beginning of period | 42,605 | 40,597 | |
Cash and cash equivalents at end of period | 53,696 | 91,495 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of amounts capitalized) | (69,643) | (64,798) | |
Cash (paid) received for income taxes, net | (7,558) | 23,769 | |
Supplemental disclosure of non-cash investing transactions: | |||
Property, plant and equipment additions in accounts payable | $ 56,605 | $ 108,900 | |
[1] | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 53,696 | $ 42,605 |
Accounts receivable, net | 332,976 | 292,806 |
Accounts receivable from affiliates | 23,188 | 32,850 |
Accrued unbilled revenues | 186,780 | 227,102 |
Inventories | 308,578 | 343,916 |
Regulatory assets | 178,943 | 187,793 |
Derivative instruments | 12,638 | 18,941 |
Deferred income taxes | 34,561 | 15,577 |
Prepayments and other | 102,220 | 89,559 |
Total current assets | 1,233,580 | 1,251,149 |
Property, plant and equipment, net | 12,828,607 | 12,807,338 |
Other assets | ||
Nuclear decommissioning fund and other investments | 1,769,992 | 1,758,208 |
Regulatory assets | 1,199,305 | 1,159,217 |
Derivative instruments | 28,038 | 22,334 |
Other | 1,428 | 1,385 |
Total other assets | 2,998,763 | 2,941,144 |
Total assets | 17,060,950 | 16,999,631 |
Current liabilities | ||
Current portion of long-term debt | 11 | 11 |
Short-term debt | 73,000 | 223,000 |
Borrowings under utility money pool arrangement | 93,000 | 0 |
Accounts payable | 298,918 | 350,660 |
Accounts payable to affiliates | 54,889 | 59,785 |
Regulatory liabilities | 50,435 | 43,920 |
Taxes accrued | 282,379 | 225,361 |
Accrued interest | 47,122 | 66,979 |
Dividends payable to parent | 82,228 | 73,498 |
Derivative instruments | 18,239 | 17,211 |
Customer Deposits, Current | 78,477 | 94,388 |
Other | 142,440 | 177,795 |
Total current liabilities | 1,221,138 | 1,332,608 |
Deferred credits and other liabilities | ||
Deferred income taxes | 2,637,057 | 2,572,087 |
Deferred investment tax credits | 25,418 | 25,838 |
Regulatory liabilities | 506,044 | 491,887 |
Asset retirement obligations | 2,359,476 | 2,331,092 |
Derivative instruments | 129,383 | 128,213 |
Pension and employee benefit obligations | 290,885 | 339,663 |
Other | 139,409 | 114,768 |
Total deferred credits and other liabilities | $ 6,087,672 | $ 6,003,548 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | $ 4,497,432 | $ 4,496,410 |
Common stock — authorized 5,000,000 shares of $0.01 par value; 1,000,000 shares outstanding at March 31, 2016 and Dec. 31, 2015, respectively | 10 | 10 |
Additional paid in capital | 3,398,810 | 3,323,810 |
Retained earnings | 1,876,728 | 1,864,326 |
Accumulated other comprehensive loss | (20,840) | (21,081) |
Total common stockholder’s equity | 5,254,708 | 5,167,065 |
Total liabilities and equity | $ 17,060,950 | $ 16,999,631 |
CONSOLIDATED BALANCE SHEETS (U8
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 |
Management's Opinion
Management's Opinion | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and Dec. 31, 2015 ; the results of its operations, including the components of net income and comprehensive income, for the three months ended March 31, 2016 and 2015 ; and its cash flows for the three months ended March 31, 2016 and 2015 . All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2016 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, 2015 balance sheet information has been derived from the audited 2015 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2015 . 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, 2015 , filed with the SEC on Feb. 22, 2016. 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 Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 , 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, 2016 | |
Accounting Policies [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Revenue Recognition — In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09) , which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. The new guidance also includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers. The guidance is effective for interim and annual reporting periods beginning after Dec. 15, 2017. NSP-Minnesota is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements. Presentation of Deferred Taxes — In November 2015, the FASB issued Balance Sheet Classification of Deferred Taxes, Topic 740 (ASU No 2015-17) , which eliminates the requirement to present deferred tax assets and liabilities as current and noncurrent on the balance sheet based on the classification of the related asset or liability, and instead requires classification of all deferred tax assets and liabilities as noncurrent. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2016, and early adoption is permitted. Other than the prescribed classification of all deferred tax assets and liabilities as noncurrent, NSP-Minnesota does not expect the implementation of ASU 2015-17 to have a material impact on its consolidated financial statements. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01) , which among other changes in accounting and disclosure requirements, replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes, and also eliminates the available-for-sale classification for marketable equity securities. Under the new guidance, other than when the consolidation or equity method of accounting is utilized, changes in the fair value of equity securities are to be recognized in earnings. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2017. NSP-Minnesota is currently evaluating the impact of adopting ASU 2016-01 on its consolidated financial statements. Leases — In February 2016, the FASB issued Leases, Topic 842 (ASU No. 2016-02) , which, for lessees, requires balance sheet recognition of right-of-use assets and lease liabilities for all leases. Additionally, for leases that qualify as finance leases, the guidance requires expense recognition consisting of amortization of the right-of-use asset as well as interest on the related lease liability using the effective interest method. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018, and early adoption is permitted. NSP-Minnesota is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. Stock Compensation — In March 2016, the FASB issued Improvements to Employee Share-Based Payment Accounting, Topic 718 (ASU 2016-09), which amends existing guidance to simplify several aspects of accounting and presentation for share-based payment transactions, including the accounting for income taxes and forfeitures, as well as presentation in the statement of cash flows. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2016, and early adoption is permitted. NSP-Minnesota is currently evaluating the impact of adopting ASU 2016-09 on its consolidated financial statements. Recently Adopted Consolidation — In February 2015, the FASB issued Amendments to the Consolidation Analysis, Topic 810 (ASU No. 2015-02) , which reduces the number of consolidation models and amends certain consolidation principles related to variable interest entities. NSP-Minnesota implemented the guidance on Jan. 1, 2016, and other than the classification of certain real estate investments held within the Nuclear Decommissioning Trust as non-consolidated variable interest entities, the implementation did not have a significant impact on its consolidated financial statements. Presentation of Debt Issuance Costs — In April 2015, the FASB issued Simplifying the Presentation of Debt Issuance Costs, Subtopic 835-30 (ASU No. 2015-03) , which requires the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt, instead of presentation as an asset. NSP-Minnesota implemented the new guidance as required on Jan. 1, 2016, and as a result, $36.9 million of deferred debt issuance costs are presented as a deduction from the carrying amount of long-term debt on the consolidated balance sheet as of March 31, 2016, and $37.7 million of such deferred costs were retrospectively reclassified from other non-current assets to long-term debt on the consolidated balance sheet as of Dec. 31, 2015. Fair Value Measurement — In May 2015, the FASB issued Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), Topic 820 (ASU No. 2015-07), which eliminates the requirement to categorize fair value measurements using a net asset value (NAV) methodology in the fair value hierarchy. NSP-Minnesota implemented the guidance on Jan. 1, 2016, and the implementation did not have a material impact on its consolidated financial statements. For related disclosures, see Note 8 to the consolidated financial statements. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 3 Months Ended |
Mar. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | Selected Balance Sheet Data (Thousands of Dollars) March 31, 2016 Dec. 31, 2015 Accounts receivable, net Accounts receivable $ 352,249 $ 313,556 Less allowance for bad debts (19,273 ) (20,750 ) $ 332,976 $ 292,806 (Thousands of Dollars) March 31, 2016 Dec. 31, 2015 Inventories Materials and supplies $ 208,090 $ 200,888 Fuel 88,287 104,499 Natural gas 12,201 38,529 $ 308,578 $ 343,916 (Thousands of Dollars) March 31, 2016 Dec. 31, 2015 Property, plant and equipment, net Electric plant $ 16,298,761 $ 16,256,887 Natural gas plant 1,249,933 1,248,408 Common and other property 622,749 624,409 Construction work in progress 650,693 545,535 Total property, plant and equipment 18,822,136 18,675,239 Less accumulated depreciation (6,354,488 ) (6,251,498 ) Nuclear fuel 2,450,363 2,447,251 Less accumulated amortization (2,089,404 ) (2,063,654 ) $ 12,828,607 $ 12,807,338 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Except to the extent noted below, Note 6 to the consolidated financial statements included in NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2015 appropriately represents, 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, 2013, 2014 and 2015, NSP-Minnesota identified certain expenses related to 2009, 2010, 2011, 2013, 2014 and 2015 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 $5 million in 2015, $17 million in 2014, $12 million in 2013 and $15 million in 2012. Federal Audit — NSP-Minnesota is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. 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, 2016 , the IRS had proposed an adjustment to the federal tax loss carryback claims that would result in $14 million of income tax expense for the 2009 through 2011 and 2013 claims, the recently filed 2014 claim, and the anticipated claim for 2015. In the fourth quarter of 2015, the IRS forwarded the issue to the Office of Appeals (Appeals); however, the outcome and timing of a resolution is uncertain. The statute of limitations applicable to Xcel Energy's 2009 through 2011 federal income tax returns expires in December 2016 following an extension to allow additional time for the Appeals process. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013 . As of March 31, 2016, the IRS had not proposed any material adjustments to tax years 2012 and 2013. State Audits — NSP-Minnesota is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of March 31, 2016 , 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, 2016 Dec. 31, 2015 Unrecognized tax benefit — Permanent tax positions $ 20.5 $ 20.1 Unrecognized tax benefit — Temporary tax positions 37.0 35.3 Total unrecognized tax benefit $ 57.5 $ 55.4 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, 2016 Dec. 31, 2015 NOL and tax credit carryforwards $ (16.3 ) $ (15.2 ) It is reasonably possible that NSP-Minnesota’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS Appeals and audit progress and state audits resume. As the IRS Appeals and audit progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $32 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, 2016 and Dec. 31, 2015 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of March 31, 2016 or Dec. 31, 2015 . |
Rate Matters
