CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (USD $) | |||
In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Operating revenues | |||
Electric | $7,704,723 | $8,682,993 | $7,847,992 |
Natural gas | 1,865,703 | 2,442,988 | 2,111,732 |
Other | 73,877 | 77,175 | 74,446 |
Total operating revenues | 9,644,303 | 11,203,156 | 10,034,170 |
Operating expenses | |||
Electric fuel and purchased power | 3,672,490 | 4,947,979 | 4,136,994 |
Cost of natural gas sold and transported | 1,266,440 | 1,832,699 | 1,547,622 |
Cost of sales - other | 22,107 | 21,082 | 24,370 |
Other operating and maintenance expenses | 1,908,097 | 1,777,933 | 1,788,885 |
Conservation and demand side management program expenses | 182,112 | 117,713 | 101,772 |
Depreciation and amortization | 818,052 | 828,379 | 805,731 |
Taxes (other than income taxes) | 306,433 | 286,580 | 277,723 |
Total operating expenses | 8,175,731 | 9,812,365 | 8,683,097 |
Operating income | 1,468,572 | 1,390,791 | 1,351,073 |
Other income, net | 9,771 | 40,406 | 9,048 |
Equity earnings of unconsolidated subsidiaries | 24,664 | 3,571 | 1,900 |
Allowance for funds used during construction - equity | 75,686 | 63,519 | 37,207 |
Interest charges and financing costs | |||
Interest charges - includes other financing costs of $20,162, $20,390, and $21,410, respectively | 561,654 | 552,919 | 520,037 |
Interest and penalties related to COLI settlement | 43,401 | ||
Allowance for funds used during construction - debt | (39,799) | (39,038) | (34,593) |
Total interest charges and financing costs | 521,855 | 513,881 | 528,845 |
Income from continuing operations before income taxes | 1,056,838 | 984,406 | 870,383 |
Income taxes | 371,314 | 338,686 | 294,484 |
Income from continuing operations | 685,524 | 645,720 | 575,899 |
Income (loss) from discontinued operations, net of tax | (4,637) | (166) | 1,449 |
Net income | 680,887 | 645,554 | 577,348 |
Dividend requirements on preferred stock | 4,241 | 4,241 | 4,241 |
Earnings available to common shareholders | $676,646 | $641,313 | $573,107 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 456,433 | 437,054 | 416,139 |
Diluted (in shares) | 457,139 | 441,813 | 433,131 |
Earnings per average common share - basic: | |||
Income from continuing operations (in dollars per share) | 1.49 | 1.47 | 1.38 |
Loss from discontinued operations (in dollars per share) | -0.01 | ||
Earnings per share (in dollars per share) | 1.48 | 1.47 | 1.38 |
Earnings per average common share - diluted: | |||
Income from continuing operations (in dollars per share) | 1.49 | 1.46 | 1.35 |
Loss from discontinued operations (in dollars per share) | -0.01 | ||
Earnings per share (in dollars per share) | 1.48 | 1.46 | 1.35 |
Cash dividends declared per common share | 0.97 | 0.94 | 0.91 |
1_CONSOLIDATED STATEMENTS OF IN
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | |||
In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
CONSOLIDATED STATEMENTS OF INCOME | |||
Financing costs | $20,162 | $20,390 | $21,410 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | |||
In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Operating activities | |||
Net income | $680,887 | $645,554 | $577,348 |
Remove loss (income) from discontinued operations | 4,637 | 166 | (1,449) |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 835,597 | 843,461 | 834,455 |
Conservation and demand side management program expenses | 29,418 | 39,931 | 21,442 |
Nuclear fuel amortization | 80,104 | 64,203 | 53,453 |
Deferred income taxes | 416,581 | 259,045 | 265,277 |
Amortization of investment tax credits | (6,426) | (7,198) | (8,680) |
Allowance for equity funds used during construction | (75,686) | (63,519) | (37,207) |
Equity earnings of unconsolidated subsidiaries | (24,664) | (3,571) | (1,900) |
Dividends from equity method investees | 29,059 | ||
Provision for bad debts | 49,023 | 63,407 | 57,434 |
Share-based compensation expense | 29,672 | 25,511 | 22,871 |
Net realized and unrealized hedging and derivative transactions | 39,029 | (31,895) | 6,463 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 122,785 | (14,108) | (136,807) |
Accrued unbilled revenues | 49,430 | (11,520) | (217,659) |
Inventories | 100,504 | (135,099) | (25,464) |
Recoverable purchased natural gas and electric energy costs | (23,901) | 33,947 | 185,185 |
Other current assets | (48,097) | 11,937 | (9,922) |
Accounts payable | (50,015) | 28,422 | (10,018) |
Net regulatory assets and liabilities | (24,379) | (70,993) | 27,428 |
Other current liabilities | 37,701 | 48,819 | 52,771 |
Pension and other employee benefit obligations | (246,002) | (104,972) | (96,930) |
