Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | NORTHERN STATES POWER CO | |
Entity Central Index Key | 0001123852 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-31387 | |
Entity Tax Identification Number | 41-1967505 | |
Entity Incorporation, State or Country Code | MN | |
Entity Address, Address Line One | 414 Nicollet Mall | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55401 | |
City Area Code | 612 | |
Local Phone Number | 330-5500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000,000 |
Management's Opinion
Management's Opinion | 6 Months Ended |
Jun. 30, 2020 | |
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 U.S. GAAP, the financial position of NSP-Minnesota and its subsidiaries as of June 30, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income and comprehensive income, and changes in stockholder’s equity for the three and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2020 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, 2019 balance sheet information has been derived from the audited 2019 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2019. 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, 2019, filed with the SEC on Feb. 21, 2020. 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 | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
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, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Recently Adopted Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. NSP-Minnesota implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge o f $0.8 million (aft er tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for doubtful accounts on accrued unbilled revenues, the |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2018 | 1,000,000 | ||||
Beginning balance at Dec. 31, 2018 | $ 5,573.1 | $ 0 | $ 3,624.2 | $ 1,972 | $ (23.1) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 209.1 | 209.1 | |||
Other comprehensive income | 0.4 | 0.4 | |||
Dividends declared on common stock | (189.9) | (189.9) | |||
Contribution of capital by parent | 174.8 | 174.8 | |||
Balance (in shares) at Jun. 30, 2019 | 1,000,000 | ||||
Ending balance at Jun. 30, 2019 | 5,767.5 | $ 0 | 3,799 | 1,991.2 | (22.7) |
Balance (in shares) at Mar. 31, 2019 | 1,000,000 | ||||
Beginning balance at Mar. 31, 2019 | 5,761.9 | $ 0 | 3,794.2 | 1,990.6 | (22.9) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 95.9 | 95.9 | |||
Other comprehensive income | 0.2 | 0.2 | |||
Dividends declared on common stock | (95.3) | (95.3) | |||
Contribution of capital by parent | 4.8 | 4.8 | |||
Balance (in shares) at Jun. 30, 2019 | 1,000,000 | ||||
Ending balance at Jun. 30, 2019 | $ 5,767.5 | $ 0 | 3,799 | 1,991.2 | (22.7) |
Balance (in shares) at Dec. 31, 2019 | 1,000,000 | 1,000,000 | |||
Beginning balance at Dec. 31, 2019 | $ 6,081.8 | $ 0 | 4,067.9 | 2,036.4 | (22.5) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 224.4 | 224.4 | |||
Other comprehensive income | 0.5 | 0.5 | |||
Dividends declared on common stock | (205) | (205) | |||
Contribution of capital by parent | $ 188.9 | 188.9 | |||
Balance (in shares) at Jun. 30, 2020 | 1,000,000 | 1,000,000 | |||
Ending balance at Jun. 30, 2020 | $ 6,289.8 | $ 0 | 4,256.8 | 2,055 | (22) |
Increase (Decrease) in Stockholders' Equity | |||||
Adoption of ASC Topic 326 | (0.8) | ||||
Balance (in shares) at Mar. 31, 2020 | 1,000,000 | ||||
Beginning balance at Mar. 31, 2020 | 6,168.6 | $ 0 | 4,147.9 | 2,043 | (22.3) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 117.4 | 117.4 | |||
Other comprehensive income | 0.3 | 0.3 | |||
Dividends declared on common stock | (105.4) | (105.4) | |||
Contribution of capital by parent | $ 108.9 | 108.9 | |||
Balance (in shares) at Jun. 30, 2020 | 1,000,000 | 1,000,000 | |||
Ending balance at Jun. 30, 2020 | $ 6,289.8 | $ 0 | $ 4,256.8 | $ 2,055 | $ (22) |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating revenues | ||||
Electric, non-affiliates | $ 989.6 | $ 981 | $ 1,915.3 | $ 1,939.6 |
Electric, affiliates | 106.1 | 116.2 | 215.7 | 236.3 |
Natural gas | 75 | 79.4 | 281.1 | 343.5 |
Other | 9.2 | 8.4 | 18 | 16.1 |
Total operating revenues | 1,179.9 | 1,185 | 2,430.1 | 2,535.5 |
Operating expenses | ||||
Electric fuel and purchased power | 403.3 | 404.4 | 767 | 796.3 |
Cost of natural gas sold and transported | 29.8 | 33.9 | 155.3 | 208.3 |
Cost of sales — other | 5.7 | 5.4 | 11.3 | 10.6 |
Operating and maintenance expenses | 290.3 | 305.5 | 586.1 | 617.4 |
Conservation program expenses | 24.6 | 25.6 | 55.9 | 58.1 |
Depreciation and amortization | 205.1 | 197.5 | 407.3 | 395.1 |
Taxes (other than income taxes) | 63 | 65.4 | 131.6 | 135 |
Total operating expenses | 1,021.8 | 1,037.7 | 2,114.5 | 2,220.8 |
Operating income | 158.1 | 147.3 | 315.6 | 314.7 |
Other income (expense), net | 3 | (1.3) | (2.4) | 0.2 |
Allowance for funds used during construction — equity | 7.2 | 5.5 | 14.1 | 10.6 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $1.9, $1.8, $3.8 and $3.6, respectively | 61.2 | 56.9 | 121.9 | 114.1 |
Allowance for funds used during construction — debt | (3.2) | (3) | (6.3) | (5.5) |
Total interest charges and financing costs | 58 | 53.9 | 115.6 | 108.6 |
Income before income taxes | 110.3 | 97.6 | 211.7 | 216.9 |
Income tax (benefit) expense | (7.1) | 1.7 | (12.7) | 7.8 |
Net income | $ 117.4 | $ 95.9 | $ 224.4 | $ 209.1 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest charges and financing costs | ||||
Other financing costs | $ 1.9 | $ 1.8 | $ 1.9 | $ 1.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive income: | ||||
Net income | $ 117.4 | $ 95.9 | $ 224.4 | $ 209.1 |
Other comprehensive income | ||||
Reclassifications of loss to net income, net of tax of $— | 0.1 | 0 | 0.1 | 0 |
Reclassification of losses to net income, net of tax of $—, $0.1, $0.1 and $0.1, respectively | 0.2 | 0.2 | 0.4 | 0.4 |
Total other comprehensive income | 0.3 | 0.2 | 0.5 | 0.4 |
Total comprehensive income | $ 117.7 | $ 96.1 | $ 224.9 | $ 209.5 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 | $ 0.1 | $ 0.1 | $ 0.1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net income | $ 224.4 | $ 209.1 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 410.8 | 398.1 |
Nuclear fuel amortization | 64.7 | 58.1 |
Deferred income taxes | (39.1) | (5.8) |
Amortization of investment tax credits | (0.8) | (0.7) |
Allowance for equity funds used during construction | (14.1) | (10.6) |
Provision for bad debts | 8.9 | 5 |
Net realized and unrealized hedging and derivative transactions | 8.7 | 6.5 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4.9 | 50.9 |
Accrued unbilled revenues | 25.8 | 37.8 |
Inventories | 8.7 | 17.5 |
Other current assets | (6.2) | (23.7) |
Accounts payable | (18.5) | (32) |
Net regulatory assets and liabilities | (8.6) | (100.4) |
Other current liabilities | (91.5) | (76.6) |
Pension and other employee benefit obligations | (47.3) | (46.7) |
Other, net | 6.5 | (12.5) |
Net cash provided by operating activities | 537.3 | 474 |
Investing activities | ||
Utility capital/construction expenditures | (541.1) | (522.7) |
Purchases of investment securities | (1,159.8) | (488.1) |
Proceeds from the sale of investment securities | 1,149.6 | 477.9 |
Investments in utility money pool arrangement | (560) | (219) |
Repayments from utility money pool arrangement | 560 | 219 |
Other, net | 0.2 | (0.4) |
Net cash used in investing activities | (551.1) | (533.3) |
Financing activities | ||
(Repayments of) proceeds from short-term borrowings, net | (30) | 44 |
Borrowings under utility money pool arrangement | 118 | 99 |
Repayments under utility money pool arrangement | (118) | (49) |
Proceeds from issuance of long-term debt | 678.2 | 0 |
Capital contributions from parent | 214.1 | 134.9 |
Dividends paid to parent | (193.9) | (177.4) |
Proceeds from (Payments for) Other Financing Activities | 3.4 | 0 |
Net cash provided by financing activities | 671.8 | 51.5 |
Net change in cash, cash equivalents and restricted cash | 658 | (7.8) |
Cash, cash equivalents and restricted cash at beginning of period | 126.3 | 50 |
Cash, cash equivalents and restricted cash at end of period | 784.3 | 42.2 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (110.7) | (105.5) |
Cash paid for income taxes, net | (22.9) | (42.6) |
Supplemental disclosure of non-cash investing and financing transactions: | ||
Accrued property, plant and equipment additions | 298.1 | 107.8 |
Inventory transfers to plant, property and equipment | 10.4 | 9.6 |
Operating lease right-of-use assets | 0 | 628.5 |
Allowance for equity funds used during construction | $ 14.1 | $ 10.6 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 784,300 | $ 126,300 |
Accounts receivable, net | 342,600 | 359,800 |
Accounts receivable from affiliates | 21,900 | 43,800 |
Accrued unbilled revenues | 223,900 | 250,700 |
Inventories | 285,700 | 304,800 |
Regulatory assets | 346,300 | 320,100 |
Derivative instruments | 45,300 | 32,500 |
Prepayments and other | 37,600 | 31,500 |
Total current assets | 2,091,500 | 1,469,500 |
Property, plant and equipment | 14,584,800 | 14,244,000 |
Other assets | ||
Nuclear decommissioning fund and other investments | 2,450,000 | 2,495,200 |
Regulatory assets | 1,164,600 | 1,125,000 |
Derivative instruments | 27,000 | 9,200 |
Operating lease right-of-use assets | 525,400 | 563,800 |
Other | 6,700 | 9,700 |
Total other assets | 4,173,700 | 4,202,900 |
Total assets | 20,850,000 | 19,916,400 |
Current liabilities | ||
Current portion of long-term debt | 300,100 | 300,000 |
Short-term debt | 0 | 30,000 |
Accounts payable | 470,400 | 388,000 |
Accounts payable to affiliates | 62,600 | 76,000 |
Regulatory liabilities | 153,800 | 141,000 |
Taxes accrued | 196,900 | 232,100 |
Accrued interest | 73,300 | 72,200 |
Dividends payable to parent | 105,400 | 94,300 |
Derivative instruments | 23,000 | 25,000 |
Customer deposits | 34,500 | 46,400 |
Operating Lease, Liability, Current | 82,300 | 79,900 |
Other | 150,400 | 154,900 |
Total current liabilities | 1,652,700 | 1,639,800 |
Deferred credits and other liabilities | ||
Deferred Income Tax Liabilities, Net | 1,748,900 | 1,779,100 |
Deferred investment tax credits | 19,000 | 19,700 |
Regulatory liabilities | 1,921,700 | 1,937,100 |
Asset retirement obligations | 2,453,000 | 2,280,300 |
Derivative instruments | 122,700 | 110,200 |
Pension and employee benefit obligations | 189,300 | 235,900 |
Operating lease liabilities | 484,100 | 525,700 |
Other | 66,600 | 85,500 |
Total deferred credits and other liabilities | 7,005,300 | 6,973,500 |
Capitalization | ||
Long-term debt | 5,902,200 | 5,221,300 |
Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at June 30, 2020 and Dec. 31, 2019, respectively | 0 | 0 |
Additional paid in capital | 4,256,800 | 4,067,900 |
Retained earnings | 2,055,000 | 2,036,400 |
Accumulated other comprehensive loss | (22,000) | (22,500) |
Total common stockholder’s equity | 6,289,800 | 6,081,800 |
Total liabilities and equity | 20,850,000 | 19,916,400 |
Prepaid Taxes | $ 3,900 | $ 0 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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 |
Selected Balance Sheet Data
Selected Balance Sheet Data | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Accounts receivable, net Accounts receivable $ 366.0 $ 382.8 Less allowance for bad debts (23.4) (23.0) Accounts receivable, net $ 342.6 $ 359.8 (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Inventories Materials and supplies $ 179.9 $ 175.6 Fuel 95.1 103.2 Natural gas 10.7 26.0 Total Inventories $ 285.7 $ 304.8 (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Property, plant and equipment Electric plant $ 19,054.8 $ 18,519.5 Natural gas plant 1,593.2 1,562.9 Common and other property 908.2 886.7 Construction work in progress 885.4 846.3 Total property, plant and equipment 22,441.6 21,815.4 Less accumulated depreciation (8,181.0) (7,945.3) Nuclear fuel 2,924.8 2,909.8 Less accumulated amortization (2,600.6) (2,535.9) Property, plant and equipment, net $ 14,584.8 $ 14,244.0 |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