Rate Matters | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 , appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. Pending and Recently Concluded Regulatory Proceedings — Minnesota Public Utilities Commission (MPUC) NSP-Minnesota – Minnesota 2016 Multi-Year Electric Rate Case — In November 2015, NSP-Minnesota filed a three -year electric rate case with the MPUC. The rate case is based on a requested return on equity (ROE) of 10.0 percent and a 52.50 percent equity ratio. The request is detailed in the table below: Request (Millions of Dollars) 2016 2017 2018 Rate request $ 194.6 $ 52.1 $ 50.4 Increase percentage 6.4 % 1.7 % 1.7 % Interim request $ 163.7 $ 44.9 N/A Rate base $ 7,800 $ 7,700 $ 7,700 NSP-Minnesota also proposed a five -year alternative plan that would extend the rate plan two additional years. In addition, NSP-Minnesota has requested the MPUC encourage parties to engage in a formal mediation type procedure as outlined by Minnesota’s rate case statute which may streamline the settlement process. In December 2015, the MPUC approved interim rates for 2016. The MPUC deferred making a decision on incremental interim rates for 2017 and indicated that NSP-Minnesota could bring back its request in the fourth quarter of 2016. The major components of the requested rate increase are summarized below: (Millions of Dollars) 2016 2017 2018 Total 2014 multi-year rate case items: Excess depreciation reserve $ 26.0 $ 51.0 $ — $ 77.0 Department of Energy (DOE) settlement 25.7 — — 25.7 Monticello life cycle management (LCM)/extended power uprate (EPU) 11.2 (1.6 ) (1.5 ) 8.1 62.9 49.4 (1.5 ) 110.8 Additional items: Capital investments 128.7 12.8 44.6 186.1 Property taxes 30.2 7.6 5.2 43.0 NOL carryforwards (6.3 ) (24.5 ) (6.5 ) (37.3 ) Other costs (20.9 ) 6.8 8.6 (5.5 ) 131.7 2.7 51.9 186.3 Total rate request $ 194.6 $ 52.1 $ 50.4 $ 297.1 The next steps in the procedural schedule are expected to be as follows: • Intervenors’ direct testimony — June 14, 2016; • Rebuttal testimony — Aug. 9, 2016; • Surrebuttal testimony — Sept. 16, 2016; • Settlement conference — Sept. 26, 2016; • Evidentiary hearing — Oct. 4-7, 2016; • Administrative law judge (ALJ) report — Feb. 21, 2017; and • MPUC order — June 1, 2017. 2016 Transmission Cost Recovery (TCR) Filing — In October 2015, NSP-Minnesota submitted its 2016 TCR filing with the MPUC, requesting recovery of $19.2 million of 2016 transmission investment costs not included in electric base rates. This filing included an option to keep approximately $59.1 million of revenue requirements associated with two CapX2020 projects completed in 2015 within the TCR rider or to include these revenue requirements in electric base rates during the interim rate implementation of the next electric rate case. In November 2015, NSP-Minnesota submitted an update to its TCR filing in which it confirmed that it was requesting the MPUC approve keeping the two CapX2020 projects in the TCR rider, increasing the revenue requirements to $78.3 million , until the conclusion of the 2016 Minnesota electric rate case. In April 2016, NSP-Minnesota received comments from the Minnesota Department of Commerce (DOC) requesting additional support for the costs incurred for the CapX2020 La Crosse-Madison project and the CapX2020 Big Stone-Brookings project, as well as the updated financial impact for the actual non-prorated accumulated deferred income tax (ADIT) as opposed to the forecasted prorated ADIT used in the cost recovery calculations. An MPUC decision is expected later in 2016. Nuclear Project Prudence Investigation — In 2013, NSP-Minnesota completed the Monticello LCM/EPU project. The multi-year project extended the life of the facility and increased the capacity from 600 to 671 megawatts (MW) in 2015. The Monticello LCM/EPU project expenditures were approximately $665 million . Total capitalized costs were approximately $748 million , which includes allowance for funds used during construction (AFUDC). In 2008, project expenditures were initially estimated at approximately $320 million , excluding AFUDC. In 2013, the MPUC initiated an investigation to determine whether the final costs for the Monticello LCM/EPU project were prudent. In March 2015, the MPUC voted to allow for full recovery, including a return, on approximately $415 million of the total plant costs (inclusive of AFUDC), but only allow recovery of the remaining $333 million of costs with no return on this portion of the investment over the remaining life of the plant. Further, the MPUC determined that only 50 percent of the investment was considered used-and-useful for 2014. As a result of these determinations, Xcel Energy recorded an estimated pre-tax loss of $129 million in the first quarter of 2015, after which the remaining book value of the Monticello project represented the present value of the estimated future cash flows. Pending Regulatory Proceedings — Federal Energy Regulatory Commission (FERC) Midcontinent Independent System Operator, Inc. (MISO) ROE Complaints/ROE Adder — In November 2013, a group of customers filed a complaint at the FERC against MISO transmission owners (TOs), including NSP-Minnesota and NSP-Wisconsin. The complaint argued for a reduction in the ROE in transmission formula rates in the MISO region from 12.38 percent to 9.15 percent , a prohibition on capital structures in excess of 50 percent equity, and the removal of ROE adders (including those for regional transmission organization (RTO) membership and being an independent transmission company), effective Nov. 12, 2013. In June 2014 the FERC adopted a new ROE methodology, which requires electric utilities to use a two -step discounted cash flow analysis that incorporates both short-term and long-term growth projections to estimate the cost of equity. In December 2015, an ALJ initial decision recommended the FERC approve a ROE of 10.32 percent . A FERC order is expected to be issued no earlier than late 2016 or 2017. Certain MISO TOs separately requested FERC approval of a 50 basis point ROE adder for RTO membership, which was approved effective Jan. 6, 2015, subject to the outcome of the ROE complaint. Certain intervenors sought rehearing of this order, which the FERC denied in 2015. In February 2015, a second complaint was filed seeking to reduce the MISO region ROE from 12.38 percent to 8.67 percent , prior to any adder. The FERC set the second complaint for hearings, and established a refund effective date of Feb. 12, 2015. The MPUC, the North Dakota Public Service Commission (NDPSC), the South Dakota Public Utilities Commission and the Minnesota Department of Commerce (DOC) joined a joint complainant/intervenor initial brief recommending an ROE of either 8.82 percent or 8.81 percent . FERC staff recommended a ROE of 8.78 percent . The MISO TOs recommended a ROE of 10.92 percent . An ALJ initial decision is expected in June 2016 with a FERC decision expected no earlier than late 2016 or 2017. NSP-Minnesota has recorded a current liability representing the current best estimate of a refund obligation associated with the new ROE, including the RTO membership adder, as of March 31, 2016. The new FERC ROE methodology is estimated to reduce transmission revenue, net of expense, between $8 million and $10 million , annually, for the NSP System. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 above, the circumstances set forth in Notes 10, 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, 2015 , appropriately represent, in all material respects, the current status of commitments and contingent liabilities, and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to 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 MW of capacity under long-term PPAs as of March 31, 2016 and Dec. 31, 2015 , 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 2028 . Guarantees Under NSP-Minnesota’s railcar lease agreement, accounted for as an operating lease, NSP-Minnesota guarantees the lessor proceeds from sale of the leased assets at the end of the lease term will at least equal the guaranteed residual value. The guarantee issued by NSP-Minnesota limits its exposure to a maximum amount stated in the guarantee; however, NSP-Minnesota expects sale proceeds to exceed the guaranteed amount. This lease agreement expires in 2019 . The following table presents the guarantee issued and outstanding for NSP-Minnesota: (Millions of Dollars) March 31, 2016 Dec. 31, 2015 Guarantee issued and outstanding $ 4.8 $ 4.8 |
Environmental Loss Contingency Disclosure [Text Block] | Environmental Contingencies Fargo, N.D. Manufactured Gas Plant (MGP) Site — In May 2015, underground pipes, tars and impacted soils were discovered in Fargo, N.D., which may be related to a former MGP site operated by NSP-Minnesota or a prior company. NSP-Minnesota has removed the impacted soils and other materials from the project area. NSP-Minnesota is undertaking further investigation of the location of the historic MGP site and nearby properties. In October 2015, NSP-Minnesota initiated insurance recovery litigation in North Dakota. The U.S. District Court for the District of North Dakota agreed to the parties’ request for a stay of the litigation until July 2016 to allow NSP-Minnesota time to further investigate site conditions. As of March 31, 2016 and Dec. 31, 2015, NSP-Minnesota had recorded a liability of $2.2 million and $2.7 million , respectively, related to further investigation and additional planned activities. Uncertainties include the nature and cost of the additional remediation efforts that may be necessary, the ability to recover costs from insurance carriers and the potential for contributions from entities that may be identified as PRPs. Therefore, the total cost of remediation, NSP-Minnesota’s potential liability and amounts allocable to the North Dakota and Minnesota jurisdictions related to the site cannot currently be reasonably estimated. In December 2015, the NDPSC approved NSP-Minnesota’s request to defer the portion of investigation and response costs allocable to the North Dakota jurisdiction. Environmental Requirements Air Regional Haze Rules — The regional haze program is designed to address widespread haze that results from emissions from a multitude of sources. In 2005, the United States Environmental Protection Agency (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 sulfur dioxide (SO 2 ), nitrous oxide (NOx) and particulate matter (PM) emissions under BART and set emissions limits for those facilities. In 2009, the Minnesota Pollution Control Agency (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 SO 2 . The MPCA supplemented its SIP in 2012, determining that the Cross-State Air Pollution Rule (CSAPR) meets BART requirements, but also implementing its source-specific BART determination for Sherco Units 1 and 2 from the 2009 Minnesota 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. The combustion controls were installed first and the scrubber upgrades were completed in December 2014, at a cost of $46.9 million . NSP-Minnesota has included these costs for recovery in rate proceedings. 