Change in other noncurrent assets | (9,451) | 54,327 | 3,265 |
Change in other noncurrent liabilities | (49,119) | 6,984 | (2,168) |
Operating cash flows (used in) provided by discontinued operations | (28,223) | (3,323) | 72,346 |
Net cash provided by operating activities | 1,918,464 | 1,679,516 | 1,631,534 |
Investing activities | |||
Utility capital/construction expenditures | (1,786,902) | (2,113,246) | (2,096,857) |
Allowance for equity funds used during construction | 75,686 | 63,519 | 37,207 |
Purchase of investments in external decommissioning fund | (1,644,278) | (957,752) | (712,462) |
Proceeds from the sale of investments in external decommissioning fund | 1,664,957 | 914,514 | 669,070 |
Investment in WYCO Development LLC | (42,490) | (97,924) | (29,659) |
Change in restricted cash | 264 | 32,008 | (9,190) |
Cash obtained from consolidation of NMC | 38,950 | ||
Other investments | (1,904) | 2,564 | 20,832 |
Net cash used in investing activities | (1,734,667) | (2,156,317) | (2,082,109) |
Financing activities | |||
Proceeds (repayment) of short-term borrowings, net | 3,750 | (633,310) | 462,260 |
Proceeds from issuance of long-term debt | 689,915 | 1,915,060 | 1,162,272 |
Repayment of long-term debt, including reacquisition premiums | (621,296) | (581,313) | (768,146) |
Proceeds from issuance of common stock | 20,133 | 352,871 | 10,539 |
Dividends paid | (414,922) | (382,282) | (378,892) |
Early participation payment on debt exchange | (4,859) | ||
Net cash (used in) provided by financing activities | (322,420) | 671,026 | 483,174 |
Net increase (decrease) in cash and cash equivalents | (138,623) | 194,225 | 32,599 |
Net increase (decrease) in cash and cash equivalents - discontinued operations | (2,786) | 3,853 | (18,937) |
Cash and cash equivalents at beginning of period | 249,198 | 51,120 | 37,458 |
Cash and cash equivalents at end of period | 107,789 | 249,198 | 51,120 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of amounts capitalized) | (514,675) | (485,373) | (469,142) |
Cash received (paid) for income taxes, net | 21,154 | (94,744) | (6,467) |
Supplemental disclosure of non-cash investing transactions: | |||
Property, plant and equipment additions in accounts payable | 68,417 | 55,715 | 39,681 |
Storage assets under capital lease | 71,553 | ||
Supplemental disclosure of non-cash financing transactions: | |||
Issuance of common stock for reinvested dividends and 401(k) plans | 54,638 | 56,009 | 53,105 |
Issuance of common stock for senior convertible notes | $57,500 | $229,623 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | ||
In Thousands | Dec. 31, 2009
| Dec. 31, 2008
|
Current assets | ||
Cash and cash equivalents | $107,789 | $249,198 |
Accounts receivable, net | 729,409 | 900,781 |
Accrued unbilled revenues | 694,049 | 743,479 |
Inventories | 566,205 | 666,709 |
Recoverable purchased natural gas and electric energy costs | 56,744 | 32,843 |
Derivative instruments valuation | 97,700 | 101,972 |
Prepayments and other | 359,560 | 263,906 |
Current assets related to discontinued operations | 151,955 | 56,641 |
Total current assets | 2,763,411 | 3,015,529 |
Property, plant and equipment, net | 18,508,296 | 17,688,720 |
Other assets | ||
Nuclear decommissioning fund and other investments | 1,381,791 | 1,232,081 |
Regulatory assets | 2,287,636 | 2,357,279 |
Derivative instruments valuation | 289,530 | 325,688 |
Other | 140,367 | 157,742 |
Noncurrent assets related to discontinued operations | 117,397 | 181,456 |
Total other assets | 4,216,721 | 4,254,246 |
Total assets | 25,488,428 | 24,958,495 |
Current liabilities | ||
Current portion of long-term debt | 543,814 | 558,772 |
Short-term debt | 459,000 | 455,250 |
Accounts payable | 1,083,127 | 1,120,324 |
Taxes accrued | 232,964 | 220,542 |
Accrued interest | 157,253 | 168,632 |
Dividends payable | 113,147 | 108,838 |
Derivative instruments valuation | 46,554 | 75,539 |
Other | 350,318 | 331,419 |
Current liabilities related to discontinued operations | 29,080 | 6,929 |
Total current liabilities | 3,015,257 | 3,046,245 |
Deferred credits and other liabilities | ||
Deferred income taxes | 3,336,354 | 2,792,560 |
Deferred investment tax credits | 99,290 | 105,716 |
Regulatory liabilities | 1,222,833 | 1,194,596 |
Asset retirement obligations | 881,479 | 1,135,182 |
Derivative instruments valuation | 307,770 | 340,802 |
Customer advances | 295,470 | 323,445 |
Pension and employee benefit obligations | 838,067 | 1,030,532 |
Other | 211,666 | 168,352 |
Noncurrent liabilities related to discontinued operations | 3,389 | 20,656 |
