Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 17, 2019 | |
Cover page. | ||
Entity Registrant Name | XCEL ENERGY INC | |
Entity Central Index Key | 0000072903 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-3034 | |
Entity Tax Identification Number | 41-0448030 | |
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 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | XEL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 524,388,096 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenues | ||||
Electric | $ 2,771 | $ 2,802 | $ 7,345 | $ 7,419 |
Gas | 222 | 227 | 1,324 | 1,181 |
Other | 20 | 19 | 62 | 57 |
Total operating revenues | 3,013 | 3,048 | 8,731 | 8,657 |
Operating expenses | ||||
Electric fuel and purchased power | 952 | 1,040 | 2,679 | 2,907 |
Cost of natural gas sold and transported | 55 | 58 | 646 | 537 |
Cost of sales — other | 9 | 9 | 28 | 26 |
Operating and maintenance expenses | 580 | 593 | 1,764 | 1,729 |
Conservation and demand side management expenses | 75 | 77 | 212 | 216 |
Depreciation and amortization | 447 | 440 | 1,319 | 1,199 |
Taxes (other than income taxes) | 137 | 135 | 429 | 417 |
Total operating expenses | 2,255 | 2,352 | 7,077 | 7,031 |
Operating income | 758 | 696 | 1,654 | 1,626 |
Other income (expense) | 8 | (7) | 14 | (8) |
Equity earnings of unconsolidated subsidiaries | 10 | 9 | 29 | 25 |
Allowance for funds used during construction — equity | 15 | 30 | 55 | 79 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $6, $6, $19 and $18, respectively | 199 | 177 | 578 | 523 |
Allowance for funds used during construction — debt | (7) | (13) | (27) | (35) |
Total interest charges and financing costs | 192 | 164 | 551 | 488 |
Income before income taxes | 599 | 564 | 1,201 | 1,234 |
Income taxes | 72 | 73 | 121 | 187 |
Net income | $ 527 | $ 491 | $ 1,080 | $ 1,047 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 519 | 510 | 517 | 510 |
Diluted (in shares) | 521 | 511 | 518 | 510 |
Earnings per average common share: | ||||
Basic (in dollars per share) | $ 1.02 | $ 0.96 | $ 2.09 | $ 2.05 |
Diluted (in dollars per share) | $ 1.01 | $ 0.96 | $ 2.08 | $ 2.05 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest charges and financing costs | ||||
Other financing costs | $ 6 | $ 6 | $ 19 | $ 18 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Comprehensive income: | ||||
Net income | $ 527 | $ 491 | $ 1,080 | $ 1,047 |
Pension and retiree medical benefits: | ||||
Net pension and retiree medical gains arising during the period, net of tax of $0, $(1), $1 and $(1), respectively | 0 | (2) | 2 | (2) |
Amortization of losses included in net periodic benefit cost, net of tax of $0, $1, $1 and $2, respectively | 1 | 4 | 3 | 6 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 1 | 2 | 5 | 4 |
Derivative instruments: | ||||
Net fair value decrease, net of tax of $(3), $0, $(8) and $0, respectively | (9) | 0 | (25) | 0 |
Reclassification of losses to net income, net of tax of $0, $0, $1 and $1, respectively | 1 | 1 | 2 | 2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | (8) | 1 | (23) | 2 |
Other comprehensive (loss) income | (7) | 3 | (18) | 6 |
Comprehensive income | $ 520 | $ 494 | $ 1,062 | $ 1,053 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension and retiree medical benefits: | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 0 | $ (1) | $ 1 | $ (1) |
Amortization of losses included in net periodic benefit cost, tax | 0 | 1 | 1 | 2 |
Derivative instruments: | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (3) | 0 | (8) | 0 |
Reclassification of losses to net income, tax | $ 0 | $ 0 | $ 1 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net income | $ 1,080 | $ 1,047 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 1,332 | 1,213 |
Nuclear fuel amortization | 89 | 92 |
Deferred income taxes | 130 | 184 |
Allowance for equity funds used during construction | (55) | (79) |
Equity earnings of unconsolidated subsidiaries | (29) | (25) |
Dividends from unconsolidated subsidiaries | 30 | 27 |
Share-based compensation expense | 47 | 25 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 39 | (48) |
Accrued unbilled revenues | 132 | 114 |
Inventories | (60) | 37 |
Other current assets | 3 | 52 |
Accounts payable | (56) | 37 |
Net regulatory assets and liabilities | (6) | 164 |
Other current liabilities | (100) | (158) |
Pension and other employee benefit obligations | (138) | (134) |
Other, net | 119 | (55) |
Net cash provided by operating activities | 2,557 | 2,493 |
Investing activities | ||
Utility capital/construction expenditures | (3,018) | (2,681) |
Purchases of investment securities | (472) | (494) |
Proceeds from the sale of investment securities | 462 | 479 |
Other, net | (101) | (10) |
Net cash used in investing activities | (3,129) | (2,706) |
Financing activities | ||
Repayments from short-term borrowings, net | (105) | (376) |
Proceeds from issuances of long-term debt | 1,937 | 1,381 |
Repayments of long-term debt, including reacquisition premiums | (399) | (301) |
Proceeds from issuance of common stock | 457 | 203 |
Dividends paid | (587) | (544) |
Other, net | (14) | (20) |
Net cash provided by financing activities | 1,289 | 343 |
Net change in cash and cash equivalents | 717 | 130 |
Cash and cash equivalents at beginning of period | 147 | 83 |
Cash and cash equivalents at end of period | 864 | 213 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (544) | (491) |
Cash received (paid) for income taxes, net | 53 | (4) |
Supplemental disclosure of non-cash investing and financing transactions: | ||
Accrued property, plant and equipment additions | 420 | 340 |
Inventory transfers to plant, property and equipment | 64 | 74 |
Operating lease right-of-use assets | 1,718 | 0 |
Allowance for equity funds used during construction | 55 | 79 |
Issuance of common stock for equity awards | $ 46 | $ 52 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 864 | $ 147 |
Accounts receivable, net | 821 | 860 |
Accrued unbilled revenues | 623 | 755 |
Inventories | 544 | 548 |
Regulatory assets | 455 | 464 |
Derivative instruments | 61 | 87 |
Prepaid taxes | 39 | 79 |
Prepayments and other | 193 | 154 |
Total current assets | 3,600 | 3,094 |
Property, plant and equipment, net | 38,703 | 36,944 |
Other assets | ||
Nuclear decommissioning fund and other investments | 2,599 | 2,317 |
Regulatory assets | 3,120 | 3,326 |
Derivative instruments | 22 | 34 |
Operating lease right-of-use assets | 1,718 | 0 |
Other | 478 | 272 |
Total other assets | 7,937 | 5,949 |
Total assets | 50,240 | 45,987 |
Current liabilities | ||
Current portion of long-term debt | 853 | 406 |
Short-term debt | 933 | 1,038 |
Accounts payable | 1,258 | 1,237 |
Regulatory liabilities | 469 | 436 |
Taxes accrued | 443 | 450 |
Accrued interest | 166 | 174 |
Dividends payable | 212 | 195 |
Derivative instruments | 73 | 61 |
Other | 614 | 463 |
Total current liabilities | 5,021 | 4,460 |
Deferred credits and other liabilities | ||
Deferred income taxes | 4,427 | 4,165 |
Deferred investment tax credits | 50 | 54 |
Regulatory liabilities | 5,082 | 5,187 |
Asset retirement obligations | 2,679 | 2,568 |
Derivative instruments | 178 | 129 |
Customer advances | 203 | 199 |
Pension and employee benefit obligations | 856 | 994 |
Operating lease liabilities | 1,598 | 0 |
Other | 186 | 206 |
Total deferred credits and other liabilities | 15,259 | 13,502 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 16,819 | 15,803 |
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 524,384,030 and 514,036,787 shares outstanding at Sept. 30, 2019 and Dec. 31, 2018, respectively | 1,311 | 1,285 |
Additional paid in capital | 6,636 | 6,168 |
Retained earnings | 5,336 | 4,893 |
Accumulated other comprehensive loss | (142) | (124) |
Total common stockholders’ equity | 13,141 | 12,222 |
Total liabilities and equity | $ 50,240 | $ 45,987 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Capitalization, Long-term Debt and Equity | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares outstanding (in shares) | 514,865,476 | 514,036,787 |
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, 2017 | 507,763,000 | ||||
Beginning balance at Dec. 31, 2017 | $ 11,455 | $ 1,269 | $ 5,898 | $ 4,413 | $ (125) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 1,047 | 1,047 | |||
Other comprehensive income | 6 | 6 | |||
Dividends declared on common stock | (584) | (584) | |||
Issuances of common stock (in shares) | 5,558,000 | ||||
Issuances of common stock | 235 | $ 14 | 221 | ||
Stock Repurchased During Period, Shares | (22,000) | ||||
Stock Repurchased During Period, Value | (1) | $ 0 | (1) | ||
Share-based compensation | 7 | 7 | 0 | ||
Balance (in shares) at Sep. 30, 2018 | 513,299,000 | ||||
Ending balance at Sep. 30, 2018 | 12,165 | $ 1,283 | 6,125 | 4,876 | (119) |
Balance (in shares) at Jun. 30, 2018 | 508,898,000 | ||||
Beginning balance at Jun. 30, 2018 | 11,650 | $ 1,272 | 5,920 | 4,580 | (122) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 491 | 491 | |||
Other comprehensive income | 3 | 3 | |||
Dividends declared on common stock | (195) | (195) | |||
Issuances of common stock (in shares) | 4,401,000 | ||||
Issuances of common stock | 208 | $ 11 | 197 | ||
Share-based compensation | 8 | 8 | 0 | ||
Balance (in shares) at Sep. 30, 2018 | 513,299,000 | ||||
Ending balance at Sep. 30, 2018 | $ 12,165 | $ 1,283 | 6,125 | 4,876 | (119) |
Balance (in shares) at Dec. 31, 2018 | 514,036,787 | 514,037,000 | |||
Beginning balance at Dec. 31, 2018 | $ 12,222 | $ 1,285 | 6,168 | 4,893 | (124) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 1,080 | 1,080 | |||
Other comprehensive income | (18) | (18) | |||
Dividends declared on common stock | (633) | (633) | |||
Issuances of common stock (in shares) | 10,353,000 | ||||
Issuances of common stock | 484 | $ 26 | 458 | ||
Stock Repurchased During Period, Shares | (6,000) | ||||
Stock Repurchased During Period, Value | 0 | $ 0 | 0 | ||
Share-based compensation | $ 6 | 10 | (4) | ||
Balance (in shares) at Sep. 30, 2019 | 514,865,476 | 524,384,000 | |||
Ending balance at Sep. 30, 2019 | $ 13,141 | $ 1,311 | 6,636 | 5,336 | (142) |
Balance (in shares) at Jun. 30, 2019 | 514,865,000 | ||||
Beginning balance at Jun. 30, 2019 | 12,366 | $ 1,287 | 6,190 | 5,024 | (135) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 527 | 527 | |||
Other comprehensive income | (7) | (7) | |||
Dividends declared on common stock | (214) | (214) | |||
Issuances of common stock (in shares) | 9,519,000 | ||||
Issuances of common stock | 462 | $ 24 | 438 | ||
Share-based compensation | $ 7 | 8 | (1) | ||
Balance (in shares) at Sep. 30, 2019 | 514,865,476 | 524,384,000 | |||
Ending balance at Sep. 30, 2019 | $ 13,141 | $ 1,311 | $ 6,636 | $ 5,336 | $ (142) |
CONSOLIDATED STATEMENTS OF CO_3
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common Stock | ||||
Dividends declared on common stock (USD per share) | $ 0.405 | $ 0.38 | $ 1.215 | $ 1.14 |
Management's Opinion
Management's Opinion | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of Sept. 30, 2019 and Dec. 31, 2018 ; the results of its operations, including the components of net income and comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2019 and 2018 ; and its cash flows for the nine months ended Sept. 30, 2019 and 2018 . All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2019 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2018 balance sheet information has been derived from the audited 2018 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2018 . 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 Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2018 , filed with the SEC on Feb. 22, 2019. Due to the seasonality of Xcel Energy’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 | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2018 , appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for 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. ASC Topic 326 is effective for interim and annual periods beginning on or after Dec. 15, 2019, and will be applied on a modified-retrospective approach through a cumulative-effect adjustment to retained earnings as of Jan. 1, 2020. Xcel Energy expects the impact of adoption of the new standard to include first-time recognition of expected credit losses (i.e., bad debt expense) on unbilled revenues, with the initial allowance established at Jan. 1, 2020 charged to retained earnings. Recently Adopted Leases — In 2016, the FASB issued Leases , Topic 842 (ASC Topic 842) , which provides new accounting and disclosure guidance for leasing activities, most significantly requiring that operating leases be recognized on the balance sheet. Xcel Energy adopted the guidance on Jan. 1, 2019 utilizing the package of transition practical expedients provided by the new standard, including carrying forward prior conclusions on whether agreements existing before the adoption date contain leases and whether existing leases are operating or finance leases; ASC Topic 842 refers to capital leases as finance leases. Specifically for land easement contracts, Xcel Energy has elected the practical expedient provided by ASU No. 2018-01 Leases: Land Easement Practical Expedient for Transition to Topic 842 , and as a result, only those easement contracts entered on or after Jan. 1, 2019 will be evaluated to determine if lease treatment is appropriate. Xcel Energy also utilized the transition practical expedient offered by ASU No. 2018-11 Leases: Targeted Improvements to implement the standard on a prospective basis. As a result, reporting periods in the consolidated financial statements beginning Jan. 1, 2019 reflect the implementation of ASC Topic 842, while prior periods continue to be reported in accordance with Leases, Topic 840 (ASC Topic 840) . Other than first-time recognition of operating leases on its consolidated balance sheet, the implementation of ASC Topic 842 did not have a significant impact on Xcel Energy’s consolidated financial statements. Adoption resulted in recognition of approximately $1.7 billion of operating lease ROU assets and current/noncurrent operating lease liabilities. See Note 10 to the consolidated financial statements for leasing disclosures. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | Selected Balance Sheet Data (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Accounts receivable, net Accounts receivable $ 875 $ 915 Less allowance for bad debts (54 ) (55 ) Accounts receivable, net $ 821 $ 860 (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 271 $ 271 Fuel 187 170 Natural gas 86 107 Total inventories $ 544 $ 548 (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Property, plant and equipment, net Electric plant $ 43,301 $ 41,472 Natural gas plant 6,414 6,210 Common and other property 2,251 2,154 Plant to be retired (a) 276 322 CWIP 2,629 2,091 Total property, plant and equipment 54,871 52,249 Less accumulated depreciation (16,549 ) (15,659 ) Nuclear fuel 2,887 2,771 Less accumulated amortization (2,506 ) (2,417 ) Property, plant and equipment, net $ 38,703 $ 36,944 (a) In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Short-Term Borrowings Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2019 Year Ended Borrowing limit $ 3,600 $ 3,250 Amount outstanding at period end 933 1,038 Average amount outstanding 1,303 788 Maximum amount outstanding 1,780 1,349 Weighted average interest rate, computed on a daily basis 2.62 % 2.34 % Weighted average interest rate at period end 2.54 2.97 Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year , to provide financial guarantees for certain operating obligations. At Sept. 30, 2019 and Dec. 31, 2018 , there were $30 million and $49 million , respectively, of letters of credit outstanding under the credit facilities. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Credit Facilities — In order to use commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper borrowing limits and cannot issue commercial paper in an aggregate amount exceeding available capacity under these credit facilities. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. Amended Credit Agreements — In June 2019, Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS entered into amended five-year credit agreements with a syndicate of banks. The total borrowing limit under the amended credit agreements was increased to $3.1 billion , with the following changes: • Maturity extended from June 2021 to June 2024. • Borrowing limit for Xcel Energy was increased from $1.0 billion to $1.25 billion • Borrowing limit for SPS was increased from $400 million to $500 million • Added swingline subfacility for Xcel Energy up to $75 million Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the revolving credit facility termination date for two additional one year periods. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one year period. All extension requests are subject to majority bank group approval. As of Sept. 30, 2019 , Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available: (Millions of Dollars) Credit Facility (a) Outstanding (b) Available Xcel Energy Inc. $ 1,250 $ 365 $ 885 PSCo 700 9 691 NSP-Minnesota 500 19 481 SPS 500 2 498 NSP-Wisconsin 150 68 82 Total $ 3,100 $ 463 $ 2,637 (a) 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 respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2019 and Dec. 31, 2018 . Term Loan Agreement — In December 2018, Xcel Energy Inc. renewed its $500 million , 364 Day Term Loan Agreement. No additional capacity remains as loans borrowed and repaid may not be redrawn. The loan is unsecured and matures Dec. 3, 2019. Xcel Energy has an option to request an extension through Dec. 2, 2020. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65% . Interest is at a rate equal to either (i) the Eurodollar rate, plus 50.0 basis points, or (ii) an alternate base rate. Xcel Energy is also required to pay a commitment fee equal to 10 basis points per annum on any unborrowed portion. As of Sept. 30, 2019 , Xcel Energy Inc.’s term loan borrowings were as follows: (Millions of Dollars) Limit Amount Used Available Xcel Energy Inc. $ 500 $ 500 $ — Bilateral Credit Agreement In March 2019, NSP-Minnesota entered into a one-year uncommitted bilateral credit agreement. The credit agreement is limited in use to support letters of credit. As of Sept. 30, 2019 , 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 $ 20 $ 55 Long-Term Borrowings During the nine months ended Sept. 30, 2019 , Xcel Energy Inc. and its utility subsidiaries issued the following: • PSCo issued $ 400 million of 4.05% first mortgage bonds due Sept. 15, 2049. • Xcel Energy Inc. issued $130 million of 4.00% senior unsecured bonds due June 15, 2028. • SPS issued $300 million of 3.75% first mortgage green bonds due June 15, 2049. • PSCo issued $550 million of 3.20% first mortgage green bonds due March 1, 2050. • NSP-Minnesota issued $600 million of 2.90% first mortgage green bonds due March 1, 2050. Forward Equity Agreements — In November 2018, Xcel Energy Inc. entered into forward sale agreements in connection with a completed $459 million public offering of 9.4 million shares of Xcel Energy common stock. The initial forward agreement was for 8.1 million shares with an additional agreement for 1.2 million shares that was exercised at the option of the banking counterparty. On Aug. 29, 2019, Xcel Energy settled the forward equity agreements by physically delivering 9.4 million shares of common equity for cash proceeds of $453 million . Other Equity — Xcel Energy Inc. issued $ 28.9 million and $ 38.5 million of equity through DRIP during the nine months ended Sept. 30, 2019 , and year ended Dec. 31, 2018 , respectively. The program allows shareholders to elect dividend reinvestment in Xcel Energy Inc. common stock through a non-cash transaction. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consists of the following: Three Months Ended Sept. 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 865 $ 124 $ 10 $ 999 C&I 1,383 58 6 1,447 Other 35 — 1 36 Total retail 2,283 182 17 2,482 Wholesale 205 — — 205 Transmission 151 — — 151 Other 13 24 — 37 Total revenue from contracts with customers 2,652 206 17 2,875 Alternative revenue and other 119 16 3 138 Total revenues $ 2,771 $ 222 $ 20 $ 3,013 Three Months Ended Sept. 30, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 890 $ 116 $ 10 $ 1,016 C&I 1,408 58 5 1,471 Other 35 — 1 36 Total retail 2,333 174 16 2,523 Wholesale 207 — — 207 Transmission 143 — — 143 Other 17 25 — 42 Total revenue from contracts with customers 2,700 199 16 2,915 Alternative revenue and other 102 28 3 133 Total revenues $ 2,802 $ 227 $ 19 $ 3,048 Nine Months Ended Sept. 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,216 $ 801 $ 29 $ 3,046 C&I 3,724 403 21 4,148 Other 98 — 3 101 Total retail 6,038 1,204 53 7,295 Wholesale 548 — — 548 Transmission 409 — — 409 Other 42 84 — 126 Total revenue from contracts with customers 7,037 1,288 53 8,378 Alternative revenue and other 308 36 9 353 Total revenues $ 7,345 $ 1,324 $ 62 $ 8,731 Nine Months Ended Sept. 30, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,255 $ 663 $ 28 $ 2,946 C&I 3,726 347 17 4,090 Other 101 — 5 106 Total retail 6,082 1,010 50 7,142 Wholesale 589 — — 589 Transmission 398 — — 398 Other 80 76 — 156 Total revenue from contracts with customers 7,149 1,086 50 8,285 Alternative revenue and other 270 95 7 372 Total revenues $ 7,419 $ 1,181 $ 57 $ 8,657 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Note 7 to the consolidated financial statements included in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2018 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: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 2019 2018 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.0 5.0 5.0 5.0 (Decreases) increases: Wind PTCs (6.1 ) (2.6 ) (8.1 ) (4.3 ) Plant regulatory differences (a) (5.6 ) (9.4 ) (5.5 ) (5.2 ) Other tax credits and tax credit and NOL allowances (net) (1.7 ) (1.9 ) (1.8 ) (1.5 ) Other (net) (0.6 ) 0.8 (0.5 ) 0.2 Effective income tax rate 12.0 % 12.9 % 10.1 % 15.2 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method and the timing of regulatory decisions regarding the return of excess deferred taxes. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions and additional prepaid pension asset amortization. Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2013 June 2020 2014 - 2016 September 2020 In 2015, the IRS commenced an examination of tax years 2012 and 2013. 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. As of Sept. 30, 2019, the case has been forwarded to the Office of Appeals and Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown. In 2018, the IRS began an audit of tax years 2014 - 2016. As of Sept. 30, 2019, no adjustments have been proposed. State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns. As of Sept. 30, 2019, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows: State Year Colorado 2009 Minnesota 2009 Texas 2009 Wisconsin 2014 • In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of Sept. 30, 2019, no material adjustments have been proposed. • No other state income tax audits were in progress as of Sept. 30, 2019. 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) Sept. 30, 2019 Dec. 31, 2018 Unrecognized tax benefit — Permanent tax positions $ 33 $ 28 Unrecognized tax benefit — Temporary tax positions 10 9 Total unrecognized tax benefit $ 43 $ 37 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 NOL and tax credit carryforwards $ (40 ) $ (35 ) Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $28 million at Sept. 30, 2019 and $24 million at Dec. 31, 2018. As the IRS Appeals and federal and state audits progresses, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $28 million in the next 12 months. Payables for interest related to unrecognized tax benefits were not material and no amounts were accrued for penalties related to unrecognized tax benefits as of Sept. 30, 2019 or Dec. 31, 2018. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. has common stock equivalents related to forward equity agreements (settled in August 2019) and time-based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions for settlement have been satisfied by the end of the reporting period; and, • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. Diluted common shares outstanding included common stock equivalents of 1.8 million and 1.6 million for the three and nine months ended Sept. 30, 2019 , respectively ( 0.4 million for both the three and nine months ended Sept. 30, 2018 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 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, a hierarchical framework for measuring assets and liabilities and requires disclosure about assets and liabilities measured at fair value. Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted 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 may be redeemed with proper notice; however, withdrawals may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options generally utilize observable forward prices and volatilities, as well as observable pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contractual settlements relate to delivery locations for which pricing is relatively unobservable, or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of important inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms as applicable in each jurisdiction, 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 FTRs relative to the electric utility operations of NSP-Minnesota and SPS, the numerous unobservable quantitative inputs pertinent to the value of FTRs are insignificant to the consolidated financial statements of Xcel Energy. Non-Derivative Fair Value Measurements The NRC 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 investment targets by asset class for the 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 $619 million and $450 million as of Sept. 30, 2019 and Dec. 31, 2018 , respectively, and unrealized losses were $22 million and $45 million as of Sept. 30, 2019 and Dec. 31, 2018 , respectively. Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: Sept. 30, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 23 $ 23 $ — $ — $ — $ 23 Commingled funds 815 — — — 997 997 Debt securities 489 — 484 12 — 496 Equity securities 393 800 1 — — 801 Total $ 1,720 $ 823 $ 485 $ 12 $ 997 $ 2,317 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $151 million of equity investments in unconsolidated subsidiaries and $132 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 24 $ 24 $ — $ — $ — $ 24 Commingled funds 758 79 — — 819 898 Debt securities 466 — 436 — — 436 Equity securities 401 697 — — — 697 Total $ 1,649 $ 800 $ 436 $ — $ 819 $ 2,055 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $141 million of equity investments in unconsolidated subsidiaries and $121 million of rabbi trust assets and miscellaneous investments. For the three and nine months ended Sept. 30, 2019 and 2018, there were no transfers of amounts between levels. Contractual maturity dates of debt securities in the nuclear decommissioning fund as of Sept. 30, 2019 : Final Contractual Maturity (Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Debt securities $ 1 $ 126 $ 226 $ 143 $ 496 Rabbi Trusts Xcel Energy has established rabbi trusts to provide partial funding for future distributions of its supplemental executive retirement plan and deferred compensation plan. Cost and fair value of assets held in rabbi trusts: Sept. 30, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 55 61 — — 61 Total $ 72 $ 78 $ — $ — $ 78 Dec. 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 16 $ 16 $ — $ — $ 16 Mutual funds 52 51 — — 51 Total $ 68 $ 67 $ — $ — $ 67 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. Derivative Instruments Fair Value Measurements Xcel Energy 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 — Xcel Energy 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. As of Sept. 30, 2019 , accumulated other comprehensive loss related to interest rate derivatives included $5 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of Sept. 30, 2019, Xcel Energy had unsettled interest rate swaps outstanding with a notional amount of $300 million . These interest rate derivatives were designated as cash flow hedges, and as such, changes in fair value are recorded to other comprehensive income. Wholesale and Commodity Trading Risk — Xcel Energy Inc.’s utility subsidiaries conduct 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. Xcel Energy 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 — Xcel Energy 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. Xcel Energy 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 as 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. As of Sept. 30, 2019 , Xcel Energy had no commodity contracts designated as cash flow hedges. Xcel Energy 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) Sept. 30, 2019 Dec. 31, 2018 MWh of electricity 121 87 MMBtu of natural gas 130 92 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis, but are weighted for the probability of exercise. Consideration of Credit Risk and Concentrations — Xcel Energy 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. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of Sept. 30, 2019, six of Xcel Energy’s 10 most significant counterparties for these activities, comprising $156 million or 53% 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 $24 million or 8% of this credit exposure, were not rated by these external agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. One of these significant counterparties, comprising $8 million or 3% of this credit exposure, had credit quality less than investment grade, based on external analysis. Eight of these significant counterparties are municipal or cooperative electric entities or other utilities. Impact of derivative activity: Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Regulatory Three Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (12 ) $ — Total $ (12 ) $ — Other derivative instruments Natural gas commodity $ — $ (3 ) Total $ — $ (3 ) Nine Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (33 ) $ — Total $ (33 ) $ — Other derivative instruments Electric commodity $ — $ 4 Natural gas commodity — (5 ) Total $ — $ (1 ) Three Months Ended Sept. 30, 2018 Other derivative instruments Electric commodity $ — $ (2 ) Natural gas commodity — (2 ) Total $ — $ (4 ) Nine Months Ended Sept. 30, 2018 Other derivative instruments Electric commodity $ — $ 6 Natural gas commodity — (1 ) Total $ — $ 5 Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized (Millions of Dollars) Accumulated Regulatory Three Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 1 (b) Electric commodity — (1 ) (c) — Total $ — $ (1 ) $ 1 Nine Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 3 (a) $ — $ — Total $ 3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 5 (b) Natural gas commodity — (1 ) (d) (4 ) (d) Total $ — $ (1 ) $ 1 Three Months Ended Sept. 30, 2018 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 5 (b) Total $ — $ — $ 5 Nine Months Ended Sept. 30, 2018 Derivatives designated as cash flow hedges Interest rate $ 3 (a) $ — $ — Total $ 3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 14 (b) Natural gas commodity — 2 (d) (2 ) (d) Total $ — $ 2 $ 12 (a) Recorded to interest charges. (b) 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) 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 for both the three and nine months ended Sept. 30, 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2018 included no such settlement gains or losses and $1 million of such settlement losses, respectively. Remaining settlement losses for the three and nine months ended Sept. 30, 2019 and 2018 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. Xcel Energy had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2019 and 2018 . Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, 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 the applicable utility subsidiary’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. As of Sept. 30, 2019 and Dec. 31, 2018, there were no derivative instruments in a liability position with such underlying contract provisions, with no offsetting positions or posted collateral. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. Provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2019 and Dec. 31, 2018 . Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis: Sept. 30, 2019 Dec. 31, 2018 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 3 $ 42 $ 13 $ 58 $ (34 ) $ 24 $ 4 $ 92 $ 2 $ 98 $ (44 ) $ 54 Electric commodity — — 28 28 (1 ) 27 — — 25 25 — 25 Natural gas commodity — 7 — 7 — 7 — 4 — 4 — 4 Total current derivative assets $ 3 $ 49 $ 41 $ 93 $ (35 ) 58 $ 4 $ 96 $ 27 $ 127 $ (44 ) 83 PPAs (b) 3 4 Current derivative instruments $ 61 $ 87 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 5 $ 39 $ 5 $ 49 $ (41 ) $ 8 $ — $ 27 $ 5 $ 32 $ (14 ) $ 18 Total noncurrent derivative assets $ 5 $ 39 $ 5 $ 49 $ (41 ) 8 $ — $ 27 $ 5 $ 32 $ (14 ) 18 PPAs (b) 14 16 Noncurrent derivative instruments $ 22 $ 34 Sept. 30, 2019 Dec. 31, 2018 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Derivatives designated as cash flow hedges: Interest rate $ — $ 40 $ — $ 40 $ — $ 40 $ — $ 7 $ — $ 7 $ — $ 7 Other derivative instruments: Commodity trading 3 42 11 56 (46 ) 10 4 88 2 94 (60 ) 34 Electric commodity — — 1 1 (1 ) — — — — — — — Natural gas commodity — 6 — 6 — 6 — — — — — — Total current derivative liabilities $ 3 $ 88 $ 12 $ 103 $ (47 ) 56 $ 4 $ 95 $ 2 $ 101 $ (60 ) 41 PPAs (b) 17 20 Current derivative instruments $ 73 $ 61 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 2 $ 88 $ 19 $ 109 $ (10 ) $ 99 $ — $ 18 $ 1 $ 19 $ 17 $ 36 Total noncurrent derivative liabilities $ 2 $ 88 $ 19 $ 109 $ (10 ) 99 $ — $ 18 $ 1 $ 19 $ 17 36 PPAs (b) 79 93 Noncurrent derivative instruments $ 178 $ 129 (a) Xcel Energy 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 Sept. 30, 2019 and Dec. 31, 2018 . At both Sept. 30, 2019 and Dec. 31, 2018 , derivative assets and liabilities include $32 million of obligations to return cash collateral. At Sept. 30, 2019 and Dec. 31, 2018, derivative assets and liabilities include rights to reclaim cash collateral of $12 million and $15 million , respectively. Counterparty netting amounts presented exclude 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, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. Changes in Level 3 commodity derivatives: Three Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Balance at July 1 $ 28 $ 64 Purchases 5 3 Settlements (21 ) (19 ) Net transactions recorded during the period: Gains recognized in earnings (a) 1 — Net gains recognized as regulatory assets and liabilities 2 — Balance at Sept. 30 $ 15 $ 48 Nine Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Balance at Jan. 1 $ 29 $ 35 Purchases 42 49 Settlements (48 ) (51 ) Net transactions recorded during the period: Losses recognized in earnings (a) (9 ) — Net gains recognized as regulatory assets and liabilities 1 15 Balance at Sept. 30 $ 15 $ 48 (a) These amounts relate to commodity derivatives held at the end of the period. Xcel Energy recognizes transfers between fair value hierarchy levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and nine months ended Sept. 30, 2019 Fair Value of Long-Term Debt Other financial instruments for which the carrying amount did not equal fair value: Sept. 30, 2019 Dec. 31, 2018 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 17,672 $ 20,064 $ 16,209 $ 16,755 Fair value of Xcel Energy’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 Sept. 30, 2019 and Dec. 31, 2018 , 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 | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30 2019 2018 2019 2018 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 22 $ 24 $ — $ 1 Interest cost (a) 36 33 6 5 Expected return on plan assets (a) (51 ) (52 ) (5 ) (6 ) Amortization of prior service credit (a) (1 ) (1 ) (3 ) (3 ) Amortization of net loss (a) 22 27 1 2 Settlement charge (b) — 59 — — Net periodic benefit cost (credit) 28 90 (1 ) (1 ) Credits (costs) not recognized due to the effects of regulation — (50 ) — 1 Net benefit cost (credit) recognized for financial reporting $ 28 $ 40 $ (1 ) $ — Nine Months Ended Sept. 30 2019 2018 2019 2018 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 64 $ 71 $ 1 $ 1 Interest cost (a) 108 100 17 16 Expected return on plan assets (a) (152 ) (157 ) (16 ) (19 ) Amortization of prior service credit (a) (3 ) (3 ) (8 ) (8 ) Amortization of net loss (a) 66 83 4 6 Settlement charge (b) — 59 — — Net periodic benefit cost (credit) 83 153 (2 ) (4 ) Credits (costs) not recognized due to the effects of regulation 2 (51 ) 1 1 Net benefit cost (credit) recognized for financial reporting $ 85 $ 102 $ (1 ) $ (3 ) (a) Components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. (b) A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2018 as a result of lump-sum distributions during the 2018 plan year, Xcel Energy recorded a total pension settlement charge of $59 million , the majority of which was not recognized due to the effects of regulation. A total of $6 million of that amount was recorded in other expense in the third quarter of 2018. In January 2019, contributions of $150 million were made across four of Xcel Energy’s pension plans. In July 2019, Xcel Energy made a $4 million |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following include commitments, contingencies and unresolved contingencies that are material to Xcel Energy’s financial position. Legal Xcel Energy 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 Xcel Energy’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. Two cases remain active which include an MDL matter consisting of a Colorado purported class (Breckenridge) and a Wisconsin purported class (Arandell Corp.). Breckenridge/Colorado — In February 2019, the MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Arandell Corp. — In February 2019, the case was remanded back to the U.S. District Court in Wisconsin. Xcel Energy has concluded that a loss is remote for both remaining lawsuits. Line Extension Disputes — In December 2015, the DRC filed a lawsuit seeking monetary damages in the Denver District Court, stating PSCo failed to award proper allowances and refunds for line extensions to new developments pursuant to the terms of electric and gas service agreements. The dispute involves claims by over fifty developers. In February 2018, the Colorado Supreme Court denied DRC’s petition to appeal the Denver District Court’s dismissal of the lawsuit, effectively terminating this litigation. However, in January 2018, DRC filed a new lawsuit in Boulder County District Court, asserting a single claim that PSCo was required to file its line extension agreements with the CPUC but failed to do so. This claim is similar to the arguments previously raised by DRC. PSCo filed a motion to dismiss this claim, which was granted in May 2018. DRC subsequently filed an appeal to the Colorado Court of Appeals. It is uncertain when a decision will be rendered. PSCo has concluded that a loss is remote with respect to both of these matters as the service agreements were developed to implement CPUC approved tariffs and PSCo has complied with the tariff provisions. If a loss were sustained, PSCo believes it would be allowed to recover costs through traditional regulatory mechanisms. Amount or range in dispute is presently unknown and no accrual has been recorded for this matter. Rate Matters NSP-Minnesota — Sherco — In NSP-Minnesota’s 2013 fuel reconciliation filing, the MPUC made recovery of replacement power costs associated with a 2011 turbine malfunction at its Sherco Unit 3 plant provisional and subject to further review following conclusion of litigation commenced by NSP-Minnesota, SMMPA (Co-owner of Sherco Unit 3) and insurance companies against GE. In 2018, NSP-Minnesota and SMMPA reached a settlement with GE. NSP-Minnesota has notified the MPUC of its proposal to refund the GE settlement proceeds back to customers through the 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. 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, the MPUC approved NSP-Minnesota’s proposal to refund the GE settlement proceeds back to customers through the FCA. It also decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of the pending litigation between GE and NSP-Minnesota’s insurers. MISO ROE Complaints — In November 2013 and February 2015, customers filed complaints against MISO TOs including NSP-Minnesota and NSP-Wisconsin. The first complaint argued for a reduction in the base ROE in MISO transmission formula rates from 12.38% to 9.15% , and removal of ROE adders (including those for RTO membership). The second complaint sought to reduce base ROE from 12.38% to 8.67% . In September 2016, the FERC issued an order granting a 10.32% base ROE ( 10.82% with the RTO adder) effective for the first complaint period of Nov. 12, 2013 to Feb. 11, 2015 and subsequent to the date of the order. The D.C. Circuit subsequently vacated and remanded FERC Opinion No. 531, which had established the ROE methodology on which the September 2016 FERC order was based. In October 2018, the FERC issued an ROE order that addressed the D.C. Circuit’s actions. Under a new proposed two step ROE approach, the FERC indicated an intention to dismiss an ROE complaint if the existing ROE falls within the range of just and reasonable ROEs based on equal weighting of the DCF, CAPM, and Expected Earnings models. The FERC proposed that if necessary, it would then set a new ROE by averaging the results of these models plus a Risk Premium model. The FERC subsequently made preliminary determinations in a November 2018 order that the MISO TO’s base ROE in effect for the first complaint period ( 12.38% ) was outside the range of reasonableness, and should be reduced. The FERC indicated its preliminary analysis using the new ROE approach resulted in a base ROE of 10.28% for the first complaint period, compared to the previously ordered base ROE of 10.32% . NSP-Minnesota has recognized a current refund liability consistent with its best estimate of the final ROE, pending further FERC action as early as the fourth quarter of 2019. SPP OATT Upgrade Costs — Under the SPP OATT, costs of transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. SPP had not been charging its customers for these upgrades, even though the SPP OATT had allowed SPP to do so since 2008. In 2016, the FERC granted SPP’s request to recover these previously unbilled charges and SPP subsequently billed SPS approximately $13 million . In July 2018, SPS’ appeal to the D.C. Circuit over the FERC rulings granting SPP the right to recover these previously unbilled charges was remanded to the FERC. In February 2019, the FERC reversed its 2016 decision and ordered SPP to refund the charges retroactively collected from its transmission customers, including SPS, related to periods before September 2015. In April 2019, several parties, including SPP, filed requests for a rehearing. The timing of a FERC response to the rehearing requests is uncertain. Any refunds received by SPS are expected to be given back to SPS customers through future rates. In October 2017, SPS filed a separate complaint against SPP asserting that SPP has assessed upgrade charges to SPS in violation of the SPP OATT. The FERC granted a rehearing for further consideration in May 2018. The timing of FERC action on the SPS rehearing is uncertain. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the amounts through future SPS customer rates. Environmental MGP Sites Ashland MGP Site — NSP-Wisconsin was named a responsible party for contamination at the Ashland/Northern States Power Lakefront Superfund Site (the Site) in Ashland, Wisconsin. Remediation and restoration activities are anticipated to be completed in 2019 and groundwater treatment activities will continue for many years. The current cost estimate for remediation and restoration of the entire site is approximately $194 million . At Sept. 30, 2019 and Dec. 31, 2018, NSP-Wisconsin had a total liability of $22 million and $27 million , respectively, for the entire site. NSP-Wisconsin has deferred the unrecovered portion of the estimated Site remediation and restoration costs as a regulatory asset. The PSCW has authorized NSP-Wisconsin rate recovery for all remediation and restoration costs incurred at the Site. In 2012, the PSCW agreed to allow NSP-Wisconsin to pre-collect certain costs, to amortize costs over 10 years and to apply a 3% carrying cost to the unamortized regulatory asset. MGP, Landfill or Disposal Sites — PSCo is cooperating with the City of Denver on an environmental investigation of the Rice Yards Site in Denver, Colorado, which had various historic industrial uses by multiple parties, including railroad, maintenance shop, scrap metal yard, and MGP operations. The area is being redeveloped into residential and commercial mixed uses, and PSCo is in discussions with the current property owner regarding legal claims related to the Rice Yards Site. In addition, Xcel Energy is currently investigating or remediating 12 other MGP, landfill or other disposal sites across its service territories. Xcel Energy 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 the costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — Xcel Energy’s operations are subject to federal and state laws 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. By the end of 2019, only nine of Xcel Energy’s regulated ash units are expected to be in operation. Xcel Energy is conducting groundwater sampling and, where appropriate, initiating the assessment of corrective measures and evaluating whether corrective action is required at any CCR landfills or surface impoundments. Until Xcel Energy completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. Leases Xcel Energy evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. Under ASC Topic 842, adopted by Xcel Energy on Jan. 1, 2019, a contract contains a lease if it conveys the exclusive right to control the use of a specific asset. A contract determined to contain a lease is evaluated further to determine if the arrangement is a finance lease. ROU assets represent Xcel Energy's rights to use leased assets. Starting in 2019, the present value of future operating lease payments are recognized in other current liabilities and noncurrent operating lease liabilities. These amounts, adjusted for any prepayments or incentives, are recognized as operating lease ROU assets. Most of Xcel Energy’s leases do not contain a readily determinable discount rate. Therefore, the present value of future lease payments is calculated using the applicable Xcel Energy subsidiary’s estimated incremental borrowing rate (weighted-average of 4.1% ). Xcel Energy has elected the practical expedient under which non-lease components, such as asset maintenance costs included in payments, are not deducted from minimum lease payments for the purposes of lease accounting and disclosure. Leases with an initial term of 12 months or less are classified as short-term leases and are not recognized on the consolidated balance sheet. Operating lease ROU assets: (Millions of Dollars) Sept. 30, 2019 PPAs $ 1,642 Other 201 Gross operating lease ROU assets 1,843 Accumulated amortization (125 ) Net operating lease ROU assets $ 1,718 In 2019, ROU assets for finance leases are included in other noncurrent assets, and the present value of future finance lease payments is included in other current liabilities and other noncurrent liabilities. Prior to 2019, finance leases were included in property, plant and equipment, the current portion of long-term debt and long-term debt. Xcel Energy’s most significant finance lease activities are related to WYCO, a joint venture with CIG, to develop and lease natural gas pipeline, storage and compression facilities. Xcel Energy Inc. has a 50% ownership interest in WYCO. WYCO leases its facilities to CIG, and CIG operates the facilities, providing natural gas storage and transportation services to PSCo under separate service agreements. PSCo accounts for its Totem natural gas storage service and Front Range pipeline arrangements with CIG and WYCO, respectively, as finance leases. Xcel Energy Inc. eliminates 50% of the finance lease obligation related to WYCO in the consolidated balance sheet along with an equal amount of Xcel Energy Inc.’s equity investment in WYCO. Finance lease ROU assets: (Millions of Dollars) Sept. 30, 2019 Gas storage facilities $ 201 Gas pipeline 21 Gross finance lease ROU assets 222 Accumulated amortization (81 ) Net finance lease ROU assets $ 141 Components of lease expense: (Millions of Dollars) Three Months Ended Sept. 30, 2019 Nine Months Ended Sept. 30, 2019 Operating leases PPA capacity payments $ 58 $ 163 Other operating leases (a) 9 26 Total operating lease expense (b) $ 67 $ 189 Finance leases Amortization of ROU assets $ 1 $ 5 Interest expense on lease liability 5 14 Total finance lease expense $ 6 $ 19 (a) Includes short-term lease expense of $1 million for the three months ended Sept. 30, 2019 and $4 million for the nine months ended Sept. 30, 2019. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Xcel Energy has requested regulatory approval to purchase the MEC in the fourth quarter of 2019. Xcel Energy currently receives energy and capacity from MEC under PPAs expiring in 2026 and 2039. Pending the purchase by Xcel Energy, operating lease liabilities at Sept. 30, 2019 currently include a present value of $415 million for MEC PPA capacity payments. Future commitments under operating and finance leases as of Sept. 30, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases (c) 2019 $ 59 $ 6 $ 65 $ 3 2020 236 26 262 14 2021 238 29 267 14 2022 225 28 253 12 2023 214 25 239 12 Thereafter 959 136 1,095 219 Total minimum obligation 1,931 250 2,181 274 Interest component of obligation (337 ) (54 ) (391 ) (192 ) Present value of minimum obligation $ 1,594 $ 196 1,790 82 Less current portion (192 ) (4 ) Noncurrent operating and finance lease liabilities $ 1,598 $ 78 Weighted-average remaining lease term in years 9.5 37.2 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2033. (c) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Future commitments under operating and finance leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases (c) 2019 $ 207 $ 32 $ 239 $ 14 2020 208 26 234 14 2021 210 25 235 14 2022 197 24 221 12 2023 186 22 208 12 Thereafter 883 154 1,037 220 Total minimum obligation 286 Interest component of obligation (201 ) Present value of minimum obligation $ 85 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2033. (c) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Variable Interest Entities NSP-Minnesota, PSCo and SPS purchase power from IPPs and are required to reimburse the IPPs for natural gas or fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the associated IPP. Xcel Energy utility subsidiaries had approximately 3,986 MW and 3,770 MW of capacity under long-term PPAs as of Sept. 30, 2019 and Dec. 31, 2018, respectively, with entities that have been determined to be variable interest entities. Xcel Energy has concluded that these entities are not required to be consolidated in its financial statements because it does not have the power to direct the activities that significantly impact the entities’ economic performance. These agreements have various expiration dates through 2041 . Other Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount. As of Sept. 30, 2019 and Dec. 31, 2018, Xcel Energy Inc. and its subsidiaries had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were $62 million and $69 million at Sept. 30, 2019 and Dec. 31, 2018, respectively. Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2019 and 2018 : Three Months Ended Sept. 30, 2019 Three Months Ended Sept. 30, 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (75 ) $ (60 ) $ (135 ) $ (57 ) $ (65 ) $ (122 ) Other comprehensive (loss) before reclassifications (net of taxes of $(3), $0, $0 and $(1), respectively) (9 ) — (9 ) — (2 ) (2 ) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0) (a) 1 — 1 1 — 1 Amortization of net actuarial loss (net of taxes of $0, $0, $0 and $1, respectively) (b) — 1 1 — 4 4 Net current period other comprehensive income (8 ) 1 (7 ) 1 2 3 Accumulated other comprehensive loss at Sept. 30 $ (83 ) $ (59 ) $ (142 ) $ (56 ) $ (63 ) $ (119 ) Nine Months Ended Sept. 30, 2019 Nine Months Ended Sept. 30, 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (60 ) $ (64 ) $ (124 ) $ (58 ) $ (67 ) $ (125 ) Other comprehensive (loss) gain before reclassifications (net of taxes of $(9), $1, $0 and $(1), respectively) (25 ) 2 (23 ) — (2 ) (2 ) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $0, $1 and $0, respectively) (a) 2 — 2 2 — 2 Amortization of net actuarial loss (net of taxes of $0, $1, $0 and $2, respectively) (b) — 3 3 — 6 6 Net current period other comprehensive income (23 ) 5 (18 ) 2 4 6 Accumulated other comprehensive loss at Sept. 30 $ (83 ) $ (59 ) $ (142 ) $ (56 ) $ (63 ) $ (119 ) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo are each separately and regularly reviewed by Xcel Energy’s chief operating decision maker. Xcel Energy evaluates performance by each utility subsidiary 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. Xcel Energy has the following reportable segments: • Regulated Electric - The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. 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 wholesale commodity and trading operations. • Regulated Natural Gas - The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. • All Other - Operating segments with revenues below the necessary quantitative thresholds are included in this category. Those segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits. Xcel Energy had equity investments in unconsolidated subsidiaries of $151 million and $141 million as of Sept. 30, 2019 and Dec. 31, 2018 , respectively, included in the natural gas utility and all other segments. Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy 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. Xcel Energy’s segment information for the three and nine months ended Sept. 30 : Three Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Regulated Electric Operating revenues from external customers $ 2,771 $ 2,802 Net income 550 514 Regulated Natural Gas Operating revenues from external customers $ 222 $ 227 Net (loss) income (1 ) 9 All Other Total operating revenue $ 20 $ 19 Net loss (22 ) (32 ) Consolidated Total Total revenue $ 3,013 $ 3,048 Net income 527 491 Nine Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Regulated Electric Operating revenues from external customers $ 7,345 $ 7,419 Intersegment revenue 1 1 Total revenues $ 7,346 $ 7,420 Net income 1,032 997 Regulated Natural Gas Operating revenues from external customers $ 1,324 $ 1,181 Intersegment revenue 1 1 Total revenues $ 1,325 $ 1,182 Net income 127 130 All Other Total operating revenue $ 62 $ 57 Net loss (79 ) (80 ) Consolidated Total Total revenue $ 8,733 $ 8,659 Reconciling eliminations (2 ) (2 ) Consolidated total revenue $ 8,731 $ 8,657 Net income 1,080 1,047 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Accounts receivable, net Accounts receivable $ 875 $ 915 Less allowance for bad debts (54 ) (55 ) Accounts receivable, net $ 821 $ 860 |
Inventories | (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 271 $ 271 Fuel 187 170 Natural gas 86 107 Total inventories $ 544 $ 548 |
Property, plant and equipment, net | (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Property, plant and equipment, net Electric plant $ 43,301 $ 41,472 Natural gas plant 6,414 6,210 Common and other property 2,251 2,154 Plant to be retired (a) 276 322 CWIP 2,629 2,091 Total property, plant and equipment 54,871 52,249 Less accumulated depreciation (16,549 ) (15,659 ) Nuclear fuel 2,887 2,771 Less accumulated amortization (2,506 ) (2,417 ) Property, plant and equipment, net $ 38,703 $ 36,944 (a) In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Commercial paper and term loan borrowings | As of Sept. 30, 2019 , Xcel Energy Inc.’s term loan borrowings were as follows: (Millions of Dollars) Limit Amount Used Available Xcel Energy Inc. $ 500 $ 500 $ — Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2019 Year Ended Borrowing limit $ 3,600 $ 3,250 Amount outstanding at period end 933 1,038 Average amount outstanding 1,303 788 Maximum amount outstanding 1,780 1,349 Weighted average interest rate, computed on a daily basis 2.62 % 2.34 % Weighted average interest rate at period end 2.54 2.97 |
Credit Facilities | As of Sept. 30, 2019 , Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available: (Millions of Dollars) Credit Facility (a) Outstanding (b) Available Xcel Energy Inc. $ 1,250 $ 365 $ 885 PSCo 700 9 691 NSP-Minnesota 500 19 481 SPS 500 2 498 NSP-Wisconsin 150 68 82 Total $ 3,100 $ 463 $ 2,637 (a) Expires in June 2024 . (b) Includes outstanding commercial paper and letters of credit. As of Sept. 30, 2019 , 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 $ 20 $ 55 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Xcel Energy’s operating revenues consists of the following: Three Months Ended Sept. 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 865 $ 124 $ 10 $ 999 C&I 1,383 58 6 1,447 Other 35 — 1 36 Total retail 2,283 182 17 2,482 Wholesale 205 — — 205 Transmission 151 — — 151 Other 13 24 — 37 Total revenue from contracts with customers 2,652 206 17 2,875 Alternative revenue and other 119 16 3 138 Total revenues $ 2,771 $ 222 $ 20 $ 3,013 Three Months Ended Sept. 30, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 890 $ 116 $ 10 $ 1,016 C&I 1,408 58 5 1,471 Other 35 — 1 36 Total retail 2,333 174 16 2,523 Wholesale 207 — — 207 Transmission 143 — — 143 Other 17 25 — 42 Total revenue from contracts with customers 2,700 199 16 2,915 Alternative revenue and other 102 28 3 133 Total revenues $ 2,802 $ 227 $ 19 $ 3,048 Nine Months Ended Sept. 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,216 $ 801 $ 29 $ 3,046 C&I 3,724 403 21 4,148 Other 98 — 3 101 Total retail 6,038 1,204 53 7,295 Wholesale 548 — — 548 Transmission 409 — — 409 Other 42 84 — 126 Total revenue from contracts with customers 7,037 1,288 53 8,378 Alternative revenue and other 308 36 9 353 Total revenues $ 7,345 $ 1,324 $ 62 $ 8,731 Nine Months Ended Sept. 30, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,255 $ 663 $ 28 $ 2,946 C&I 3,726 347 17 4,090 Other 101 — 5 106 Total retail 6,082 1,010 50 7,142 Wholesale 589 — — 589 Transmission 398 — — 398 Other 80 76 — 156 Total revenue from contracts with customers 7,149 1,086 50 8,285 Alternative revenue and other 270 95 7 372 Total revenues $ 7,419 $ 1,181 $ 57 $ 8,657 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 2019 2018 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.0 5.0 5.0 5.0 (Decreases) increases: Wind PTCs (6.1 ) (2.6 ) (8.1 ) (4.3 ) Plant regulatory differences (a) (5.6 ) (9.4 ) (5.5 ) (5.2 ) Other tax credits and tax credit and NOL allowances (net) (1.7 ) (1.9 ) (1.8 ) (1.5 ) Other (net) (0.6 ) 0.8 (0.5 ) 0.2 Effective income tax rate 12.0 % 12.9 % 10.1 % 15.2 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method and the timing of regulatory decisions regarding the return of excess deferred taxes. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions and additional prepaid pension asset amortization. |
Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2013 June 2020 2014 - 2016 September 2020 |
Earliest Open Tax Years Subject to Examination by State Taxing Authorities in the Major Operating Jurisdictions | State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns. As of Sept. 30, 2019, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows: State Year Colorado 2009 Minnesota 2009 Texas 2009 Wisconsin 2014 • In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of Sept. 30, 2019, no material adjustments have been proposed. • No other state income tax audits were in progress as of Sept. 30, 2019. |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits — permanent vs. temporary: (Millions of Dollars) Sept. 30, 2019 Dec. 31, 2018 Unrecognized tax benefit — Permanent tax positions $ 33 $ 28 Unrecognized tax benefit — Temporary tax positions 10 9 Total unrecognized tax benefit $ 43 $ 37 |
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) Sept. 30, 2019 Dec. 31, 2018 NOL and tax credit carryforwards $ (40 ) $ (35 ) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: Sept. 30, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 23 $ 23 $ — $ — $ — $ 23 Commingled funds 815 — — — 997 997 Debt securities 489 — 484 12 — 496 Equity securities 393 800 1 — — 801 Total $ 1,720 $ 823 $ 485 $ 12 $ 997 $ 2,317 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $151 million of equity investments in unconsolidated subsidiaries and $132 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 24 $ 24 $ — $ — $ — $ 24 Commingled funds 758 79 — — 819 898 Debt securities 466 — 436 — — 436 Equity securities 401 697 — — — 697 Total $ 1,649 $ 800 $ 436 $ — $ 819 $ 2,055 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $141 million of equity investments in unconsolidated subsidiaries and $121 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 Sept. 30, 2019 : Final Contractual Maturity (Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Debt securities $ 1 $ 126 $ 226 $ 143 $ 496 |
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: Sept. 30, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 55 61 — — 61 Total $ 72 $ 78 $ — $ — $ 78 Dec. 31, 2018 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 16 $ 16 $ — $ — $ 16 Mutual funds 52 51 — — 51 Total $ 68 $ 67 $ — $ — $ 67 (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) Sept. 30, 2019 Dec. 31, 2018 MWh of electricity 121 87 MMBtu of natural gas 130 92 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis, but are weighted for the probability of exercise. |
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | Impact of derivative activity: Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Regulatory Three Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (12 ) $ — Total $ (12 ) $ — Other derivative instruments Natural gas commodity $ — $ (3 ) Total $ — $ (3 ) Nine Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (33 ) $ — Total $ (33 ) $ — Other derivative instruments Electric commodity $ — $ 4 Natural gas commodity — (5 ) Total $ — $ (1 ) Three Months Ended Sept. 30, 2018 Other derivative instruments Electric commodity $ — $ (2 ) Natural gas commodity — (2 ) Total $ — $ (4 ) Nine Months Ended Sept. 30, 2018 Other derivative instruments Electric commodity $ — $ 6 Natural gas commodity — (1 ) Total $ — $ 5 Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized (Millions of Dollars) Accumulated Regulatory Three Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 1 (b) Electric commodity — (1 ) (c) — Total $ — $ (1 ) $ 1 Nine Months Ended Sept. 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 3 (a) $ — $ — Total $ 3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 5 (b) Natural gas commodity — (1 ) (d) (4 ) (d) Total $ — $ (1 ) $ 1 Three Months Ended Sept. 30, 2018 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 5 (b) Total $ — $ — $ 5 Nine Months Ended Sept. 30, 2018 Derivatives designated as cash flow hedges Interest rate $ 3 (a) $ — $ — Total $ 3 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 14 (b) Natural gas commodity — 2 (d) (2 ) (d) Total $ — $ 2 $ 12 (a) Recorded to interest charges. (b) 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) 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 for both the three and nine months ended Sept. 30, 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2018 included no such settlement gains or losses and $1 million of such settlement losses, respectively. Remaining settlement losses for the three and nine months ended Sept. 30, 2019 and 2018 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis: Sept. 30, 2019 Dec. 31, 2018 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 3 $ 42 $ 13 $ 58 $ (34 ) $ 24 $ 4 $ 92 $ 2 $ 98 $ (44 ) $ 54 Electric commodity — — 28 28 (1 ) 27 — — 25 25 — 25 Natural gas commodity — 7 — 7 — 7 — 4 — 4 — 4 Total current derivative assets $ 3 $ 49 $ 41 $ 93 $ (35 ) 58 $ 4 $ 96 $ 27 $ 127 $ (44 ) 83 PPAs (b) 3 4 Current derivative instruments $ 61 $ 87 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 5 $ 39 $ 5 $ 49 $ (41 ) $ 8 $ — $ 27 $ 5 $ 32 $ (14 ) $ 18 Total noncurrent derivative assets $ 5 $ 39 $ 5 $ 49 $ (41 ) 8 $ — $ 27 $ 5 $ 32 $ (14 ) 18 PPAs (b) 14 16 Noncurrent derivative instruments $ 22 $ 34 Sept. 30, 2019 Dec. 31, 2018 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Derivatives designated as cash flow hedges: Interest rate $ — $ 40 $ — $ 40 $ — $ 40 $ — $ 7 $ — $ 7 $ — $ 7 Other derivative instruments: Commodity trading 3 42 11 56 (46 ) 10 4 88 2 94 (60 ) 34 Electric commodity — — 1 1 (1 ) — — — — — — — Natural gas commodity — 6 — 6 — 6 — — — — — — Total current derivative liabilities $ 3 $ 88 $ 12 $ 103 $ (47 ) 56 $ 4 $ 95 $ 2 $ 101 $ (60 ) 41 PPAs (b) 17 20 Current derivative instruments $ 73 $ 61 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 2 $ 88 $ 19 $ 109 $ (10 ) $ 99 $ — $ 18 $ 1 $ 19 $ 17 $ 36 Total noncurrent derivative liabilities $ 2 $ 88 $ 19 $ 109 $ (10 ) 99 $ — $ 18 $ 1 $ 19 $ 17 36 PPAs (b) 79 93 Noncurrent derivative instruments $ 178 $ 129 (a) Xcel Energy 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 Sept. 30, 2019 and Dec. 31, 2018 . At both Sept. 30, 2019 and Dec. 31, 2018 , derivative assets and liabilities include $32 million of obligations to return cash collateral. At Sept. 30, 2019 and Dec. 31, 2018, derivative assets and liabilities include rights to reclaim cash collateral of $12 million and $15 million , respectively. Counterparty netting amounts presented exclude 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, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Change in Level 3 Commodity Derivative | Changes in Level 3 commodity derivatives: Three Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Balance at July 1 $ 28 $ 64 Purchases 5 3 Settlements (21 ) (19 ) Net transactions recorded during the period: Gains recognized in earnings (a) 1 — Net gains recognized as regulatory assets and liabilities 2 — Balance at Sept. 30 $ 15 $ 48 Nine Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Balance at Jan. 1 $ 29 $ 35 Purchases 42 49 Settlements (48 ) (51 ) Net transactions recorded during the period: Losses recognized in earnings (a) (9 ) — Net gains recognized as regulatory assets and liabilities 1 15 Balance at Sept. 30 $ 15 $ 48 (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: Sept. 30, 2019 Dec. 31, 2018 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 17,672 $ 20,064 $ 16,209 $ 16,755 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30 2019 2018 2019 2018 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 22 $ 24 $ — $ 1 Interest cost (a) 36 33 6 5 Expected return on plan assets (a) (51 ) (52 ) (5 ) (6 ) Amortization of prior service credit (a) (1 ) (1 ) (3 ) (3 ) Amortization of net loss (a) 22 27 1 2 Settlement charge (b) — 59 — — Net periodic benefit cost (credit) 28 90 (1 ) (1 ) Credits (costs) not recognized due to the effects of regulation — (50 ) — 1 Net benefit cost (credit) recognized for financial reporting $ 28 $ 40 $ (1 ) $ — Nine Months Ended Sept. 30 2019 2018 2019 2018 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 64 $ 71 $ 1 $ 1 Interest cost (a) 108 100 17 16 Expected return on plan assets (a) (152 ) (157 ) (16 ) (19 ) Amortization of prior service credit (a) (3 ) (3 ) (8 ) (8 ) Amortization of net loss (a) 66 83 4 6 Settlement charge (b) — 59 — — Net periodic benefit cost (credit) 83 153 (2 ) (4 ) Credits (costs) not recognized due to the effects of regulation 2 (51 ) 1 1 Net benefit cost (credit) recognized for financial reporting $ 85 $ 102 $ (1 ) $ (3 ) (a) Components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. (b) A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2018 as a result of lump-sum distributions during the 2018 plan year, Xcel Energy recorded a total pension settlement charge of $59 million , the majority of which was not recognized due to the effects of regulation. A total of $6 million of that amount was recorded in other expense in the third quarter of 2018. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating and Finance Lease Right-of-Use Assets | Finance lease ROU assets: (Millions of Dollars) Sept. 30, 2019 Gas storage facilities $ 201 Gas pipeline 21 Gross finance lease ROU assets 222 Accumulated amortization (81 ) Net finance lease ROU assets $ 141 Operating lease ROU assets: (Millions of Dollars) Sept. 30, 2019 PPAs $ 1,642 Other 201 Gross operating lease ROU assets 1,843 Accumulated amortization (125 ) Net operating lease ROU assets $ 1,718 |
Schedule of Components of Lease Expense | Components of lease expense: (Millions of Dollars) Three Months Ended Sept. 30, 2019 Nine Months Ended Sept. 30, 2019 Operating leases PPA capacity payments $ 58 $ 163 Other operating leases (a) 9 26 Total operating lease expense (b) $ 67 $ 189 Finance leases Amortization of ROU assets $ 1 $ 5 Interest expense on lease liability 5 14 Total finance lease expense $ 6 $ 19 (a) Includes short-term lease expense of $1 million for the three months ended Sept. 30, 2019 and $4 million for the nine months ended Sept. 30, 2019. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. |
Schedule of Maturity of Operating Lease Liabilities | Future commitments under operating and finance leases as of Sept. 30, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases (c) 2019 $ 59 $ 6 $ 65 $ 3 2020 236 26 262 14 2021 238 29 267 14 2022 225 28 253 12 2023 214 25 239 12 Thereafter 959 136 1,095 219 Total minimum obligation 1,931 250 2,181 274 Interest component of obligation (337 ) (54 ) (391 ) (192 ) Present value of minimum obligation $ 1,594 $ 196 1,790 82 Less current portion (192 ) (4 ) Noncurrent operating and finance lease liabilities $ 1,598 $ 78 Weighted-average remaining lease term in years 9.5 37.2 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2033. (c) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Future commitments under operating and finance leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases (c) 2019 $ 207 $ 32 $ 239 $ 14 2020 208 26 234 14 2021 210 25 235 14 2022 197 24 221 12 2023 186 22 208 12 Thereafter 883 154 1,037 220 Total minimum obligation 286 Interest component of obligation (201 ) Present value of minimum obligation $ 85 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2033. (c) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. |
Schedule of Maturity of Finance Lease Liabilities | Future commitments under operating and finance leases as of Sept. 30, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases (c) 2019 $ 59 $ 6 $ 65 $ 3 2020 236 26 262 14 2021 238 29 267 14 2022 225 28 253 12 2023 214 25 239 12 Thereafter 959 136 1,095 219 Total minimum obligation 1,931 250 2,181 274 Interest component of obligation (337 ) (54 ) (391 ) (192 ) Present value of minimum obligation $ 1,594 $ 196 1,790 82 Less current portion (192 ) (4 ) Noncurrent operating and finance lease liabilities $ 1,598 $ 78 Weighted-average remaining lease term in years 9.5 37.2 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2033. (c) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Future commitments under operating and finance leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases (c) 2019 $ 207 $ 32 $ 239 $ 14 2020 208 26 234 14 2021 210 25 235 14 2022 197 24 221 12 2023 186 22 208 12 Thereafter 883 154 1,037 220 Total minimum obligation 286 Interest component of obligation (201 ) Present value of minimum obligation $ 85 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2033. (c) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2019 and 2018 : Three Months Ended Sept. 30, 2019 Three Months Ended Sept. 30, 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (75 ) $ (60 ) $ (135 ) $ (57 ) $ (65 ) $ (122 ) Other comprehensive (loss) before reclassifications (net of taxes of $(3), $0, $0 and $(1), respectively) (9 ) — (9 ) — (2 ) (2 ) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0) (a) 1 — 1 1 — 1 Amortization of net actuarial loss (net of taxes of $0, $0, $0 and $1, respectively) (b) — 1 1 — 4 4 Net current period other comprehensive income (8 ) 1 (7 ) 1 2 3 Accumulated other comprehensive loss at Sept. 30 $ (83 ) $ (59 ) $ (142 ) $ (56 ) $ (63 ) $ (119 ) Nine Months Ended Sept. 30, 2019 Nine Months Ended Sept. 30, 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (60 ) $ (64 ) $ (124 ) $ (58 ) $ (67 ) $ (125 ) Other comprehensive (loss) gain before reclassifications (net of taxes of $(9), $1, $0 and $(1), respectively) (25 ) 2 (23 ) — (2 ) (2 ) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $0, $1 and $0, respectively) (a) 2 — 2 2 — 2 Amortization of net actuarial loss (net of taxes of $0, $1, $0 and $2, respectively) (b) — 3 3 — 6 6 Net current period other comprehensive income (23 ) 5 (18 ) 2 4 6 Accumulated other comprehensive loss at Sept. 30 $ (83 ) $ (59 ) $ (142 ) $ (56 ) $ (63 ) $ (119 ) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | Xcel Energy’s segment information for the three and nine months ended Sept. 30 : Three Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Regulated Electric Operating revenues from external customers $ 2,771 $ 2,802 Net income 550 514 Regulated Natural Gas Operating revenues from external customers $ 222 $ 227 Net (loss) income (1 ) 9 All Other Total operating revenue $ 20 $ 19 Net loss (22 ) (32 ) Consolidated Total Total revenue $ 3,013 $ 3,048 Net income 527 491 Nine Months Ended Sept. 30 (Millions of Dollars) 2019 2018 Regulated Electric Operating revenues from external customers $ 7,345 $ 7,419 Intersegment revenue 1 1 Total revenues $ 7,346 $ 7,420 Net income 1,032 997 Regulated Natural Gas Operating revenues from external customers $ 1,324 $ 1,181 Intersegment revenue 1 1 Total revenues $ 1,325 $ 1,182 Net income 127 130 All Other Total operating revenue $ 62 $ 57 Net loss (79 ) (80 ) Consolidated Total Total revenue $ 8,733 $ 8,659 Reconciling eliminations (2 ) (2 ) Consolidated total revenue $ 8,731 $ 8,657 Net income 1,080 1,047 |
