Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NORTHERN STATES POWER CO | |
Entity Central Index Key | 0001123852 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 1,000,000 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2017 | $ 5,475.6 | $ 0 | $ 3,580.2 | $ 1,919.9 | $ (24.5) |
Balance (in shares) at Dec. 31, 2017 | 1,000,000 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 111.7 | 111.7 | |||
Other comprehensive income | 0.1 | 0.1 | |||
Dividends declared on common stock | (84.6) | (84.6) | |||
Adjustments to Additional Paid in Capital, Other | 20 | 20 | |||
Ending balance at Mar. 31, 2018 | 5,522.8 | $ 0 | 3,600.2 | 1,947 | (24.4) |
Balance (in shares) at Mar. 31, 2018 | 1,000,000 | ||||
Beginning balance at Dec. 31, 2018 | $ 5,573.1 | $ 0 | 3,624.2 | 1,972 | (23.1) |
Balance (in shares) at Dec. 31, 2018 | 1,000,000 | 1,000,000 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | $ 113.2 | 113.2 | |||
Other comprehensive income | 0.2 | 0.2 | |||
Dividends declared on common stock | (94.6) | (94.6) | |||
Adjustments to Additional Paid in Capital, Other | 170 | 170 | |||
Ending balance at Mar. 31, 2019 | $ 5,761.9 | $ 0 | $ 3,794.2 | $ 1,990.6 | $ (22.9) |
Balance (in shares) at Mar. 31, 2019 | 1,000,000 | 1,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating revenues | ||
Total operating revenues | $ 1,350.5 | $ 1,310.8 |
Operating expenses | ||
Cost of sales — other | 5.2 | 4.2 |
Operating and maintenance expenses | 311.9 | 292.3 |
Conservation program expenses | 32.5 | 30.8 |
Depreciation and amortization | 197.7 | 181.5 |
Taxes (other than income taxes) | 69.6 | 67.5 |
Total operating expenses | 1,183.2 | 1,139.4 |
Operating income | 167.3 | 171.4 |
Interest charges and financing costs | ||
Interest charges — includes other financing costs of $1.8 and $1.8, respectively | 57.2 | 57.3 |
Allowance for funds used during construction — debt | (2.5) | (3.4) |
Total interest charges and financing costs | 54.7 | 53.9 |
Other income, net | 1.5 | 0.2 |
Allowance for funds used during construction — equity | 5.1 | 6.7 |
Income before income taxes | 119.2 | 124.4 |
Income taxes | 6 | 12.7 |
Net income | 113.2 | 111.7 |
Electric | ||
Operating expenses | ||
Electric fuel and purchased power | 391.9 | 407.8 |
Natural gas | ||
Operating revenues | ||
Total operating revenues | 264 | 241.4 |
Operating expenses | ||
Electric fuel and purchased power | 174.4 | 155.3 |
Other | ||
Operating revenues | ||
Total operating revenues | 7.8 | 7.1 |
Related Party Transaction, Electric Domestic Regulated Revenue [Member] | ||
Operating revenues | ||
Related Party Transaction, Electric Domestic Regulated Revenue | 120.1 | 117 |
Non-Related Party Transaction, Electric Domestic Regulated Revenue [Member] | Electric | ||
Operating revenues | ||
Total operating revenues | $ 958.6 | $ 945.3 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest charges and financing costs | ||
Other financing costs | $ 1,800 | $ 1,800 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Comprehensive income: | ||
Net income | $ 113.2 | $ 111.7 |
Derivative instruments: | ||
Reclassification of losses to net income, net of tax of $0.1 and $0, respectively | 0.2 | 0.2 |
Total derivative instruments, net of tax | 0.2 | 0.2 |
Marketable securities: | ||
Reclassification of gains to net income, net of tax of $0 and $(0.1), respectively | 0 | (0.1) |
Other comprehensive income | 0.2 | 0.1 |
Comprehensive income | $ 113.4 | $ 111.8 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension and retiree medical benefits: | ||
Amortization of losses included in net periodic benefit cost, tax | $ 0 | $ 0 |
Derivative instruments: | ||
Net fair value (decrease) increase, tax | 0 | 0 |
Reclassification of losses to net income, tax | 0.1 | 0.1 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax [Abstract] | ||
Reclassification of gains to net income, tax | $ 0 | $ (0.1) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | $ 113.2 | $ 111.7 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 199 | 183 |
Nuclear fuel amortization | 30.5 | 30.8 |
Deferred income taxes | (14.6) | 9.5 |
Amortization of Investment Tax Credits | (0.3) | (0.4) |
Allowance for equity funds used during construction | (5.1) | (6.7) |
Net realized and unrealized hedging and derivative transactions | 6.4 | (1) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (39) | (34.7) |
Accrued unbilled revenues | 49.2 | 76.1 |
Inventories | 52.8 | 45.3 |
Other current assets | (30.2) | 39.2 |
Accounts payable | (48.2) | (48) |
Net regulatory assets and liabilities | 54.7 | 74.1 |
Other current liabilities | 18 | 34.8 |
Pension and other employee benefit obligations | (46.6) | (60.8) |
Other, net | (9.1) | (18.8) |
Net cash provided by operating activities | 330.7 | 434.1 |
Investing activities | ||
Utility capital/construction expenditures | (197.3) | (207.4) |
Purchases of investment securities | (304.7) | (184.5) |
Proceeds from the sale of investment securities | 299.6 | 179.5 |
Investments in utility money pool arrangement | (38) | (159) |
Repayments from utility money pool arrangement | 0 | 111 |
Other, net | (0.3) | (2.6) |
Net cash used in investing activities | (240.7) | (263) |
Financing activities | ||
Repayments of short-term borrowings, net | (150) | (20) |
Borrowings under utility money pool arrangement | 31 | 69 |
Repayments under utility money pool arrangement | (31) | (154) |
Capital contributions from parent | 134.9 | 49.6 |
Dividends paid to parent | (82.8) | (98.7) |
Net cash used in financing activities | (97.9) | (154.1) |
Net change in cash and cash equivalents | (7.9) | 17 |
Cash and cash equivalents at beginning of period | 50 | 43.8 |
Cash and cash equivalents at end of period | 42.1 | 60.8 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (68.2) | (63.8) |
Cash (paid) received for income taxes, net | (22) | 48.2 |
Supplemental disclosure of non-cash investing and financing transactions: | ||
Accrued property, plant and equipment additions | 110.8 | 37.5 |
Inventory transfers to plant, property and equipment | 4.4 | 6 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 444.2 | 0 |
Allowance for equity funds used during construction | $ 5.1 | $ 6.7 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 42,100 | $ 50,000 |
Accounts receivable, net | 414,800 | 380,900 |
Accounts receivable from affiliates | 16,100 | 11,000 |
Investments Receivable in Utility Money Pool Arrangement | 38,000 | 0 |
Accrued unbilled revenues | 221,000 | 270,300 |
Inventories | 242,200 | 299,400 |
Regulatory assets | 285,500 | 280,300 |
Derivative instruments | 19,500 | 25,800 |
Prepaid Taxes | 19,100 | 0 |
Prepayments and other | 38,000 | 28,900 |
Total current assets | 1,336,300 | 1,346,600 |
Property, plant and equipment | 13,593,000 | 13,541,700 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 7,590,000 | 7,454,800 |
Other assets | ||
Nuclear decommissioning fund and other investments | 2,291,400 | 2,107,200 |
Regulatory assets | 1,294,300 | 1,454,100 |
Derivative instruments | 6,900 | 17,000 |
Operating Lease, Right-of-Use Asset | 431,700 | 0 |
Other | 8,600 | 3,300 |
Total other assets | 4,032,900 | 3,581,600 |
Total assets | 18,962,200 | 18,469,900 |
Current liabilities | ||
Short-term debt | 0 | 150,000 |
Accounts payable | 405,800 | 393,600 |
Accounts payable to affiliates | 49,800 | 109,700 |
Regulatory liabilities | 279,000 | 262,400 |
Taxes accrued | 307,100 | 230,100 |
Accrued interest | 51,800 | 67,200 |
Dividends payable to parent | 94,600 | 82,700 |
Derivative instruments | 14,100 | 16,500 |
Customer deposits | 44,300 | 53,700 |
Other | 204,600 | 154,800 |
Total current liabilities | 1,451,100 | 1,520,700 |
Deferred credits and other liabilities | ||
Deferred income taxes | 1,718,900 | 1,682,400 |
Deferred investment tax credits | 20,700 | 21,100 |
Regulatory liabilities | 1,969,500 | 1,984,700 |
Asset retirement obligations | 2,204,500 | 2,177,900 |
Derivative instruments | 105,800 | 112,200 |
Pension and employee benefit obligations | 258,800 | 305,100 |
Operating Lease, Liability, Noncurrent | 420,400 | 0 |
Other | 112,400 | 155,500 |
Total deferred credits and other liabilities | 6,811,000 | 6,438,900 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 4,938,200 | 4,937,200 |
Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at March 31, 2019 and Dec. 31, 2018, respectively | 0 | 0 |
Additional paid in capital | 3,794,200 | 3,624,200 |
Retained earnings | 1,990,600 | 1,972,000 |
Accumulated other comprehensive loss | (22,900) | (23,100) |
Total common stockholder’s equity | 5,761,900 | 5,573,100 |
Total liabilities and equity | $ 18,962,200 | $ 18,469,900 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 23,600 | $ 23,500 |
Capitalization | ||
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, 2019 | |
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, 2019 and Dec. 31, 2018 ; the results of its operations, including the components of net income and comprehensive income, and changes in stockholder’s equity for the three months ended March 31, 2019 and 2018 ; and its cash flows for the three months ended March 31, 2019 and 2018 . All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2019 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, 2018 balance sheet information has been derived from the audited 2018 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2018 . 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, 2018 , filed with the SEC on Feb. 22, 2019. 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, 2019 | |
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, 2018 , 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, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for credit losses on receivables and certain other assets. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses than under previous accounting standards. ASC Topic 326 is effective for interim and annual periods beginning on or after Dec. 15, 2019. NSP-Minnesota is currently evaluating the impact of adoption of the new standard on its consolidated financial statements. Recently Adopted Leases — In 2016, the FASB issued Leases , Topic 842 (ASC Topic 842) , which provides new accounting and disclosure guidance for leasing activities, most significantly requiring that operating leases be recognized on the balance sheet. NSP-Minnesota adopted the guidance on Jan. 1, 2019 utilizing the package of transition practical expedients provided by the new standard, including carrying forward prior conclusions on whether agreements existing before the adoption date contain leases and whether existing leases are operating or finance leases; ASC Topic 842 refers to capital leases as finance leases. Specifically for land easement contracts, NSP-Minnesota has elected the practical expedient provided by ASU No. 2018-01 Leases: Land Easement Practical Expedient for Transition to Topic 842 , and as a result, only those easement contracts entered on or after Jan. 1, 2019 will be evaluated to determine if lease treatment is appropriate. NSP-Minnesota also utilized the transition practical expedient offered by ASU No. 2018-11 Leases: Targeted Improvements to implement the standard on a prospective basis. As a result, reporting periods in the consolidated financial statements beginning Jan. 1, 2019 reflect the implementation of ASC Topic 842, while prior periods continue to be reported in accordance with Leases, Topic 840 (ASC Topic 840) . Other than first-time recognition of operating leases on its consolidated balance sheet, the implementation of ASC Topic 842 did not have a significant impact on NSP-Minnesota’s consolidated financial statements. Adoption resulted in recognition of approximately $0.5 billion of operating lease ROU assets and current/noncurrent operating lease liabilities. See Note 9 for leasing disclosures. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | Selected Balance Sheet Data (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Accounts receivable, net Accounts receivable $ 438.4 $ 404.4 Less allowance for bad debts (23.6 ) (23.5 ) $ 414.8 $ 380.9 (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 177.4 $ 176.3 Fuel 57.5 88.5 Natural gas 7.3 34.6 $ 242.2 $ 299.4 (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Property, plant and equipment Electric plant $ 17,821.5 $ 17,749.3 Natural gas plant 1,477.4 1,475.5 Common and other property 815.5 803.1 Construction work in progress 664.6 615.1 Total property, plant and equipment 20,779.0 20,643.0 Less accumulated depreciation (7,590.0 ) (7,454.8 ) Nuclear fuel 2,851.3 2,770.4 Less accumulated amortization (2,447.3 ) (2,416.9 ) 13,593.0 $ 13,541.7 |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Short-Term Borrowings NSP-Minnesota meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for NSP-Minnesota were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2019 Year Ended Dec. 31, 2018 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — 17 Maximum amount outstanding — 143 Weighted average interest rate, computed on a daily basis N/A 1.96 % Weighted average interest rate at period end N/A N/A Commercial Paper — Commercial paper outstanding for NSP-Minnesota was as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2019 Year Ended Dec. 31, 2018 Borrowing limit $ 500 $ 500 Amount outstanding at period end — 150 Average amount outstanding 121 38 Maximum amount outstanding 317 198 Weighted average interest rate, computed on a daily basis 2.72 % 2.08 % Weighted average interest rate at period end N/A 2.97 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, 2019 and Dec. 31, 2018 , there were $39 million and $37 million , respectively, of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, NSP-Minnesota must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. At March 31, 2019 , NSP-Minnesota had the following committed credit facility available (in millions of dollars): Credit Facility (a) Outstanding (b) Available $ 500 $ 39 $ 461 (a) This credit facility expires in June 2021 . (b) Includes outstanding letters of credit. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Minnesota had no direct advances on the credit facility outstanding at March 31, 2019 and Dec. 31, 2018 . Bilateral Credit Agreement — On March 28, 2019 NSP-Minnesota entered into a one year uncommitted bilateral credit agreement for up to $75 million . This facility is limited in use to support letters of credit, and is in addition to the $500 million facility shown in the table above. As of March 31, 2019 there were no outstanding letters of credit that this agreement was supporting. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Minnesota’s operating revenues consists of the following: Three Months Ended March 31, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 326.9 $ 149.6 $ 6.9 $ 483.4 Commercial and industrial 467.5 108.8 — 576.3 Other 8.3 — 0.9 9.2 Total retail 802.7 258.4 7.8 1,068.9 Wholesale 46.9 — — 46.9 Transmission 60.4 — — 60.4 Interchange 120.1 — — 120.1 Other 4.8 1.0 — 5.8 Total revenue from contracts with customers 1,034.9 259.4 7.8 1,302.1 Alternative revenue and other 43.8 4.6 — 48.4 Total revenues $ 1,078.7 $ 264.0 $ 7.8 $ 1,350.5 Three Months Ended March 31, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 311.1 $ 131.7 $ 6.3 $ 449.1 Commercial and industrial 468.0 96.9 0.1 565.0 Other 9.8 — 0.7 10.5 Total retail 788.9 228.6 7.1 1,024.6 Wholesale 46.4 — — 46.4 Transmission 54.8 — — 54.8 Interchange 117.0 — — 117.0 Other 11.5 2.2 — 13.7 Total revenue from contracts with customers 1,018.6 230.8 7.1 1,256.5 Alternative revenue and other 43.7 10.6 — 54.3 Total revenues $ 1,062.3 $ 241.4 $ 7.1 $ 1,310.8 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Except to the extent noted below, Note 7 to the consolidated financial statements included in NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2018 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences: Three Months Ended March 31 2019 2018 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 7.1 7.1 Increases (decreases) in tax from: Wind PTCs (14.4 ) (17.0 ) Regulatory differences (a) (8.2 ) (0.1 ) Other tax credits and allowances (net) (1.3 ) (1.5 ) Other (net) 0.8 0.7 Effective income tax rate 5.0 % 10.2 % (a) Regulatory differences for income tax purposes primarily include the average rate assumption method (ARAM), ARAM deferral and AFUDC - Equity. ARAM is a method to flow back excess deferred taxes to customers. ARAM has been deferred when regulatory treatment has not been established. As Xcel Energy received direction from its regulatory commissions regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. Federal Audits — NSP-Minnesota is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2013 October 2019 2014 - 2016 September 2020 2017 September 2021 In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013 . In the third quarter of 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. Xcel Energy filed a protest with the IRS. As of March 31, 2019, the case has been forwarded to the Office of Appeals and Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown. In the fourth quarter of 2018, the IRS began an audit of tax years 2014 - 2016 . As of March 31, 2019 no adjustments have been proposed. State Audits — NSP-Minnesota is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of March 31, 2019, 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 Benefits — Unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority to an earlier period. Unrecognized tax benefits - permanent vs temporary: (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Unrecognized tax benefit — Permanent tax positions $ 12.2 $ 11.6 Unrecognized tax benefit — Temporary tax positions 5.2 5.3 Total unrecognized tax benefit $ 17.4 $ 16.9 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) March 31, 2019 Dec. 31, 2018 NOL and tax credit carryforwards $ (14.0 ) $ (12.7 ) Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $8.7 million and $7.3 million at March 31, 2019 and Dec. 31, 2018, respectively. As the IRS Appeals and federal audit progress and state audits resume, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $13.7 million in the next 12 months. Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. Interest payable related to unrecognized tax benefits: (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Payable for interest related to unrecognized tax benefits at beginning of period $ (1.2 ) $ (0.9 ) Interest expense related to unrecognized tax benefits (0.1 ) (0.3 ) Payable for interest related to unrecognized tax benefits at end of period $ (1.3 ) $ (1.2 ) No amounts were accrued for penalties related to unrecognized tax benefits as of March 31, 2019 or Dec. 31, 2018. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
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 disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAV. Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled fund 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 commingled funds investments may be redeemed with proper notice, however, withdrawals 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 generally utilize observable forward prices and volatilities, as well as observable pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contractual settlements relate to delivery locations for which pricing is relatively unobservable, or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable inputs 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 FTRs. FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of important inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are 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 pertinent to the value of FTRs are insignificant to the consolidated financial statements of NSP-Minnesota. Non-Derivative Fair Value Measurements The Nuclear Regulatory Commission requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. 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 over the lives of the nuclear plants, assuming rate recovery of all costs. 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 are deferred as a component of the regulatory asset. Unrealized gains for the nuclear decommissioning fund were $553.4 million and $450.1 million as of March 31, 2019 and Dec. 31, 2018 , respectively, and unrealized losses were $15.3 million and $44.8 million as of March 31, 2019 and Dec. 31, 2018 , respectively. Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: March 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 35.7 $ 35.7 $ — $ — $ — $ 35.7 Commingled funds 774.5 — — — 937.4 937.4 Debt securities 483.5 — 463.7 15.8 — 479.5 Equity securities 406.8 786.0 — — — 786.0 Total $ 1,700.5 $ 821.7 $ 463.7 $ 15.8 $ 937.4 $ 2,238.6 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $52.8 million of rabbi trust assets and miscellaneous investments. Dec 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 (b) NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 24.3 $ 24.3 $ — $ — $ — $ 24.3 Commingled funds 758.1 79.2 — — 819.1 898.3 Debt securities 465.6 — 435.6 — — 435.6 Equity securities 401.4 696.5 — — — 696.5 Total $ 1,649.4 $ 800.0 $ 435.6 $ — $ 819.1 $ 2,054.7 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $52.5 million of rabbi trust assets and miscellaneous investments. (b) For the year ended Dec. 31, 2018, there were no Level 3 nuclear decommissioning fund investments. For the three months ended March 31, 2019 and 2018 there was no transfer of amounts between levels. Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2019 : Final Contractual Maturity (Millions 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 Debt securities $ 1.3 $ 110.7 $ 246.8 $ 120.7 $ 479.5 Rabbi Trusts NSP-Minnesota has established a rabbi trust to provide partial funding for future deferred compensation plan distributions. Cost and fair value of assets held in rabbi trusts: March 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 0.4 $ 0.4 $ — $ — $ 0.4 Mutual funds 10.8 11.7 — — 11.7 Total $ 11.2 $ 12.1 $ — $ — $ 12.1 Dec. 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 0.4 $ 0.4 $ — $ — $ 0.4 Mutual funds 10.8 10.7 — — 10.7 Total $ 11.2 $ 11.1 $ — $ — $ 11.1 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. 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, 2019 , 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. Wholesale and Commodity Trading Risk — NSP-Minnesota conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. NSP-Minnesota is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in 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. NSP-Minnesota may enter into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, but may not be 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. At March 31, 2019 , NSP-Minnesota had no commodity contracts designated as cash flow hedges, and there were no net gains related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses or related amounts expected to be reclassified into earnings during the next 12 months. NSP-Minnesota also 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. Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) March 31, 2019 Dec. 31, 2018 MWh of electricity 50.6 56.8 MMBTU of natural gas 35.7 42.7 (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. Consideration of Credit Risk and Concentrations — NSP-Minnesota continuously monitors the creditworthiness of 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. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. 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 activities. As of March 31, 2019, seven of NSP-Minnesota’s 10 most significant counterparties for these activities, comprising $38.6 million or 49% of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Three of the 10 most significant counterparties, comprising $16.1 million or 20% of this credit exposure, were not rated by these external agencies, but based on NSP-Minnesota’s internal analysis, had credit quality consistent with investment grade. Seven of these significant counterparties are municipal or cooperative electric entities, or other utilities. Impact of derivative activity: Pre-Tax Fair Value (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended March 31, 2019 Other derivative instruments Electric commodity $ — $ 5.3 Natural gas commodity — 0.9 Total $ — $ 6.2 Three Months Ended March 31, 2018 Other derivative instruments Electric commodity $ — $ (4.3 ) Natural gas commodity — 0.9 Total $ — $ (3.4 ) Pre-Tax (Gains) Losses Pre-Tax Gains (Losses) (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Three Months Ended March 31, 2019 Derivatives designated as cash flow hedges Interest rate $ 0.3 (a) $ — $ — Total $ 0.3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 0.5 (b) Electric commodity — 0.7 (c) — Natural gas commodity — 0.2 (d) (1.3 ) (d) Total $ — $ 0.9 $ (0.8 ) Three Months Ended March 31, 2018 Derivatives designated as cash flow hedges Interest rate $ 0.2 (a) $ — $ — Total $ 0.2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 2.7 (b) Electric commodity — 2.2 (c) — Natural gas commodity — (0.5 ) (d) (0.4 ) (d) Total $ — $ 1.7 $ 2.3 (a) Amounts are recorded to interest charges. (b) 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. (c) 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. (d) 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, 2019 and 2018 . Credit Related Contingent Features — Contract provisions for derivative instruments that NSP-Minnesota enters into, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if NSP-Minnesota’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies, or for cross-default contractual provisions if there was a failure under other financing arrangements related to payment terms or other covenants. At March 31, 2019 and Dec. 31, 2018, less than $1.0 million of derivative instruments were in a liability position with such underlying contract provisions. 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 less than $1.0 million of collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2019 and Dec. 31, 2018 . Recurring Fair Value Measurements — NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis: March 31, 2019 Dec. 31, 2018 Fair Value Fair Value Netting (a) Fair Value Fair Value Netting (a) (Millions of Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 0.2 $ 23.2 $ 13.0 $ 36.4 $ (22.1 ) $ 14.3 $ 1.1 $ 27.1 $ 2.2 $ 30.4 $ (16.0 ) $ 14.4 Electric commodity — — 5.2 5.2 — 5.2 — — 10.5 10.5 (0.1 ) 10.4 Natural gas commodity — — — — — — — 1.0 — 1.0 — 1.0 Total current derivative assets $ 0.2 $ 23.2 $ 18.2 $ 41.6 $ (22.1 ) 19.5 $ 1.1 $ 28.1 $ 12.7 $ 41.9 $ (16.1 ) 25.8 PPAs (b) — — Current derivative instruments $ 19.5 $ 25.8 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 0.1 $ 32.3 $ — $ 32.4 $ (25.5 ) $ 6.9 $ — $ 25.3 $ 5.0 $ 30.3 $ (13.4 ) $ 16.9 Total noncurrent derivative assets $ 0.1 $ 32.3 $ — $ 32.4 $ (25.5 ) 6.9 $ — $ 25.3 $ 5.0 $ 30.3 $ (13.4 ) 16.9 PPAs (b) — 0.1 Noncurrent derivative instruments $ 6.9 $ 17.0 March 31, 2019 Dec. 31, 2018 Fair Value Fair Value Netting (a) Fair Value Fair Value Netting (a) (Millions of Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Current derivative liabilities Other derivative instruments: Commodity trading $ — $ 14.2 $ 16.3 $ 30.5 $ (30.3 ) $ 0.2 $ 1.4 $ 23.9 $ 1.7 $ 27.0 $ (24.5 ) $ 2.5 Electric commodity — — — — — — — — 0.1 0.1 (0.1 ) — Total current derivative liabilities $ — $ 14.2 $ 16.3 $ 30.5 $ (30.3 ) 0.2 $ 1.4 $ 23.9 $ 1.8 $ 27.1 $ (24.6 ) 2.5 PPAs (b) 13.9 14.0 Current derivative instruments $ 14.1 $ 16.5 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 1.0 $ 14.2 $ 12.0 $ 27.2 $ 6.0 $ 33.2 $ 0.1 $ 16.0 $ 1.6 $ 17.7 $ 17.9 $ 35.6 Total noncurrent derivative liabilities $ 1.0 $ 14.2 $ 12.0 $ 27.2 $ 6.0 33.2 $ 0.1 $ 16.0 $ 1.6 $ 17.7 $ 17.9 35.6 PPAs (b) 72.6 76.6 Noncurrent derivative instruments $ 105.8 $ 112.2 (a) 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, 2019 and Dec. 31, 2018. At both March 31, 2019 and Dec. 31, 2018, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At March 31, 2019 and Dec. 31, 2018, derivative assets and liabilities include the rights to reclaim cash collateral of $8.1 million and $8.7 million , respectively. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, Xcel Energy 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. Changes in Level 3 commodity derivatives for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31 (Millions of Dollars) 2019 2018 Balance at Jan. 1 $ 14.2 $ 22.7 Settlements (3.4 ) (1.9 ) Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (18.5 ) 2.2 Net losses recognized as regulatory assets and liabilities (2.4 ) (9.5 ) Balance at March 30 $ (10.1 ) $ 13.5 (a) These amounts relate to commodity derivatives held at the end of the period. NSP-Minnesota recognizes transfers between fair value hierarchy 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, 2019 and 2018 . Fair Value of Long-Term Debt Other financial instruments for which the carrying amount did not equal fair value: March 31, 2019 Dec. 31, 2018 (Millions of Dollars) Carrying Amount Fair Value Carrying Fair Value Long-term debt, including current portion $ 4,938.2 $ 5,400.3 $ 4,937.2 $ 5,230.9 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. Fair value estimates are based on information available to management as of March 31, 2019 and Dec. 31, 2018 , and given the observability of the inputs, the fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost Three Months Ended March 31 2019 2018 2019 2018 (Millions of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 6.4 $ 6.9 $ — $ 0.1 Interest cost (a) 9.3 8.8 0.8 0.8 Expected return on plan assets (a) (13.6 ) (14.5 ) — (0.1 ) Amortization of prior service (credit) cost (a) — — (0.8 ) (0.8 ) Amortization of net loss (a) 7.5 9.6 0.4 0.6 Net periodic benefit cost 9.6 10.8 0.4 0.6 Costs not recognized due to the effects of regulation (1.2 ) (2.7 ) — — Net benefit cost recognized for financial reporting $ 8.4 $ 8.1 $ 0.4 $ 0.6 (a) The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. In January 2019, contributions of $150 million were made across four of Xcel Energy’s pension plans, of which $47 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2019. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Loss Contingency Disclosure [Text Block] | Environmental MGP, Landfill or Disposal Sites — NSP-Minnesota is currently investigating or remediating six MGP, landfill or other disposal sites across its service territories, and these activities will continue through at least 2020. NSP-Minnesota accrued $6.7 million and $6.2 million as of March 31, 2019 and Dec. 31, 2018 , respectively, for these sites. There may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of the costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — NSP-Minnesota’s operations are subject to federal and state laws that impose requirements for handling, storage, treatment and disposal of solid waste. In 2015, the United States Environmental Protection Agency published the CCR Rule. Litigation was brought challenging the rule in the D.C. Circuit. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. By the end of 2019, only three of NSP-Minnesota’s regulated ash units are expected to be in operation. NSP-Minnesota is conducting additional groundwater sampling, initiating the assessment of corrective measures as required by the CCR Rule, and will evaluate whether corrective action is required at any CCR landfills or surface impoundments. Until NSP-Minnesota completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. |
Legal Matters and Contingencies | Legal 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 complex judgments about future events. Management maintains accruals for 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 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. |
Commitments and Contingencies | 9. Commitments and Contingencies Rate Matters Sherco — In NSP-Minnesota’s 2013 fuel reconciliation filing, the MPUC made recovery of replacement power costs associated with the 2011 incident at its Sherco Unit 3 plant provisional and subject to further review following conclusion of litigation commenced by NSP-Minnesota, SMMPA (Co-owner of Sherco Unit 3) and insurance companies against GE. In 2018, NSP-Minnesota and SMMPA reached a settlement with GE. NSP-Minnesota has notified the MPUC of its proposal to refund the GE settlement proceeds back to customers through the fuel clause adjustment. The insurance providers continued their litigation against GE and the case went to trial. In 2018, GE prevailed in the lawsuit with the insurance companies, however, the jury found comparable fault, finding that GE was 52% and NSP-Minnesota was 48% at fault. At that point in the litigation, NSP-Minnesota was no longer involved in the case and was not present to make arguments about its role in the event. The specific issue leading to the fault apportionment was also not before the jury and not relevant to the outcome of the trial. In January 2019, the DOC recommended that NSP-Minnesota refund $20 million of previously recovered purchased power costs to its customers, based on the jury’s apportionment of fault. The OAG recommended the MPUC withhold any decision until the underlying litigation by the insurance providers (currently under appeal) is concluded. The DOC subsequently filed comments agreeing with the OAG’s recommendation to withhold a decision pending the outcome of any appeals. NSP-Minnesota filed reply comments arguing that the DOC recommendations are without merit and that it acted prudently in operating the plant and its settlement with GE was reasonable. In March 2019, MPUC approved NSP-Minnesota’s proposal to refund the GE settlement proceeds back to customers through the FCA. It also decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of the pending litigation between GE and NSP-Minnesota’s insurers. MISO ROE Complaints — In November 2013 and February 2015, customers filed complaints against MISO TOs including NSP-Minnesota and NSP-Wisconsin. The first complaint argued for a reduction in the base ROE in MISO transmission formula rates from 12.38% to 9.15% , and removal of ROE adders (including those for RTO membership). The second complaint sought to reduce base ROE from 12.38% to 8.67% . In September 2016, the FERC issued an order granting a 10.32% base ROE ( 10.82% with the RTO adder) effective for the first complaint period of Nov. 12, 2013 to Feb. 11, 2015 and subsequent to the date of the order. The D.C. Circuit subsequently vacated and remanded FERC Opinion No. 531, which had established the ROE methodology on which the September 2016 FERC order was based. In October 2018, the FERC issued an ROE order that addressed the D.C. Circuit’s