Total deferred credits and other liabilities | 7,196,318 | 7,111,841 |
Capitalization | ||
Long-term debt | 7,888,628 | 7,731,688 |
Preferred stockholders' equity | 104,980 | 104,980 |
Common stockholders' equity | 7,283,245 | 6,963,741 |
Total liabilities and equity | $25,488,428 | $24,958,495 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $) | |||||
In Thousands | Common Stock Issued
| Additional Paid In Capital
| Retained Earnings
| Accumulated Other Comprehensive Income (Loss)
| Total
|
Balance at Dec. 31, 2006 | $1,018,242 | $4,043,657 | $771,249 | ($16,326) | $5,816,822 |
Shares, balance at Dec. 31, 2006 | 407,297 | ||||
Increase (Decrease) in Common Stockholders' Equity | |||||
Adoption of new accounting guidance for uncertainty in income taxes | 2,207 | 2,207 | |||
Net income | 577,348 | 577,348 | |||
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $(1,872) for the year ended Dec. 31, 2007; $(11,986) for the year ended Dec. 31, 2008; and $(2,203) for the year ended Dec. 31, 2009 | (1,855) | (1,855) | |||
Net derivative instrument fair value changes during the period, net of tax of $(4,704) for the year ended Dec. 31, 2007; ($5,758) for the year ended Dec. 31, 2008; and $4,224 for the year ended Dec. 31, 2009 | (3,611) | (3,611) | |||
Unrealized gain (loss) - marketable securities, net of tax of $2 for the year ended Dec. 31, 2007; $(513) for the year ended Dec. 31, 2008; and $284 for the year ended Dec. 31, 2009 | 4 | 4 | |||
Comprehensive income for the period | 571,886 | ||||
Dividends declared: | |||||
Cumulative preferred stock | (4,241) | (4,241) | |||
Common stock | (382,647) | (382,647) | |||
Issuances of common stock | 53,715 | 219,802 | 273,517 | ||
Issuances of common stock - shares | 21,486 | ||||
Share-based compensation | 23,458 | 23,458 | |||
Balance at Dec. 31, 2007 | 1,071,957 | 4,286,917 | 963,916 | (21,788) | 6,301,002 |
Shares, balance at Dec. 31, 2007 | 428,783 | ||||
Increase (Decrease) in Common Stockholders' Equity | |||||
Adoption of new accounting guidance for endorsement split-dollar life insurance, net of tax of ($1,038) for the year ended Dec. 31, 2008 | (1,640) | (1,640) | |||
Net income | 645,554 | 645,554 | |||
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $(1,872) for the year ended Dec. 31, 2007; $(11,986) for the year ended Dec. 31, 2008; and $(2,203) for the year ended Dec. 31, 2009 | (19,441) | (19,441) | |||
Net derivative instrument fair value changes during the period, net of tax of $(4,704) for the year ended Dec. 31, 2007; ($5,758) for the year ended Dec. 31, 2008; and $4,224 for the year ended Dec. 31, 2009 | (11,697) | (11,697) | |||
Unrealized gain (loss) - marketable securities, net of tax of $2 for the year ended Dec. 31, 2007; $(513) for the year ended Dec. 31, 2008; and $284 for the year ended Dec. 31, 2009 | (743) | (743) | |||
Comprehensive income for the period | 613,673 | ||||
Dividends declared: | |||||
Cumulative preferred stock | (4,241) | (4,241) | |||
Common stock | (415,678) | (415,678) | |||
Issuances of common stock | 62,523 | 372,061 | 434,584 | ||
Issuances of common stock - shares | 25,009 | ||||
Share-based compensation | 36,041 | 36,041 | |||
Balance at Dec. 31, 2008 | 1,134,480 | 4,695,019 | 1,187,911 | (53,669) | 6,963,741 |
Shares, balance at Dec. 31, 2008 | 453,792 | 453,792 | |||
Increase (Decrease) in Common Stockholders' Equity | |||||
Net income | 680,887 | 680,887 | |||
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $(1,872) for the year ended Dec. 31, 2007; $(11,986) for the year ended Dec. 31, 2008; and $(2,203) for the year ended Dec. 31, 2009 | (3,129) | (3,129) | |||
Net derivative instrument fair value changes during the period, net of tax of $(4,704) for the year ended Dec. 31, 2007; ($5,758) for the year ended Dec. 31, 2008; and $4,224 for the year ended Dec. 31, 2009 | 6,678 | 6,678 | |||
Unrealized gain (loss) - marketable securities, net of tax of $2 for the year ended Dec. 31, 2007; $(513) for the year ended Dec. 31, 2008; and $284 for the year ended Dec. 31, 2009 | 411 | 411 | |||
Comprehensive income for the period | 684,847 | ||||
Dividends declared: | |||||
Cumulative preferred stock | (4,241) | (4,241) | |||
Common stock | (445,356) | (445,356) | |||
Issuances of common stock | 9,293 | 48,679 | 57,972 | ||
Issuances of common stock - shares | 3,717 | ||||
Share-based compensation | 26,282 | 26,282 | |||
Balance at Dec. 31, 2009 | $1,143,773 | $4,769,980 | $1,419,201 | ($49,709) | $7,283,245 |
Shares, balance at Dec. 31, 2009 | 457,509 | 457,509 |
2_CONSOLIDATED STATEMENTS OF CO
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | |||