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 June 30, 2020 Year Ended Dec. 31, 2019 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — 32 Maximum amount outstanding — 250 Weighted average interest rate, computed on a daily basis — % 2.05 % 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 June 30, 2020 Year Ended Dec. 31, 2019 Borrowing limit $ 500 $ 500 Amount outstanding at period end — 30 Average amount outstanding — 71 Maximum amount outstanding — 317 Weighted average interest rate, computed on a daily basis — % 2.59 % Weighted average interest rate at period end N/A 2.05 Letters of Credit — NSP-Minnesota uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At June 30, 2020 and Dec. 31, 2019, there were $10 million of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Revolving 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. NSP-Minnesota has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval. At June 30, 2020, NSP-Minnesota had the following committed revolving credit facility available (in millions of dollars): Credit Facility (a) Outstanding (b) Available $ 500 $ 10 $ 490 (a) This credit facility expires in June 2024. (b) Includes outstanding commercial paper and letters of credit. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Minnesota had no direct advances on the credit facility outstanding at June 30, 2020 and Dec. 31, 2019. Bilateral Credit Agreement — In March 2019, NSP-Minnesota entered into a one-year uncommitted bilateral credit agreement. This facility is limited in use to support letters of credit. In March 2020, NSP-Minnesota renewed its bilateral credit agreement for an additional one-year term. As of June 30, 2020, NSP-Minnesota’s outstanding letters of credit under the Bilateral Credit Agreement were as follows: (Millions of Dollars) Limit Amount Outstanding Available NSP-Minnesota $ 75 $ 31 $ 44 Long-Term Borrowings During the six months ended June 30, 2020, NSP-Minnesota issued $700 million of 2.60% first mortgage bonds due June 1, 2051. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
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 June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 329.5 $ 38.6 $ 7.6 $ 375.7 Commercial and industrial 466.9 26.7 — 493.6 Other 8.5 — 1.6 10.1 Total retail 804.9 65.3 9.2 879.4 Wholesale 37.2 — — 37.2 Transmission 63.5 — — 63.5 Interchange 106.1 — — 106.1 Other 6.4 2.0 — 8.4 Total revenue from contracts with customers 1,018.1 67.3 9.2 1,094.6 Alternative revenue and other 77.6 7.7 — 85.3 Total revenues $ 1,095.7 $ 75.0 $ 9.2 $ 1,179.9 Three Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 288.1 $ 40.9 $ 7.1 $ 336.1 Commercial and industrial 519.5 32.0 — 551.5 Other 7.6 — 1.3 8.9 Total retail 815.2 72.9 8.4 896.5 Wholesale 53.1 — — 53.1 Transmission 55.3 — — 55.3 Interchange 116.2 — — 116.2 Other 3.9 1.8 — 5.7 Total revenue from contracts with customers 1,043.7 74.7 8.4 1,126.8 Alternative revenue and other 53.5 4.7 — 58.2 Total revenues $ 1,097.2 $ 79.4 $ 8.4 $ 1,185.0 Six Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 629.6 $ 152.1 $ 15.0 $ 796.7 Commercial and industrial 911.6 108.8 — 1,020.4 Other 16.5 — 3.0 19.5 Total retail 1,557.7 260.9 18.0 1,836.6 Wholesale 82.6 — — 82.6 Transmission 119.4 — — 119.4 Interchange 215.7 — — 215.7 Other 8.3 3.3 — 11.6 Total revenue from contracts with customers 1,983.7 264.2 18.0 2,265.9 Alternative revenue and other 147.3 16.9 — 164.2 Total revenues $ 2,131.0 $ 281.1 $ 18.0 $ 2,430.1 Six Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 615.0 $ 190.5 $ 14.0 $ 819.5 Commercial and industrial 987.0 140.8 — 1,127.8 Other 15.9 — 2.1 18.0 Total retail 1,617.9 331.3 16.1 1,965.3 Wholesale 100.0 — — 100.0 Transmission 115.7 — — 115.7 Interchange 236.3 — — 236.3 Other 8.7 2.9 — 11.6 Total revenue from contracts with customers 2,078.6 334.2 16.1 2,428.9 Alternative revenue and other 97.3 9.3 — 106.6 Total revenues $ 2,175.9 $ 343.5 $ 16.1 $ 2,535.5 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Note 7 to the consolidated financial statements included in NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2019 represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference. The following table reconciles the difference between the statutory rate and the ETR: Six Months Ended June 30 2020 2019 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 (25.8) (15.9) Plant regulatory differences (a) (7.8) (8.0) Other tax credits, net of NOL & tax credit allowances (1.4) (1.2) Other (net) 0.9 0.6 Effective income tax rate (6.0) % 3.6 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reduction.. . 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 Years Expiration 2009 - 2013 September 2020 2014 - 2016 June 2021 In 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. In April 2020, Xcel Energy and Appeals reached an agreement and no material adjustments were required. In 2018, the IRS began an audit of tax years 2014 - 2016. As of June 30, 2020, 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 June 30, 2020, NSP-Minnesota’s earliest open tax year 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 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) June 30, 2020 Dec. 31, 2019 Unrecognized tax benefit — Permanent tax positions $ 14.6 $ 14.8 Unrecognized tax benefit — Temporary tax positions 4.8 4.9 Total unrecognized tax benefit $ 19.4 $ 19.7 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 NOL and tax credit carryforwards $ (16.6) $ (16.3) Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $12.5 million and $11.3 million at June 30, 2020 and Dec. 31, 2019, respectively. As the IRS audit progresses and state audits resume, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $11.1 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) June 30, 2020 Dec. 31, 2019 Payable for interest related to unrecognized tax benefits at beginning of period $ (1.6) $ (1.2) Interest benefit (expense) related to unrecognized tax benefits 0.2 (0.4) Payable for interest related to unrecognized tax benefits at end of period $ (1.4) $ (1.6) No amounts were accrued for penalties related to unrecognized tax benefits as of June 30, 2020 or Dec. 31, 2019. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value Measurements 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; and • 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, may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third-party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota include transmission congestion instruments, generally referred to as 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 certain 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 immaterial 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 $637.4 million and $705.5 million as of June 30, 2020 and Dec. 31, 2019, respectively, and unrealized losses were $16.8 million and $5.9 million as of June 30, 2020 and Dec. 31, 2019, respectively. Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 21.6 $ 21.6 $ — $ — $ — $ 21.6 Commingled funds 766.0 — — — 897.2 897.2 Debt securities 512.9 — 531.0 10.0 — 541.0 Equity securities 473.5 933.5 1.3 — — 934.8 Total $ 1,774.0 $ 955.1 $ 532.3 $ 10.0 $ 897.2 $ 2,394.6 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.4 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 33.4 $ 33.4 $ — $ — $ — $ 33.4 Commingled funds 732.8 — — — 934.9 934.9 Debt securities 489.2 — 495.2 12.7 — 507.9 Equity securities 484.6 962.0 1.4 — — 963.4 Total $ 1,740.0 $ 995.4 $ 496.6 $ 12.7 $ 934.9 $ 2,439.6 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.6 million of rabbi trust assets and miscellaneous investments. For the three and six months ended June 30, 2020 and 2019 there were immaterial Level 3 nuclear decommissioning fund investments or transfer of amounts between levels. Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2020: Final Contractual Maturity (Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Due in 5 to 10 Due after 10 Total Debt securities $ (3.8) $ 97.6 $ 212.1 $ 235.1 $ 541.0 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: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 1.2 $ 1.2 $ — $ — $ 1.2 Mutual funds 12.9 13.9 — — 13.9 Total $ 14.1 $ 15.1 $ — $ — $ 15.1 Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 1.2 $ 1.2 $ — $ — $ 1.2 Mutual funds 11.4 13.1 — — 13.1 Total $ 12.6 $ 14.3 $ — $ — $ 14.3 (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 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, with changes in fair value prior to settlement recorded as other comprehensive income. At June 30, 2020, accumulated other comprehensive loss 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. At June 30, 2020, NSP-Minnesota had no commodity contracts designated as cash flow hedges. 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 approved regulatory recovery mechanisms. 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) June 30, 2020 Dec. 31, 2019 Megawatt hours of electricity 95.3 79.1 Million British thermal units of natural gas 82.9 77.8 (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 June 30, 2020, six of NSP-Minnesota’s 10 most significant counterparties for these activities, comprising $40.5 million, or 51%, 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 $16.0 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. One of these significant counterparties, comprising $13.2 million or 17% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Seven of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities. The impact of derivative activity: Pre-Tax Fair Value (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended June 30, 2020 Other derivative instruments Electric commodity $ — $ 2.3 Natural gas commodity — (0.3) Total $ — $ 2.0 Six Months Ended June 30, 2020 Other derivative instruments Electric commodity $ — $ 2.4 Natural gas commodity — 0.2 Total $ — $ 2.6 Pre-Tax Fair Value (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended June 30, 2019 Other derivative instruments Electric commodity $ — $ 15.6 Natural gas commodity — (0.2) Total $ — $ 15.4 Six Months Ended June 30, 2019 Other derivative instruments Electric commodity $ — $ (0.5) Natural gas commodity — (0.3) Total $ — $ (0.8) Pre-Tax (Gains) Losses Pre-Tax Gains (Losses) (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Three Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 0.2 (a) $ — $ — Total $ 0.2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (1.3) (b) Electric commodity — (0.7) (c) — Total $ — $ (0.7) $ (1.3) Six Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 0.5 (a) $ — $ — Total $ 0.5 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 0.7 (b) Electric commodity — (1.9) (c) — Natural gas commodity — 1.2 (d) (2.0) (d) Total $ — $ (0.7) $ (1.3) Pre-Tax (Gains) Losses Pre-Tax Gains (Losses) (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Three Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 0.3 (a) $ — $ — Total $ 0.3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 1.6 (b) Total $ — $ — $ 1.6 Six Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 0.5 (a) $ — $ — Total $ 0.5 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (1.2) (b) Electric commodity — 0.8 (c) — Natural gas commodity — 0.2 (d) (1.3) (d) Total $ — $ 1.0 $ (2.5) (a) Amounts 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 and six months ended June 30, 2020 and 2019. 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 June 30, 2020 and Dec. 31, 2019, there were $8.4 million and $7.1 million derivative instruments in a liability position with such underlying contract provisions, respectively. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that NSP-Minnesota’s ability to fulfill its contractual obligations is reasonably expected to be impaired. NSP-Minnesota had no collateral posted related to adequate assurance clauses in derivative contracts as of June 30, 2020 and Dec. 31, 2019. Recurring Fair Value Measurements — NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis: June 30, 2020 Dec. 31, 2019 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 $ 2.5 $ 35.3 $ 9.8 $ 47.6 $ (31.7) $ 15.9 $ 1.6 $ 39.5 $ 23.6 $ 64.7 $ (42.1) $ 22.6 Electric commodity — — 29.7 29.7 (1.4) 28.3 — — 8.7 8.7 (0.9) 7.8 Natural gas commodity — 1.1 — 1.1 — 1.1 — 2.1 — 2.1 — 2.1 Total current derivative assets $ 2.5 $ 36.4 $ 39.5 $ 78.4 $ (33.1) $ 45.3 $ 1.6 $ 41.6 $ 32.3 $ 75.5 $ (43.0) $ 32.5 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 9.7 $ 30.7 $ 23.7 $ 64.1 $ (37.2) $ 26.9 $ 8.5 $ 29.4 $ 6.0 $ 43.9 $ (34.8) $ 9.1 Total noncurrent derivative assets $ 9.7 $ 30.7 $ 23.7 $ 64.1 $ (37.2) 26.9 $ 8.5 $ 29.4 $ 6.0 $ 43.9 $ (34.8) 9.1 PPAs (b) 0.1 0.1 Noncurrent derivative instruments $ 27.0 $ 9.2 June 30, 2020 Dec. 31, 2019 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 $ 3.2 $ 28.9 $ 8.1 $ 40.2 $ (31.6) $ 8.6 $ 2.2 $ 42.1 $ 15.0 $ 59.3 $ (49.8) $ 9.5 Electric commodity — — 1.4 1.4 (1.4) — — — 1.0 1.0 (1.0) — Natural gas commodity — 0.5 — 0.5 — 0.5 — 1.7 — 1.7 — 1.7 Total current derivative liabilities $ 3.2 $ 29.4 $ 9.5 $ 42.1 $ (33.0) 9.1 $ 2.2 $ 43.8 $ 16.0 $ 62.0 $ (50.8) 11.2 PPAs (b) 13.9 13.8 Current derivative instruments $ 23.0 $ 25.0 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 3.0 $ 51.8 $ 18.3 $ 73.1 $ (5.7) $ 67.4 $ 2.0 $ 32.3 $ 17.0 $ 51.3 $ (3.3) $ 48.0 Total noncurrent derivative liabilities $ 3.0 $ 51.8 $ 18.3 $ 73.1 $ (5.7) 67.4 $ 2.0 $ 32.3 $ 17.0 $ 51.3 $ (3.3) 48.0 PPAs (b) 55.3 62.2 Noncurrent derivative instruments $ 122.7 $ 110.2 (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 June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At June 30, 2020, no derivative assets and liabilities include the rights to reclaim cash collateral and $7.9 million at Dec. 31, 2019. 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 and six months ended June 30, 2020 and 2019: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at April 1 $ 2.8 $ (10.0) Purchases 28.0 16.7 Settlements (12.6) (3.1) Net transactions recorded during the period: Gains recognized in earnings (a) 10.9 7.0 Net gains (losses) recognized as regulatory assets and liabilities 6.3 (4.6) Balance at June 30 $ 35.4 $ 6.0 Six Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at Jan. 1 $ 5.3 $ 14.3 Purchases 28.0 16.7 Settlements (24.3) (6.4) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 17.1 (11.6) Net gains (losses) recognized as regulatory assets and liabilities 9.3 (7.0) Balance at June 30 $ 35.4 $ 6.0 (a) These amounts relate to commodity derivatives held at the end of the period. Fair Value of Long-Term Debt Other financial instruments for which the carrying amount did not equal fair value: June 30, 2020 Dec. 31, 2019 (Millions of Dollars) Carrying Fair Value Carrying Fair Value Long-term debt, including current portion $ 6,202.3 $ 7,517.5 $ 5,521.3 $ 6,296.5 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 June 30, 2020 and Dec. 31, 2019, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost Three Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 6.7 $ 6.3 $ — $ — Interest cost (a) 7.8 9.3 0.6 0.8 Expected return on plan assets (a) (13.7) (13.6) — — Amortization of prior service credit (a) — — (0.7) (0.8) Amortization of net loss (a) 8.1 7.6 0.3 0.4 Net periodic benefit cost 8.9 9.6 0.2 0.4 Costs not recognized due to effects (1.2) (1.5) — — Net benefit cost recognized for financial reporting $ 7.7 $ 8.1 $ 0.2 $ 0.4 Six Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 13.5 $ 12.7 $ 0.1 $ 0.1 Interest cost (a) 15.6 18.5 1.3 1.6 Expected return on plan assets (a) (27.5) (27.1) (0.1) (0.1) Amortization of prior service credit (a) — (0.1) (1.5) (1.5) Amortization of net loss (a) 16.3 15.1 0.6 0.7 Net periodic benefit cost 17.9 19.1 0.4 0.8 Costs not recognized due to effects of regulation (2.5) (2.7) — — Net benefit cost recognized for financial reporting $ 15.4 $ 16.4 $ 0.4 $ 0.8 (a) The components of net periodic cost other than the service cost component are included in the line item “other income (expense), net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. In January 2020, contributions of $150.0 million were made across four of Xcel Energy’s pension plans, of which $44.0 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2020. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Legal NSP-Minnesota is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to, when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Rate Matters MEC Transactions — In January 2020, Xcel Energy, Inc. purchased MEC, a 760 MW natural gas combined cycle facility, for approximately $650 million from Southern Power Company (a subsidiary of Southern Company). In July 2020, Xcel Energy sold MEC to Southwest Generation for $680 million, subject to working capital adjustments. Proceeds from the sale will primarily be used to reduce Xcel Energy’s overall financing needs. NSP-Minnesota — 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 notified the MPUC of its proposal to refund the GE settlement proceeds back to customers through the FCA. 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. The lower court’s decision was affirmed on appeal. In March 2020, NSP-Minnesota’s insurers filed a petition seeking additional review by the Minnesota Supreme Court. On April 28, 2020, the Minnesota Supreme Court denied the insurers’ petition for further review, ending the litigation. In accordance with a prior MPUC order, NSP-Minnesota will now make a compliance filing on Aug. 21, 2020, detailing all costs that resulted from the outage and all insurance recoveries received by NSP-Minnesota in connection with the outage. The MPUC has indicated it intends to review the prudence of the Company’s actions and costs in connection with the outage now that the ligation is complete. The MPUC, however, has not specified what process it will use to complete that review. Westmoreland Arbitration - On Nov. 14, 2014, certain insurers for Westmoreland Coal Company filed an arbitration demand against NSP-Minnesota and other entities (SMMPA and Western Fuels Association), seeking recovery of alleged business losses following the Nov. 19, 2011 incident involving a failure of a low-pressure turbine in Sherco Unit 3. The Westmoreland insurers claim NSP-Minnesota’s invocation of the force majeure clause of the applicable coal supply agreement to stop the supply of coal was improper because the incident was allegedly caused by NSP-Minnesota’s failure to conform to industry maintenance standards. Westmoreland’s insurers quantified their losses as approximately $36 million. All parties tolled the arbitration pending resolution of a separate lawsuit brought by NSP-Minnesota, SMMPA, and their insurers against various GE entities based on the inspection and maintenance advice GE provided for Sherco Unit 3. That litigation has been resolved and notice of resolution was served July 6, 2020, triggering the arbitration to resume. NSP-Minnesota denies the claims asserted by the Westmoreland insurers, believes it properly stopped the supply of coal based upon the force majeure provision in the coal supply agreement and intends to defend the matter. It is uncertain when a final resolution will occur, but it is unlikely that an arbitration hearing will take place before 2021. At June 30, 2020, a reasonable estimate of the damages or range of damages cannot be determined. 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 November 2019, the FERC issued Opinion No. 569 adopting a new ROE methodology and settling the MISO base ROE at 9.88% (10.38% with the RTO adder), effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also dismissed the second complaint. In December 2019, MISO TOs filed a request for rehearing. Customers also filed requests for rehearing, claiming among other points, that the FERC erred by dismissing the second complaint without refunds. FERC accepted the requests for rehearing in January 2020. In March 2020, the FERC issued a Notice of Proposed Rulemaking regarding changes to its policies for transmission incentives, including a proposal to increase the RTO participation adder from 50 to 100 basis points and to make the adder available regardless of whether a utility’s ongoing participation in the RTO is voluntary or required by legislation or a regulator. In May 2020, the FERC issued Opinion No. 569-A, which granted rehearing in part to Opinion 569 and further refined the FERC’s ROE methodology, most significantly to incorporate the risk premium model (in addition to the discounted cash flow and capital asset pricing models), resulting in a new base ROE of 10.02%, effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also affirmed its decision in Opinion 569 to dismiss the second complaint. Environmental MGP, Landfill and Disposal Sites NSP-Minnesota is currently investigating, remediating or performing post-closure actions at seven MGP, landfill or other disposal sites across its service territories. NSP-Minnesota has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — NSP-Minnesota’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, NSP-Minnesota has three regulated ash units in operation. NSP-Minnesota is conducting groundwater sampling and, where appropriate, implementing assessment of corrective measures at certain CCR landfills and surface impoundments. In 2019, groundwater monitoring consistent with the CCR Rule was conducted. No results above the groundwater protection standards in the rule were identified. Until NSP-Minnesota completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. In August 2018, the D.C. Circuit ruled that the EPA cannot allow utilities to continue to use unlined impoundments (including clay lined impoundments) for the storage or disposal of coal ash. In November 2019, the EPA proposed rules in response to this decision. If finalized in their current form, these rules would require NSP-Minnesota to expedite closure plans for one impoundment at an estimated cost of $4.0 million and the construction of a new impoundment at the cost of $8.5 million. In 2019, NSP-Minnesota initiated the construction of this new impoundment, an ash pond, expected to be in service in 2020. Upon placing the new ash pond in service, the existing ash pond will be taken out of service, and closure activities as prescribed by the CCR Rule and the facility’s National Pollutant Discharge Elimination System permit will be initiated. Closure costs for existing impoundments are included in the calculation of the asset retirement obligation liability. VIEs 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 IPP. NSP-Minnesota had approximately 1,347 MW of capacity under long-term PPAs at June 30, 2020 and Dec. 31, 2019 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. Agreements have expiration dates through 2039. |
Rate Matters