actions. Under a new proposed two step ROE approach, the FERC indicated an intention to dismiss an ROE complaint if the existing ROE falls within the range of just and reasonable ROEs based on equal weighting of the Discounted Cash Flows, Capital Asset Pricing Model, and Expected Earnings models. The FERC proposed that if necessary, it would then set a new ROE by averaging the results of these models plus a Risk Premium model. The FERC subsequently made preliminary determinations in a November 2018 order that the MISO TO’s base ROE in effect for the first complaint period ( 12.38% ) was outside the range of reasonableness, and should be reduced. The FERC indicated its preliminary analysis using the new ROE approach resulted in a base ROE of 10.28% for the first complaint period, compared to the previously ordered base ROE of 10.32% . FERC ordered additional briefings on the new methodology, which were filed in February and April 2019. The FERC is expected to act no earlier than the second half of 2019. NSP-Minnesota has recognized a current refund liability consistent with its best estimate of the final ROE. On March 21, 2019, FERC announced a NOI seeking public comments on whether, and if so how, to revise ROE policies in light of the D.C. Circuit Court decision. FERC also initiated a NOI on whether to revise its policies on incentives for electric transmission investments, including the RTO membership incentive. Initial comments on both NOIs are due in June 2019, with reply comments due in July 2019. No final FERC action is expected before the second half of 2019. Leases NSP-Minnesota evaluates a variety of contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. Under ASC Topic 842, adopted by NSP-Minnesota on Jan. 1, 2019, a contract contains a lease if it conveys the exclusive right to control the use of a specific asset. A contract determined to contain a lease is evaluated further to determine if the arrangement is a finance lease. ROU assets represent NSP-Minnesota's rights to use leased assets. Starting in 2019, the present value of future operating lease payments are recognized in other current liabilities and noncurrent operating lease liabilities. These amounts, adjusted for any prepayments or incentives, are recognized as operating lease ROU assets. Most of NSP-Minnesota’s leases do not contain a readily determinable discount rate, and therefore the present value of future lease payments is calculated using the estimated incremental borrowing rate for similar borrowing periods. NSP-Minnesota has elected to utilize the practical expedient under which non-lease components, such as asset maintenance costs included in payments to the lessor, are not deducted from minimum lease payments for the purposes of lease accounting and disclosure. Leases with an initial term of 12 months or less are classified as short-term leases and are not recognized on the consolidated balance sheet. Operating lease ROU assets: (Millions of Dollars) March 31, 2019 PPAs $ 372.1 Other 72.1 Gross operating lease ROU assets 444.2 Accumulated amortization (12.5 ) Net operating lease ROU assets $ 431.7 Given the impacts of accounting for regulated operations, and the resulting recognition of periodic expense at the amounts recovered in customer rates, cash expenditures for operating leases are consistent with recognized lease expense. Components of lease expense: (Millions of Dollars) Three Months Ended March 31, 2019 Operating leases PPA capacity payments $ 15.3 Other operating leases (a) 2.3 Total operating lease expense (b) $ 17.6 (a) Includes short-term lease expense of $0.4 million . (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. NSP-Minnesota expects to purchase the Mankato Energy Center facility in mid-2019 , subject to regulatory approvals. NSP-Minnesota currently receives energy and capacity from part of the facility, Mankato Energy Center, LLC (Mankato 1), under a PPA expiring in 2026. Prior to the purchase transaction, NSP-Minnesota also expects to receive energy and capacity from Mankato Energy Center II, LLC (Mankato 2), an expansion of the facility, under a 20 year PPA set to start when operational in approximately June 2019. Though NSP-Minnesota expects to terminate these PPAs upon the purchase, operating lease commitments and discounted amounts in the consolidated balance sheet as of March 31, 2019 are reflective of PPA capacity payments totaling $294 million (undiscounted) for Mankato 1. As Mankato 2 is not yet available for use, NSP-Minnesota has not recognized a lease related to $625 million of PPA capacity payments (undiscounted) on Mankato 2. Future commitments under operating leases as of March 31, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases 2019 $ 48.9 $ 5.8 $ 54.7 2020 66.1 7.9 74.0 2021 67.1 8.0 75.1 2022 68.2 11.9 80.1 2023 69.3 7.0 76.3 Thereafter 143.5 51.8 195.3 Total minimum obligation 463.1 92.4 555.5 Interest component of obligation (61.8 ) (18.9 ) (80.7 ) Present value of minimum obligation $ 401.3 $ 73.5 474.8 Less current portion (54.4 ) Noncurrent operating lease liabilities $ 420.4 Weighted-average discount rate 4.2 % Weighted-average remaining lease term in years 7.5 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2026. Future commitments under operating leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases 2019 $ 65.0 $ 13.5 $ 78.5 2020 66.1 8.4 74.5 2021 67.1 8.4 75.5 2022 68.2 8.1 76.3 2023 69.3 7.3 76.6 Thereafter 143.5 36.0 179.5 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2026. Variable Interest Entities Under certain PPAs, NSP-Minnesota purchases power from IPPs for which NSP-Minnesota is required to reimburse 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 IPP. NSP-Minnesota had approximately 1,002 MW of capacity under long-term PPAs at March 31, 2019 and Dec. 31, 2018, with entities that have been determined to be VIEs. NSP-Minnesota 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 2027 . |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (Loss) Changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 (Millions of Dollars) Gains and Unrealized Defined Benefit Total Accumulated other comprehensive loss at Jan. 1 $ (20.2 ) $ — $ (2.9 ) $ (23.1 ) Losses reclassified from net accumulated other comprehensive loss Interest rate derivatives (net of taxes of $0.1, $0 and $0) (a) 0.2 — — 0.2 Net current period other comprehensive income 0.2 — — 0.2 Accumulated other comprehensive loss at March 31 $ (20.0 ) $ — $ (2.9 ) $ (22.9 ) Three Months Ended March 31, 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Unrealized Gains on Marketable Securities Defined Benefit Total Accumulated other comprehensive loss at Jan. 1 $ (20.9 ) $ 0.1 $ (3.7 ) $ (24.5 ) Other comprehensive (loss) income before reclassifications (net of taxes of $0, $(0.1) and $0) — (0.1 ) — (0.1 ) Losses reclassified from net accumulated other comprehensive loss Interest rate derivatives (net of taxes of $0.1, $0 and $0) (a) 0.2 — — 0.2 Net current period other comprehensive income 0.2 (0.1 ) — 0.1 Accumulated other comprehensive loss at March 31 $ (20.7 ) $ — $ (3.7 ) $ (24.4 ) (a) Included in interest charges. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Operating results from 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 — The regulated electric utility segment generates electricity which is transmitted and distributed in Minnesota, North Dakota and South Dakota. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes NSP-Minnesota’s wholesale commodity and trading operations. • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Minnesota and North Dakota. • All Other — Operating segments with revenues below the necessary quantitative thresholds are included in this category. Those primarily include appliance repair services, non-utility 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. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. NSP-Minnesota’s segment information for the three months ended March 31: (Millions of Dollars) 2019 2018 Regulated Electric Operating revenues (a) $ 1,078.7 $ 1,062.3 Intersegment revenues 0.1 0.2 Total revenue 1,078.8 1,062.5 Net income 82.9 85.7 Regulated Natural Gas Operating revenues (b) $ 264.0 $ 241.4 Intersegment revenues 0.3 0.2 Total revenue 264.3 241.6 Net income 28.7 25.4 All Other Operating revenues $ 7.8 $ 7.1 Intersegment revenues — — Total revenue 7.8 7.1 Net gain 1.6 0.6 Consolidated Total Operating revenues (a)(b) $ 1,350.9 $ 1,311.2 Intersegment revenues (0.4 ) (0.4 ) Total revenue 1,350.5 1,310.8 Net income 113.2 111.7 (a) Operating revenues include $ 120.1 million and $ 117.0 million of affiliate electric revenue for the three months ended March 31, 2019 and 2018. (b) Operating revenues includes an immaterial amount of affiliate gas revenue for the three months ended March 31, 2019 and 2018. |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net | (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Accounts receivable, net Accounts receivable $ 438.4 $ 404.4 Less allowance for bad debts (23.6 ) (23.5 ) $ 414.8 $ 380.9 |
Inventories | (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 177.4 $ 176.3 Fuel 57.5 88.5 Natural gas 7.3 34.6 $ 242.2 $ 299.4 |
Property, plant and equipment, net | (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Property, plant and equipment Electric plant $ 17,821.5 $ 17,749.3 Natural gas plant 1,477.4 1,475.5 Common and other property 815.5 803.1 Construction work in progress 664.6 615.1 Total property, plant and equipment 20,779.0 20,643.0 Less accumulated depreciation (7,590.0 ) (7,454.8 ) Nuclear fuel 2,851.3 2,770.4 Less accumulated amortization (2,447.3 ) (2,416.9 ) 13,593.0 $ 13,541.7 |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Borrowings and Other Financing Instruments [Abstract] | |
Credit Facilities | At March 31, 2019 , NSP-Minnesota had the following committed credit facility available (in millions of dollars): Credit Facility (a) Outstanding (b) Available $ 500 $ 39 $ 461 (a) This credit facility expires in June 2021 . (b) Includes outstanding 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, 2019 Year Ended Dec. 31, 2018 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — 17 Maximum amount outstanding — 143 Weighted average interest rate, computed on a daily basis N/A 1.96 % Weighted average interest rate at period end N/A 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, 2019 Year Ended Dec. 31, 2018 Borrowing limit $ 500 $ 500 Amount outstanding at period end — 150 Average amount outstanding 121 38 Maximum amount outstanding 317 198 Weighted average interest rate, computed on a daily basis 2.72 % 2.08 % Weighted average interest rate at period end N/A 2.97 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | NSP-Minnesota’s operating revenues consists of the following: Three Months Ended March 31, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 326.9 $ 149.6 $ 6.9 $ 483.4 Commercial and industrial 467.5 108.8 — 576.3 Other 8.3 — 0.9 9.2 Total retail 802.7 258.4 7.8 1,068.9 Wholesale 46.9 — — 46.9 Transmission 60.4 — — 60.4 Interchange 120.1 — — 120.1 Other 4.8 1.0 — 5.8 Total revenue from contracts with customers 1,034.9 259.4 7.8 1,302.1 Alternative revenue and other 43.8 4.6 — 48.4 Total revenues $ 1,078.7 $ 264.0 $ 7.8 $ 1,350.5 Three Months Ended March 31, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 311.1 $ 131.7 $ 6.3 $ 449.1 Commercial and industrial 468.0 96.9 0.1 565.0 Other 9.8 — 0.7 10.5 Total retail 788.9 228.6 7.1 1,024.6 Wholesale 46.4 — — 46.4 Transmission 54.8 — — 54.8 Interchange 117.0 — — 117.0 Other 11.5 2.2 — 13.7 Total revenue from contracts with customers 1,018.6 230.8 7.1 1,256.5 Alternative revenue and other 43.7 10.6 — 54.3 Total revenues $ 1,062.3 $ 241.4 $ 7.1 $ 1,310.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences: Three Months Ended March 31 2019 2018 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 7.1 7.1 Increases (decreases) in tax from: Wind PTCs (14.4 ) (17.0 ) Regulatory differences (a) (8.2 ) (0.1 ) Other tax credits and allowances (net) (1.3 ) (1.5 ) Other (net) 0.8 0.7 Effective income tax rate 5.0 % 10.2 % (a) Regulatory differences for income tax purposes primarily include the average rate assumption method (ARAM), ARAM deferral and AFUDC - Equity. ARAM is a method to flow back excess deferred taxes to customers. ARAM has been deferred when regulatory treatment has not been established. As Xcel Energy received direction from its regulatory commissions regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. |
Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | Federal Audits — NSP-Minnesota is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2013 October 2019 2014 - 2016 September 2020 2017 September 2021 |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits - permanent vs temporary: (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Unrecognized tax benefit — Permanent tax positions $ 12.2 $ 11.6 Unrecognized tax benefit — Temporary tax positions 5.2 5.3 Total unrecognized tax benefit $ 17.4 $ 16.9 |
Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) March 31, 2019 Dec. 31, 2018 NOL and tax credit carryforwards $ (14.0 ) $ (12.7 ) |
Interest Payable related to Unrecognized Tax Benefits [Table Text Block] | Interest payable related to unrecognized tax benefits: (Millions of Dollars) March 31, 2019 Dec. 31, 2018 Payable for interest related to unrecognized tax benefits at beginning of period $ (1.2 ) $ (0.9 ) Interest expense related to unrecognized tax benefits (0.1 ) (0.3 ) Payable for interest related to unrecognized tax benefits at end of period $ (1.3 ) $ (1.2 ) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: March 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 35.7 $ 35.7 $ — $ — $ — $ 35.7 Commingled funds 774.5 — — — 937.4 937.4 Debt securities 483.5 — 463.7 15.8 — 479.5 Equity securities 406.8 786.0 — — — 786.0 Total $ 1,700.5 $ 821.7 $ 463.7 $ 15.8 $ 937.4 $ 2,238.6 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $52.8 million of rabbi trust assets and miscellaneous investments. Dec 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 (b) NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 24.3 $ 24.3 $ — $ — $ — $ 24.3 Commingled funds 758.1 79.2 — — 819.1 898.3 Debt securities 465.6 — 435.6 — — 435.6 Equity securities 401.4 696.5 — — — 696.5 Total $ 1,649.4 $ 800.0 $ 435.6 $ — $ 819.1 $ 2,054.7 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $52.5 million of rabbi trust assets and miscellaneous investments. (b) For the year ended Dec. 31, 2018, there were no Level 3 nuclear decommissioning fund |
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2019 : Final Contractual Maturity (Millions 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 Debt securities $ 1.3 $ 110.7 $ 246.8 $ 120.7 $ 479.5 |
Rabbi Trust Securities Amortized Cost and Fair Value Measured on Recurrring Basis [Table Text Block] | Cost and fair value of assets held in rabbi trusts: March 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 0.4 $ 0.4 $ — $ — $ 0.4 Mutual funds 10.8 11.7 — — 11.7 Total $ 11.2 $ 12.1 $ — $ — $ 12.1 Dec. 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 0.4 $ 0.4 $ — $ — $ 0.4 Mutual funds 10.8 10.7 — — 10.7 Total $ 11.2 $ 11.1 $ — $ — $ 11.1 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. |
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) March 31, 2019 Dec. 31, 2018 MWh of electricity 50.6 56.8 MMBTU of natural gas 35.7 42.7 (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 | Impact of derivative activity: Pre-Tax Fair Value (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended March 31, 2019 Other derivative instruments Electric commodity $ — $ 5.3 Natural gas commodity — 0.9 Total $ — $ 6.2 Three Months Ended March 31, 2018 Other derivative instruments Electric commodity $ — $ (4.3 ) Natural gas commodity — 0.9 Total $ — $ (3.4 ) Pre-Tax (Gains) Losses Pre-Tax Gains (Losses) (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Three Months Ended March 31, 2019 Derivatives designated as cash flow hedges Interest rate $ 0.3 (a) $ — $ — Total $ 0.3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 0.5 (b) Electric commodity — 0.7 (c) — Natural gas commodity — 0.2 (d) (1.3 ) (d) Total $ — $ 0.9 $ (0.8 ) Three Months Ended March 31, 2018 Derivatives designated as cash flow hedges Interest rate $ 0.2 (a) $ — $ — Total $ 0.2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 2.7 (b) Electric commodity — 2.2 (c) — Natural gas commodity — (0.5 ) (d) (0.4 ) (d) Total $ — $ 1.7 $ 2.3 (a) Amounts are recorded to interest charges. (b) 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. (c) 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. (d) 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 — NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis: March 31, 2019 Dec. 31, 2018 Fair Value Fair Value Netting (a) Fair Value Fair Value Netting (a) (Millions of Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 0.2 $ 23.2 $ 13.0 $ 36.4 $ (22.1 ) $ 14.3 $ 1.1 $ 27.1 $ 2.2 $ 30.4 $ (16.0 ) $ 14.4 Electric commodity — — 5.2 5.2 — 5.2 — — 10.5 10.5 (0.1 ) 10.4 Natural gas commodity — — — — — — — 1.0 — 1.0 — 1.0 Total current derivative assets $ 0.2 $ 23.2 $ 18.2 $ 41.6 $ (22.1 ) 19.5 $ 1.1 $ 28.1 $ 12.7 $ 41.9 $ (16.1 ) 25.8 PPAs (b) — — Current derivative instruments $ 19.5 $ 25.8 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 0.1 $ 32.3 $ — $ 32.4 $ (25.5 ) $ 6.9 $ — $ 25.3 $ 5.0 $ 30.3 $ (13.4 ) $ 16.9 Total noncurrent derivative assets $ 0.1 $ 32.3 $ — $ 32.4 $ (25.5 ) 6.9 $ — $ 25.3 $ 5.0 $ 30.3 $ (13.4 ) 16.9 PPAs (b) — 0.1 Noncurrent derivative instruments $ 6.9 $ 17.0 March 31, 2019 Dec. 31, 2018 Fair Value Fair Value Netting (a) Fair Value Fair Value Netting (a) (Millions of Dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Current derivative liabilities Other derivative instruments: Commodity trading $ — $ 14.2 $ 16.3 $ 30.5 $ (30.3 ) $ 0.2 $ 1.4 $ 23.9 $ 1.7 $ 27.0 $ (24.5 ) $ 2.5 Electric commodity — — — — — — — — 0.1 0.1 (0.1 ) — Total current derivative liabilities $ — $ 14.2 $ 16.3 $ 30.5 $ (30.3 ) 0.2 $ 1.4 $ 23.9 $ 1.8 $ 27.1 $ (24.6 ) 2.5 PPAs (b) 13.9 14.0 Current derivative instruments $ 14.1 $ 16.5 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 1.0 $ 14.2 $ 12.0 $ 27.2 $ 6.0 $ 33.2 $ 0.1 $ 16.0 $ 1.6 $ 17.7 $ 17.9 $ 35.6 Total noncurrent derivative liabilities $ 1.0 $ 14.2 $ 12.0 $ 27.2 $ 6.0 33.2 $ 0.1 $ 16.0 $ 1.6 $ 17.7 $ 17.9 35.6 PPAs (b) 72.6 76.6 Noncurrent derivative instruments $ 105.8 $ 112.2 (a) 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, 2019 and Dec. 31, 2018. At both March 31, 2019 and Dec. 31, 2018, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At March 31, 2019 and Dec. 31, 2018, derivative assets and liabilities include the rights to reclaim cash collateral of $8.1 million and $8.7 million , respectively. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, Xcel Energy 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. |
Changes in Level 3 Commodity Derivatives | Changes in Level 3 commodity derivatives for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31 (Millions of Dollars) 2019 2018 Balance at Jan. 1 $ 14.2 $ 22.7 Settlements (3.4 ) (1.9 ) Net transactions recorded during the period: (Losses) gains recognized in earnings (a) (18.5 ) 2.2 Net losses recognized as regulatory assets and liabilities (2.4 ) (9.5 ) Balance at March 30 $ (10.1 ) $ 13.5 (a) These amounts relate to commodity derivatives held at the end of the period. |
Carrying Amount and Fair Value of Long-term Debt | Other financial instruments for which the carrying amount did not equal fair value: March 31, 2019 Dec. 31, 2018 (Millions of Dollars) Carrying Amount Fair Value Carrying Fair Value Long-term debt, including current portion $ 4,938.2 $ 5,400.3 $ 4,937.2 $ 5,230.9 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost Three Months Ended March 31 2019 2018 2019 2018 (Millions of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 6.4 $ 6.9 $ — $ 0.1 Interest cost (a) 9.3 8.8 0.8 0.8 Expected return on plan assets (a) (13.6 ) (14.5 ) — (0.1 ) Amortization of prior service (credit) cost (a) — — (0.8 ) (0.8 ) Amortization of net loss (a) 7.5 9.6 0.4 0.6 Net periodic benefit cost 9.6 10.8 0.4 0.6 Costs not recognized due to the effects of regulation (1.2 ) (2.7 ) — — Net benefit cost recognized for financial reporting $ 8.4 $ 8.1 $ 0.4 $ 0.6 (a) The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Right-of-Use Assets | Operating lease ROU assets: (Millions of Dollars) March 31, 2019 PPAs $ 372.1 Other 72.1 Gross operating lease ROU assets 444.2 Accumulated amortization (12.5 ) Net operating lease ROU assets $ 431.7 |
Schedule of Components of Lease Expense | Components of lease expense: (Millions of Dollars) Three Months Ended March 31, 2019 Operating leases PPA capacity payments $ 15.3 Other operating leases (a) 2.3 Total operating lease expense (b) $ 17.6 (a) Includes short-term lease expense of $0.4 million . (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. |
Schedule of Guarantor Obligations [Table Text Block] | . |
Schedule of Future Commitments under Operating Leases | Future commitments under operating leases as of March 31, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases 2019 $ 48.9 $ 5.8 $ 54.7 2020 66.1 7.9 74.0 2021 67.1 8.0 75.1 2022 68.2 11.9 80.1 2023 69.3 7.0 76.3 Thereafter 143.5 51.8 195.3 Total minimum obligation 463.1 92.4 555.5 Interest component of obligation (61.8 ) (18.9 ) (80.7 ) Present value of minimum obligation $ 401.3 $ 73.5 474.8 Less current portion (54.4 ) Noncurrent operating lease liabilities $ 420.4 Weighted-average discount rate 4.2 % Weighted-average remaining lease term in years 7.5 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2026. Future commitments under operating leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases 2019 $ 65.0 $ 13.5 $ 78.5 2020 66.1 8.4 74.5 2021 67.1 8.4 75.5 2022 68.2 8.1 76.3 2023 69.3 7.3 76.6 Thereafter 143.5 36.0 179.5 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2026. |