In Thousands | 1/1/2009 - 12/31/2009
| 1/1/2008 - 12/31/2008
| 1/1/2007 - 12/31/2007
|
Consolidated Statements of Common Stockholders' Equity and Comprehensive Income | |||
Adoption of new accounting guidance for endorsement split-dollar life insurance, tax | ($1,038) | ||
Changes in unrecognized amounts of pension and retiree medical benefits, tax | (2,203) | (11,986) | (1,872) |
Net derivative instrument fair value changes during the period, tax | 4,224 | (5,758) | (4,704) |
Unrealized gain (loss) - marketable securities, tax | $284 | ($513) | $2 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITALIZATION, LONG-TERM DEBT (USD $) | |||||||||||||||||||
In Thousands | Dec. 31, 2009
| Dec. 31, 2008
| |||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Less current maturities | $543,814 | $558,772 | |||||||||||||||||
Total long-term debt | 7,888,628 | 7,731,688 | |||||||||||||||||
NSP-Minnesota | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Other | 66 | 107 | |||||||||||||||||
Unamortized discount | (8,788) | (9,258) | |||||||||||||||||
Total | 3,013,178 | 2,962,749 | |||||||||||||||||
Less current maturities | 175,037 | 250,060 | |||||||||||||||||
Total long-term debt | 2,838,141 | 2,712,689 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: Aug. 1, 2010, 4.75% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 175,000 | 175,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Aug. 1, 2010, 4.75% | First Mortgage Bonds, Series due: Aug. 1, 2010, 4.75% | |||||||||||||||||
Debt Instrument, Maturity Date | 2010-08-01 | 2010-08-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0475 | 0.0475 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: Aug. 28, 2012, 8% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 450,000 | 450,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Aug. 28, 2012, 8% | First Mortgage Bonds, Series due: Aug. 28, 2012, 8% | |||||||||||||||||
Debt Instrument, Maturity Date | 2012-08-28 | 2012-08-28 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.08 | 0.08 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: March 1, 2018, 5.25% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 500,000 | 500,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: March 1, 2018, 5.25% | First Mortgage Bonds, Series due: March 1, 2018, 5.25% | |||||||||||||||||
Debt Instrument, Maturity Date | 2018-03-01 | 2018-03-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0525 | 0.0525 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: March 1, 2019, 8.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 27,900 | [2] | 27,900 | [2] | |||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: March 1, 2019, 8.5% | First Mortgage Bonds, Series due: March 1, 2019, 8.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2019-03-01 | 2019-03-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.085 | 0.085 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: Sept. 1, 2019, 8.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 100,000 | [2] | 100,000 | [2] | |||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Sept. 1, 2019, 8.5% | First Mortgage Bonds, Series due: Sept. 1, 2019, 8.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2019-09-01 | 2019-09-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.085 | 0.085 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: July 1, 2025, 7.125% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 250,000 | 250,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: July 1, 2025, 7.125% | First Mortgage Bonds, Series due: July 1, 2025, 7.125% | |||||||||||||||||
Debt Instrument, Maturity Date | 2025-07-01 | 2025-07-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07125 | 0.07125 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: March 1, 2028, 6.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 150,000 | 150,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: March 1, 2028, 6.5% | First Mortgage Bonds, Series due: March 1, 2028, 6.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2028-03-01 | 2028-03-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.065 | 0.065 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: April 1, 2030, 8.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 69,000 | [2] | 69,000 | [2] | |||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: April 1, 2030, 8.5% | First Mortgage Bonds, Series due: April 1, 2030, 8.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2030-04-01 | 2030-04-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.085 | 0.085 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: July 15, 2035, 5.25% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 250,000 | 250,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: July 15, 2035, 5.25% | First Mortgage Bonds, Series due: July 15, 2035, 5.25% | |||||||||||||||||