Rate Matters | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Commitments and Contingencies | Legal NSP-Minnesota is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to, when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Rate Matters MEC Transactions — In January 2020, Xcel Energy, Inc. purchased MEC, a 760 MW natural gas combined cycle facility, for approximately $650 million from Southern Power Company (a subsidiary of Southern Company). In July 2020, Xcel Energy sold MEC to Southwest Generation for $680 million, subject to working capital adjustments. Proceeds from the sale will primarily be used to reduce Xcel Energy’s overall financing needs. NSP-Minnesota — 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 notified the MPUC of its proposal to refund the GE settlement proceeds back to customers through the FCA. 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. The lower court’s decision was affirmed on appeal. In March 2020, NSP-Minnesota’s insurers filed a petition seeking additional review by the Minnesota Supreme Court. On April 28, 2020, the Minnesota Supreme Court denied the insurers’ petition for further review, ending the litigation. In accordance with a prior MPUC order, NSP-Minnesota will now make a compliance filing on Aug. 21, 2020, detailing all costs that resulted from the outage and all insurance recoveries received by NSP-Minnesota in connection with the outage. The MPUC has indicated it intends to review the prudence of the Company’s actions and costs in connection with the outage now that the ligation is complete. The MPUC, however, has not specified what process it will use to complete that review. Westmoreland Arbitration - On Nov. 14, 2014, certain insurers for Westmoreland Coal Company filed an arbitration demand against NSP-Minnesota and other entities (SMMPA and Western Fuels Association), seeking recovery of alleged business losses following the Nov. 19, 2011 incident involving a failure of a low-pressure turbine in Sherco Unit 3. The Westmoreland insurers claim NSP-Minnesota’s invocation of the force majeure clause of the applicable coal supply agreement to stop the supply of coal was improper because the incident was allegedly caused by NSP-Minnesota’s failure to conform to industry maintenance standards. Westmoreland’s insurers quantified their losses as approximately $36 million. All parties tolled the arbitration pending resolution of a separate lawsuit brought by NSP-Minnesota, SMMPA, and their insurers against various GE entities based on the inspection and maintenance advice GE provided for Sherco Unit 3. That litigation has been resolved and notice of resolution was served July 6, 2020, triggering the arbitration to resume. NSP-Minnesota denies the claims asserted by the Westmoreland insurers, believes it properly stopped the supply of coal based upon the force majeure provision in the coal supply agreement and intends to defend the matter. It is uncertain when a final resolution will occur, but it is unlikely that an arbitration hearing will take place before 2021. At June 30, 2020, a reasonable estimate of the damages or range of damages cannot be determined. 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 November 2019, the FERC issued Opinion No. 569 adopting a new ROE methodology and settling the MISO base ROE at 9.88% (10.38% with the RTO adder), effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also dismissed the second complaint. In December 2019, MISO TOs filed a request for rehearing. Customers also filed requests for rehearing, claiming among other points, that the FERC erred by dismissing the second complaint without refunds. FERC accepted the requests for rehearing in January 2020. In March 2020, the FERC issued a Notice of Proposed Rulemaking regarding changes to its policies for transmission incentives, including a proposal to increase the RTO participation adder from 50 to 100 basis points and to make the adder available regardless of whether a utility’s ongoing participation in the RTO is voluntary or required by legislation or a regulator. In May 2020, the FERC issued Opinion No. 569-A, which granted rehearing in part to Opinion 569 and further refined the FERC’s ROE methodology, most significantly to incorporate the risk premium model (in addition to the discounted cash flow and capital asset pricing models), resulting in a new base ROE of 10.02%, effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also affirmed its decision in Opinion 569 to dismiss the second complaint. Environmental MGP, Landfill and Disposal Sites NSP-Minnesota is currently investigating, remediating or performing post-closure actions at seven MGP, landfill or other disposal sites across its service territories. NSP-Minnesota has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — NSP-Minnesota’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, NSP-Minnesota has three regulated ash units in operation. NSP-Minnesota is conducting groundwater sampling and, where appropriate, implementing assessment of corrective measures at certain CCR landfills and surface impoundments. In 2019, groundwater monitoring consistent with the CCR Rule was conducted. No results above the groundwater protection standards in the rule were identified. Until NSP-Minnesota completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. In August 2018, the D.C. Circuit ruled that the EPA cannot allow utilities to continue to use unlined impoundments (including clay lined impoundments) for the storage or disposal of coal ash. In November 2019, the EPA proposed rules in response to this decision. If finalized in their current form, these rules would require NSP-Minnesota to expedite closure plans for one impoundment at an estimated cost of $4.0 million and the construction of a new impoundment at the cost of $8.5 million. In 2019, NSP-Minnesota initiated the construction of this new impoundment, an ash pond, expected to be in service in 2020. Upon placing the new ash pond in service, the existing ash pond will be taken out of service, and closure activities as prescribed by the CCR Rule and the facility’s National Pollutant Discharge Elimination System permit will be initiated. Closure costs for existing impoundments are included in the calculation of the asset retirement obligation liability. VIEs 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 IPP. NSP-Minnesota had approximately 1,347 MW of capacity under long-term PPAs at June 30, 2020 and Dec. 31, 2019 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. Agreements have expiration dates through 2039. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | 10. Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (Millions of Dollars) Gains and Defined Benefit Pension and Postretirement Items Total Gains and Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at April. 1 $ (19.2) $ (3.1) $ (22.3) $ (20.0) $ (2.9) $ (22.9) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $—, $—, $0.1 and $—, respectively) (a) 0.2 — 0.2 0.2 — 0.2 Amortization of net actuarial loss (net of taxes of $—) (b) — 0.1 0.1 — — — Net current period other comprehensive income 0.2 0.1 0.3 0.2 — 0.2 Accumulated other comprehensive loss at June 30 $ (19.0) $ (3.0) $ (22.0) $ (19.8) $ (2.9) $ (22.7) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (Millions of Dollars) Gains and Defined Benefit Pension and Postretirement Items Total Gains and Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (19.4) $ (3.1) $ (22.5) $ (20.2) $ (2.9) $ (23.1) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0.1, $—, $0.1 and $—, respectively) (a) 0.4 — 0.4 0.4 — 0.4 Amortization of net actuarial loss (net of taxes of $—) (b) — 0.1 0.1 — — — Net current period other comprehensive income 0.4 0.1 0.5 0.4 — 0.4 Accumulated other comprehensive loss at June 30 $ (19.0) $ (3.0) $ (22.0) $ (19.8) $ (2.9) $ (22.7) (a) Included in interest charges. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 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; and • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Minnesota and North Dakota. NSP-Minnesota presents Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments 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. As an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment. 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 and six months ended June 30: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues (a) $ 1,095.7 $ 1,097.2 Intersegment revenues 0.1 0.2 Total revenue $ 1,095.8 $ 1,097.4 Net income 113.2 93.9 Regulated Natural Gas Operating revenues (b) $ 75.0 $ 79.4 Intersegment revenues 0.1 0.2 Total revenue $ 75.1 $ 79.6 Net income 0.6 0.3 All Other Operating revenues $ 9.2 $ 8.4 Net income 3.6 1.7 Consolidated Total Operating revenues (a)(b) $ 1,180.1 $ 1,185.4 Reconciling eliminations (0.2) (0.4) Total operating revenues $ 1,179.9 $ 1,185.0 Net income 117.4 95.9 (a) Operating revenues include $106.1 million and $116.2 million of affiliate electric revenue for the three months ended June 30, 2020 and 2019. (b) Operating revenues includes an immaterial amount of affiliate gas revenue for the three months ended June 30, 2020 and 2019. Six Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues (a) $ 2,131.0 $ 2,175.9 Intersegment revenues 0.2 0.3 Total revenue $ 2,131.2 $ 2,176.2 Net income 199.2 176.8 Regulated Natural Gas Operating revenues (b) $ 281.1 $ 343.5 Intersegment revenues 0.3 0.5 Total revenue $ 281.4 $ 344.0 Net income 23.9 29.0 All Other Operating revenues $ 18.0 $ 16.1 Net income 1.3 3.3 Consolidated Total Operating revenues (a)(b) $ 2,430.6 $ 2,536.3 Reconciling eliminations (0.5) (0.8) Total operating revenues $ 2,430.1 $ 2,535.5 Net income 224.4 209.1 (a) Operating revenues include $215.7 million and $236.3 million of affiliate electric revenue for the six months ended June 30, 2020 and 2019. (b) Operating revenues includes an immaterial amount of affiliate gas revenue for the six months ended June 30, 2020 and 2019. |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Accounts receivable, net Accounts receivable $ 366.0 $ 382.8 Less allowance for bad debts (23.4) (23.0) Accounts receivable, net $ 342.6 $ 359.8 |
Inventories | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Inventories Materials and supplies $ 179.9 $ 175.6 Fuel 95.1 103.2 Natural gas 10.7 26.0 Total Inventories $ 285.7 $ 304.8 |
Property, plant and equipment, net | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Property, plant and equipment Electric plant $ 19,054.8 $ 18,519.5 Natural gas plant 1,593.2 1,562.9 Common and other property 908.2 886.7 Construction work in progress 885.4 846.3 Total property, plant and equipment 22,441.6 21,815.4 Less accumulated depreciation (8,181.0) (7,945.3) Nuclear fuel 2,924.8 2,909.8 Less accumulated amortization (2,600.6) (2,535.9) Property, plant and equipment, net $ 14,584.8 $ 14,244.0 |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Borrowings and Other Financing Instruments [Abstract] | |
Credit Facilities | At June 30, 2020, NSP-Minnesota had the following committed revolving credit facility available (in millions of dollars): Credit Facility (a) Outstanding (b) Available $ 500 $ 10 $ 490 (a) This credit facility expires in June 2024. (b) Includes outstanding commercial paper and letters of credit. |
Money Pool | |
Borrowings and Other Financing Instruments [Abstract] | |
Short-Term Borrowings | Money pool borrowings for NSP-Minnesota were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2020 Year Ended Dec. 31, 2019 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — 32 Maximum amount outstanding — 250 Weighted average interest rate, computed on a daily basis — % 2.05 % 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 June 30, 2020 Year Ended Dec. 31, 2019 Borrowing limit $ 500 $ 500 Amount outstanding at period end — 30 Average amount outstanding — 71 Maximum amount outstanding — 317 Weighted average interest rate, computed on a daily basis — % 2.59 % Weighted average interest rate at period end N/A 2.05 |
Bilateral Credit Agreement | Letter of Credit | |
Borrowings and Other Financing Instruments [Abstract] | |