Accounting Pronouncements Accou
Accounting Pronouncements Accounting Pronouncements (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 1,718 | $ 0 | |
Operating Lease, Liability | $ 1,790 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 1,700 | ||
Operating Lease, Liability | $ 1,700 |
Selected Balance Sheet Data Sel
Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 875 | $ 915 |
Less allowance for bad debts | (54) | (55) |
Accounts receivable, net | $ 821 | $ 860 |
Selected Balance Sheet Data S_2
Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Public Utilities, Inventory [Line Items] | ||
Total inventories | $ 544 | $ 548 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 271 | 271 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 187 | 170 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 86 | $ 107 |
Selected Balance Sheet Data, Pr
Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 54,871 | $ 52,249 | |
Less accumulated depreciation and amortization | (16,549) | (15,659) | |
Property, plant and equipment, net | 38,703 | 36,944 | |
Electric plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 43,301 | 41,472 | |
Natural gas plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 6,414 | 6,210 | |
Common and other property | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,251 | 2,154 | |
Plant to be retired | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | [1] | 276 | 322 |
CWIP | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,629 | 2,091 | |
Nuclear fuel | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,887 | 2,771 | |
Less accumulated depreciation and amortization | $ (2,506) | $ (2,417) | |
[1] | In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 3,013 | $ 3,048 | $ 8,731 | $ 8,657 |
Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,771 | 2,802 | 7,345 | 7,419 |
Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 222 | 227 | 1,324 | 1,181 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20 | 19 | 62 | 57 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,875 | 2,915 | 8,378 | 8,285 |
Total revenue from contracts with customers | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,652 | 2,700 | 7,037 | 7,149 |
Total revenue from contracts with customers | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 206 | 199 | 1,288 | 1,086 |
Total revenue from contracts with customers | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 16 | 53 | 50 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,482 | 2,523 | 7,295 | 7,142 |
Retail | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 999 | 1,016 | 3,046 | 2,946 |
Retail | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,447 | 1,471 | 4,148 | 4,090 |
Retail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36 | 36 | 101 | 106 |
Retail | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,283 | 2,333 | 6,038 | 6,082 |
Retail | Regulated Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 865 | 890 | 2,216 | 2,255 |
Retail | Regulated Electric | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,383 | 1,408 | 3,724 | 3,726 |
Retail | Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 35 | 35 | 98 | 101 |
Retail | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 182 | 174 | 1,204 | 1,010 |
Retail | Regulated Natural Gas | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 124 | 116 | 801 | 663 |
Retail | Regulated Natural Gas | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 58 | 58 | 403 | 347 |
Retail | Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Retail | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 16 | 53 | 50 |
Retail | All Other | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 10 | 10 | 29 | 28 |
Retail | All Other | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6 | 5 | 21 | 17 |
Retail | All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 1 | 3 | 5 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 205 | 207 | 548 | 589 |
Wholesale | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 205 | 207 | 548 | 589 |
Wholesale | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wholesale | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 151 | 143 | 409 | 398 |
Transmission | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 151 | 143 | 409 | 398 |
Transmission | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Transmission | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 37 | 42 | 126 | 156 |
Other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 17 | 42 | 80 |
Other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 24 | 25 | 84 | 76 |
Other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 138 | 133 | 353 | 372 |
Alternative revenue and other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 119 | 102 | 308 | 270 |
Alternative revenue and other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 16 | 28 | 36 | 95 |
Alternative revenue and other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | $ 3 | $ 3 | $ 9 | $ 7 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 933 | $ 1,038 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 3,600 | 3,250 |
Amount outstanding at period end | 933 | 1,038 |
Average amount outstanding | 1,303 | 788 |
Maximum amount outstanding | $ 1,780 | $ 1,349 |
Weighted average interest rate, computed on a daily basis | 2.62% | 2.34% |
Weighted average interest rate at period end | 2.54% | 2.97% |
Letters of Credit (Details)
Letters of Credit (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 933 | $ 1,038 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 1 year |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | $ 3,100,000 | ||
Outstanding | [2] | 463,000 | ||
Available | 2,637,000 | |||
Direct advances on the credit facility outstanding | 0 | $ 0 | ||
PSCo | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 700,000 | ||
Outstanding | [2] | 9,000 | ||
Available | 691,000 | |||
NSP-Minnesota | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 500,000 | ||
Outstanding | [2] | 19,000 | ||
Available | 481,000 | |||
SPS | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 500,000 | $ 400,000 | |
Outstanding | [2] | 2,000 | ||
Available | 498,000 | |||
NSP-Wisconsin | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 150,000 | ||
Outstanding | [2] | 68,000 | ||
Available | 82,000 | |||
Xcel Energy Inc. | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 1,250,000 | $ 1,000,000 | |
Outstanding | [2] | 365,000 | ||
Available | $ 885,000 | |||
[1] | Expires in June 2024 . | |||
[2] | Includes outstanding commercial paper and letters of credit. |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments Amended Credit Agreements (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Jun. 01, 2019USD ($) | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Credit Facility | [1] | $ 3,100,000 | |
Revolving Credit Facility [Member] | SPS | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | $ 500,000 | $ 400,000 |
Revolving Credit Facility [Member] | NSP-Wisconsin | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Term | 1 year | ||
Credit Facility | [1] | $ 150,000 | |
Revolving Credit Facility [Member] | Parent Company | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | $ 1,250,000 | $ 1,000,000 |
Revolving Credit Facility [Member] | Parent Company | NSP Minnesota, PSCo, and SPS [Domain] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Term | 1 year | ||
Number of extension you can request | 2 | ||
Swingline Subfacility [Domain] | Parent Company | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Face Amount | [1] | $ 75,000 | |
[1] | Expires in June 2024 . |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments Term Loan (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 933 | $ 1,038 |
364-Day Term Loan [Member] | Xcel Energy Inc. | ||
Short-term Debt [Line Items] | ||
Credit Facility | $ 500 | |
Line of Credit Facility, Expiration Period | 364 days | |
Required debt to total capitalization ratio | 65.00% | |
Basis points | 50 | |
Basis points related to commitment fee | 10 | |
Amount outstanding at period end | $ 500 | |
Available | $ 0 |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 933 | $ 1,038 |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | 30 | $ 49 |
Letter of Credit | NSP Minnesota [Member] | Bilateral Credit Agreement [Member] | ||
Short-term Debt [Line Items] | ||
Credit Facility | 75 | |
Amount outstanding at period end | 20 | |
Available | $ 55 |
Borrowings and Other Financin_7
Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - Bonds [Member] $ in Millions | Sep. 30, 2019USD ($) |
PSCo | Series Due Sept. 15, 2049 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Interest Rate, Stated Percentage | 4.05% |
PSCo | Series Due March 1, 2050 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 550 |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% |
XCEL ENERGY INC [Member] | Series Due June 15, 2028 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 130 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
SPS | Series Due June 15, 2049 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% |
NSP Minnesota [Member] | Series Due March 1, 2050 [Domain] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 600 |
Debt Instrument, Interest Rate, Stated Percentage | 2.90% |
Borrowings and Other Financin_8
Borrowings and Other Financing Instruments Forward Equity Agreement (Details) - Forward Equity Agreements [Member] - USD ($) shares in Millions, $ in Millions | Sep. 29, 2019 | Nov. 30, 2018 |
Forward Contract Indexed to Issuer's Equity [Line Items] | ||
Common Stock, Value, to be Issued through Forward Equity Agreement | $ 459 | |
Common Stock, Shares to be Issued through forward Equity Agreement | 9.4 | |
Common stock, initial shares in an agreement | 8.1 | |
Common stock, additional shares in an agreement | 1.2 | |
Common Stock, Shares Issued through Forward Equity Agreement | 9.4 | |
Common Stock, Value Issued through Forward Equity Agreement | $ 453 |
Borrowings and Other Financin_9
Borrowings and Other Financing Instruments Other Equity (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Dividend Reinvestment Program [Line Items] | |||
Stock Issued, Value | $ 457 | $ 203 | |
DividendReinvestmentProgram [Member] | |||
Dividend Reinvestment Program [Line Items] | |||
Stock Issued, Value | $ 28.9 | $ 38.5 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 21.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.00% | 5.00% | 5.00% | 5.00% | |
Wind PTCs | (6.10%) | (2.60%) | (8.10%) | (4.30%) | |
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent | [1] | (5.60%) | (9.40%) | (5.50%) | (5.20%) |
Other tax credits and tax credit and NOL allowances (net) | (1.70%) | (1.90%) | (1.80%) | (1.50%) | |
Other (net) | (0.60%) | 0.80% | (0.50%) | 0.20% | |
Effective Income Tax Rate Reconciliation, Percent | 12.00% | 12.90% | 10.10% | 15.20% | |
[1] | Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method and the timing of regulatory decisions regarding the return of excess deferred taxes. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions and additional prepaid pension asset amortization |
Income Taxes Federal Audits (De
Income Taxes Federal Audits (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Potential Tax Adjustments | $ 0 |
Income Taxes State Audits (Deta
Income Taxes State Audits (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
WISCONSIN | |
Income Tax Examination [Line Items] | |
Potential Tax Adjustments | $ 0 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefits (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit — Permanent tax positions | $ 33,000,000 | $ 28,000,000 |
Unrecognized tax benefit — Temporary tax positions | 10,000,000 | 9,000,000 |
Total unrecognized tax benefit | 43,000,000 | 37,000,000 |
NOL and tax credit carryforwards | 40,000,000 | 35,000,000 |
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | (28,000,000) | (24,000,000) |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 28,000,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 |
Common Stock Equivalents (Detai
Common Stock Equivalents (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Dilutive Effect of Contingently Issuable Shares | 1.8 | 0.4 | 1.6 | 0.4 |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized Gain on Securities | $ 619 | $ 450 | |||
Unrealized Loss on Securities | 22 | 45 | |||
Nuclear decommissinoning fund [Abstract] | |||||
Equity investments in unconsolidated subsidiaries | $ 151 | 151 | 141 | ||
Miscellaneous investments | 132 | 132 | 121 | ||
Final Contractual Maturity [Abstract] | |||||
Due in 1 Year or Less | 1 | 1 | |||
Due in 1 to 5 Years | 126 | 126 | |||
Due in 5 to 10 Years | 226 | 226 | |||
Due after 10 Years | 143 | 143 | |||
Total | 496 | 496 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 1,720 | 1,720 | 1,649 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 23 | 23 | 24 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 815 | 815 | 758 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 489 | 489 | 466 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity securities | 393 | 393 | 401 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 23 | 23 | 24 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 997 | 997 | 898 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 496 | 496 | 436 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity securities | 801 | 801 | 697 | ||