Debt Instrument, Maturity Date | 2035-07-15 | 2035-07-15 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0525 | 0.0525 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: June 1, 2036, 6.25% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 400,000 | 400,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: June 1, 2036, 6.25% | First Mortgage Bonds, Series due: June 1, 2036, 6.25% | |||||||||||||||||
Debt Instrument, Maturity Date | 2036-06-01 | 2036-06-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0625 | 0.0625 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: July 1, 2037, 6.2% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 350,000 | 350,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | NSP-Minnesota | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: July 1, 2037, 6.2% | First Mortgage Bonds, Series due: July 1, 2037, 6.2% | |||||||||||||||||
Debt Instrument, Maturity Date | 2037-07-01 | 2037-07-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.062 | 0.062 | |||||||||||||||||
NSP-Minnesota | First Mortgage Bonds, Series due: Nov. 1, 2039, 5.35% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 300,000 | ||||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | ||||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Nov. 1, 2039, 5.35% | ||||||||||||||||||
Debt Instrument, Maturity Date | 2039-11-01 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0535 | ||||||||||||||||||
NSP-Minnesota | Senior Notes, due Aug. 1, 2009, 6.875% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 250,000 | ||||||||||||||||||
Debt Instrument, Issuer | NSP-Minnesota | ||||||||||||||||||
Debt Instrument, Description | Senior Notes, due Aug. 1, 2009, 6.875% | ||||||||||||||||||
Debt Instrument, Maturity Date | 2009-08-01 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.06875 | ||||||||||||||||||
PSCo | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Unamortized discount | (7,324) | (5,912) | |||||||||||||||||
Total | 2,828,952 | 2,490,761 | |||||||||||||||||
Less current maturities | 3,964 | 201,510 | |||||||||||||||||
Total long-term debt | 2,824,988 | 2,289,251 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: Oct. 1, 2012, 7.875% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 600,000 | 600,000 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Oct. 1, 2012, 7.875% | First Mortgage Bonds, Series due: Oct. 1, 2012, 7.875% | |||||||||||||||||
Debt Instrument, Maturity Date | 2012-10-01 | 2012-10-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07875 | 0.07875 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: March 1, 2013, 4.875% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 250,000 | 250,000 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: March 1, 2013, 4.875% | First Mortgage Bonds, Series due: March 1, 2013, 4.875% | |||||||||||||||||
Debt Instrument, Maturity Date | 2013-03-01 | 2013-03-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.04875 | 0.04875 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: April 1, 2014, 5.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 275,000 | 275,000 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: April 1, 2014, 5.5% | First Mortgage Bonds, Series due: April 1, 2014, 5.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2014-04-01 | 2014-04-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.055 | 0.055 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: Sept. 1, 2017, 4.375% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 129,500 | [2] | 129,500 | [2] | |||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Sept. 1, 2017, 4.375% | First Mortgage Bonds, Series due: Sept. 1, 2017, 4.375% | |||||||||||||||||
Debt Instrument, Maturity Date | 2017-09-01 | 2017-09-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.04375 | 0.04375 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: Aug. 1, 2018, 5.8% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 300,000 | 300,000 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Aug. 1, 2018, 5.8% | First Mortgage Bonds, Series due: Aug. 1, 2018, 5.8% | |||||||||||||||||
Debt Instrument, Maturity Date | 2018-08-01 | 2018-08-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.058 | 0.058 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: Jan. 1, 2019, 5.1% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 48,750 | [2] | 48,750 | [2] | |||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Jan. 1, 2019, 5.1% | First Mortgage Bonds, Series due: Jan. 1, 2019, 5.1% | |||||||||||||||||