Short-Term Borrowings | As of June 30, 2020, NSP-Minnesota’s outstanding letters of credit under the Bilateral Credit Agreement were as follows: (Millions of Dollars) Limit Amount Outstanding Available NSP-Minnesota $ 75 $ 31 $ 44 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | NSP-Minnesota’s operating revenues consists of the following: Three Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 329.5 $ 38.6 $ 7.6 $ 375.7 Commercial and industrial 466.9 26.7 — 493.6 Other 8.5 — 1.6 10.1 Total retail 804.9 65.3 9.2 879.4 Wholesale 37.2 — — 37.2 Transmission 63.5 — — 63.5 Interchange 106.1 — — 106.1 Other 6.4 2.0 — 8.4 Total revenue from contracts with customers 1,018.1 67.3 9.2 1,094.6 Alternative revenue and other 77.6 7.7 — 85.3 Total revenues $ 1,095.7 $ 75.0 $ 9.2 $ 1,179.9 Three Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 288.1 $ 40.9 $ 7.1 $ 336.1 Commercial and industrial 519.5 32.0 — 551.5 Other 7.6 — 1.3 8.9 Total retail 815.2 72.9 8.4 896.5 Wholesale 53.1 — — 53.1 Transmission 55.3 — — 55.3 Interchange 116.2 — — 116.2 Other 3.9 1.8 — 5.7 Total revenue from contracts with customers 1,043.7 74.7 8.4 1,126.8 Alternative revenue and other 53.5 4.7 — 58.2 Total revenues $ 1,097.2 $ 79.4 $ 8.4 $ 1,185.0 Six Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 629.6 $ 152.1 $ 15.0 $ 796.7 Commercial and industrial 911.6 108.8 — 1,020.4 Other 16.5 — 3.0 19.5 Total retail 1,557.7 260.9 18.0 1,836.6 Wholesale 82.6 — — 82.6 Transmission 119.4 — — 119.4 Interchange 215.7 — — 215.7 Other 8.3 3.3 — 11.6 Total revenue from contracts with customers 1,983.7 264.2 18.0 2,265.9 Alternative revenue and other 147.3 16.9 — 164.2 Total revenues $ 2,131.0 $ 281.1 $ 18.0 $ 2,430.1 Six Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 615.0 $ 190.5 $ 14.0 $ 819.5 Commercial and industrial 987.0 140.8 — 1,127.8 Other 15.9 — 2.1 18.0 Total retail 1,617.9 331.3 16.1 1,965.3 Wholesale 100.0 — — 100.0 Transmission 115.7 — — 115.7 Interchange 236.3 — — 236.3 Other 8.7 2.9 — 11.6 Total revenue from contracts with customers 2,078.6 334.2 16.1 2,428.9 Alternative revenue and other 97.3 9.3 — 106.6 Total revenues $ 2,175.9 $ 343.5 $ 16.1 $ 2,535.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the difference between the statutory rate and the ETR: Six Months Ended June 30 2020 2019 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 (25.8) (15.9) Plant regulatory differences (a) (7.8) (8.0) Other tax credits, net of NOL & tax credit allowances (1.4) (1.2) Other (net) 0.9 0.6 Effective income tax rate (6.0) % 3.6 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reduction.. . |
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 Years Expiration 2009 - 2013 September 2020 2014 - 2016 June 2021 |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits — permanent vs. temporary: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Unrecognized tax benefit — Permanent tax positions $ 14.6 $ 14.8 Unrecognized tax benefit — Temporary tax positions 4.8 4.9 Total unrecognized tax benefit $ 19.4 $ 19.7 |
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) June 30, 2020 Dec. 31, 2019 NOL and tax credit carryforwards $ (16.6) $ (16.3) |
Interest Payable related to Unrecognized Tax Benefits [Table Text Block] | Interest payable related to unrecognized tax benefits: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Payable for interest related to unrecognized tax benefits at beginning of period $ (1.6) $ (1.2) Interest benefit (expense) related to unrecognized tax benefits 0.2 (0.4) Payable for interest related to unrecognized tax benefits at end of period $ (1.4) $ (1.6) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 21.6 $ 21.6 $ — $ — $ — $ 21.6 Commingled funds 766.0 — — — 897.2 897.2 Debt securities 512.9 — 531.0 10.0 — 541.0 Equity securities 473.5 933.5 1.3 — — 934.8 Total $ 1,774.0 $ 955.1 $ 532.3 $ 10.0 $ 897.2 $ 2,394.6 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.4 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 33.4 $ 33.4 $ — $ — $ — $ 33.4 Commingled funds 732.8 — — — 934.9 934.9 Debt securities 489.2 — 495.2 12.7 — 507.9 Equity securities 484.6 962.0 1.4 — — 963.4 Total $ 1,740.0 $ 995.4 $ 496.6 $ 12.7 $ 934.9 $ 2,439.6 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.6 million of rabbi trust assets and miscellaneous investments. |
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 June 30, 2020: Final Contractual Maturity (Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Due in 5 to 10 Due after 10 Total Debt securities $ (3.8) $ 97.6 $ 212.1 $ 235.1 $ 541.0 |
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: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 1.2 $ 1.2 $ — $ — $ 1.2 Mutual funds 12.9 13.9 — — 13.9 Total $ 14.1 $ 15.1 $ — $ — $ 15.1 Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 1.2 $ 1.2 $ — $ — $ 1.2 Mutual funds 11.4 13.1 — — 13.1 Total $ 12.6 $ 14.3 $ — $ — $ 14.3 (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) June 30, 2020 Dec. 31, 2019 Megawatt hours of electricity 95.3 79.1 Million British thermal units of natural gas 82.9 77.8 (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 | mpact of derivative activity: Pre-Tax Fair Value (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended June 30, 2020 Other derivative instruments Electric commodity $ — $ 2.3 Natural gas commodity — (0.3) Total $ — $ 2.0 Six Months Ended June 30, 2020 Other derivative instruments Electric commodity $ — $ 2.4 Natural gas commodity — 0.2 Total $ — $ 2.6 Pre-Tax Fair Value (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended June 30, 2019 Other derivative instruments Electric commodity $ — $ 15.6 Natural gas commodity — (0.2) Total $ — $ 15.4 Six Months Ended June 30, 2019 Other derivative instruments Electric commodity $ — $ (0.5) Natural gas commodity — (0.3) Total $ — $ (0.8) Pre-Tax (Gains) Losses Pre-Tax Gains (Losses) (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Three Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 0.2 (a) $ — $ — Total $ 0.2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (1.3) (b) Electric commodity — (0.7) (c) — Total $ — $ (0.7) $ (1.3) Six Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 0.5 (a) $ — $ — Total $ 0.5 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 0.7 (b) Electric commodity — (1.9) (c) — Natural gas commodity — 1.2 (d) (2.0) (d) Total $ — $ (0.7) $ (1.3) Pre-Tax (Gains) Losses Pre-Tax Gains (Losses) (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Three Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 0.3 (a) $ — $ — Total $ 0.3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 1.6 (b) Total $ — $ — $ 1.6 Six Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 0.5 (a) $ — $ — Total $ 0.5 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (1.2) (b) Electric commodity — 0.8 (c) — Natural gas commodity — 0.2 (d) (1.3) (d) Total $ — $ 1.0 $ (2.5) (a) Amounts 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: June 30, 2020 Dec. 31, 2019 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 $ 2.5 $ 35.3 $ 9.8 $ 47.6 $ (31.7) $ 15.9 $ 1.6 $ 39.5 $ 23.6 $ 64.7 $ (42.1) $ 22.6 Electric commodity — — 29.7 29.7 (1.4) 28.3 — — 8.7 8.7 (0.9) 7.8 Natural gas commodity — 1.1 — 1.1 — 1.1 — 2.1 — 2.1 — 2.1 Total current derivative assets $ 2.5 $ 36.4 $ 39.5 $ 78.4 $ (33.1) $ 45.3 $ 1.6 $ 41.6 $ 32.3 $ 75.5 $ (43.0) $ 32.5 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 9.7 $ 30.7 $ 23.7 $ 64.1 $ (37.2) $ 26.9 $ 8.5 $ 29.4 $ 6.0 $ 43.9 $ (34.8) $ 9.1 Total noncurrent derivative assets $ 9.7 $ 30.7 $ 23.7 $ 64.1 $ (37.2) 26.9 $ 8.5 $ 29.4 $ 6.0 $ 43.9 $ (34.8) 9.1 PPAs (b) 0.1 0.1 Noncurrent derivative instruments $ 27.0 $ 9.2 June 30, 2020 Dec. 31, 2019 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 $ 3.2 $ 28.9 $ 8.1 $ 40.2 $ (31.6) $ 8.6 $ 2.2 $ 42.1 $ 15.0 $ 59.3 $ (49.8) $ 9.5 Electric commodity — — 1.4 1.4 (1.4) — — — 1.0 1.0 (1.0) — Natural gas commodity — 0.5 — 0.5 — 0.5 — 1.7 — 1.7 — 1.7 Total current derivative liabilities $ 3.2 $ 29.4 $ 9.5 $ 42.1 $ (33.0) 9.1 $ 2.2 $ 43.8 $ 16.0 $ 62.0 $ (50.8) 11.2 PPAs (b) 13.9 13.8 Current derivative instruments $ 23.0 $ 25.0 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 3.0 $ 51.8 $ 18.3 $ 73.1 $ (5.7) $ 67.4 $ 2.0 $ 32.3 $ 17.0 $ 51.3 $ (3.3) $ 48.0 Total noncurrent derivative liabilities $ 3.0 $ 51.8 $ 18.3 $ 73.1 $ (5.7) 67.4 $ 2.0 $ 32.3 $ 17.0 $ 51.3 $ (3.3) 48.0 PPAs (b) 55.3 62.2 Noncurrent derivative instruments $ 122.7 $ 110.2 (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 June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At June 30, 2020, no derivative assets and liabilities include the rights to reclaim cash collateral and $7.9 million at Dec. 31, 2019. 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 and six months ended June 30, 2020 and 2019: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at April 1 $ 2.8 $ (10.0) Purchases 28.0 16.7 Settlements (12.6) (3.1) Net transactions recorded during the period: Gains recognized in earnings (a) 10.9 7.0 Net gains (losses) recognized as regulatory assets and liabilities 6.3 (4.6) Balance at June 30 $ 35.4 $ 6.0 Six Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at Jan. 1 $ 5.3 $ 14.3 Purchases 28.0 16.7 Settlements (24.3) (6.4) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 17.1 (11.6) Net gains (losses) recognized as regulatory assets and liabilities 9.3 (7.0) Balance at June 30 $ 35.4 $ 6.0 (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: June 30, 2020 Dec. 31, 2019 (Millions of Dollars) Carrying Fair Value Carrying Fair Value Long-term debt, including current portion $ 6,202.3 $ 7,517.5 $ 5,521.3 $ 6,296.5 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 6 Months Ended | |
Jun. 30, 2020 | ||
Retirement Benefits [Abstract] | ||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost Three Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 6.7 $ 6.3 $ — $ — Interest cost (a) 7.8 9.3 0.6 0.8 Expected return on plan assets (a) (13.7) (13.6) — — Amortization of prior service credit (a) — — (0.7) (0.8) Amortization of net loss (a) 8.1 7.6 0.3 0.4 Net periodic benefit cost 8.9 9.6 0.2 0.4 Costs not recognized due to effects (1.2) (1.5) — — Net benefit cost recognized for financial reporting $ 7.7 $ 8.1 $ 0.2 $ 0.4 Six Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 13.5 $ 12.7 $ 0.1 $ 0.1 Interest cost (a) 15.6 18.5 1.3 1.6 Expected return on plan assets (a) (27.5) (27.1) (0.1) (0.1) Amortization of prior service credit (a) — (0.1) (1.5) (1.5) Amortization of net loss (a) 16.3 15.1 0.6 0.7 Net periodic benefit cost 17.9 19.1 0.4 0.8 Costs not recognized due to effects of regulation (2.5) (2.7) — — Net benefit cost recognized for financial reporting $ 15.4 $ 16.4 $ 0.4 $ 0.8 (a) The components of net periodic cost other than the service cost component are included in the line item “other income (expense), net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. | [1] |
[1] | The components of net periodic cost other than the service cost component are included in the line item “other income (expense), net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (Millions of Dollars) Gains and Defined Benefit Pension and Postretirement Items Total Gains and Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at April. 1 $ (19.2) $ (3.1) $ (22.3) $ (20.0) $ (2.9) $ (22.9) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $—, $—, $0.1 and $—, respectively) (a) 0.2 — 0.2 0.2 — 0.2 Amortization of net actuarial loss (net of taxes of $—) (b) — 0.1 0.1 — — — Net current period other comprehensive income 0.2 0.1 0.3 0.2 — 0.2 Accumulated other comprehensive loss at June 30 $ (19.0) $ (3.0) $ (22.0) $ (19.8) $ (2.9) $ (22.7) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (Millions of Dollars) Gains and Defined Benefit Pension and Postretirement Items Total Gains and Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (19.4) $ (3.1) $ (22.5) $ (20.2) $ (2.9) $ (23.1) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0.1, $—, $0.1 and $—, respectively) (a) 0.4 — 0.4 0.4 — 0.4 Amortization of net actuarial loss (net of taxes of $—) (b) — 0.1 0.1 — — — Net current period other comprehensive income 0.4 0.1 0.5 0.4 — 0.4 Accumulated other comprehensive loss at June 30 $ (19.0) $ (3.0) $ (22.0) $ (19.8) $ (2.9) $ (22.7) (a) Included in interest charges. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended | |
Jun. 30, 2020 | ||