Decommissioning Fund Investments | 2,317 | 2,317 | 2,055 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 823 | 823 | 800 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 23 | 23 | 24 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 0 | 0 | 79 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity securities | 800 | 800 | 697 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 485 | 485 | 436 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 484 | 484 | 436 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity securities | 1 | 1 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 12 | 12 | 0 | ||
Transfers level 3, net | 0 | $ 0 | 0 | $ 0 | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 12 | 12 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity securities | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | NAV | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 997 | 997 | 819 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | NAV | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | NAV | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 997 | 997 | 819 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | NAV | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 0 | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | NAV | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities Rabbi Trust (Details) - Rabbi Trust [Member] - Fair Value, Measured on a Recurring Basis - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trusts Assets at Fair Value | $ 72 | $ 68 |
Cost | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 17 | 16 |
Cost | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 55 | 52 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trusts Assets at Fair Value | 78 | 67 |
Fair Value | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 17 | 16 |
Fair Value | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 61 | 51 |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trusts Assets at Fair Value | 78 | 67 |
Fair Value | Level 1 | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 17 | 16 |
Fair Value | Level 1 | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 61 | 51 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trusts Assets at Fair Value | 0 | 0 |
Fair Value | Level 2 | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value | Level 2 | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 0 | 0 |
Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trusts Assets at Fair Value | 0 | 0 |
Fair Value | Level 3 | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value | Level 3 | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | $ 0 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions | Sep. 30, 2019USD ($) |
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (5) |
Derivative Liability, Notional Amount | $ 300 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | Sep. 30, 2019USD ($)MMBTUMWh | Dec. 31, 2018MMBTUMWh | |
Cash Flow Hedge Commodity [Member] | |||
Derivative [Line Items] | |||
Commodity contracts designated as cash flow hedges | $ | $ 0 | ||
Electric Commodity [Member] | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional Amount | MWh | [1],[2] | 121 | 87 |
Natural Gas Commodity | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional Amount | MMBTU | [1],[2] | 130 | 92 |
[1] | Not reflective of net positions in the underlying commodities. | ||
[2] | Notional amounts for options included on a gross basis, but are weighted for the probability of exercise. |
Consideration of Credit Risk an
Consideration of Credit Risk and Concentrations (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)Counterparty | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Counterparty | Sep. 30, 2018USD ($) | ||
Impact of Derivative Activity [Abstract] | |||||
Fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (12,000,000) | (33,000,000) | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | |
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 | Cash Flow Hedges | Interest Rate | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (12,000,000) | (33,000,000) | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | |
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 | |
Other Derivative Instruments | |||||
Impact of Derivative Activity [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 | (3,000,000) | (4,000,000) | (1,000,000) | 5,000,000 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (1,000,000) | 0 | (1,000,000) | (2,000,000) | |
Pre-tax gains (losses) recognized during the period in income | 1,000,000 | 5,000,000 | 1,000,000 | 12,000,000 | |
Other Derivative Instruments | Natural Gas Commodity | |||||
Impact of Derivative Activity [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 | (2,000,000) | (1,000,000) | (1,000,000) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [1] | (1,000,000) | (2,000,000) | ||
Pre-tax gains (losses) recognized during the period in income | [1] | (4,000,000) | (2,000,000) | ||
Other Derivative Instruments | Electric Commodity | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (2,000,000) | 4,000,000 | 6,000,000 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [1] | 1,000,000 | |||
Pre-tax gains (losses) recognized during the period in income | [1] | 0 | |||
Other Derivative Instruments | Natural Gas Commodity for Electric Generation | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | |||
Other Derivative Instruments | Commodity Trading | |||||
Impact of Derivative Activity [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 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] | $ 1,000,000 | $ 5,000,000 | $ 5,000,000 | $ 14,000,000 |
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 | 8 | 8 | |||
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 | $ 156,000,000 | $ 156,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 53.00% | 53.00% | |||
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 | $ 24,000,000 | $ 24,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 8.00% | 8.00% | |||
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 | $ 8,000,000 | $ 8,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 3.00% | 3.00% | |||
[1] | Amounts for both the three and nine months ended Sept. 30, 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2018 included no such settlement gains or losses and $1 million of such settlement losses, respectively. Remaining settlement losses for the three and nine months ended Sept. 30, 2019 and 2018 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. | ||||
[2] | Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities Credit Related Contingent Features (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 0 | |
Collateral Already Posted, Aggregate Fair Value | 0 | $ 0 |
Maximum | ||
Derivative [Line Items] | ||
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 1 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | ||||||
Return Cash Collateral | $ 32,000,000 | $ 32,000,000 | $ 32,000,000 | |||
Reclaim Cash Collateral | 12,000,000 | 12,000,000 | 15,000,000 | |||
Commodity Trading | ||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||||
Balance at beginning of period | 28,000,000 | $ 64,000,000 | 29,000,000 | $ 35,000,000 | ||
Purchases | 5,000,000 | 3,000,000 | 42,000,000 | 49,000,000 | ||
Settlements | (21,000,000) | (19,000,000) | (48,000,000) | (51,000,000) | ||
Gains (losses) recognized in earnings | [1] | 1,000,000 | 0 | (9,000,000) | 0 | |
Net gains recognized as regulatory assets and liabilities | 2,000,000 | 0 | 1,000,000 | 15,000,000 | ||
Balance at end of period | 15,000,000 | $ 48,000,000 | 15,000,000 | $ 48,000,000 | ||
Transfers Level 3, Net | 0 | |||||
Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | 61,000,000 | 61,000,000 | 87,000,000 | |||
Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | 22,000,000 | 22,000,000 | 34,000,000 | |||
Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | 73,000,000 | 73,000,000 | 61,000,000 | |||
Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | 178,000,000 | 178,000,000 | 129,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 93,000,000 | 93,000,000 | 127,000,000 | |||
Netting | [2] | (35,000,000) | (35,000,000) | (44,000,000) | ||
Derivative Asset, Net | 58,000,000 | 58,000,000 | 83,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 3,000,000 | 3,000,000 | 4,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 49,000,000 | 49,000,000 | 96,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 41,000,000 | 41,000,000 | 27,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 58,000,000 | 58,000,000 | 98,000,000 | |||
Netting | [2] | (34,000,000) | (34,000,000) | (44,000,000) | ||
Derivative Asset, Net | 24,000,000 | 24,000,000 | 54,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 28,000,000 | 28,000,000 | 25,000,000 | |||
Netting | [2] | (1,000,000) | (1,000,000) | 0 | ||
Derivative Asset, Net | 27,000,000 | 27,000,000 | 25,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 7,000,000 | 7,000,000 | 4,000,000 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Asset, Net | 7,000,000 | 7,000,000 | 4,000,000 | |||
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 | 3,000,000 | 3,000,000 | 4,000,000 | |||
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 | 42,000,000 | 42,000,000 | 92,000,000 | |||
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 | 7,000,000 | 7,000,000 | 4,000,000 | |||
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 | 13,000,000 | 13,000,000 | 2,000,000 | |||
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 | 28,000,000 | 28,000,000 | 25,000,000 | |||
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 | 49,000,000 | 49,000,000 | 32,000,000 | |||
Netting | [2] | (41,000,000) | (41,000,000) | (14,000,000) | ||
Derivative Asset, Net | 8,000,000 | 8,000,000 | 18,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 5,000,000 | 5,000,000 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 39,000,000 | 39,000,000 | 27,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 5,000,000 | 5,000,000 | 5,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 49,000,000 | 49,000,000 | 32,000,000 | |||
Netting | [2] | (41,000,000) | (41,000,000) | (14,000,000) | ||
Derivative Asset, Net | 8,000,000 | 8,000,000 | 18,000,000 | |||
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 | 5,000,000 | 5,000,000 | 0 | |||
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 | 39,000,000 | 39,000,000 | 27,000,000 | |||
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 | 5,000,000 | 5,000,000 | 5,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 103,000,000 | 103,000,000 | 101,000,000 | |||
Netting | [2] | (47,000,000) | (47,000,000) | (60,000,000) | ||
Derivative Liability, Net | 56,000,000 | 56,000,000 | 41,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 3,000,000 | 3,000,000 | 4,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 88,000,000 | 88,000,000 | 95,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 12,000,000 | 12,000,000 | 2,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 56,000,000 | 56,000,000 | 94,000,000 | |||
Netting | [2] | (46,000,000) | (46,000,000) | (60,000,000) | ||
Derivative Liability, Net | 10,000,000 | 10,000,000 | 34,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 1,000,000 | 1,000,000 | 0 | |||
Netting | [2] | (1,000,000) | (1,000,000) | 0 | ||
Derivative Liability, Net | 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 | 6,000,000 | 6,000,000 | 0 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Liability, Net | 6,000,000 | 6,000,000 | 0 | |||
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 | 3,000,000 | 3,000,000 | 4,000,000 | |||
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 | 42,000,000 | 42,000,000 | 88,000,000 | |||
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 | 6,000,000 | 6,000,000 | 0 | |||
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 | 11,000,000 | 11,000,000 | 2,000,000 | |||
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 | 1,000,000 | 1,000,000 | 0 | |||
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 Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Netting | [2] | 0 | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 40,000,000 | 40,000,000 | 7,000,000 | |||
Derivative Liability, Net | 40,000,000 | 40,000,000 | 7,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 1 | Cash Flow Hedges | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 2 | Cash Flow Hedges | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 40,000,000 | 40,000,000 | 7,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 3 | Cash Flow Hedges | Interest Rate Swap | ||||||
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 | 109,000,000 | 109,000,000 | 19,000,000 | |||
Netting | [2] | (10,000,000) | (10,000,000) | (17,000,000) | ||
Derivative Liability, Net | 99,000,000 | 99,000,000 | 36,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 2,000,000 | 2,000,000 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 88,000,000 | 88,000,000 | 18,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 19,000,000 | 19,000,000 | 1,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 109,000,000 | 109,000,000 | 19,000,000 | |||
Netting | [2] | (10,000,000) | (10,000,000) | (17,000,000) | ||
Derivative Liability, Net | 99,000,000 | 99,000,000 | 36,000,000 | |||
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 | 2,000,000 | 2,000,000 | 0 | |||
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 | 88,000,000 | 88,000,000 | 18,000,000 | |||
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 | 19,000,000 | 19,000,000 | 1,000,000 | |||
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [3] | 3,000,000 | 3,000,000 | 4,000,000 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [3] | 14,000,000 | 14,000,000 | 16,000,000 | ||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | [3] | 17,000,000 | 17,000,000 | 20,000,000 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | [3] | $ 79,000,000 | $ 79,000,000 | $ 93,000,000 | ||
[1] | (a) These amounts relate to commodity derivatives held at the end of the period. | |||||
[2] | Xcel Energy 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 Sept. 30, 2019 and Dec. 31, 2018 . At both Sept. 30, 2019 and Dec. 31, 2018 , derivative assets and liabilities include $32 million of obligations to return cash collateral. At Sept. 30, 2019 and Dec. 31, 2018, derivative assets and liabilities include rights to reclaim cash collateral of $12 million and $15 million , respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||||