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 (Eighth Circuit). In January 2016, the Eighth Circuit issued their opinion which upheld the EPA’s approval of the SIP. In March 2016, after granting a rehearing request, the Eighth Circuit issued a revised opinion that included additional explanation and continued to uphold the EPA’s approval of the SIP. Reasonably Attributable Visibility Impairment (RAVI) — RAVI is intended to address observable impairment from a specific source such as distinct, identifiable plumes from a source’s stack to a national park. In 2009, the United States Department of the Interior certified that a portion of the visibility impairment in Voyageurs and Isle Royale National Parks is reasonably attributable to emissions from NSP-Minnesota’s Sherco Units 1 and 2. In December 2012, a lawsuit against the EPA was filed in the U.S. District Court for the District of Minnesota (Minnesota District Court) 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. In May 2015, NSP-Minnesota, the EPA and the six environmental advocacy organizations filed a settlement agreement in the Minnesota District Court. The agreement anticipates a federal rulemaking that would impose stricter SO 2 emission limits on Sherco Units 1, 2 and 3, without making a RAVI attribution finding or a RAVI BART determination. The emission limits for Units 1 and 2 reflect the success of a recently completed control project. The Unit 3 emission limits will be met through changes in the operation of the existing scrubber. The Minnesota District Court issued an order staying the litigation for the time needed to complete the actions required by the settlement agreement. The plaintiffs agreed to withdraw their complaint with prejudice when those actions are completed. Plaintiffs also agreed not to request a RAVI certification for Sherco Units 1, 2 and/or 3 in the future. In March 2016, the EPA adopted a final rule which set the agreed-upon SO 2 emission limits. As a result, the Minnesota District Court dismissed the litigation with prejudice in March 2016. NSP-Minnesota does not anticipate the costs of compliance with the final rule will have a material impact on the results of operations, financial position or cash flows. Implementation of the National Ambient Air Quality Standard (NAAQS) for SO 2 — The EPA adopted a more stringent NAAQS for SO 2 in 2010. In 2013, the EPA designated areas as not attaining the revised NAAQS, which did not include any areas where NSP-Minnesota operates power plants. However, many other areas of the country were unable to be classified by the EPA due to a lack of air monitors. Following a lawsuit alleging that the EPA had not completed its area designations in the time required by the Clean Air Act and under a consent decree the EPA is requiring states to evaluate areas in three phases. If an area is designated as nonattainment, the respective states will need to evaluate all SO 2 sources in the area. The state would then submit an implementation plan, which would be due in 18 months, designed to achieve the NAAQS within five years. It is anticipated the areas near NSP-Minnesota’s power plants will be evaluated in the next designation phase, ending December 2017. NSP-Minnesota’s King and Sherco plants already utilize scrubbers to control SO 2 emissions. NSP-Minnesota cannot evaluate the impacts until the designation of nonattainment areas is made and any required state plans are developed. NSP-Minnesota believes that, should SO 2 control system costs be required for a plant, compliance costs will be recoverable through regulatory mechanisms and therefore does not expect a material impact on results of operations, financial position or cash flows. |
Legal Matters 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. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 Twelve Months Ended Dec. 31, 2015 Borrowing limit $ 250 $ 250 Amount outstanding at period end 93 — Average amount outstanding 39 5 Maximum amount outstanding 225 69 Weighted average interest rate, computed on a daily basis 0.71 % 0.53 % Weighted average interest rate at period end 0.71 N/A 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, 2016 Twelve Months Ended Dec. 31, 2015 Borrowing limit $ 500 $ 500 Amount outstanding at period end 73 223 Average amount outstanding 224 96 Maximum amount outstanding 353 327 Weighted average interest rate, computed on a daily basis 0.66 % 0.43 % Weighted average interest rate at period end 0.55 0.72 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, 2016 and Dec. 31, 2015 , there were $18 million of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. 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 aggregate amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. At March 31, 2016 , NSP-Minnesota had the following committed credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 500 $ 91 $ 409 (a) This credit facility expires in October 2019 . (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, 2016 and Dec. 31, 2015 . |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
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 prices. 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 a NAV methodology, which takes 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. 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, generally referred to as financial transmission rights (FTRs), purchased from MISO, PJM Interconnection, LLC, Electric Reliability Council of Texas, Southwest Power Pool, Inc. and New York Independent System Operator. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of 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. Monthly settlements for non-trading FTRs 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 Nuclear Regulatory Commission (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 (PI) 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 $322.7 million and $328.8 million at March 31, 2016 and Dec. 31, 2015 , respectively, and unrealized losses and amounts recorded as other-than-temporary impairments were $100.3 million and $100.2 million at March 31, 2016 and Dec. 31, 2015 , 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, 2016 and Dec. 31, 2015 : March 31, 2016 Fair Value (Thousands of Dollars) Cost Level 1 Level 2 Level 3 Investments Measured at NAV (b) Total Nuclear decommissioning fund (a) Cash equivalents $ 11,899 $ 11,899 $ — $ — $ — $ 11,899 Commingled funds 390,345 — — — 395,709 395,709 International equity funds 264,340 — — — 242,312 242,312 Private equity investments 108,882 — — — 158,915 158,915 Real estate 73,577 — — — 100,576 100,576 Debt securities: Government securities 24,320 — 23,213 — — 23,213 U.S. corporate bonds 76,952 — 70,723 — — 70,723 International corporate bonds 18,117 — 17,343 — — 17,343 Municipal bonds 47,088 — 49,902 — — 49,902 Asset-backed securities 2,841 — 2,836 — — 2,836 Mortgage-backed securities 11,065 — 11,407 — — 11,407 Equity securities: Common stock 481,968 649,015 — — — 649,015 Total $ 1,511,394 $ 660,914 $ 175,424 $ — $ 897,512 $ 1,733,850 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $36.1 million of miscellaneous investments. (b) Based on the requirements of ASU 2015-07, investments measured at fair value using a NAV methodology have not been classified in the fair value hierarchy. See Note 2 for further information on the adoption of ASU 2015-07. Dec. 31, 2015 Fair Value (Thousands of Dollars) Cost Level 1 Level 2 Level 3 Investments Measured at NAV (b) Total Nuclear decommissioning fund (a) Cash equivalents $ 27,484 $ 27,484 $ — $ — $ — $ 27,484 Commingled funds 392,838 — — — 410,634 410,634 International equity funds 259,114 — — — 231,122 231,122 Private equity investments 105,965 — — — 157,528 157,528 Real estate 61,816 — — — 84,750 84,750 Debt securities: Government securities 24,444 — 21,356 — — 21,356 U.S. corporate bonds 73,061 — 65,276 — — 65,276 International corporate bonds 13,726 — 12,801 — — 12,801 Municipal bonds 49,255 — 51,589 — — 51,589 Asset-backed securities 2,837 — 2,830 — — 2,830 Mortgage-backed securities 11,444 — 11,621 — — 11,621 Equity securities: Common stock 473,615 647,159 — — — 647,159 Total $ 1,495,599 $ 674,643 $ 165,473 $ — $ 884,034 $ 1,724,150 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $34.1 million of miscellaneous investments. (b) Based on the requirements of ASU 2015-07, investments measured at fair value using a NAV methodology have not been classified in the fair value hierarchy. See Note 2 for further information on the adoption of ASU 2015-07. For the three months ended March 31, 2016 and 2015 there were no Level 3 nuclear decommissioning fund investments and no transfers of amounts between levels. The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, at March 31, 2016 : Final Contractual Maturity (Thousands of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Government securities $ — $ — $ 3,144 $ 20,069 $ 23,213 U.S. corporate bonds — 18,909 56,102 (4,288 ) 70,723 International corporate bonds — 2,795 11,505 3,043 17,343 Municipal bonds 151 266 16,323 33,162 49,902 Asset-backed securities — — 2,836 — 2,836 Mortgage-backed securities — — — 11,407 11,407 Debt securities $ 151 $ 21,970 $ 89,910 $ 63,393 $ 175,424 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, 2016 , 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, vehicle fuel, and weather derivatives. At March 31, 2016 , 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, 2016 and 2015. At March 31, 2016 , net losses related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses included $0.1 million of net losses 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 revenues, 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, 2016 and Dec. 31, 2015 : (Amounts in Thousands) (a)(b) March 31, 2016 Dec. 31, 2015 Megawatt hours of electricity 23,336 43,611 Million British thermal units of natural gas 9,523 7,971 Gallons of vehicle fuel 58 77 (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, 2016 and 2015 on accumulated other comprehensive loss, regulatory assets and liabilities and income: Three Months Ended March 31, 2016 Pre-Tax Fair Value Pre-Tax Losses Pre-Tax Gains (Losses) (Thousands of Dollars) Accumulated Regulatory Accumulated Regulatory Derivatives designated as cash flow hedges Interest rate $ — $ — $ 346 (a) $ — $ — Vehicle fuel and other commodity (2 ) — 31 (b) — — Total $ (2 ) $ — $ 377 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 992 (c) Electric commodity — (1,558 ) — 10,712 (d) — Natural gas commodity — (631 ) — 3,460 (e) (1,595 ) (e) Total $ — $ (2,189 ) $ — $ 14,172 $ (603 ) Three Months Ended March 31, 2015 Pre-Tax Fair Value Pre-Tax (Gains) Losses Pre-Tax Gains (Thousands of Dollars) Accumulated Regulatory Accumulated Regulatory Derivatives designated as cash flow hedges Interest rate $ — $ — $ 337 (a) $ — $ — Vehicle fuel and other commodity (10 ) — 14 (b) — — Total $ (10 ) $ — $ 351 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 3,691 (c) Electric commodity — (8,706 ) — (5,193 ) (d) — Natural gas commodity — (38 ) — (2,751 ) (e) 3,008 (e) Total $ — $ (8,744 ) $ — $ (7,944 ) $ 6,699 (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, 2016 and 2015 . 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, 2016 , seven of NSP-Minnesota’s 10 most significant counterparties for these activities, comprising $23.9 million or 34 percent of this credit exposure, had investment grade credit ratings from Standard & Poor’s Ratings Services, Moody’s Investor Services or Fitch Ratings. One of the 10 most significant counterparties, comprising $0.8 million or 1 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. The remaining two of these significant counterparties, comprising $8.9 million or 13 percent of this credit exposure, had credit quality less than investment grade, based on NSP-Minnesota's internal analysis. Eight of these significant counterparties are RTOs, 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 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, 2016 and Dec. 31, 2015 , there were no derivative instruments in a liability position that 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, 2016 and Dec. 31, 2015 . Recurring Fair Value Measurements — The following tables present 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, 2016 : March 31, 2016 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 162 $ 14,775 $ 453 $ 15,390 $ (7,936 ) $ 7,454 Electric commodity — — 4,761 4,761 (55 ) 4,706 Total current derivative assets $ 162 $ 14,775 $ 5,214 $ 20,151 $ (7,991 ) 12,160 PPAs (a) 478 Current derivative instruments $ 12,638 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 250 $ 35,198 $ — $ 35,448 $ (8,893 ) $ 26,555 Total noncurrent derivative assets $ 250 $ 35,198 $ — $ 35,448 $ (8,893 ) 26,555 PPAs (a) 1,483 Noncurrent derivative instruments $ 28,038 March 31, 2016 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Derivatives designated as cash flow hedges: Vehicle fuel and other commodity $ — $ 84 $ — $ 84 $ — $ 84 Other derivative instruments: Commodity trading 176 12,496 35 12,707 (8,665 ) 4,042 Electric commodity — — 55 55 (55 ) — Total current derivative liabilities $ 176 $ 12,580 $ 90 $ 12,846 $ (8,720 ) 4,126 PPAs (a) 14,113 Current derivative instruments $ 18,239 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 215 $ 27,000 $ — $ 27,215 $ (12,497 ) $ 14,718 Total noncurrent derivative liabilities $ 215 $ 27,000 $ — $ 27,215 $ (12,497 ) 14,718 PPAs (a) 114,665 Noncurrent derivative instruments $ 129,383 (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 PPAs 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, 2016 . At March 31, 2016 , derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $4.3 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, 2015 : Dec. 31, 2015 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 88 $ 10,269 $ 1,250 $ 11,607 $ (5,542 ) $ 6,065 Electric commodity — — 12,441 12,441 (167 ) 12,274 Natural gas commodity — 128 — 128 (6 ) 122 Total current derivative assets $ 88 $ 10,397 $ 13,691 $ 24,176 $ (5,715 ) 18,461 PPAs (a) 480 Current derivative instruments $ 18,941 Noncurrent derivative assets Other derivative instruments: Commodity trading $ — $ 27,399 $ — $ 27,399 $ (6,555 ) $ 20,844 Total noncurrent derivative assets $ — $ 27,399 $ — $ 27,399 $ (6,555 ) 20,844 PPAs (a) 1,490 Noncurrent derivative instruments $ 22,334 Dec. 31, 2015 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Derivatives designated as cash flow hedges: Vehicle fuel and other commodity $ — $ 113 $ — $ 113 $ — $ 113 Other derivative instruments: Commodity trading 118 7,541 554 8,213 (6,580 ) 1,633 Electric commodity — — 167 167 (167 ) — Natural gas commodity — 1,362 — 1,362 (6 ) 1,356 Total current derivative liabilities $ 118 $ 9,016 $ 721 $ 9,855 $ (6,753 ) 3,102 PPAs (a) 14,109 Current derivative instruments $ 17,211 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ — $ 19,865 $ — $ 19,865 $ (9,780 ) $ 10,085 Total noncurrent derivative liabilities $ — $ 19,865 $ — $ 19,865 $ (9,780 ) 10,085 PPAs (a) 118,128 Noncurrent derivative instruments $ 128,213 (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 PPAs 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, 2015 . At Dec. 31, 2015 , derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $4.3 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, 2016 and 2015 : Three Months Ended March 31 (Thousands of Dollars) 2016 2015 Balance at Jan. 1 $ 12,970 $ 40,271 Purchases — 864 Settlements (5,038 ) (11,552 ) Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (24 ) 60 Losses recognized as regulatory assets and liabilities (2,784 ) (18,671 ) Balance at March 31 $ 5,124 $ 10,972 (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, 2016 and 2015. Fair Value of Long-Term Debt As of March 31, 2016 and Dec. 31, 2015 , other financial instruments for which the carrying amount did not equal fair value were as follows: March 31, 2016 Dec. 31, 2015 (Thousands of Dollars) Carrying Amount Fair Value Carrying Fair Value Long-term debt, including current portion (a) $ 4,497,443 $ 5,149,155 $ 4,496,421 $ 4,917,080 (a) Amounts reflect the classification of debt issuance costs as a deduction from the carrying amount of the related debt. See Note 2, Accounting Pronouncements for more information on the adoption of ASU 2015-03. 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, 2016 and Dec. 31, 2015 , 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, 2016 | |
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) 2016 2015 Interest income $ 3,336 $ 3,332 Other nonoperating income 164 33 Insurance policy expense (640 ) (1,403 ) Other income, net $ 2,860 $ 1,962 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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, transmits and distributes electricity primarily in portions of 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 primarily 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, 2016 Operating revenues (a)(b) $ 1,033,643 $ 194,130 $ 6,860 $ — $ 1,234,633 Intersegment revenues 145 162 — (307 ) — Total revenues $ 1,033,788 $ 194,292 $ 6,860 $ (307 ) $ 1,234,633 Net income $ 71,321 $ 23,142 $ 166 $ — $ 94,629 (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended March 31, 2015 Operating revenues (a)(b) $ 1,006,154 $ 279,467 $ 6,861 $ — $ 1,292,482 Intersegment revenues 133 410 — (543 ) — Total revenues $ 1,006,287 $ 279,877 $ 6,861 $ (543 ) $ 1,292,482 Net income (loss) $ (29,599 ) (c) $ 40,272 $ (3,749 ) $ — $ 6,924 (a) Operating revenues include $125 million of affiliate electric revenue for the three months ended March 31, 2016 and 2015 . (b) Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2016 and 2015 . (c) Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 2016 2015 (Thousands of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 7,077 $ 7,889 $ 31 $ 40 Interest cost 11,358 10,804 981 954 Expected return on plan assets (15,236 ) (15,708 ) (43 ) (30 ) Amortization of prior service cost (credit) 234 234 (759 ) (759 ) Amortization of net loss 9,194 11,548 401 523 Net periodic benefit cost 12,627 14,767 611 728 Costs not recognized due to the effects of regulation (5,296 ) (7,843 ) — — Net benefit cost recognized for financial reporting $ 7,331 $ 6,924 $ 611 $ 728 In January 2016, contributions of $125.0 million were made across four of Xcel Energy’s pension plans, of which $49.4 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2016. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income Changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Marketable Securities Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive (loss) income at Jan. 1 $ (19,090 ) $ 105 $ (2,096 ) $ (21,081 ) Other comprehensive loss before reclassifications (1 ) — — (1 ) Losses reclassified from net accumulated other comprehensive loss 223 — 19 242 Net current period other comprehensive income 222 — 19 241 Accumulated other comprehensive (loss) income at March 31 $ (18,868 ) $ 105 $ (2,077 ) $ (20,840 ) Three Months Ended March 31, 2015 (Thousands of Dollars) Gains and Unrealized Defined Benefit Total Accumulated other comprehensive (loss) income at Jan. 1 $ (19,909 ) $ 105 $ (1,010 ) $ (20,814 ) Other comprehensive (loss) income before reclassifications (6 ) 1 — (5 ) Losses (gains) reclassified from net accumulated other comprehensive loss 208 — (6 ) 202 Net current period other comprehensive income (loss) 202 1 (6 ) 197 Accumulated other comprehensive (loss) income at March 31 $ (19,707 ) $ 106 $ (1,016 ) $ (20,617 ) Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 were as follows: Amounts Reclassified from (Thousands of Dollars) Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (Gains) losses on cash flow hedges: Interest rate derivatives $ 346 (a) $ 337 (a) Vehicle fuel derivatives 31 (b) 14 (b) Total, pre-tax 377 351 Tax benefit (154 ) (143 ) Total, net of tax 223 208 Defined benefit pension and postretirement (gains) losses: Amortization of net loss 83 (c) 39 (c) Prior service credit (49 ) (c) (49 ) (c) Total, pre-tax 34 (10 ) Tax (benefit) expense (15 ) 4 Total, net of tax 19 (6 ) Total amounts reclassified, net of tax $ 242 $ 202 (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, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | (Thousands of Dollars) March 31, 2016 Dec. 31, 2015 Accounts receivable, net Accounts receivable $ 352,249 $ 313,556 Less allowance for bad debts (19,273 ) (20,750 ) $ 332,976 $ 292,806 |
Inventories | (Thousands of Dollars) March 31, 2016 Dec. 31, 2015 Inventories Materials and supplies $ 208,090 $ 200,888 Fuel 88,287 104,499 Natural gas 12,201 38,529 $ 308,578 $ 343,916 |
Property, plant and equipment, net | (Thousands of Dollars) March 31, 2016 Dec. 31, 2015 Property, plant and equipment, net Electric plant $ 16,298,761 $ 16,256,887 Natural gas plant 1,249,933 1,248,408 Common and other property 622,749 624,409 Construction work in progress 650,693 545,535 Total property, plant and equipment 18,822,136 18,675,239 Less accumulated depreciation (6,354,488 ) (6,251,498 ) Nuclear fuel 2,450,363 2,447,251 Less accumulated amortization (2,089,404 ) (2,063,654 ) $ 12,828,607 $ 12,807,338 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 Dec. 31, 2015 Unrecognized tax benefit — Permanent tax positions $ 20.5 $ 20.1 Unrecognized tax benefit — Temporary tax positions 37.0 35.3 Total unrecognized tax benefit $ 57.5 $ 55.4 |
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, 2016 Dec. 31, 2015 NOL and tax credit carryforwards $ (16.3 ) $ (15.2 ) |
Rate Matters (Tables)
Rate Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Public Utilities, General Disclosures [Abstract] | |
NSP-Minnesota's 2016 Multi-Year Electric Rate Case [Table Text Block] | The major components of the requested rate increase are summarized below: (Millions of Dollars) 2016 2017 2018 Total 2014 multi-year rate case items: Excess depreciation reserve $ 26.0 $ 51.0 $ — $ 77.0 Department of Energy (DOE) settlement 25.7 — — 25.7 Monticello life cycle management (LCM)/extended power uprate (EPU) 11.2 (1.6 ) (1.5 ) 8.1 62.9 49.4 (1.5 ) 110.8 Additional items: Capital investments 128.7 12.8 44.6 186.1 Property taxes 30.2 7.6 5.2 43.0 NOL carryforwards (6.3 ) (24.5 ) (6.5 ) (37.3 ) Other costs (20.9 ) 6.8 8.6 (5.5 ) 131.7 2.7 51.9 186.3 Total rate request $ 194.6 $ 52.1 $ 50.4 $ 297.1 |
NSP-Minnesota's 2016 Multi-Year Electric Rate Case - Rate Request [Table Text Block] | The request is detailed in the table below: Request (Millions of Dollars) 2016 2017 2018 Rate request $ 194.6 $ 52.1 $ 50.4 Increase percentage 6.4 % 1.7 % 1.7 % Interim request $ 163.7 $ 44.9 N/A Rate base $ 7,800 $ 7,700 $ 7,700 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Guarantor Obligations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees Issued and Outstanding | The following table presents the guarantee issued and outstanding for NSP-Minnesota: (Millions of Dollars) March 31, 2016 Dec. 31, 2015 Guarantee issued and outstanding $ 4.8 $ 4.8 |
Borrowings and Other Financin26
Borrowings and Other Financing Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Borrowings and Other Financing Instruments [Abstract] | |
Credit Facilities | At March 31, 2016 , NSP-Minnesota had the following committed credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 500 $ 91 $ 409 (a) This credit facility expires in October 2019 . (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, 2016 Twelve Months Ended Dec. 31, 2015 Borrowing limit $ 250 $ 250 Amount outstanding at period end 93 — Average amount outstanding 39 5 Maximum amount outstanding 225 69 Weighted average interest rate, computed on a daily basis 0.71 % 0.53 % Weighted average interest rate at period end 0.71 N/A |
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, 2016 Twelve Months Ended Dec. 31, 2015 Borrowing limit $ 500 $ 500 Amount outstanding at period end 73 223 Average amount outstanding 224 96 Maximum amount outstanding 353 327 Weighted average interest rate, computed on a daily basis 0.66 % 0.43 % Weighted average interest rate at period end 0.55 0.72 |
Fair Value of Financial Asset27
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and Dec. 31, 2015 : March 31, 2016 Fair Value (Thousands of Dollars) Cost Level 1 Level 2 Level 3 Investments Measured at NAV (b) Total Nuclear decommissioning fund (a) Cash equivalents $ 11,899 $ 11,899 $ — $ — $ — $ 11,899 Commingled funds 390,345 — — — 395,709 395,709 International equity funds 264,340 — — — 242,312 242,312 Private equity investments 108,882 — — — 158,915 158,915 Real estate 73,577 — — — 100,576 100,576 Debt securities: Government securities 24,320 — 23,213 — — 23,213 U.S. corporate bonds 76,952 — 70,723 — — 70,723 International corporate bonds 18,117 — 17,343 — — 17,343 Municipal bonds 47,088 — 49,902 — — 49,902 Asset-backed securities 2,841 — 2,836 — — 2,836 Mortgage-backed securities 11,065 — 11,407 — — 11,407 Equity securities: Common stock 481,968 649,015 — — — 649,015 Total $ 1,511,394 $ 660,914 $ 175,424 $ — $ 897,512 $ 1,733,850 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $36.1 million of miscellaneous investments. (b) Based on the requirements of ASU 2015-07, investments measured at fair value using a NAV methodology have not been classified in the fair value hierarchy. See Note 2 for further information on the adoption of ASU 2015-07. Dec. 31, 2015 Fair Value (Thousands of Dollars) Cost Level 1 Level 2 Level 3 Investments Measured at NAV (b) Total Nuclear decommissioning fund (a) Cash equivalents $ 27,484 $ 27,484 $ — $ — $ — $ 27,484 Commingled funds 392,838 — — — 410,634 410,634 International equity funds 259,114 — — — 231,122 231,122 Private equity investments 105,965 — — — 157,528 157,528 Real estate 61,816 — — — 84,750 84,750 Debt securities: Government securities 24,444 — 21,356 — — 21,356 U.S. corporate bonds 73,061 — 65,276 — — 65,276 International corporate bonds 13,726 — 12,801 — — 12,801 Municipal bonds 49,255 — 51,589 — — 51,589 Asset-backed securities 2,837 — 2,830 — — 2,830 Mortgage-backed securities 11,444 — 11,621 — — 11,621 Equity securities: Common stock 473,615 647,159 — — — 647,159 Total $ 1,495,599 $ 674,643 $ 165,473 $ — $ 884,034 $ 1,724,150 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $34.1 million of miscellaneous investments. (b) Based on the requirements of ASU 2015-07, investments measured at fair value using a NAV methodology have not been classified in the fair value hierarchy. See Note 2 for further information on the adoption of ASU 2015-07. |