Segment Reporting [Abstract] | ||
Results from Operations by Reportable Segment | NSP-Minnesota’s segment information for the three and six months ended June 30: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues (a) $ 1,095.7 $ 1,097.2 Intersegment revenues 0.1 0.2 Total revenue $ 1,095.8 $ 1,097.4 Net income 113.2 93.9 Regulated Natural Gas Operating revenues (b) $ 75.0 $ 79.4 Intersegment revenues 0.1 0.2 Total revenue $ 75.1 $ 79.6 Net income 0.6 0.3 All Other Operating revenues $ 9.2 $ 8.4 Net income 3.6 1.7 Consolidated Total Operating revenues (a)(b) $ 1,180.1 $ 1,185.4 Reconciling eliminations (0.2) (0.4) Total operating revenues $ 1,179.9 $ 1,185.0 Net income 117.4 95.9 (a) Operating revenues include $106.1 million and $116.2 million of affiliate electric revenue for the three months ended June 30, 2020 and 2019. (b) Operating revenues includes an immaterial amount of affiliate gas revenue for the three months ended June 30, 2020 and 2019. Six Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues (a) $ 2,131.0 $ 2,175.9 Intersegment revenues 0.2 0.3 Total revenue $ 2,131.2 $ 2,176.2 Net income 199.2 176.8 Regulated Natural Gas Operating revenues (b) $ 281.1 $ 343.5 Intersegment revenues 0.3 0.5 Total revenue $ 281.4 $ 344.0 Net income 23.9 29.0 All Other Operating revenues $ 18.0 $ 16.1 Net income 1.3 3.3 Consolidated Total Operating revenues (a)(b) $ 2,430.6 $ 2,536.3 Reconciling eliminations (0.5) (0.8) Total operating revenues $ 2,430.1 $ 2,535.5 Net income 224.4 209.1 (a) Operating revenues include $215.7 million and $236.3 million of affiliate electric revenue for the six months ended June 30, 2020 and 2019. (b) Operating revenues includes an immaterial amount of affiliate gas revenue for the six months ended June 30, 2020 and 2019. | [1],[2],[3],[4] |
[1] | Operating revenues include $106.1 million and $116.2 million of affiliate electric revenue for the three months ended June 30, 2020 and 2019. | |
[2] | Operating revenues include $215.7 million and $236.3 million of affiliate electric revenue for the six months ended June 30, 2020 and 2019. | |
[3] | Operating revenues includes an immaterial amount of affiliate gas revenue for the six months ended June 30, 2020 and 2019. | |
[4] | Operating revenues includes an immaterial amount of affiliate gas revenue for the three months ended June 30, 2020 and 2019. |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2020 |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 0.8 | $ 0.8 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts Receivable | $ 366 | $ 382.8 |
Less allowance for bad debts | (23.4) | (23) |
Accounts receivable, net | $ 342.6 | $ 359.8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 285,700 | $ 304,800 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 179,900 | 175,600 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 95,100 | 103,200 |
Natural Gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 10,700 | $ 26,000 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 22,441.6 | $ 21,815.4 |
Accumulated depreciation and amortization | (8,181) | (7,945.3) |
Property, plant and equipment, net | 14,584.8 | 14,244 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 19,054.8 | 18,519.5 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,593.2 | 1,562.9 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 908.2 | 886.7 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 885.4 | 846.3 |
Nuclear fuel | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,924.8 | 2,909.8 |
Accumulated depreciation and amortization | $ (2,600.6) | $ (2,535.9) |
Money Pool (Details)
Money Pool (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 0 | $ 30 | |
Money Pool | |||
Short-term Debt [Line Items] | |||
Borrowing limit | 250 | 250 | |
Amount outstanding at period end | 0 | $ 0 | |
Average amount outstanding | 0 | $ 32 | |
Maximum amount outstanding | $ 0 | $ 250 | |
Weighted average interest rate, computed on a daily basis | 0.00% | 2.05% |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments Commercial Paper (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 0 | $ 30 | |
Commercial Paper | |||
Short-term Debt [Line Items] | |||
Borrowing limit | 500 | 500 | |
Amount outstanding at period end | 0 | $ 30 | |
Average amount outstanding | 0 | $ 71 | |
Maximum amount outstanding | $ 0 | $ 317 | |
Weighted average interest rate, computed on a daily basis | 0.00% | 2.59% | |
Weighted average interest rate at period end | 2.05% |
Letters of Credit (Details)
Letters of Credit (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 30 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Direct advances on the credit facility outstanding | $ 10 | $ 10 |
Credit Facility (Details)
Credit Facility (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Line of Credit Facility [Line Items] | |||
Amount outstanding at period end | $ 0 | $ 30 | |
Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Borrowing limit | [1] | 500 | |
Amount outstanding at period end | [2] | $ 10 | |
Number of extension you can request | 2 | ||
Available | $ 490 | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
[1] | This credit facility expires in June 2024. | ||
[2] | Includes outstanding commercial paper and letters of credit. |
Bilateral Credit Agreement (Det
Bilateral Credit Agreement (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 30 |
Letter of Credit | Bilateral Credit Agreement | ||
Short-term Debt [Line Items] | ||
Borrowing Limit | 75 | |
Amount outstanding at period end | 31 | |
Available | $ 44 |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments (Details) - Series Due June 1, 2051 [Domain] - Bonds [Member] $ in Millions | Jun. 15, 2020USD ($) |
Debt Disclosure [Abstract] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.60% |
Debt Instrument, Face Amount | $ 700 |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.60% |
Debt Instrument, Face Amount | $ 700 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,179.9 | $ 1,185 | $ 2,430.1 | $ 2,535.5 |
Regulated Electric | Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,095.7 | 1,097.2 | 2,131 | 2,175.9 |
Regulated Natural Gas | Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 75 | 79.4 | 281.1 | 343.5 |
All Other | Total revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 9.2 | 8.4 | 18 | 16.1 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,094.6 | 1,126.8 | 2,265.9 | 2,428.9 |
Total revenue from contracts with customers | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,018.1 | 1,043.7 | 1,983.7 | 2,078.6 |
Total revenue from contracts with customers | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 67.3 | 74.7 | 264.2 | 334.2 |
Total revenue from contracts with customers | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 9.2 | 8.4 | 18 | 16.1 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 879.4 | 896.5 | 1,836.6 | 1,965.3 |
Retail | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 375.7 | 336.1 | 796.7 | 819.5 |
Retail | Commercial and industrial (C&I) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 493.6 | 551.5 | 1,020.4 | 1,127.8 |
Retail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 10.1 | 8.9 | 19.5 | 18 |
Retail | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 804.9 | 815.2 | 1,557.7 | 1,617.9 |
Retail | Regulated Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 329.5 | 288.1 | 629.6 | 615 |
Retail | Regulated Electric | Commercial and industrial (C&I) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 466.9 | 519.5 | 911.6 | 987 |
Retail | Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 8.5 | 7.6 | 16.5 | 15.9 |
Retail | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 65.3 | 72.9 | 260.9 | 331.3 |
Retail | Regulated Natural Gas | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 38.6 | 40.9 | 152.1 | 190.5 |
Retail | Regulated Natural Gas | Commercial and industrial (C&I) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 26.7 | 32 | 108.8 | 140.8 |
Retail | Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Retail | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 9.2 | 8.4 | 18 | 16.1 |
Retail | All Other | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 7.6 | 7.1 | 15 | 14 |
Retail | All Other | Commercial and industrial (C&I) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Retail | All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1.6 | 1.3 | 3 | 2.1 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 37.2 | 53.1 | 82.6 | 100 |
Wholesale | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 37.2 | 53.1 | 82.6 | 100 |
Wholesale | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Wholesale | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 63.5 | 55.3 | 119.4 | 115.7 |
Transmission | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 63.5 | 55.3 | 119.4 | 115.7 |
Transmission | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Transmission | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Interchange [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 106.1 | 116.2 | 215.7 | 236.3 |
Interchange [Member] | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 106.1 | 116.2 | 215.7 | 236.3 |
Interchange [Member] | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Interchange [Member] | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 8.4 | 5.7 | 11.6 | 11.6 |
Other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 6.4 | 3.9 | 8.3 | 8.7 |
Other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2 | 1.8 | 3.3 | 2.9 |
Other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 85.3 | 58.2 | 164.2 | 106.6 |
Alternative revenue and other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 77.6 | 53.5 | 147.3 | 97.3 |
Alternative revenue and other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 7.7 | 4.7 | 16.9 | 9.3 |
Alternative revenue and other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | |
State tax (net of federal tax effect) | 7.10% | 7.10% | |
Wind PTCs | (25.80%) | (15.90%) | |
Plant regulatory differences | [1] | (7.80%) | (8.00%) |
Other tax credits, net of NOL & tax credit allowances | (1.40%) | (1.20%) | |
Other (net) | 0.90% | 0.60% | |
Effective income tax rate | (6.00%) | 3.60% | |
[1] | Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reduction. |
Income Taxes Federal Audits (De
Income Taxes Federal Audits (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Income Tax Credits and Adjustments | $ 0 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefits (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ (1,400,000) | $ (1,600,000) | $ (1,200,000) | |
Interest Expense (Income) related to unrecognized tax benefits | $ (400,000) | 200,000 | ||
Unrecognized tax benefit — Permanent tax positions | 14,600,000 | 14,800,000 | ||
Unrecognized tax benefit — Temporary tax positions | 4,800,000 | 4,900,000 | ||
Total unrecognized tax benefit | 19,400,000 | 19,700,000 | ||
NOL and tax credit carryforwards | 16,600,000 | 16,300,000 | ||
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | (12,500,000) | (11,300,000) | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 11,100,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized Gain on Securities | $ 637.4 | $ 705.5 | ||
Unrealized Loss on Securities | 16.8 | 5.9 | ||
Nuclear Decommissioning Fund [Abstract] | ||||
Miscellaneous investments | 55.4 | 55.6 | ||
Final Contractual Maturity [Abstract] | ||||
Due in 1 Year or Less | (3.8) | |||
Due in 1 to 5 Years | 97.6 | |||
Due in 5 to 10 Years | 212.1 | |||
Due after 10 Years | 235.1 | |||
Total | 541 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Total | 1,774 | [1] | 1,740 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Cash equivalents | 21.6 | [1] | 33.4 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled Funds [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Commingled funds | 766 | [1] | 732.8 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Debt Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Debt securities | 512.9 | [1] | 489.2 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Equity securities | 473.5 | [1] | 484.6 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