Schedule of Future Commitments under Finance Leases | Future commitments under operating leases as of March 31, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases 2019 $ 48.9 $ 5.8 $ 54.7 2020 66.1 7.9 74.0 2021 67.1 8.0 75.1 2022 68.2 11.9 80.1 2023 69.3 7.0 76.3 Thereafter 143.5 51.8 195.3 Total minimum obligation 463.1 92.4 555.5 Interest component of obligation (61.8 ) (18.9 ) (80.7 ) Present value of minimum obligation $ 401.3 $ 73.5 474.8 Less current portion (54.4 ) Noncurrent operating lease liabilities $ 420.4 Weighted-average discount rate 4.2 % Weighted-average remaining lease term in years 7.5 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2026. Future commitments under operating leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases 2019 $ 65.0 $ 13.5 $ 78.5 2020 66.1 8.4 74.5 2021 67.1 8.4 75.5 2022 68.2 8.1 76.3 2023 69.3 7.3 76.6 Thereafter 143.5 36.0 179.5 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2026. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 (Millions of Dollars) Gains and Unrealized Defined Benefit Total Accumulated other comprehensive loss at Jan. 1 $ (20.2 ) $ — $ (2.9 ) $ (23.1 ) Losses reclassified from net accumulated other comprehensive loss Interest rate derivatives (net of taxes of $0.1, $0 and $0) (a) 0.2 — — 0.2 Net current period other comprehensive income 0.2 — — 0.2 Accumulated other comprehensive loss at March 31 $ (20.0 ) $ — $ (2.9 ) $ (22.9 ) Three Months Ended March 31, 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Unrealized Gains on Marketable Securities Defined Benefit Total Accumulated other comprehensive loss at Jan. 1 $ (20.9 ) $ 0.1 $ (3.7 ) $ (24.5 ) Other comprehensive (loss) income before reclassifications (net of taxes of $0, $(0.1) and $0) — (0.1 ) — (0.1 ) Losses reclassified from net accumulated other comprehensive loss Interest rate derivatives (net of taxes of $0.1, $0 and $0) (a) 0.2 — — 0.2 Net current period other comprehensive income 0.2 (0.1 ) — 0.1 Accumulated other comprehensive loss at March 31 $ (20.7 ) $ — $ (3.7 ) $ (24.4 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | (Millions of Dollars) 2019 2018 Regulated Electric Operating revenues (a) $ 1,078.7 $ 1,062.3 Intersegment revenues 0.1 0.2 Total revenue 1,078.8 1,062.5 Net income 82.9 85.7 Regulated Natural Gas Operating revenues (b) $ 264.0 $ 241.4 Intersegment revenues 0.3 0.2 Total revenue 264.3 241.6 Net income 28.7 25.4 All Other Operating revenues $ 7.8 $ 7.1 Intersegment revenues — — Total revenue 7.8 7.1 Net gain 1.6 0.6 Consolidated Total Operating revenues (a)(b) $ 1,350.9 $ 1,311.2 Intersegment revenues (0.4 ) (0.4 ) Total revenue 1,350.5 1,310.8 Net income 113.2 111.7 (a) Operating revenues include $ 120.1 million and $ 117.0 million of affiliate electric revenue for the three months ended March 31, 2019 and 2018. (b) Operating revenues includes an immaterial amount of affiliate gas revenue for the three months ended March 31, 2019 and 2018. |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 431.7 | $ 0 | |
Operating Lease, Liability | $ 474.8 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 500 | ||
Operating Lease, Liability | $ 500 |
Selected Balance Sheet Data Bal
Selected Balance Sheet Data Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts Receivable | $ 438,400 | $ 404,400 |
Less allowance for bad debts | (23,600) | (23,500) |
Accounts receivable, net | $ 414,800 | $ 380,900 |
Selected Balance Sheet Data B_2
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 242,200 | $ 299,400 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 177,400 | 176,300 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 57,500 | 88,500 |
Natural Gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 7,300 | $ 34,600 |
Selected Balance Sheet Data, Pr
Selected Balance Sheet Data, Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 20,779 | $ 20,643 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (7,590) | (7,454.8) |
Property, plant and equipment | 13,593 | 13,541.7 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,821.5 | 17,749.3 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,477.4 | 1,475.5 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 815.5 | 803.1 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 664.6 | 615.1 |
Nuclear fuel | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,851.3 | 2,770.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (2,447.3) | $ (2,416.9) |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 150,000,000 |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 250,000,000 | 250,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 0 | 17,000,000 |
Maximum amount outstanding | 0 | $ 143,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.96% | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 500,000,000 | $ 500,000,000 |
Amount outstanding at period end | 0 | 150,000,000 |
Average amount outstanding | 121,000,000 | 38,000,000 |
Maximum amount outstanding | $ 317,000,000 | $ 198,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 2.72% | 2.08% |
Weighted average interest rate at period end (percentage) | 2.97% |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 150 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 39 | $ 37 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | $ 500,000,000 | |
Drawn | [2] | 39,000,000 | |
Available | $ 461,000,000 | ||
Maturity Date | Jun. 30, 2021 | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
[1] | Includes outstanding letters of credit. | ||
[2] | Includes outstanding letters of credit. |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments Borrowings and Other Financing Instruments, Bilateral Credit Agreement (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Short-term debt | $ 0 | $ 150,000,000 |
Xcel Energy Inc. | Bilateral Credit Agreement [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | |
Short-term debt | $ 0 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 1,350.5 | $ 1,310.8 |
Total revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,302.1 | 1,256.5 |
Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,068.9 | 1,024.6 |
Retail | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 483.4 | 449.1 |
Retail | Commercial and industrial (C&I) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 576.3 | 565 |
Retail | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 9.2 | 10.5 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 46.9 | 46.4 |
Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 60.4 | 54.8 |
Interchange [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 120.1 | 117 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5.8 | 13.7 |
Alternative revenue and other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 48.4 | 54.3 |
Regulated Electric | Total revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,034.9 | 1,018.6 |
Regulated Electric | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 802.7 | 788.9 |
Regulated Electric | Retail | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 326.9 | 311.1 |
Regulated Electric | Retail | Commercial and industrial (C&I) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 467.5 | 468 |
Regulated Electric | Retail | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 8.3 | 9.8 |
Regulated Electric | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 46.9 | 46.4 |
Regulated Electric | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 60.4 | 54.8 |
Regulated Electric | Interchange [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 120.1 | 117 |
Regulated Electric | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4.8 | 11.5 |
Regulated Electric | Alternative revenue and other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 43.8 | 43.7 |
Regulated Natural Gas | Total revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 259.4 | 230.8 |
Regulated Natural Gas | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 258.4 | 228.6 |
Regulated Natural Gas | Retail | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 149.6 | 131.7 |
Regulated Natural Gas | Retail | Commercial and industrial (C&I) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 108.8 | 96.9 |
Regulated Natural Gas | Retail | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Regulated Natural Gas | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Regulated Natural Gas | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Regulated Natural Gas | Interchange [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Regulated Natural Gas | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1 | 2.2 |
Regulated Natural Gas | Alternative revenue and other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 4.6 | 10.6 |
All Other | Total revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 7.8 | 7.1 |
All Other | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 7.8 | 7.1 |
All Other | Retail | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 6.9 | 6.3 |
All Other | Retail | Commercial and industrial (C&I) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0.1 |
All Other | Retail | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0.9 | 0.7 |
All Other | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
All Other | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
All Other | Interchange [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
All Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
All Other | Alternative revenue and other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
Total revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,350.5 | 1,310.8 |
Total revenues | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,078.7 | 1,062.3 |
Total revenues | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 264 | 241.4 |
Total revenues | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 7.8 | $ 7.1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2015 | Dec. 31, 2018 | ||
Income Tax Examination [Line Items] | |||||||
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | $ (8,700,000) | $ (7,300,000) | $ (7,300,000) | ||||
Tax Audits [Abstract] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 7.10% | 7.10% | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (14.40%) | (17.00%) | |||||
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent | [1] | (8.20%) | (0.10%) | ||||
Regulatory differences - reversal of prior quarters’ ARAM deferral (c) | (1.30%) | (1.50%) | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.80% | 0.70% | |||||
Effective Income Tax Rate Reconciliation, Percent | 5.00% | 10.20% | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||
Payable for interest related to unrecognized tax benefits at beginning of period | $ (1,200,000) | $ (900,000) | (900,000) | ||||
Interest expense related to unrecognized tax benefits | (100,000) | (300,000) | |||||
Payable for interest related to unrecognized tax benefits at end of period | (1,300,000) | (1,200,000) | (1,200,000) | ||||
Unrecognized Tax Benefits [Abstract] | |||||||
Unrecognized tax benefit — Permanent tax positions | 12,200,000 | 11,600,000 | 11,600,000 | ||||
Unrecognized tax benefit — Temporary tax positions | 5,200,000 | 5,300,000 | 5,300,000 | ||||
Total unrecognized tax benefit | 17,400,000 | ||||||
NOL and tax credit carryforwards | (14,000,000) | (12,700,000) | (12,700,000) | ||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 13,700,000 | ||||||
Amounts accrued for penalties related to unrecognized tax benefits | 0 | $ 0 | $ 0 | ||||
Internal Revenue Service (IRS) | |||||||
Tax Audits [Abstract] | |||||||
Year(s) under examination | 2014 - 2016 | 2012 and 2013 | |||||
Tax years under examination, Concluded | 2012 and 2013 | ||||||
Potential Tax Adjustments | $ 0 | ||||||
MINNESOTA | |||||||
Tax Audits [Abstract] | |||||||
Earliest year subject to examination | 2009 | ||||||
[1] | Regulatory differences for income tax purposes primarily include the average rate assumption method (ARAM), ARAM deferral and AFUDC - Equity. ARAM is a method to flow back excess deferred taxes to customers. ARAM has been deferred when regulatory treatment has not been established. As Xcel Energy received direction from its regulatory commissions regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Nuclear Decommissioning Fund (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized Gain on Securities | $ 553.4 | $ 450.1 |
Unrealized Loss on Securities | 15.3 | 44.8 |
Investments [Abstract] | ||
Miscellaneous investments | 52.8 | 52.5 |
Decommissioning Fund Investments, Fair Value | 2,238.6 | 2,054.7 |
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 | 35.7 | 24.3 |
Available-for-sale Securities | 1,700.5 | 1,649.4 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 774.5 | 758.1 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Debt Securities [Member] | ||