Debt Instrument, Maturity Date | 2019-01-01 | 2019-01-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.051 | 0.051 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: June 1, 2019, 5.125% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 400,000 | ||||||||||||||||||
Debt Instrument, Issuer | PSCo | ||||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: June 1, 2019, 5.125% | ||||||||||||||||||
Debt Instrument, Maturity Date | 2019-06-01 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05125 | ||||||||||||||||||
PSCo | First Mortgage Bonds, Series due: Sept. 1, 2037, 6.25% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 350,000 | 350,000 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Sept. 1, 2037, 6.25% | First Mortgage Bonds, Series due: Sept. 1, 2037, 6.25% | |||||||||||||||||
Debt Instrument, Maturity Date | 2037-09-01 | 2037-09-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0625 | 0.0625 | |||||||||||||||||
PSCo | First Mortgage Bonds, Series due: Aug. 1, 2038, 6.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 300,000 | 300,000 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Aug. 1, 2038, 6.5% | First Mortgage Bonds, Series due: Aug. 1, 2038, 6.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2038-08-01 | 2038-08-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.065 | 0.065 | |||||||||||||||||
PSCo | Unsecured Senior A Notes, due July 15, 2009, 6.875% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 200,000 | ||||||||||||||||||
Debt Instrument, Issuer | PSCo | ||||||||||||||||||
Debt Instrument, Description | Unsecured Senior A Notes, due July 15, 2009, 6.875% | ||||||||||||||||||
Debt Instrument, Maturity Date | 2009-07-15 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.06875 | ||||||||||||||||||
PSCo | Capital lease obligations, through 2060, 11.2% - 14.1% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 183,026 | 43,423 | |||||||||||||||||
Debt Instrument, Issuer | PSCo | PSCo | |||||||||||||||||
Debt Instrument, Description | Capital lease obligations, through 2060, 11.2% - 14.1% | Capital lease obligations, through 2060, 11.2% - 14.1% | |||||||||||||||||
Debt Instrument, Maturity Date | 2060-12-01 | 2060-12-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.112 | 0.112 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 0.141 | 0.141 | |||||||||||||||||
SPS | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Unamortized discount | (4,353) | (4,677) | |||||||||||||||||
Total | 922,447 | 1,022,123 | |||||||||||||||||
Less current maturities | 100,000 | ||||||||||||||||||
Total long-term debt | 922,447 | 922,123 | |||||||||||||||||
SPS | Unsecured Senior A Notes, due March 1, 2009, 6.2% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 100,000 | ||||||||||||||||||
Debt Instrument, Issuer | SPS | ||||||||||||||||||
Debt Instrument, Description | Unsecured Senior A Notes, due March 1, 2009, 6.2% | ||||||||||||||||||
Debt Instrument, Maturity Date | 2009-03-01 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.062 | ||||||||||||||||||
SPS | Unsecured Senior E Notes, due Oct. 1, 2016, 5.6% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 200,000 | 200,000 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior E Notes, due Oct. 1, 2016, 5.6% | Unsecured Senior E Notes, due Oct. 1, 2016, 5.6% | |||||||||||||||||
Debt Instrument, Maturity Date | 2016-10-01 | 2016-10-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.056 | 0.056 | |||||||||||||||||
SPS | Unsecured Senior G Notes, due Dec. 1, 2018, 8.75% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 250,000 | 250,000 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior G Notes, due Dec. 1, 2018, 8.75% | Unsecured Senior G Notes, due Dec. 1, 2018, 8.75% | |||||||||||||||||
Debt Instrument, Maturity Date | 2018-12-01 | 2018-12-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0875 | 0.0875 | |||||||||||||||||
SPS | Unsecured Senior C and D Notes, due Oct. 1, 2033, 6% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 100,000 | 100,000 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior C and D Notes, due Oct. 1, 2033, 6% | Unsecured Senior C and D Notes, due Oct. 1, 2033, 6% | |||||||||||||||||
Debt Instrument, Maturity Date | 2033-10-01 | 2033-10-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.06 | 0.06 | |||||||||||||||||