NAV | 897.2 | [1] | 934.9 | [2] |
Total | 2,394.6 | [1] | 2,439.6 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Cash equivalents | 21.6 | [1] | 33.4 | [2] |
NAV | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled Funds [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Commingled funds | 897.2 | [1] | 934.9 | [2] |
NAV | 897.2 | [1] | 934.9 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Debt Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Debt securities | 541 | [1] | 507.9 | [2] |
NAV | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Equity securities | 934.8 | [1] | 963.4 | [2] |
NAV | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Total | 955.1 | [1] | 995.4 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Cash equivalents | 21.6 | [1] | 33.4 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled Funds [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Debt securities | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Equity securities | 933.5 | [1] | 962 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Total | 532.3 | [1] | 496.6 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Cash equivalents | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled Funds [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Debt securities | 531 | [1] | 495.2 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Equity securities | 1.3 | [1] | 1.4 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Total | 10 | [1] | 12.7 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Cash equivalents | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled Funds [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Debt securities | 10 | [1] | 12.7 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity Securities [Member] | ||||
Nuclear Decommissioning Fund [Abstract] | ||||
Equity securities | $ 0 | [1] | $ 0 | [2] |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.4 million of rabbi trust assets and miscellaneous investments. | |||
[2] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.6 million of rabbi trust assets and miscellaneous investments. |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities Rabbi Trust (Details) - Rabbi Trust [Member] - Fair Value Measured on a Recurring Basis - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Cost | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | $ 14.1 | $ 12.6 |
Cost | Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 1.2 | 1.2 |
Cost | Mutual Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 12.9 | 11.4 |
Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 15.1 | 14.3 |
Fair Value | Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 1.2 | 1.2 |
Fair Value | Mutual Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 13.9 | 13.1 |
Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 15.1 | 14.3 |
Fair Value | Level 1 | Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 1.2 | 1.2 |
Fair Value | Level 1 | Mutual Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 13.9 | 13.1 |
Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 0 | 0 |
Fair Value | Level 2 | Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Fair Value | Level 2 | Mutual Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 0 | 0 |
Fair Value | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 0 | 0 |
Fair Value | Level 3 | Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Fair Value | Level 3 | Mutual Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | $ 0 | $ 0 |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. |
Interest Rate Derivative (Detai
Interest Rate Derivative (Details) $ in Millions | Jun. 30, 2020USD ($) |
Interest Rate Derivatives | |
Interest Rate Derivatives [Abstract] | |
Amount or interest rate derivatives expected to be reclassified | $ (0.8) |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | Jun. 30, 2020USD ($)MMBTUMWh | Dec. 31, 2019MMBTUMWh | |
Cash flow hedge commodity | |||
Derivative [Line Items] | |||
Commodity contracts designated as cash flow hedges | $ | $ 0 | ||
Electric commodity | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional amount | MWh | [1],[2] | 95.3 | 79.1 |
Natural gas commodity | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 82.9 | 77.8 |
[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_6
Fair Value of Financial Assets and Liabilities Consideration of Credit Risk and Concentrations (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020USD ($)Counterparty | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Counterparty | Jun. 30, 2019USD ($) | |||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Fair Value Hedges, Net | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Not Designated as Hedging Instrument [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 2 | 15.4 | 2.6 | (0.8) | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (0.7) | 0 | (0.7) | 1 | ||||
Pre-tax gains (losses) recognized during the period in income | (1.3) | 1.6 | (1.3) | (2.5) | ||||
Not Designated as Hedging Instrument [Member] | Electric Commodity Contract [Member] | ||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 2.3 | 15.6 | 2.4 | (0.5) | ||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | |||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (0.7) | [1] | (1.9) | [1] | 0.8 | [2] | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | Natural Gas Commodity | ||||||||
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) | [3] | (1.2) | (0.2) | |||||
Pre-tax gains (losses) recognized during the period in income | [3] | (2) | (1.3) | |||||
Not Designated as Hedging Instrument [Member] | Commodity Trading Contract [Member] | ||||||||
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 | 0 | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | [2] | (1.3) | 1.6 | 0.7 | (1.2) | |||
Not Designated as Hedging Instrument [Member] | 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 | 0 | 0 | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (0.3) | (0.2) | 0.2 | (0.3) | ||||
Designated as Hedging Instrument [Member] | 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 | 0.2 | 0.3 | 0.5 | 0.5 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedges | Interest Rate Contract [Member] | ||||||||
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 | 0.2 | [4] | 0.3 | 0.5 | [4] | 0.5 | [4] | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Credit Concentration Risk | ||||||||
Derivative [Line Items] | ||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | 10 | ||||||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 7 | 7 | ||||||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | 6 | ||||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 40.5 | $ 40.5 | ||||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 51.00% | 51.00% | ||||||
Credit Concentration Risk | Internal Investment Grade [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | 3 | ||||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 16 | $ 16 | ||||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 20.00% | 20.00% | ||||||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | 1 | ||||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 13.2 | $ 13.2 | ||||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 17.00% | 17.00% | ||||||
[1] | 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. | |||||||
[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 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. | |||||||
[4] | Amounts recorded to interest charges. |
Credit Related Contingent Featu
Credit Related Contingent Features (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Derivative instruments in a gross liability position | $ 8.4 | $ 7.1 |
Collateral posted related to adequate assurance clauses in derivative contracts | $ 0 | $ 0 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Derivatives, Fair Value [Line Items] | ||||||
Obligation to return cash | $ 31.5 | $ 31.5 | $ 31.5 | |||
Right to reclaim cash | 0 | 0 | 7.9 | |||
Commodity Trading | ||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||||
Balance at beginning of period | 2.8 | $ (10) | 5.3 | $ 14.3 | ||
Purchases | 28 | 16.7 | 28 | 16.7 | ||
Settlements | (12.6) | (3.1) | (24.3) | (6.4) | ||
Gains (losses) recognized in earnings | [1] | 10.9 | 7 | 17.1 | (11.6) | |
Net gains (losses) recognized as regulatory assets and liabilities | 6.3 | (4.6) | 9.3 | (7) | ||
Balance at end of period | 35.4 | 6 | 35.4 | 6 | ||
Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | 27 | 27 | 9.2 | |||
Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | 23 | 23 | 25 | |||
Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | 122.7 | 122.7 | 110.2 | |||
Fair Value Measured on a Recurring Basis | Level 3 | ||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||||
Transfers level 3, net | 0 | $ 0 | 0 | $ 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 78.4 | 78.4 | 75.5 | |||
Netting, asset | [2] | (33.1) | (33.1) | (43) | ||
Derivative asset | 45.3 | 45.3 | 32.5 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 2.5 | 2.5 | 1.6 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 36.4 | 36.4 | 41.6 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 39.5 | 39.5 | 32.3 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 47.6 | 47.6 | 64.7 | |||
Netting, asset | [2] | (31.7) | (31.7) | (42.1) | ||
Derivative asset | 15.9 | 15.9 | 22.6 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 29.7 | 29.7 | 8.7 | |||
Netting, asset | [2] | (1.4) | (1.4) | (0.9) | ||
Derivative asset | 28.3 | 28.3 | 7.8 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 1.1 | 1.1 | 2.1 | |||
Netting, asset | [2] | 0 | 0 | 0 | ||
Derivative asset | 1.1 | 1.1 | 2.1 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 2.5 | 2.5 | 1.6 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 35.3 | 35.3 | 39.5 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 1.1 | 1.1 | 2.1 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 9.8 | 9.8 | 23.6 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 29.7 | 29.7 | 8.7 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 64.1 | 64.1 | 43.9 | |||
Netting, asset | [2] | (37.2) | (37.2) | (34.8) | ||
Derivative asset | 26.9 | 26.9 | 9.1 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 9.7 | 9.7 | 8.5 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 30.7 | 30.7 | 29.4 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 23.7 | 23.7 | 6 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 64.1 | 64.1 | 43.9 | |||
Netting, asset | [2] | (37.2) | (37.2) | (34.8) | ||
Derivative asset | 26.9 | 26.9 | 9.1 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 9.7 | 9.7 | 8.5 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 30.7 | 30.7 | 29.4 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset, gross | 23.7 | 23.7 | 6 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 42.1 | 42.1 | 62 | |||
Netting, liability | [2] | (33) | (33) | (50.8) | ||
Derivative liability | 9.1 | 9.1 | 11.2 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 3.2 | 3.2 | 2.2 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 29.4 | 29.4 | 43.8 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 9.5 | 9.5 | 16 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 40.2 | 40.2 | 59.3 | |||
Netting, liability | [2] | (31.6) | (31.6) | (49.8) | ||
Derivative liability | 8.6 | 8.6 | 9.5 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 1.4 | 1.4 | 1 | |||
Netting, liability | [2] | (1.4) | (1.4) | (1) | ||
Derivative liability | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 0.5 | 0.5 | 1.7 | |||