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, 2016 : Final Contractual Maturity (Thousands of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Government securities $ — $ — $ 3,144 $ 20,069 $ 23,213 U.S. corporate bonds — 18,909 56,102 (4,288 ) 70,723 International corporate bonds — 2,795 11,505 3,043 17,343 Municipal bonds 151 266 16,323 33,162 49,902 Asset-backed securities — — 2,836 — 2,836 Mortgage-backed securities — — — 11,407 11,407 Debt securities $ 151 $ 21,970 $ 89,910 $ 63,393 $ 175,424 |
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, 2016 and Dec. 31, 2015 : (Amounts in Thousands) (a)(b) March 31, 2016 Dec. 31, 2015 Megawatt hours of electricity 23,336 43,611 Million British thermal units of natural gas 9,523 7,971 Gallons of vehicle fuel 58 77 (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, 2016 and 2015 on accumulated other comprehensive loss, regulatory assets and liabilities and income: Three Months Ended March 31, 2016 Pre-Tax Fair Value Pre-Tax Losses Pre-Tax Gains (Losses) (Thousands of Dollars) Accumulated Regulatory Accumulated Regulatory Derivatives designated as cash flow hedges Interest rate $ — $ — $ 346 (a) $ — $ — Vehicle fuel and other commodity (2 ) — 31 (b) — — Total $ (2 ) $ — $ 377 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 992 (c) Electric commodity — (1,558 ) — 10,712 (d) — Natural gas commodity — (631 ) — 3,460 (e) (1,595 ) (e) Total $ — $ (2,189 ) $ — $ 14,172 $ (603 ) Three Months Ended March 31, 2015 Pre-Tax Fair Value Pre-Tax (Gains) Losses Pre-Tax Gains (Thousands of Dollars) Accumulated Regulatory Accumulated Regulatory Derivatives designated as cash flow hedges Interest rate $ — $ — $ 337 (a) $ — $ — Vehicle fuel and other commodity (10 ) — 14 (b) — — Total $ (10 ) $ — $ 351 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 3,691 (c) Electric commodity — (8,706 ) — (5,193 ) (d) — Natural gas commodity — (38 ) — (2,751 ) (e) 3,008 (e) Total $ — $ (8,744 ) $ — $ (7,944 ) $ 6,699 (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 tables present 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, 2016 : March 31, 2016 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 162 $ 14,775 $ 453 $ 15,390 $ (7,936 ) $ 7,454 Electric commodity — — 4,761 4,761 (55 ) 4,706 Total current derivative assets $ 162 $ 14,775 $ 5,214 $ 20,151 $ (7,991 ) 12,160 PPAs (a) 478 Current derivative instruments $ 12,638 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 250 $ 35,198 $ — $ 35,448 $ (8,893 ) $ 26,555 Total noncurrent derivative assets $ 250 $ 35,198 $ — $ 35,448 $ (8,893 ) 26,555 PPAs (a) 1,483 Noncurrent derivative instruments $ 28,038 March 31, 2016 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Derivatives designated as cash flow hedges: Vehicle fuel and other commodity $ — $ 84 $ — $ 84 $ — $ 84 Other derivative instruments: Commodity trading 176 12,496 35 12,707 (8,665 ) 4,042 Electric commodity — — 55 55 (55 ) — Total current derivative liabilities $ 176 $ 12,580 $ 90 $ 12,846 $ (8,720 ) 4,126 PPAs (a) 14,113 Current derivative instruments $ 18,239 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 215 $ 27,000 $ — $ 27,215 $ (12,497 ) $ 14,718 Total noncurrent derivative liabilities $ 215 $ 27,000 $ — $ 27,215 $ (12,497 ) 14,718 PPAs (a) 114,665 Noncurrent derivative instruments $ 129,383 (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 PPAs 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, 2016 . At March 31, 2016 , derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $4.3 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, 2015 : Dec. 31, 2015 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 88 $ 10,269 $ 1,250 $ 11,607 $ (5,542 ) $ 6,065 Electric commodity — — 12,441 12,441 (167 ) 12,274 Natural gas commodity — 128 — 128 (6 ) 122 Total current derivative assets $ 88 $ 10,397 $ 13,691 $ 24,176 $ (5,715 ) 18,461 PPAs (a) 480 Current derivative instruments $ 18,941 Noncurrent derivative assets Other derivative instruments: Commodity trading $ — $ 27,399 $ — $ 27,399 $ (6,555 ) $ 20,844 Total noncurrent derivative assets $ — $ 27,399 $ — $ 27,399 $ (6,555 ) 20,844 PPAs (a) 1,490 Noncurrent derivative instruments $ 22,334 Dec. 31, 2015 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Derivatives designated as cash flow hedges: Vehicle fuel and other commodity $ — $ 113 $ — $ 113 $ — $ 113 Other derivative instruments: Commodity trading 118 7,541 554 8,213 (6,580 ) 1,633 Electric commodity — — 167 167 (167 ) — Natural gas commodity — 1,362 — 1,362 (6 ) 1,356 Total current derivative liabilities $ 118 $ 9,016 $ 721 $ 9,855 $ (6,753 ) 3,102 PPAs (a) 14,109 Current derivative instruments $ 17,211 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ — $ 19,865 $ — $ 19,865 $ (9,780 ) $ 10,085 Total noncurrent derivative liabilities $ — $ 19,865 $ — $ 19,865 $ (9,780 ) 10,085 PPAs (a) 118,128 Noncurrent derivative instruments $ 128,213 (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 PPAs 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, 2015 . At Dec. 31, 2015 , derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $4.3 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, 2016 and 2015 : Three Months Ended March 31 (Thousands of Dollars) 2016 2015 Balance at Jan. 1 $ 12,970 $ 40,271 Purchases — 864 Settlements (5,038 ) (11,552 ) Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (24 ) 60 Losses recognized as regulatory assets and liabilities (2,784 ) (18,671 ) Balance at March 31 $ 5,124 $ 10,972 (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, 2016 and Dec. 31, 2015 , other financial instruments for which the carrying amount did not equal fair value were as follows: March 31, 2016 Dec. 31, 2015 (Thousands of Dollars) Carrying Amount Fair Value Carrying Fair Value Long-term debt, including current portion (a) $ 4,497,443 $ 5,149,155 $ 4,496,421 $ 4,917,080 (a) Amounts reflect the classification of debt issuance costs as a deduction from the carrying amount of the related debt. See Note 2, Accounting Pronouncements for more information on the adoption of ASU 2015-03. |
Other Income, Net (Tables)
Other Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other income, net consisted of the following: Three Months Ended March 31 (Thousands of Dollars) 2016 2015 Interest income $ 3,336 $ 3,332 Other nonoperating income 164 33 Insurance policy expense (640 ) (1,403 ) Other income, net $ 2,860 $ 1,962 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended March 31, 2016 Operating revenues (a)(b) $ 1,033,643 $ 194,130 $ 6,860 $ — $ 1,234,633 Intersegment revenues 145 162 — (307 ) — Total revenues $ 1,033,788 $ 194,292 $ 6,860 $ (307 ) $ 1,234,633 Net income $ 71,321 $ 23,142 $ 166 $ — $ 94,629 (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended March 31, 2015 Operating revenues (a)(b) $ 1,006,154 $ 279,467 $ 6,861 $ — $ 1,292,482 Intersegment revenues 133 410 — (543 ) — Total revenues $ 1,006,287 $ 279,877 $ 6,861 $ (543 ) $ 1,292,482 Net income (loss) $ (29,599 ) (c) $ 40,272 $ (3,749 ) $ — $ 6,924 (a) Operating revenues include $125 million of affiliate electric revenue for the three months ended March 31, 2016 and 2015 . (b) Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2016 and 2015 . (c) Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
Benefit Plans and Other Postr30
Benefit Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost Three Months Ended March 31 2016 2015 2016 2015 (Thousands of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 7,077 $ 7,889 $ 31 $ 40 Interest cost 11,358 10,804 981 954 Expected return on plan assets (15,236 ) (15,708 ) (43 ) (30 ) Amortization of prior service cost (credit) 234 234 (759 ) (759 ) Amortization of net loss 9,194 11,548 401 523 Net periodic benefit cost 12,627 14,767 611 728 Costs not recognized due to the effects of regulation (5,296 ) (7,843 ) — — Net benefit cost recognized for financial reporting $ 7,331 $ 6,924 $ 611 $ 728 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Marketable Securities Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive (loss) income at Jan. 1 $ (19,090 ) $ 105 $ (2,096 ) $ (21,081 ) Other comprehensive loss before reclassifications (1 ) — — (1 ) Losses reclassified from net accumulated other comprehensive loss 223 — 19 242 Net current period other comprehensive income 222 — 19 241 Accumulated other comprehensive (loss) income at March 31 $ (18,868 ) $ 105 $ (2,077 ) $ (20,840 ) Three Months Ended March 31, 2015 (Thousands of Dollars) Gains and Unrealized Defined Benefit Total Accumulated other comprehensive (loss) income at Jan. 1 $ (19,909 ) $ 105 $ (1,010 ) $ (20,814 ) Other comprehensive (loss) income before reclassifications (6 ) 1 — (5 ) Losses (gains) reclassified from net accumulated other comprehensive loss 208 — (6 ) 202 Net current period other comprehensive income (loss) 202 1 (6 ) 197 Accumulated other comprehensive (loss) income at March 31 $ (19,707 ) $ 106 $ (1,016 ) $ (20,617 ) |
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 were as follows: Amounts Reclassified from (Thousands of Dollars) Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (Gains) losses on cash flow hedges: Interest rate derivatives $ 346 (a) $ 337 (a) Vehicle fuel derivatives 31 (b) 14 (b) Total, pre-tax 377 351 Tax benefit (154 ) (143 ) Total, net of tax 223 208 Defined benefit pension and postretirement (gains) losses: Amortization of net loss 83 (c) 39 (c) Prior service credit (49 ) (c) (49 ) (c) Total, pre-tax 34 (10 ) Tax (benefit) expense (15 ) 4 Total, net of tax 19 (6 ) Total amounts reclassified, net of tax $ 242 $ 202 (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. |
Accounting Pronouncements Debt
Accounting Pronouncements Debt Issuance Costs (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Reclassification of deferred debt issuance costs, net | $ 36.9 | $ 37.7 |
Other Noncurrent Assets | ||
Debt Instrument [Line Items] | ||
Reclassification of deferred debt issuance costs, net | $ (37.7) |
Selected Balance Sheet Data, Ac
Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, net | ||
Accounts receivable | $ 352,249 | $ 313,556 |
Less allowance for bad debts | (19,273) | (20,750) |
Accounts receivable, net | $ 332,976 | $ 292,806 |
Selected Balance Sheet Data, In
Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 308,578 | $ 343,916 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 208,090 | 200,888 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 88,287 | 104,499 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 12,201 | $ 38,529 |
Selected Balance Sheet Data, Pr
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 18,822,136 | $ 18,675,239 |
Less accumulated depreciation | (6,354,488) | (6,251,498) |
Property, plant and equipment, net | 12,828,607 | 12,807,338 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,298,761 | 16,256,887 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,249,933 | 1,248,408 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 622,749 | 624,409 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 650,693 | 545,535 |
Nuclear fuel | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,450,363 | 2,447,251 |
Less accumulated depreciation | $ (2,089,404) | $ (2,063,654) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Examination [Line Items] | |||||||
Number Of Years Of Tax Loss Carryback Period | 2 years | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 5,000,000 | $ 17,000,000 | $ 12,000,000 | $ 15,000,000 | |||
Unrecognized Tax Benefits [Abstract] | |||||||
Unrecognized tax benefit — Permanent tax positions | $ 20,500,000 | 20,100,000 | |||||
Unrecognized tax benefit — Temporary tax positions | 37,000,000 | 35,300,000 | |||||
Total unrecognized tax benefit | 57,500,000 | 55,400,000 | |||||
NOL and tax credit carryforwards | (16,300,000) | (15,200,000) | |||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 32,000,000 | ||||||
Amounts accrued for penalties related to unrecognized tax benefits | 0 | $ 0 | |||||
Internal Revenue Service (IRS) | |||||||
Tax Audits [Abstract] | |||||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | |||||
Year of carryback claim under examination | 2,009 | ||||||
Potential Tax Adjustments | $ 14,000,000 | ||||||
State Jurisdiction (Minnesota) | |||||||
Tax Audits [Abstract] | |||||||
Earliest year subject to examination | 2,009 |
Rate Matters (Details)