Investments [Abstract] | ||
Debt Securities, Available-for-sale | 483.5 | 465.6 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity Securities [Member] | ||
Investments [Abstract] | ||
Available-for-sale Securities, Equity Securities | 406.8 | 401.4 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 35.7 | 24.3 |
Alternative Investment | 937.4 | 819.1 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Alternative Investment | 0 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 937.4 | 898.3 |
Alternative Investment | 937.4 | 819.1 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Alternative Investment | 0 | 0 |
Investments [Abstract] | ||
Debt Securities, Available-for-sale | 479.5 | 435.6 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Alternative Investment | 0 | 0 |
Investments [Abstract] | ||
Available-for-sale Securities, Equity Securities | 786 | 696.5 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 35.7 | 24.3 |
Available-for-sale Securities | 821.7 | 800 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 79.2 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt Securities [Member] | ||
Investments [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity Securities [Member] | ||
Investments [Abstract] | ||
Available-for-sale Securities, Equity Securities | 786 | 696.5 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Available-for-sale Securities | 463.7 | 435.6 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt Securities [Member] | ||
Investments [Abstract] | ||
Debt Securities, Available-for-sale | 463.7 | 435.6 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity Securities [Member] | ||
Investments [Abstract] | ||
Available-for-sale Securities, Equity Securities | 0 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Available-for-sale Securities | 15.8 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt Securities [Member] | ||
Investments [Abstract] | ||
Debt Securities, Available-for-sale | 15.8 | 0 |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity Securities [Member] | ||
Investments [Abstract] | ||
Available-for-sale Securities, Equity Securities | $ 0 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities, Final Contractual Maturity Dates of Debt Securities in Nuclear Decommissioning Fund (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Miscellaneous investments | $ 52.8 | $ 52.5 |
Final Contractual Maturity [Abstract] | ||
Due in 1 Year or Less | 1.3 | |
Due in 1 to 5 Years | 110.7 | |
Due in 5 to 10 Years | 246.8 | |
Due after 10 Years | 120.7 | |
Total | $ 479.5 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Rabbi Trust (Details) - Fair Value Measured on a Recurring Basis - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | $ 11.2 | $ 11.2 |
Cost | Rabbi Trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.4 | 0.4 |
Cost | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 10.8 | 10.8 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 12.1 | 11.1 |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 12.1 | 11.1 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Fair Value | Rabbi Trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.4 | 0.4 |
Fair Value | Rabbi Trust [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.4 | 0.4 |
Fair Value | Rabbi Trust [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value | Rabbi Trust [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 11.7 | 10.7 |
Fair Value | Mutual Funds [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 11.7 | 10.7 |
Fair Value | Mutual Funds [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 |
Fair Value | Mutual Funds [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | $ 0 | $ 0 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)MMBTUMWhCounterparty | Dec. 31, 2018MMBTUMWh | ||
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 | 7 | ||
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 | $ 38.6 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 49.00% | ||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 16.1 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 20.00% | ||
Interest Rate Derivatives | |||
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] | 50.6 | 56.8 |
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] | 35.7 | 42.7 |
cash flow hedge commodity [Member] | |||
Commodity Derivatives [Abstract] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 0 | ||
Commodity contracts designated as cash flow hedges | $ 0 | ||
[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 Asset_7
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | |||
Derivative instruments designated as fair value hedges | $ 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 (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0.3 | 0.2 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | |
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 (gains) losses reclassified into income during the period from accumulated other comprehensive loss | [1] | 0.3 | 0.2 |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | |
Other Derivative Instruments | |||
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 | 6.2 | (3.4) | |
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) | 0.9 | 1.7 | |
Pre-tax gains (losses) recognized during the period in income | (0.8) | 2.3 | |
Other Derivative Instruments | Commodity Trading | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | [2] | 0.5 | 2.7 |
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 | 5.3 | (4.3) | |
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) | [3] | 0.7 | 2.2 |
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 | 0.9 | 0.9 | |
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] | 0.2 | (0.5) |
Pre-tax gains (losses) recognized during the period in income | [4] | $ (1.3) | $ (0.4) |
[1] | Amounts are recorded to interest charges. | ||
[2] | 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. | ||
[3] | 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. | ||
[4] | 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 Asset_8
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) - Maximum - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Collateral posted related to adequate assurance clauses in derivative contracts | $ 1 | $ 1 |
Derivative instruments in a gross liability position | $ 1 | $ 1 |
Fair Value of Financial Asset_9
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 31.5 | $ 31.5 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8.1 | 8.7 | ||
Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 19.5 | 25.8 | ||
Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6.9 | 17 | ||
Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 14.1 | 16.5 | ||
Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 105.8 | 112.2 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 19.5 | 25.8 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (22.1) | (16.1) | |
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 | 14.3 | 14.4 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (22.1) | (16) | |
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 | 5.2 | 10.4 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | 0 | (0.1) | |
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 | 0 | 1 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | 0 | 0 | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6.9 | 16.9 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (25.5) | (13.4) | |
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 | 6.9 | 16.9 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (25.5) | (13.4) | |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0.2 | 2.5 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (30.3) | (24.6) | |
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 | 0.2 | 2.5 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (30.3) | (24.5) | |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | 0 | (0.1) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 33.2 | 35.6 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | 6 | 17.9 | |
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 | 33.2 | 35.6 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | 6 | 17.9 | |
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.2 | 1.1 | ||
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 | 0.2 | 1.1 | ||
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 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 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 | 0.1 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 1.4 | ||
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 | 0 | 1.4 | ||
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 Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 1 | 0.1 | ||
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 | 1 | 0.1 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 23.2 | 28.1 | ||
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 | 23.2 | 27.1 | ||
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 | 0 | 1 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 32.3 | 25.3 | ||
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 | 32.3 | 25.3 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 14.2 | 23.9 | ||
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 | 14.2 | 23.9 | ||
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 Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 14.2 | 16 | ||
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 | 14.2 | 16 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 18.2 | 12.7 | ||
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 | 13 | 2.2 | ||
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 | 5.2 | 10.5 | ||
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 | 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 | 5 | ||
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 | 5 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 16.3 | 1.8 | ||
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 | 16.3 | 1.7 | ||
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 | 0 | 0.1 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 12 | 1.6 | ||
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 | 12 | 1.6 | ||
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | 0.1 | |
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | [2] | 13.9 | 14 | |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 72.6 | 76.6 | [2] | |
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 41.6 | 41.9 | ||
Estimate of Fair Value Measurement [Member] | 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 | 36.4 | 30.4 | ||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5.2 | 10.5 | ||
Estimate of Fair Value Measurement [Member] | 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 | 0 | 1 | ||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 32.4 | 30.3 | ||
Estimate of Fair Value Measurement [Member] | 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 | 32.4 | 30.3 | ||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 30.5 | 27.1 | ||
Estimate of Fair Value Measurement [Member] | 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 | 30.5 | 27 | ||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0.1 | ||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 27.2 | 17.7 | ||
Estimate of Fair Value Measurement [Member] | 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 | $ 27.2 | $ 17.7 | ||