SPS | Unsecured Senior F Notes, due Oct. 1, 2036, 6% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 250,000 | 250,000 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior F Notes, due Oct. 1, 2036, 6% | Unsecured Senior F Notes, due Oct. 1, 2036, 6% | |||||||||||||||||
Debt Instrument, Maturity Date | 2036-10-01 | 2036-10-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.06 | 0.06 | |||||||||||||||||
SPS | Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2011, 5.2% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 44,500 | 44,500 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2011, 5.2% | Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2011, 5.2% | |||||||||||||||||
Debt Instrument, Maturity Date | 2011-07-01 | 2011-07-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.052 | 0.052 | |||||||||||||||||
SPS | Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2016, 8.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 25,000 | 25,000 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2016, 8.5% | Pollution control obligations, securing pollution control revenue bonds, due: July 1, 2016, 8.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2016-07-01 | 2016-07-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.085 | 0.085 | |||||||||||||||||
SPS | Pollution control obligations, securing pollution control revenue bonds, due: Sept. 1, 2016, 5.75% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 57,300 | 57,300 | |||||||||||||||||
Debt Instrument, Issuer | SPS | SPS | |||||||||||||||||
Debt Instrument, Description | Pollution control obligations, securing pollution control revenue bonds, due: Sept. 1, 2016, 5.75% | Pollution control obligations, securing pollution control revenue bonds, due: Sept. 1, 2016, 5.75% | |||||||||||||||||
Debt Instrument, Maturity Date | 2016-09-01 | 2016-09-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0575 | 0.0575 | |||||||||||||||||
NSP-Wisconsin | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Unamortized discount | (1,965) | (2,233) | |||||||||||||||||
Total | 367,328 | 432,093 | |||||||||||||||||
Less current maturities | 34 | 34 | |||||||||||||||||
Total long-term debt | 367,294 | 432,059 | |||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds, Series due: Oct. 1, 2018, 5.25% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 150,000 | 150,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Wisconsin | NSP-Wisconsin | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Oct. 1, 2018, 5.25% | First Mortgage Bonds, Series due: Oct. 1, 2018, 5.25% | |||||||||||||||||
Debt Instrument, Maturity Date | 2018-10-01 | 2018-10-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0525 | 0.0525 | |||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds, Series due: Dec. 1, 2026, 7.375% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 65,000 | ||||||||||||||||||
Debt Instrument, Issuer | NSP-Wisconsin | ||||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Dec. 1, 2026, 7.375% | ||||||||||||||||||
Debt Instrument, Maturity Date | 2026-12-01 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07375 | ||||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds, Series due: Sept. 1, 2038, 6.375% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 200,000 | 200,000 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Wisconsin | NSP-Wisconsin | |||||||||||||||||
Debt Instrument, Description | First Mortgage Bonds, Series due: Sept. 1, 2038, 6.375% | First Mortgage Bonds, Series due: Sept. 1, 2038, 6.375% | |||||||||||||||||
Debt Instrument, Maturity Date | 2038-09-01 | 2038-09-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.06375 | 0.06375 | |||||||||||||||||
NSP-Wisconsin | City of La Crosse Resource Recovery Bond, Series due Nov. 1, 2021, 6% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 18,600 | [1] | 18,600 | [1] | |||||||||||||||
Debt Instrument, Issuer | NSP-Wisconsin | NSP-Wisconsin | |||||||||||||||||
Debt Instrument, Description | City of La Crosse Resource Recovery Bond, Series due Nov. 1, 2021, 6% | City of La Crosse Resource Recovery Bond, Series due Nov. 1, 2021, 6% | |||||||||||||||||
Debt Instrument, Maturity Date | 2021-11-01 | 2021-11-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.06 | 0.06 | |||||||||||||||||
NSP-Wisconsin | Fort McCoy System Acquisition, due Oct. 15, 2030, 7% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 693 | 726 | |||||||||||||||||
Debt Instrument, Issuer | NSP-Wisconsin | NSP-Wisconsin | |||||||||||||||||
Debt Instrument, Description | Fort McCoy System Acquisition, due Oct. 15, 2030, 7% | Fort McCoy System Acquisition, due Oct. 15, 2030, 7% | |||||||||||||||||