Netting, liability | [2] | 0 | 0 | 0 | ||
Derivative liability | 0.5 | 0.5 | 1.7 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 3.2 | 3.2 | 2.2 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 28.9 | 28.9 | 42.1 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 0.5 | 0.5 | 1.7 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 8.1 | 8.1 | 15 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 1.4 | 1.4 | 1 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 73.1 | 73.1 | 51.3 | |||
Netting, liability | [2] | (5.7) | (5.7) | (3.3) | ||
Derivative liability | 67.4 | 67.4 | 48 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 3 | 3 | 2 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 51.8 | 51.8 | 32.3 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 18.3 | 18.3 | 17 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 73.1 | 73.1 | 51.3 | |||
Netting, liability | [2] | (5.7) | (5.7) | (3.3) | ||
Derivative liability | 67.4 | 67.4 | 48 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 3 | 3 | 2 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 51.8 | 51.8 | 32.3 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability, gross | 18.3 | 18.3 | 17 | |||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative asset | [3] | 0.1 | 0.1 | 0.1 | ||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | [3] | 13.9 | 13.9 | 13.8 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liability | [3] | $ 55.3 | $ 55.3 | $ 62.2 | ||
[1] | These amounts relate to commodity derivatives held at the end of the period. | |||||
[2] | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At June 30, 2020, no derivative assets and liabilities include the rights to reclaim cash collateral and $7.9 million at Dec. 31, 2019. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||||
[3] | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | $ 6,202.3 | $ 5,521.3 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 7,517.5 | $ 6,296.5 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2020USD ($)Plan | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | ||
Pension Plan [Member] | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | $ 6.7 | $ 6.3 | $ 13.5 | $ 12.7 | ||
Interest cost | [1] | 7.8 | 9.3 | 15.6 | 18.5 | |
Expected return on plan assets | [1] | (13.7) | (13.6) | (27.5) | (27.1) | |
Amortization of prior service credit | [1] | 0 | 0 | 0 | (0.1) | |
Amortization of net loss | [1] | 8.1 | 7.6 | 16.3 | 15.1 | |
Net periodic benefit cost | 8.9 | 9.6 | 17.9 | 19.1 | ||
Costs not recognized due to effects of regulation | (1.2) | (1.5) | (2.5) | (2.7) | ||
Net benefit cost recognized for financial reporting | 7.7 | 8.1 | 15.4 | 16.4 | ||
Total contributions to the pension plans during the period | $ 44 | |||||
Pension Plan [Member] | Xcel Energy Inc. | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Total contributions to the pension plans during the period | $ 150 | |||||
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 | 0 | 0.1 | 0.1 | ||
Interest cost | [1] | 0.6 | 0.8 | 1.3 | 1.6 | |
Expected return on plan assets | [1] | 0 | 0 | (0.1) | (0.1) | |
Amortization of prior service credit | [1] | (0.7) | (0.8) | (1.5) | (1.5) | |
Amortization of net loss | [1] | 0.3 | 0.4 | 0.6 | 0.7 | |
Net periodic benefit cost | 0.2 | 0.4 | 0.4 | 0.8 | ||
Costs not recognized due to effects of regulation | 0 | 0 | 0 | 0 | ||
Net benefit cost recognized for financial reporting | $ 0.2 | $ 0.4 | $ 0.4 | $ 0.8 | ||
[1] | The components of net periodic cost other than the service cost component are included in the line item “other income (expense), net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Commitments and Contingencies M
Commitments and Contingencies MEC Transactions (Details) - MEC Holdings LLC [Member] - Unregulated Operation [Member] $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020USD ($)MW | Jun. 30, 2020USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||
Natural Gas Combine Cycle Facility Output | MW | 760 | |
Property, Plant and Equipment, Additions | $ 650 | |
Southwest Generation [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 680 |
Sherco (Details)
Sherco (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2019 | Mar. 31, 2019 | |
General Electric (GE) [Domain] | ||
Rate Matters [Abstract] | ||
Percentage of Fault | 52.00% | |
NSP-Minnesota | ||
Rate Matters [Abstract] | ||
Percentage of Fault | 48.00% | |
Customer refund of previously recovered purchased power costs | $ 20 |
Commitments and Contingencies_2
Commitments and Contingencies MISO ROE Complaints (Details) - Federal Energy Regulatory Commission (FERC) - FERC Proceeding, MISO ROE Complaint - NSP Minnesota and NSP Wisconsin [Member] [Member] | 1 Months Ended | 3 Months Ended | 39 Months Ended | ||
Feb. 28, 2015 | Nov. 30, 2013 | Mar. 31, 2017 | Dec. 31, 2019 | Jun. 30, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | ||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% | ||||
Public Utilities, ROE developed with new approach | 9.88% | ||||
Public Utilities, ROE developed with new approach, with RTO Adder, Approved | 10.38% | ||||
Public Utilities, ROE New Base, Complaint Number 1 | 10.02% | ||||
Minimum [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
basis points | 50 | ||||
Maximum [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
basis points | 100 |
Environmental, MGP, Landfill or
Environmental, MGP, Landfill or Disposal Sites (Details) | Jun. 30, 2020 |
Other MGP, Landfill, or Disposal Sites [Domain] | |
Site Contingency [Line Items] | |
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 7 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) - Federal Coal Ash Regulation [Domain] $ in Millions | Jun. 30, 2020USD ($) |
Site Contingency [Line Items] | |
Number of sites where regulated ash units will still be in operation at a specified date | 3 |
Number of sites where statistically significant increases over established groundwater standards exist | 0 |
Number of impoundments where closure plans will be expedited | 1 |
Estimated cost of closure of an impoundment | $ 4 |
Estimated cost of construction of a new impoundment | $ 8.5 |
Commitments and Contingencies V
Commitments and Contingencies Variable Interest Entities (Details) - MW | Jun. 30, 2020 | Dec. 31, 2019 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements | 1,347 | 1,347 |
Rate Matters (Details)
Rate Matters (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Gain (Loss) Related to Litigation Settlement | $ 36 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive (loss) income at beginning of period | $ 6,081.8 | |||||||
Income Tax Expense (Benefit) | $ (7.1) | $ 1.7 | (12.7) | $ 7.8 | ||||
Accumulated other comprehensive (loss) income at end of period | 6,289.8 | 6,289.8 | ||||||
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 | (19.2) | (20) | (19.4) | (20.2) | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] |
Other Comprehensive Income (Loss), Net of Tax | 0.2 | 0.2 | 0.4 | 0.4 | ||||
Accumulated other comprehensive (loss) income at end of period | (19) | (19.8) | (19) | (19.8) | ||||
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Income Tax Expense (Benefit) | 0 | 0.1 | 0.1 | 0.1 | ||||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 | 0 | ||||
Gains and Losses on Cash Flow Hedges | Interest Rate Swap [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
(Gains) losses reclassified from net accumulated other comprehensive loss | (0.2) | [3] | (0.2) | [3] | (0.4) | [4] | (0.4) | [4] |
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 | (3.1) | (2.9) | (3.1) | (2.9) | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | (0.1) | [1] | 0 | [1] | (0.1) | [2] | 0 | [2] |
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0 | 0.1 | 0 | ||||
Accumulated other comprehensive (loss) income at end of period | (3) | (2.9) | (3) | (2.9) | ||||
Defined Benefit Pension and Postretirement Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 | 0 | ||||
Defined Benefit Pension and Postretirement Items | Interest Rate Swap [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
(Gains) losses reclassified from net accumulated other comprehensive loss | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] |
Total | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive (loss) income at beginning of period | (22.3) | (22.9) | (22.5) | (23.1) | ||||
(Gains) losses reclassified from net accumulated other comprehensive loss | (0.1) | [1] | 0 | [1] | (0.1) | [2] | 0 | [2] |
Other Comprehensive Income (Loss), Net of Tax | 0.3 | 0.2 | 0.5 | 0.4 | ||||
Accumulated other comprehensive (loss) income at end of period | (22) | (22.7) | (22) | (22.7) | ||||
Total | Interest Rate Swap [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
(Gains) losses reclassified from net accumulated other comprehensive loss | $ (0.2) | [3] | $ (0.2) | [3] | $ (0.4) | [4] | $ (0.4) | [4] |
[1] | Included in the computation of net periodic pension and postretirement benefit costs. | |||||||
[2] | Included in the computation of net periodic pension and postretirement benefit costs. | |||||||
[3] | Included in interest charges. | |||||||
[4] | Included in interest charges. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Segment Reporting Information [Line Items] | ||||||||
Net income | $ 117.4 | $ 95.9 | $ 224.4 | $ 209.1 | ||||
Regulated Operating Revenue, Gas | 75 | 79.4 | 281.1 | 343.5 | ||||
Unregulated Operating Revenue | 9.2 | 8.4 | 18 | 16.1 | ||||
Regulated and Unregulated Operating Revenue | 1,179.9 | 1,185 | 2,430.1 | 2,535.5 | ||||
Electricity, US Regulated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues Including Intersegment Revenues | 1,095.8 | 1,097.4 | 2,131.2 | 2,176.2 | ||||
Net income | 113.2 | 93.9 | 199.2 | 176.8 | ||||
Natural Gas, US Regulated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues Including Intersegment Revenues | 75.1 | 79.6 | 281.4 | 344 | ||||
Net income | 0.6 | 0.3 | 23.9 | 29 | ||||
All Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net income | 3.6 | 1.7 | 1.3 | 3.3 | ||||
Total revenues | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Regulated and Unregulated Operating Revenue | 1,180.1 | [1],[2] | 1,185.4 | [1],[2] | 2,430.6 | [3],[4] | 2,536.3 | [3],[4] |
Total revenues | Electricity, US Regulated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Regulated Operating Revenue, Electric | 1,095.7 | [1] | 1,097.2 | [1] | 2,131 | [3] | 2,175.9 | [3] |
Total revenues | Natural Gas, US Regulated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Regulated Operating Revenue, Gas | 75 | [2] | 79.4 | [2] | 281.1 | [4] | 343.5 | [4] |
Total revenues | All Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Unregulated Operating Revenue | 9.2 | 8.4 | 18 | 16.1 | ||||
Intersegment Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Regulated and Unregulated Operating Revenue | (0.2) | (0.4) | (0.5) | (0.8) | ||||
Intersegment Eliminations | Electricity, US Regulated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Regulated Operating Revenue, Electric | 0.1 | 0.2 | 0.2 | 0.3 | ||||
Intersegment Eliminations | Natural Gas, US Regulated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Regulated Operating Revenue, Gas | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.5 | ||||
[1] | Operating revenues include $106.1 million and $116.2 million of affiliate electric revenue for the three months ended June 30, 2020 and 2019. | |||||||
[2] | Operating revenues includes an immaterial amount of affiliate gas revenue for the three months ended June 30, 2020 and 2019. | |||||||
[3] | Operating revenues include $215.7 million and $236.3 million of affiliate electric revenue for the six months ended June 30, 2020 and 2019. | |||||||
[4] | Operating revenues includes an immaterial amount of affiliate gas revenue for the six months ended June 30, 2020 and 2019. |