[3] | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 17,672 | $ 16,209 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 20,064 | $ 16,755 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions | Jul. 01, 2019USD ($) | Jan. 31, 2019USD ($)Plan | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Operating and maintenance expenses | $ 580 | $ 593 | $ 1,764 | $ 1,729 | |||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 22 | 24 | 64 | 71 | |||
Interest cost | [1] | 36 | 33 | 108 | 100 | ||
Expected return on plan assets | [1] | (51) | (52) | (152) | (157) | ||
Amortization of prior service credit | [1] | (1) | (1) | (3) | (3) | ||
Amortization of net loss | [1] | 22 | 27 | 66 | 83 | ||
Settlement charge | [2] | 0 | 59 | 0 | 59 | ||
Net periodic benefit cost (credit) | 28 | 90 | 83 | 153 | |||
Credits (costs) not recognized due to the effects of regulation | 0 | (50) | 2 | (51) | |||
Net benefit cost (credit) recognized for financial reporting | 28 | 40 | 85 | 102 | |||
Operating and maintenance expenses | 6 | ||||||
Pension Plan [Member] | Parent Company | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Contributions to Xcel Energy's pension plans | $ 4 | $ 150 | |||||
Number of pension plans to which contributions were made | Plan | 4 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 0 | 1 | 1 | 1 | |||
Interest cost | [1] | 6 | 5 | 17 | 16 | ||
Expected return on plan assets | [1] | (5) | (6) | (16) | (19) | ||
Amortization of prior service credit | [1] | (3) | (3) | (8) | (8) | ||
Amortization of net loss | [1] | 1 | 2 | 4 | 6 | ||
Settlement charge | [2] | 0 | 0 | 0 | 0 | ||
Net periodic benefit cost (credit) | (1) | (1) | (2) | (4) | |||
Credits (costs) not recognized due to the effects of regulation | 0 | 1 | 1 | 1 | |||
Net benefit cost (credit) recognized for financial reporting | $ (1) | $ 0 | $ (1) | $ (3) | |||
[1] | Components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. | ||||||
[2] | A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2018 as a result of lump-sum distributions during the 2018 plan year, Xcel Energy recorded a total pension settlement charge of $59 million , the majority of which was not recognized due to the effects of regulation. A total of $6 million of that amount was recorded in other expense in the third quarter of 2018. |
Gas Trading Litigation (Details
Gas Trading Litigation (Details) | Sep. 30, 2019 |
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Commitments and Contingencies L
Commitments and Contingencies Line Extension Disputes (Details) - PSCo - Line Extension Disputes [Member] - Minimum [Member] | 1 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | ||
Loss Contingency, Number of Plaintiffs | 50 | |
Loss Contingency Accrual | $ 0 |
Commitments and Contingencies R
Commitments and Contingencies Rate Matters, NSP-Minnesota-Sherco (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jan. 31, 2019 | Dec. 31, 2018 | |
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 M
Commitments and Contingencies MISO ROE Complaints (Details) - NSP Minnesota [Member] - FERC Proceeding, MISO ROE Complaint [Member] | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Nov. 30, 2013 | Dec. 31, 2018 | Dec. 31, 2016 | |
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, Number of steps required | 2 | |||
Public Utilities, ROE developed with new approach | 10.28% | |||
Federal Energy Regulatory Commission (FERC) [Member] | ||||
Public Utilities, General Disclosures [Line Items] | ||||
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% |
SPP OATT Upgrade Costs (Details
SPP OATT Upgrade Costs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
SPS | Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 13 |
Environmental, MGP Sites - Ashl
Environmental, MGP Sites - Ashland MGP Site (Details) - NSP-Wisconsin - Ashland MGP Site - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Current Cost Estimate for Site Remediation | $ 194 | |
Accrual for Environmental Loss Contingencies, Gross | $ 22 | $ 27 |
Approved amortization period for recovery of remediation costs in natural gas rates (in years) | 10 years | |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% |
Commitments and Contingencies E
Commitments and Contingencies Environmental, MGP, Landfill or Disposal Sites (Details) | Sep. 30, 2019 |
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 | 12 |
Commitments and Contingencies_2
Commitments and Contingencies Environmental Requirements - Water and Waste, Coal Ash Regulation (Details) | Sep. 30, 2019 |
Federal Coal Ash Regulation [Domain] | |
Site Contingency [Line Items] | |
Number of sites where regulated ash units will still be in operation at a specified date | 9 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Assets Held As Collateral For Guarantor Obligations | $ 0 | $ 0 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4.10% | |
Operating Right-of-Use Assets | |||
Gross operating lease ROU assets | $ 1,843,000,000 | $ 1,843,000,000 | |
Accumulated amortization | (125,000,000) | (125,000,000) | |
Net operating lease ROU assets | 1,718,000,000 | 1,718,000,000 | $ 0 |
Finance Right-of-Use Assets | |||
Gross finance lease ROU assets | 222,000,000 | 222,000,000 | |
Accumulated amortization | (81,000,000) | (81,000,000) | |
Net finance lease ROU assets | 141,000,000 | 141,000,000 | |
Operating leases | |||
Total operating lease expense | 67,000,000 | 189,000,000 | |
Finance leases | |||
Amortization of ROU assets | 1,000,000 | 5,000,000 | |
Interest expense on lease liability | 5,000,000 | 14,000,000 | |
Total finance lease expense | 6,000,000 | 19,000,000 | |
Short-term lease expense | 1,000,000 | 4,000,000 | |
Operating Leases after Adoption of ASC Topic 842 | |||
2019 | 65,000,000 | 65,000,000 | |
2020 | 262,000,000 | 262,000,000 | |
2021 | 267,000,000 | 267,000,000 | |
2022 | 253,000,000 | 253,000,000 | |
2023 | 239,000,000 | 239,000,000 | |
Thereafter | 1,095,000,000 | 1,095,000,000 | |
Total minimum obligation | 2,181,000,000 | 2,181,000,000 | |
Interest component of obligation | (391,000,000) | (391,000,000) | |
Present value of minimum obligation | 1,790,000,000 | 1,790,000,000 | |
Less current portion | (192,000,000) | (192,000,000) | |
Noncurrent operating and finance lease liabilities | $ 1,598,000,000 | $ 1,598,000,000 | 0 |
Weighted-average remaining lease term in years | 9 years 6 months | 9 years 6 months | |
Finance Leases after Adoption of ASC Topic 842 | |||
2019 | $ 3,000,000 | $ 3,000,000 | |
2020 | 14,000,000 | 14,000,000 | |
2021 | 14,000,000 | 14,000,000 | |
2022 | 12,000,000 | 12,000,000 | |
2023 | 12,000,000 | 12,000,000 | |
Thereafter | 219,000,000 | 219,000,000 | |
Total minimum obligation | 274,000,000 | 274,000,000 | |
Interest component of obligation | (192,000,000) | (192,000,000) | |
Present value of minimum obligation | 82,000,000 | 82,000,000 | |
Less current portion | (4,000,000) | (4,000,000) | |
Noncurrent operating and finance lease liabilities | $ 78,000,000 | $ 78,000,000 | |
Weighted-average remaining lease term in years | 37 years 2 months | 37 years 2 months | |
Operating Leases before Adoption of ASC Topic 842 | |||
2019 | 239,000,000 | ||
2020 | 234,000,000 | ||
2021 | 235,000,000 | ||
2022 | 221,000,000 | ||
2023 | 208,000,000 | ||
Thereafter | 1,037,000,000 | ||
Finance Leases before Adoption of ASC Topic 842 | |||
2019 | 14,000,000 | ||
2020 | 14,000,000 | ||
2021 | 14,000,000 | ||
2022 | 12,000,000 | ||
2023 | 12,000,000 | ||
Thereafter | 220,000,000 | ||
Total minimum obligation | 286,000,000 | ||
Interest component of obligation | (201,000,000) | ||
Present value of minimum obligation | $ 85,000,000 | ||
WYCO, Inc. [Member] | |||
Operating Right-of-Use Assets | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% |
PPAs | |||
Operating Right-of-Use Assets | |||
Gross operating lease ROU assets | $ 1,642,000,000 | $ 1,642,000,000 | |
Operating leases | |||
Total operating lease expense | 58,000,000 | 163,000,000 | |
Operating Leases after Adoption of ASC Topic 842 | |||
2019 | 59,000,000 | 59,000,000 | |
2020 | 236,000,000 | 236,000,000 | |
2021 | 238,000,000 | 238,000,000 | |
2022 | 225,000,000 | 225,000,000 | |
2023 | 214,000,000 | 214,000,000 | |
Thereafter | 959,000,000 | 959,000,000 | |
Total minimum obligation | 1,931,000,000 | 1,931,000,000 | |
Interest component of obligation | (337,000,000) | (337,000,000) | |
Present value of minimum obligation | 1,594,000,000 | 1,594,000,000 | |
Operating Leases before Adoption of ASC Topic 842 | |||
2019 | $ 207,000,000 | ||
2020 | 208,000,000 | ||
2021 | 210,000,000 | ||
2022 | 197,000,000 | ||
2023 | 186,000,000 | ||
Thereafter | 883,000,000 | ||
PPAs | NSP Minnesota [Member] | Mankato Energy Center [Member] | |||
Operating Leases after Adoption of ASC Topic 842 | |||
Noncurrent operating and finance lease liabilities | 415,000,000 | 415,000,000 | |
Other | |||
Operating Right-of-Use Assets | |||
Gross operating lease ROU assets | 201,000,000 | 201,000,000 | |
Operating leases | |||
Total operating lease expense | 9,000,000 | 26,000,000 | |
Operating Leases after Adoption of ASC Topic 842 | |||
2019 | 6,000,000 | 6,000,000 | |
2020 | 26,000,000 | 26,000,000 | |
2021 | 29,000,000 | 29,000,000 | |
2022 | 28,000,000 | 28,000,000 | |
2023 | 25,000,000 | 25,000,000 | |
Thereafter | 136,000,000 | 136,000,000 | |
Total minimum obligation | 250,000,000 | 250,000,000 | |
Interest component of obligation | (54,000,000) | (54,000,000) | |
Present value of minimum obligation | 196,000,000 | 196,000,000 | |
Operating Leases before Adoption of ASC Topic 842 | |||
2019 | 32,000,000 | ||
2020 | 26,000,000 | ||
2021 | 25,000,000 | ||
2022 | 24,000,000 | ||
2023 | 22,000,000 | ||
Thereafter | $ 154,000,000 | ||
Gas storage facilities | |||
Finance Right-of-Use Assets | |||
Gross finance lease ROU assets | 201,000,000 | 201,000,000 | |
Gas pipeline | |||
Finance Right-of-Use Assets | |||
Gross finance lease ROU assets | $ 21,000,000 | $ 21,000,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - MW | Sep. 30, 2019 | Dec. 31, 2018 |
Independent Power Producing Entities | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements (in MW) | 3,986 | 3,770 |
Commitments and Contingencies O
Commitments and Contingencies Other, Guarantees and Bond Indemnifications (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies, Guarantees and Indemnifications [Abstract] | ||
Assets Held As Collateral For Guarantor Obligations | $ 0 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 62,000,000 | $ 69,000,000 |
Other Comprehensive Loss (Detai
Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | $ 12,222 | ||||
Accumulated other comprehensive income (loss) at end of period | $ 13,141 | 13,141 | |||
Other Comprehensive Income (Loss), Tax | (3) | $ 0 | (8) | $ 0 | |
Interest Rate Derivatives, Tax | 72 | 73 | 121 | 187 | |
Gains and Losses on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (75) | (57) | (60) | (58) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (9) | 0 | (25) | 0 | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (8) | 1 | (23) | 2 | |
Accumulated other comprehensive income (loss) at end of period | (83) | (56) | (83) | (56) | |
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] | |||||
Other Comprehensive Income (Loss), Tax | (3) | 0 | (9) | 0 | |
Interest Rate Derivatives, Tax | 0 | 0 | 1 | 1 | |
Amortization of Net Actuarial Loss, Tax | 0 | 0 | 0 | 0 | |
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 1 | 1 | 2 | 2 |
Defined Benefit Pension and Postretirement Items | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (60) | (65) | (64) | (67) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (2) | 2 | (2) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 1 | 4 | 3 | 6 |
Net current period other comprehensive income (loss) | 1 | 2 | 5 | 4 | |
Accumulated other comprehensive income (loss) at end of period | (59) | (63) | (59) | (63) | |
Defined Benefit Pension and Postretirement Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Other Comprehensive Income (Loss), Tax | 0 | (1) | 1 | (1) | |
Interest Rate Derivatives, Tax | 0 | 0 | 0 | 0 | |
Amortization of Net Actuarial Loss, Tax | 0 | (1) | (1) | (2) | |
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 0 | 0 | 0 | 0 |
Total | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (135) | (122) | (124) | (125) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (9) | (2) | (23) | (2) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 1 | 4 | 3 | 6 |
Net current period other comprehensive income (loss) | (7) | 3 | (18) | 6 | |
Accumulated other comprehensive income (loss) at end of period | (142) | (119) | (142) | (119) | |
Total | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Losses reclassified from net accumulated other comprehensive loss | [2] | $ 1 | $ 1 | $ 2 | $ 2 |
[1] | Included in the computation of net periodic pension and postretirement benefit costs. | ||||
[2] | Included in interest charges. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | $ 151 | $ 151 | $ 141 | ||
Regulated Operating Revenue, Electric | 2,771 | $ 2,802 | 7,345 | $ 7,419 | |
Regulated Operating Revenue, Gas | 222 | 227 | 1,324 | 1,181 | |
Unregulated Operating Revenue | 20 | 19 | 62 | 57 | |
Regulated and Unregulated Operating Revenue | 3,013 | 3,048 | 8,731 | 8,657 | |
Net income | 527 | 491 | 1,080 | 1,047 | |
Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues Including Intersegment Revenues | 7,346 | 7,420 | |||
Net income | 550 | 514 | 1,032 | 997 | |
Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | 151 | 151 | $ 141 | ||
Revenues Including Intersegment Revenues | 1,325 | 1,182 | |||
Net income | (1) | 9 | 127 | 130 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net income | (22) | (32) | (79) | (80) | |
Total revenues | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | 8,733 | 8,659 | |||
Total revenues | Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Electric | 2,771 | 2,802 | 7,345 | 7,419 | |
Total revenues | Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Gas | 222 | 227 | 1,324 | 1,181 | |
Total revenues | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Unregulated Operating Revenue | $ 20 | $ 19 | 62 | 57 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | (2) | (2) | |||
Intersegment Eliminations | Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Electric | 1 | 1 | |||
Intersegment Eliminations | Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Gas | $ 1 | $ 1 |