Rate Matters (Details) $ in Thousands | Jan. 06, 2015 | Dec. 31, 2015 | Nov. 30, 2015USD ($)project | Oct. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Feb. 28, 2015 | Jun. 30, 2014 | Nov. 30, 2013 | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015MW | Dec. 31, 2013USD ($) | Dec. 31, 2008USD ($) |
Rate Matters [Abstract] | |||||||||||||
Loss on Monticello life cycle management/extended power uprate project | $ 0 | $ 124,226 | |||||||||||
NSP-Minnesota | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Number Of Years Rate Case Is Applicable For | 3 years | ||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | ||||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 52.50% | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 297,100 | ||||||||||||
Public Utilities, Number Of Years Rate Case is Applicable For, Alternative Plan | 5 years | ||||||||||||
Public Utilities, Number Of Additional Years Under Alternative Rate Plan | 2 years | ||||||||||||
Public Utilities, Increase Related to Excess Depreciation Reserve | $ 77,000 | ||||||||||||
Public Utilities, Increase Related to Settlement | 25,700 | ||||||||||||
Public Utilities, Increase Related to Nuclear Projects | 8,100 | ||||||||||||
Public Utilities, Total Increase Related to 2014 Multi-Year Rate Case Items | 110,800 | ||||||||||||
Public utilities, Requested Increase Related to Capital Investment | 186,100 | ||||||||||||
Public Utilities, Increase Related To Property Taxes | 43,000 | ||||||||||||
Public Utilities, Decrease Related To Net Operating Loss Carryforwards | (37,300) | ||||||||||||
Public Utilities, Decrease related to other, net | (5,500) | ||||||||||||
Public Utilities, Total Increase Related To Additional Items | $ 186,300 | ||||||||||||
NSP-Minnesota | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2016 [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 6.40% | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 194,600 | ||||||||||||
Public Utilities, Requested Rate Base, Amount | 7,800,000 | ||||||||||||
Public Utilities, Increase Related to Excess Depreciation Reserve | 26,000 | ||||||||||||
Public Utilities, Increase Related to Settlement | 25,700 | ||||||||||||
Public Utilities, Increase Related to Nuclear Projects | 11,200 | ||||||||||||
Public Utilities, Total Increase Related to 2014 Multi-Year Rate Case Items | 62,900 | ||||||||||||
Public utilities, Requested Increase Related to Capital Investment | 128,700 | ||||||||||||
Public Utilities, Increase Related To Property Taxes | 30,200 | ||||||||||||
Public Utilities, Decrease Related To Net Operating Loss Carryforwards | (6,300) | ||||||||||||
Public Utilities, Decrease related to other, net | (20,900) | ||||||||||||
Public Utilities, Total Increase Related To Additional Items | $ 131,700 | ||||||||||||
NSP-Minnesota | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2017 [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 1.70% | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 52,100 | ||||||||||||
Public Utilities, Requested Rate Base, Amount | 7,700,000 | ||||||||||||
Public Utilities, Increase Related to Excess Depreciation Reserve | 51,000 | ||||||||||||
Public Utilities, Increase Related to Settlement | 0 | ||||||||||||
Public Utilities, Decrease Related to Nuclear Projects | (1,600) | ||||||||||||
Public Utilities, Total Increase Related to 2014 Multi-Year Rate Case Items | 49,400 | ||||||||||||
Public utilities, Requested Increase Related to Capital Investment | 12,800 | ||||||||||||
Public Utilities, Increase Related To Property Taxes | 7,600 | ||||||||||||
Public Utilities, Decrease Related To Net Operating Loss Carryforwards | (24,500) | ||||||||||||
Public Utilities, Increase Related To Other, Net | 6,800 | ||||||||||||
Public Utilities, Total Increase Related To Additional Items | $ 2,700 | ||||||||||||
NSP-Minnesota | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2018 [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 1.70% | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 50,400 | ||||||||||||
Public Utilities, Requested Rate Base, Amount | 7,700,000 | ||||||||||||
Public Utilities, Increase Related to Excess Depreciation Reserve | 0 | ||||||||||||
Public Utilities, Increase Related to Settlement | 0 | ||||||||||||
Public Utilities, Decrease Related to Nuclear Projects | (1,500) | ||||||||||||
Public Utilities, Total Decrease Related to 2014 Multi-Year Rate Case Items | (1,500) | ||||||||||||
Public utilities, Requested Increase Related to Capital Investment | 44,600 | ||||||||||||
Public Utilities, Increase Related To Property Taxes | 5,200 | ||||||||||||
Public Utilities, Decrease Related To Net Operating Loss Carryforwards | (6,500) | ||||||||||||
Public Utilities, Increase Related To Other, Net | 8,600 | ||||||||||||
Public Utilities, Total Increase Related To Additional Items | 51,900 | ||||||||||||
NSP-Minnesota | MPUC Proceeding - Transmission Cost Recovery Rider Filing 2016 [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Requested Rider Revenue, Amount | $ 19,200 | ||||||||||||
NSP-Minnesota | MPUC Proceeding - Transmission Cost Recovery Rider Filing 2016 - With Additional Transmission Investment [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Requested Rider Revenue, Amount | $ 78,300 | ||||||||||||
Public Utilities, Additional Transmission Investment, Amount | $ 59,100 | ||||||||||||
Public Utilities, Additional Transmission Investment, Number Of Projects | 2 | 2 | |||||||||||
NSP-Minnesota | MPUC Proceeding - Nuclear Project Prudency Investigation | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Nuclear Project Expenditures, Amount | $ 665,000 | ||||||||||||
Total Capitalized Nuclear Project Costs | $ 748,000 | ||||||||||||
Initial Estimated Nuclear Project Expenditures | $ 320,000 | ||||||||||||
Loss on Monticello life cycle management/extended power uprate project | $ 129,000 | ||||||||||||
NSP-Minnesota | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Recommended By Third Parties | 8.67% | 9.15% | |||||||||||
Public Utilities, Maximum Equity Capital Structure Percentage Allowed Per The Complaint | 50.00% | ||||||||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2016 [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 163,700 | ||||||||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Minnesota 2016 Multi-Year Electric Rate Case, Rates 2017 [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 44,900 | ||||||||||||
NSP-Minnesota | Minnesota Public Utilities Commission | MPUC Proceeding - Nuclear Project Prudency Investigation | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Amount Of Recoverable Investment, With Return | $ 415,000 | ||||||||||||
Public Utilities, Amount Of Recoverable Investment, Without A Return | $ 333,000 | ||||||||||||
Public Utilities, Percentage Of Investment Considered Used And Useful | 50.00% | ||||||||||||
NSP-Minnesota | Federal Energy Regulatory Commission (FERC) | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Number Of Steps Required For Newly Adopted ROE Discounted Cash Flow Methodology | 2 | ||||||||||||
Public Utilities, ROE Basis Point Adder Requested By Third Parties | 50 | ||||||||||||
NSP-Minnesota | Administrative Law Judge | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Recommended By Third Parties | 10.32% | ||||||||||||
NSP-Minnesota | FERC Staff [Member] | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Recommended By Third Parties | 8.78% | ||||||||||||
NSP-Minnesota | MISO TOs [Member] | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Recommended By Third Parties | 10.92% | ||||||||||||
NSP-Minnesota | MPUC, NDPSC, SDPUC, and DOC [Member] | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Lower Bound, Percentage | 8.81% | ||||||||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The Regional Transmission Operator's Region, Upper Bound, Percentage | 8.82% | ||||||||||||
Minimum | NSP-Minnesota | MPUC Proceeding - Nuclear Project Prudency Investigation | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Facility Generating Capacity, in MW | MW | 600 | ||||||||||||
Minimum | NSP-Minnesota | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Decrease In Transmission Revenue, Net Of Expense, Due To New ROE Methodology | $ 8,000 | ||||||||||||
Maximum | NSP-Minnesota | MPUC Proceeding - Nuclear Project Prudency Investigation | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Facility Generating Capacity, in MW | MW | 671 | ||||||||||||
Maximum | NSP-Minnesota | FERC Proceeding, MISO ROE Complaint [Member] | |||||||||||||
Rate Matters [Abstract] | |||||||||||||
Public Utilities, Decrease In Transmission Revenue, Net Of Expense, Due To New ROE Methodology | $ 10,000 |
Commitments and Contingencies,
Commitments and Contingencies, Purchased Power Agreements (Details) - Independent Power Producing Entities - MW | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 1,069 | 1,069 |
Purchase Power Agreement Duration, Maximum | 2,028 | 2,028 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies, Guarantees and Indemnifications (Details) - Payment or Performance Guarantee - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | ||
Lease Guarantee Expiration (year) | 2,019 | 2,019 |
Guarantees issued and outstanding | $ 4.8 | $ 4.8 |
Commitments and Contingencies40
Commitments and Contingencies, Environmental Contingencies (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May. 31, 2015Parties | Dec. 31, 2014USD ($) | |
Regional Haze Rules | ||||
Environmental Requirements [Abstract] | ||||
Amount spent on installation of emission controls | $ 46.9 | |||
Reasonably Attributable Visibility Impairment | ||||
Environmental Requirements [Abstract] | ||||
Number of environmental advocacy organizations who filed a settlement agreement | Parties | 6 | |||
Implementation of the National Ambient Air Quality Standard for Sulfur Dioxide | ||||
Environmental Requirements [Abstract] | ||||
Number of phases under a consent decree which the EPA is requiring states to evaluate areas for attainment | 3 | |||
Number of months in which the state would have to submit an implementation plan for the respective nonattainment areas | 18 months | |||
Number of years for the state to achieve the designated attainment standard | 5 years | |||
Fargo MGP Site | ||||
Environmental Requirements [Abstract] | ||||
Accrual for Environmental Loss Contingencies, Gross | $ 2.2 | $ 2.7 |
Borrowings and Other Financin41
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 73,000,000 | $ 223,000,000 |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 250,000,000 | 250,000,000 |
Amount outstanding at period end | 93,000,000 | 0 |
Average amount outstanding | 39,000,000 | 5,000,000 |
Maximum amount outstanding | $ 225,000,000 | $ 69,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 0.71% | 0.53% |
Weighted average interest rate at period end (percentage) | 0.71% | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | $ 500,000,000 | $ 500,000,000 |
Amount outstanding at period end | 73,000,000 | 223,000,000 |
Average amount outstanding | 224,000,000 | 96,000,000 |
Maximum amount outstanding | $ 353,000,000 | $ 327,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 0.66% | 0.43% |
Weighted average interest rate at period end (percentage) | 0.55% | 0.72% |
Borrowings and Other Financin42
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Short-term debt | $ 73,000 | $ 223,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Short-term debt | $ 18,000 | $ 18,000 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financin43
Borrowings and Other Financing Instruments, Credit Facility (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Line of Credit Facility [Line Items] | |||
Short-term debt | $ 73,000,000 | $ 223,000,000 | |
Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 31, 2019 | ||
Credit Facility | [1] | $ 500,000,000 | |
Drawn | [2] | 91,000,000 | |
Available | 409,000,000 | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
[1] | This credit facility expires in October 2019. | ||
[2] | Includes outstanding commercial paper and letters of credit. |
Fair Value of Financial Asset44
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum | Commingled 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 day |
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 days |
Maximum | Commingled 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 days |
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 days |
Fair Value of Financial Asset45
Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Nuclear Decommissioning Fund (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | |||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Gross Unrealized Gain | $ 322,700 | $ 328,800 | ||
Available-for-sale Securities, Gross Unrealized Loss | 100,300 | 100,200 | ||
Investments [Abstract] | ||||
Miscellaneous investments | 36,100 | 34,100 | ||
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 | 11,899 | 27,484 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 1,511,394 | 1,495,599 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 390,345 | 392,838 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 264,340 | 259,114 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 108,882 | 105,965 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 73,577 | 61,816 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 24,320 | 24,444 | ||
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 | 76,952 | 73,061 | ||
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 | 18,117 | 13,726 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 47,088 | 49,255 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 2,841 | 2,837 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 11,065 | 11,444 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 481,968 | 473,615 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 11,899 | 27,484 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 1,733,850 | [1] | 1,724,150 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 395,709 | 410,634 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 242,312 | 231,122 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 158,915 | 157,528 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 100,576 | 84,750 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 23,213 | 21,356 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 70,723 | 65,276 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 17,343 | 12,801 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 49,902 | 51,589 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 2,836 | 2,830 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 11,407 | 11,621 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 649,015 | 647,159 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 11,899 | 27,484 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 660,914 | 674,643 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | 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 Total | 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 Total | 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 Total | 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 Total | 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 Total | 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 Total | 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 Total | 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 Total | Level 1 | Asset-backed 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 Total | Level 1 | Mortgage-backed 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 Total | Level 1 | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 649,015 | 647,159 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | 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 | 175,424 | 165,473 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 2 | 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 Total | Level 2 | 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 Total | 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 Total | 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 Total | Level 2 | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 23,213 | 21,356 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 2 | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 70,723 | 65,276 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 2 | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 17,343 | 12,801 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 2 | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 49,902 | 51,589 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 2 | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 2,836 | 2,830 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Level 2 | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 11,407 | 11,621 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | 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 Total | 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 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | 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 Total | 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 Total | Level 3 | 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 Total | Level 3 | 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 Total | 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 Total | 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 Total | 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 Total | 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 Total | Level 3 | Asset-backed 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 Total | Level 3 | Mortgage-backed 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 Total | Level 3 | 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 Total | Fair Value, Measurements, Net Asset Value (NAV) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | [3] | 0 | [4] |
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 897,512 | [3] | 884,034 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 395,709 | [3] | 410,634 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 242,312 | [3] | 231,122 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 158,915 | [3] | 157,528 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 100,576 | [3] | 84,750 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | [3] | 0 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | [3] | 0 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | [3] | 0 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | [3] | 0 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | [3] | 0 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | [3] | 0 | [4] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value Total | Fair Value, Measurements, Net Asset Value (NAV) | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | $ 0 | [3] | $ 0 | [4] |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $36.1 million of miscellaneous investments. | |||
[2] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $34.1 million of miscellaneous investments. | |||
[3] | Based on the requirements of ASU 2015-07, investments measured at fair value using a NAV methodology have not been classified in the fair value hierarchy. See Note 2 for further information on the adoption of ASU 2015-07. | |||
[4] | Based on the requirements of ASU 2015-07, investments measured at fair value using a NAV methodology have not been classified in the fair value hierarchy. See Note 2 for further information on the adoption of ASU 2015-07. |
Fair Value of Financial Asset46
Fair Value of Financial Assets and Liabilities, Final Contractual Maturity Dates of Debt Securities in Nuclear Decommissioning Fund (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | $ 151 |
Due in 1 to 5 Years | 21,970 |
Due in 5 to 10 Years | 89,910 |
Due after 10 Years | 63,393 |
Total | 175,424 |
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 | 3,144 |
Due after 10 Years | 20,069 |
Total | 23,213 |
U.S. corporate bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 18,909 |
Due in 5 to 10 Years | 56,102 |
Due after 10 Years | (4,288) |
Total | 70,723 |
International corporate bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 2,795 |
Due in 5 to 10 Years | 11,505 |
Due after 10 Years | 3,043 |
Total | 17,343 |
Municipal bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 151 |
Due in 1 to 5 Years | 266 |
Due in 5 to 10 Years | 16,323 |
Due after 10 Years | 33,162 |
Total | 49,902 |
Asset-backed 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 | 2,836 |
Due after 10 Years | 0 |
Total | 2,836 |
Mortgage-backed 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 | 11,407 |
Total | $ 11,407 |
Fair Value of Financial Asset47
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) gal in Thousands, MWh in Thousands, MMBTU in Thousands, $ in Millions | Mar. 31, 2016USD ($)MMBTUgalMWhCounterparty | Dec. 31, 2015MMBTUgalMWh | |
Commodity Derivatives [Abstract] | |||
Amount of accumulated other comprehensive gains (losses) related to commodity derivatives expected to be reclassified into earnings within the next twelve months | $ | $ (0.1) | ||
Credit Concentration Risk | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | ||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 8 | ||
Credit Concentration Risk | Credit Quality Less Than Investment Grade [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 2 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ | $ 8.9 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 13.00% | ||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ | $ 0.8 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 1.00% | ||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 7 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ | $ 23.9 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 34.00% | ||
Interest Rate Swap | |||
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 (in megawatt hours) | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional amount | MWh | [1],[2] | 23,336 | 43,611 |
Natural Gas Commodity (in million British thermal units) | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 9,523 | 7,971 |
Vehicle Fuel Commodity (in gallons) | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional amount | gal | [1],[2] | 58 | 77 |
[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 Asset48
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
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 | |
Designated as Hedging Instrument | Cash Flow Hedges | |||
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 | (2,000) | (10,000) | |
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 | 377,000 | 351,000 | |
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 | |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | |||
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 | [1] | 346,000 | 337,000 |
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 | |
Designated as Hedging Instrument | Cash Flow Hedges | Vehicle Fuel And Other Commodity | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (2,000) | (10,000) | |
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 | [2] | 31,000 | 14,000 |
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 | |
Other Derivative Instruments | |||
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 | (2,189,000) | (8,744,000) | |
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) | 14,172,000 | (7,944,000) | |
Pre-tax gains (losses) recognized during the period in income | (603,000) | 6,699,000 | |
Other Derivative Instruments | Commodity Trading | |||
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 | [3] | 992,000 | 3,691,000 |
Other Derivative Instruments | Electric Commodity | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (1,558,000) | (8,706,000) | |
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) | [4] | 10,712,000 | (5,193,000) |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | |
Other Derivative Instruments | Natural Gas Commodity | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (631,000) | (38,000) | |
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) | [5] | 3,460,000 | (2,751,000) |
Pre-tax gains (losses) recognized during the period in income | [5] | $ (1,595,000) | $ 3,008,000 |
[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 Asset49
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Collateral posted on derivative instruments | $ 0 | $ 0 |
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 Asset50
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 4,300 | $ 4,300 | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |||
Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 12,638 | 18,941 | |||
Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 28,038 | 22,334 | |||
Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 18,239 | 17,211 | |||
Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 129,383 | 128,213 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 12,160 | 18,461 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 7,454 | 6,065 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 4,706 | 12,274 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 122 | ||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 26,555 | 20,844 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 26,555 | 20,844 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 84 | 113 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 4,126 | 3,102 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 4,042 | 1,633 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,356 | ||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 14,718 | 10,085 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 14,718 | 10,085 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 162 | 88 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 162 | 88 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 250 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 250 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 176 | 118 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 176 | 118 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 215 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 215 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 14,775 | 10,397 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 14,775 | 10,269 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 128 | ||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 35,198 | 27,399 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 35,198 | 27,399 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 84 | 113 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 12,580 | 9,016 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 12,496 | 7,541 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,362 | ||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 27,000 | 19,865 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 27,000 | 19,865 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 5,214 | 13,691 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 453 | 1,250 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 4,761 | 12,441 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | |||||
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 | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 90 | 721 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 35 | 554 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 55 | 167 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | Other Derivative Instruments | |||||
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 | Other Derivative Instruments | 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 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 20,151 | 24,176 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 15,390 | 11,607 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 4,761 | 12,441 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 128 | ||||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 35,448 | 27,399 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 35,448 | 27,399 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 84 | 113 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 12,846 | 9,855 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 12,707 | 8,213 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 55 | 167 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,362 | ||||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 27,215 | 19,865 | |||
Fair Value Measured on a Recurring Basis | Fair Value Total | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 27,215 | 19,865 | |||
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | (7,991) | [1] | (5,715) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | (7,936) | [1] | (5,542) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | (55) | [1] | (167) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | [2] | (6) | |||
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | (8,893) | [1] | (6,555) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | (8,893) | [1] | (6,555) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 0 | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (8,720) | [1] | (6,753) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (8,665) | [1] | (6,580) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (55) | [1] | (167) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | [2] | (6) | |||
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Liabilities | Other Derivative Instruments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (12,497) | [1] | (9,780) | [2] | |
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (12,497) | [1] | (9,780) | [2] | |
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 478 | [3] | 480 | [4] | |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,483 | [3] | 1,490 | [4] | |
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 14,113 | [3] | 14,109 | [4] | |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | $ 114,665 | [3] | $ 118,128 | [4] | |
[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, 2016. At March 31, 2016, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $4.3 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, 2015. At Dec. 31, 2015, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $4.3 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||
[3] | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||
[4] | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Financial Asset51
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at beginning of period | $ 12,970,000 | $ 40,271,000 | |
Purchases | 0 | 864,000 | |
Settlements | (5,038,000) | (11,552,000) | |
(Losses) gains recognized in earnings | [1] | (24,000) | 60,000 |
(Losses) recognized as regulatory assets and liabilities | (2,784,000) | (18,671,000) | |
Balance at end of period | 5,124,000 | 10,972,000 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | $ 0 | $ 0 | |
[1] | These amounts relate to commodity derivatives held at the end of the period. |
Fair Value of Financial Asset52
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Carrying Amount | |||
Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Long-term debt, including current portion (a) | [1] | $ 4,497,443 | $ 4,496,421 |
Fair Value Total | |||
Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Long-term debt, including current portion (a) | [1] | $ 5,149,155 | $ 4,917,080 |
[1] | Amounts reflect the classification of debt issuance costs as a deduction from the carrying amount of the related debt. See Note 2, Accounting Pronouncements for more information on the adoption of ASU 2015-03. |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Interest Income | $ 3,336 | $ 3,332 |
Other nonoperating income | 164 | 33 |
Insurance policy expense | (640) | (1,403) |
Other income, net | $ 2,860 | $ 1,962 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 1,234,633 | $ 1,292,482 | ||
Net income (loss) | 94,629 | 6,924 | [1] | |
Affiliate electric revenue | 124,896 | 124,875 | ||
Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,033,788 | 1,006,287 | ||
Net income (loss) | 71,321 | (29,599) | [1] | |
Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 194,292 | 279,877 | ||
Net income (loss) | 23,142 | 40,272 | ||
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 6,860 | 6,861 | ||
Net income (loss) | 166 | (3,749) | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | [2],[3] | 1,234,633 | 1,292,482 | |
Operating Segments | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | [2] | 1,033,643 | 1,006,154 | |
Operating Segments | Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | [3] | 194,130 | 279,467 | |
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 6,860 | 6,861 | ||
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (307) | (543) | ||
Net income (loss) | 0 | 0 | ||
Intersegment Eliminations | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 145 | 133 | ||
Intersegment Eliminations | Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 162 | 410 | ||
Intersegment Eliminations | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 0 | $ 0 | ||
[1] | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. | |||
[2] | Operating revenues include $125 million of affiliate electric revenue for the three months ended March 31, 2016 and 2015. | |||
[3] | Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2016 and 2015. |
Benefit Plans and Other Postr55
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2016USD ($)Plan | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Pension Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 7,077 | $ 7,889 | |
Interest cost | 11,358 | 10,804 | |
Expected return on plan assets | (15,236) | (15,708) | |
Amortization of prior service cost (credit) | 234 | 234 | |
Amortization of net loss | 9,194 | 11,548 | |
Net periodic benefit cost | 12,627 | 14,767 | |
Costs not recognized due to the effects of regulation | (5,296) | (7,843) | |
Net benefit cost (credit) recognized for financial reporting | 7,331 | 6,924 | |
Total contributions to the pension plans during the period | $ 49,400 | ||
Postretirement Health Care Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 31 | 40 | |
Interest cost | 981 | 954 | |
Expected return on plan assets | (43) | (30) | |
Amortization of prior service cost (credit) | (759) | (759) | |
Amortization of net loss | 401 | 523 | |
Net periodic benefit cost | 611 | 728 | |
Costs not recognized due to the effects of regulation | 0 | 0 | |
Net benefit cost (credit) recognized for financial reporting | $ 611 | $ 728 | |
Xcel Energy Inc. | Pension Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Total contributions to the pension plans during the period | $ 125,000 | ||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | $ (21,081) | $ (20,814) |
Other comprehensive income (loss) before reclassifications | (1) | (5) |
(Gains) losses reclassified from net accumulated other comprehensive loss | 242 | 202 |
Net current period other comprehensive income (loss) | 241 | 197 |
Accumulated other comprehensive income (loss) at end of period | (20,840) | (20,617) |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Operating and maintenance expenses | 320,496 | 314,050 |
Total, pre-tax | (141,097) | (9,894) |
Tax benefit | 46,468 | 2,970 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total, net of tax | 242 | 202 |
Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | (19,090) | (19,909) |
Other comprehensive income (loss) before reclassifications | (1) | (6) |
(Gains) losses reclassified from net accumulated other comprehensive loss | 223 | 208 |
Net current period other comprehensive income (loss) | 222 | 202 |
Accumulated other comprehensive income (loss) at end of period | (18,868) | (19,707) |
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total, pre-tax | 377 | 351 |
Tax benefit | (154) | (143) |
Total, net of tax | 223 | 208 |
Gains and Losses on Cash Flow Hedges | Interest Rate Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest charges | 346 | 337 |
Gains and Losses on Cash Flow Hedges | Vehicle Fuel Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Operating and maintenance expenses | 31 | 14 |
Unrealized Gains and Losses on Marketable Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | 105 | 105 |
Other comprehensive income (loss) before reclassifications | 0 | 1 |
(Gains) losses reclassified from net accumulated other comprehensive loss | 0 | 0 |
Net current period other comprehensive income (loss) | 0 | 1 |
Accumulated other comprehensive income (loss) at end of period | 105 | 106 |
Defined Benefit Pension and Postretirement Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | (2,096) | (1,010) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
(Gains) losses reclassified from net accumulated other comprehensive loss | 19 | (6) |
Net current period other comprehensive income (loss) | 19 | (6) |
Accumulated other comprehensive income (loss) at end of period | (2,077) | (1,016) |
Defined Benefit Pension and Postretirement Items | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of net loss | 83 | 39 |
Prior service credit | (49) | (49) |
Total, pre-tax | 34 | (10) |
Tax benefit | (15) | 4 |
Total, net of tax | $ 19 | $ (6) |