[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, 2019 and Dec. 31, 2018. At both March 31, 2019 and Dec. 31, 2018, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At March 31, 2019 and Dec. 31, 2018, derivative assets and liabilities include the rights to reclaim cash collateral of $8.1 million and $8.7 million, respectively. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[2] | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Financial Asse_10
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at beginning of period | $ 14.2 | $ 22.7 | |
Settlements | (3.4) | (1.9) | |
Gains (losses) recognized in earnings | [1] | (18.5) | 2.2 |
Net losses recognized as regulatory assets and liabilities | (2.4) | (9.5) | |
Balance at end of period | (10.1) | 13.5 | |
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 Asse_11
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 4,938.2 | $ 4,937.2 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 5,400.3 | $ 5,230.9 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2019USD ($)Plan | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | ||
Pension Plan [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 6,400 | $ 6,900 | ||
Interest cost (a) | [1] | 9,300 | 8,800 | |
Expected return on plan assets (a) | [1] | (13,600) | (14,500) | |
Amortization of prior service (credit) cost (a) | [1] | 0 | 0 | |
Amortization of net loss (a) | [1] | 7,500 | 9,600 | |
Net periodic benefit cost | 9,600 | 10,800 | ||
Costs not recognized due to the effects of regulation | (1,200) | (2,700) | ||
Net benefit cost recognized for financial reporting | 8,400 | 8,100 | ||
Total contributions to the pension plans during the period | $ 47,000 | |||
Pension Plan [Member] | Xcel Energy Inc. | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Total contributions to the pension plans during the period | $ 150,000 | |||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 | |||
Other Postretirement Benefits Plan [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 100 | ||
Interest cost (a) | [1] | 800 | 800 | |
Expected return on plan assets (a) | [1] | 0 | (100) | |
Amortization of prior service (credit) cost (a) | [1] | (800) | (800) | |
Amortization of net loss (a) | [1] | 400 | 600 | |
Net periodic benefit cost | 400 | 600 | ||
Costs not recognized due to the effects of regulation | 0 | 0 | ||
Net benefit cost recognized for financial reporting | $ 400 | $ 600 | ||
[1] | The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Commitments and Contingencies,
Commitments and Contingencies, Purchased Power Agreements (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)MW | Dec. 31, 2018USD ($)MW | |
Independent Power Producing Entities | ||
Purchased Power Agreements [Abstract] | ||
Generating capacity under long term purchased power agreements | MW | 1,002 | 1,002 |
VIE Purchase Power Agreement Expiration | 2027 | 2027 |
Other MGP Sites [Member] | ||
Purchased Power Agreements [Abstract] | ||
Accrual for Environmental Loss Contingencies, Gross | $ | $ 6.7 | $ 6.2 |
Commitments and Contingencies_2
Commitments and Contingencies, Environmental Contingencies (Details) $ in Millions | Mar. 31, 2019USD ($)Site | Dec. 31, 2018USD ($) |
Other MGP Sites [Member] | ||
Environmental Requirements [Abstract] | ||
Accrual for Environmental Loss Contingencies, Gross | $ | $ 6.7 | $ 6.2 |
Number of identified MGP sites under current investigation and/or remediation in addition to those separately disclosed | 6 | |
Other MGP, Landfill, or Disposal Sites [Domain] | ||
Environmental Requirements [Abstract] | ||
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | Site | 3 |
Commitments and Contingencies_3
Commitments and Contingencies Commitments and Contingencies, Leases - Right-of-Use Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Gross operating lease ROU assets | $ 444.2 | |
Accumulated amortization | (12.5) | |
Net operating lease ROU assets | 431.7 | $ 0 |
PPAs | ||
Lessee, Lease, Description [Line Items] | ||
Gross operating lease ROU assets | 372.1 | |
Other | ||
Lessee, Lease, Description [Line Items] | ||
Gross operating lease ROU assets | $ 72.1 |
Commitments and Contingencies_4
Commitments and Contingencies Commitments and Contingencies, Leases - Components of Lease Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease, Cost [Abstract] | |
Operating Lease, Cost | $ 17.6 |
Short-term Lease, Cost | 0.4 |
PPAs | |
Operating Lease, Cost [Abstract] | |
Operating Lease, Cost | 15.3 |
Other | |
Operating Lease, Cost [Abstract] | |
Operating Lease, Cost | $ 2.3 |
Commitments and Contingencies_5
Commitments and Contingencies Commitments and Contingencies, Leases - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Maximum lease term for short-term lease classification | 12 months |
PPAs | |
Lessee, Lease, Description [Line Items] | |
Term of operating lease not yet commenced | 20 years |
PPA capacity payments | $ 294 |
Lease not yet commenced | $ 625 |
Commitments and Contingencies_6
Commitments and Contingencies Commitments and Contingencies, Leases - Future Commitments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases after Adoption of ASC 842 | ||
2019 | $ 54.7 | |
2020 | 74 | |
2021 | 75.1 | |
2022 | 80.1 | |
2023 | 76.3 | |
Thereafter | 195.3 | |
Total minimum obligation | 555.5 | |
Interest component of obligation | (80.7) | |
Present value of minimum obligation | 474.8 | |
Less current portion | (54.4) | |
Noncurrent operating lease liabilities | $ 420.4 | $ 0 |
Weighted-average discount rate | 4.20% | |
Weighted-average remaining lease term in years | 7 years 6 months | |
Operating Leases before Adoption of ASC Topic 842 | ||
2019 | 78.5 | |
2020 | 74.5 | |
2021 | 75.5 | |
2022 | 76.3 | |
2023 | 76.6 | |
Thereafter | 179.5 | |
PPAs | ||
Operating Leases after Adoption of ASC 842 | ||
2019 | $ 48.9 | |
2020 | 66.1 | |
2021 | 67.1 | |
2022 | 68.2 | |
2023 | 69.3 | |
Thereafter | 143.5 | |
Total minimum obligation | 463.1 | |
Interest component of obligation | (61.8) | |
Present value of minimum obligation | 401.3 | |
Operating Leases before Adoption of ASC Topic 842 | ||
2019 | 65 | |
2020 | 66.1 | |
2021 | 67.1 | |
2022 | 68.2 | |
2023 | 69.3 | |
Thereafter | 143.5 | |
Other | ||
Operating Leases after Adoption of ASC 842 | ||
2019 | 5.8 | |
2020 | 7.9 | |
2021 | 8 | |
2022 | 11.9 | |
2023 | 7 | |
Thereafter | 51.8 | |
Total minimum obligation | 92.4 | |
Interest component of obligation | (18.9) | |
Present value of minimum obligation | $ 73.5 | |
Operating Leases before Adoption of ASC Topic 842 | ||
2019 | 13.5 | |
2020 | 8.4 | |
2021 | 8.4 | |
2022 | 8.1 | |
2023 | 7.3 | |
Thereafter | $ 36 |
Commitments and Contingencies_7
Commitments and Contingencies Commitments and Contingencies, Rate Matters, NSP-Minnesota (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2019 | Sep. 30, 2016 | Dec. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | |
General Electric (GE) [Domain] | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of Fault | 52.00% | ||||||
NSP-Minnesota | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Percentage of Fault | 48.00% | ||||||
Rate Matters [Abstract] | |||||||
Customer refund of previously recovered purchased power costs | $ 20 | ||||||
NSP-Minnesota | FERC Proceeding, MISO ROE Complaint | |||||||
Rate Matters [Abstract] | |||||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||||
Public Utilities, ROE developed with new approach | 10.28% | ||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% | |||||
Public Utilities, Number of steps required | 2 | ||||||
NSP-Minnesota | Federal Energy Regulatory Commission (FERC) | FERC Proceeding, MISO ROE Complaint | |||||||
Rate Matters [Abstract] | |||||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | 10.32% | |||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net fair value (decrease) increase, tax | $ 0 | $ 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) income at beginning of period | 5,573,100 | |
Other comprehensive income (loss) before reclassifications | (100) | |
Accumulated other comprehensive (loss) income at end of period | 5,761,900 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 0 | (100) |
Income Tax Expense (Benefit) | 6,000 | 12,700 |
Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) income at beginning of period | (20,200) | (20,900) |
Other comprehensive income (loss) before reclassifications | 0 | |
Accumulated other comprehensive (loss) income at end of period | (20,000) | (20,700) |
Other Comprehensive Income (Loss), Net of Tax | 200 | 200 |
Unrealized Gains and Losses on Marketable Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) income at beginning of period | 0 | 100 |
Other comprehensive income (loss) before reclassifications | (100) | |
Accumulated other comprehensive (loss) income at end of period | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0 | (100) |
Defined Benefit Pension and Postretirement Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) income at beginning of period | (2,900) | (3,700) |
Other comprehensive income (loss) before reclassifications | 0 | |
Accumulated other comprehensive (loss) income at end of period | (2,900) | (3,700) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | 0 |
Reclassification from AOCI, Current Period, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive (loss) income at beginning of period | (23,100) | (24,500) |
Accumulated other comprehensive (loss) income at end of period | (22,900) | (24,400) |
Other Comprehensive Income (Loss), Net of Tax | 200 | 100 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Reclassification from AOCI, Current Period, Tax | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 0 | 0 |
Income Tax Expense (Benefit) | 100 | 100 |
Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | 200 | 200 |
Interest Rate Swap [Member] | Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | 200 | 200 |
Interest Rate Swap [Member] | Unrealized Gains and Losses on Marketable Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | 0 | 0 |
Interest Rate Swap [Member] | Defined Benefit Pension and Postretirement Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Related Party Transaction - Electric and Gas Domestic Regulated Revenue | $ 120.1 | $ 117 |
Revenue from Contract with Customer, Excluding Assessed Tax | 1,350.5 | 1,310.8 |
Total operating revenues | 1,350.5 | 1,310.8 |
Net income (loss) | 113.2 | 111.7 |
Regulated Electric | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,078.8 | 1,062.5 |
Net income (loss) | 82.9 | 85.7 |
Regulated Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 264.3 | 241.6 |
Net income (loss) | 28.7 | 25.4 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.8 | 7.1 |
Net income (loss) | 1.6 | 0.6 |
Total revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,350.9 | 1,311.2 |
Total operating revenues | 1,350.5 | 1,310.8 |
Total revenues | Regulated Electric | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,078.7 | 1,062.3 |
Total operating revenues | 1,078.7 | 1,062.3 |
Total revenues | Regulated Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 264 | 241.4 |
Total operating revenues | 264 | 241.4 |
Total revenues | All Other | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 7.8 | 7.1 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | (0.4) | (0.4) |
Net income (loss) | 113.2 | 111.7 |
Intersegment Eliminations | Regulated Electric | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.1 | 0.2 |
Intersegment Eliminations | Regulated Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.3 | 0.2 |
Intersegment Eliminations | All Other | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 0 | $ 0 |