Debt Instrument, Maturity Date | 2030-10-15 | 2030-10-15 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07 | 0.07 | |||||||||||||||||
Other Subsidiaries | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Other | 2,015 | 2,062 | |||||||||||||||||
Total | 70,194 | 83,456 | |||||||||||||||||
Less current maturities | 7,344 | 7,168 | |||||||||||||||||
Total long-term debt | 62,850 | 76,288 | |||||||||||||||||
Other Subsidiaries | Various Eloigne Co. Affordable Housing Project Notes, due 2010-2045, 0% - 9.65% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 68,179 | 81,394 | |||||||||||||||||
Debt Instrument, Issuer | Other Subsidaries | Other Subsidaries | |||||||||||||||||
Debt Instrument, Description | Various Eloigne Co. Affordable Housing Project Notes, due 2010-2045, 0% - 9.65% | Various Eloigne Co. Affordable Housing Project Notes, due 2010-2045, 0% - 9.65% | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0 | 0 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 0.0965 | 0.0965 | |||||||||||||||||
Xcel Energy Inc. | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Unamortized discount | (11,715) | (13,337) | |||||||||||||||||
Total | 1,230,343 | 1,299,278 | |||||||||||||||||
Less current maturities | 357,435 | ||||||||||||||||||
Total long-term debt | 872,908 | 1,299,278 | |||||||||||||||||
Xcel Energy Inc. | Unsecured Senior Notes, Series due: Dec. 1, 2010, 7% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 358,636 | 358,636 | |||||||||||||||||
Debt Instrument, Issuer | Xcel Energy Inc. | Xcel Energy Inc. | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior Notes, Series due: Dec. 1, 2010, 7% | Unsecured Senior Notes, Series due: Dec. 1, 2010, 7% | |||||||||||||||||
Debt Instrument, Maturity Date | 2010-12-01 | 2010-12-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07 | 0.07 | |||||||||||||||||
Xcel Energy Inc. | Unsecured Senior Notes, Series due: April 1, 2017, 5.613% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 253,979 | 253,979 | |||||||||||||||||
Debt Instrument, Issuer | Xcel Energy Inc. | Xcel Energy Inc. | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior Notes, Series due: April 1, 2017, 5.613% | Unsecured Senior Notes, Series due: April 1, 2017, 5.613% | |||||||||||||||||
Debt Instrument, Maturity Date | 2017-04-01 | 2017-04-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05613 | 0.05613 | |||||||||||||||||
Xcel Energy Inc. | Unsecured Senior Notes, Series due: July 1, 2036, 6.5% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 300,000 | 300,000 | |||||||||||||||||
Debt Instrument, Issuer | Xcel Energy Inc. | Xcel Energy Inc. | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior Notes, Series due: July 1, 2036, 6.5% | Unsecured Senior Notes, Series due: July 1, 2036, 6.5% | |||||||||||||||||
Debt Instrument, Maturity Date | 2036-07-01 | 2036-07-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.065 | 0.065 | |||||||||||||||||
Xcel Energy Inc. | Unsecured Senior Notes, Series due: Jan. 1, 2068, 7.6% | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | 400,000 | 400,000 | |||||||||||||||||
Debt Instrument, Issuer | Xcel Energy Inc. | Xcel Energy Inc. | |||||||||||||||||
Debt Instrument, Description | Unsecured Senior Notes, Series due: Jan. 1, 2068, 7.6% | Unsecured Senior Notes, Series due: Jan. 1, 2068, 7.6% | |||||||||||||||||
Debt Instrument, Maturity Date | 2068-01-01 | 2068-01-01 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.076 | 0.076 | |||||||||||||||||
Xcel Energy Inc. | Elimination of PSCo capital lease obligation | |||||||||||||||||||
Schedule of Capitalization, Long-term Debt | |||||||||||||||||||
Debt instrument, carrying amount | ($70,557) | ||||||||||||||||||
[1](a) Resource recovery financing. | |||||||||||||||||||
[2](b) Pollution control financing. |
3_CONSOLIDATED STATEMENTS OF CA
CONSOLIDATED STATEMENTS OF CAPITALIZATION, EQUITY (USD $) | ||
In Thousands, except Share data | Dec. 31, 2009
| Dec. 31, 2008
|
Preferred Stockholders' Equity | ||
Preferred Stock, shares authorized (in shares) | 7,000,000 | 7,000,000 |
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 1,049,800 | 1,049,800 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | $104,980 | $104,980 |
Common Stockholders' Equity | ||
Common stock - authorized 1,000,000,000 shares of $2.50 par value; outstanding shares: 2009: 457,509,263; 2008: 453,791,770 | 1,143,773 | 1,134,480 |
Additional paid in capital | 4,769,980 | 4,695,019 |
Retained earnings | 1,419,201 | 1,187,911 |
Accumulated other comprehensive loss | (49,709) | (53,669) |
Total common shareholders' equity | 7,283,245 | 6,963,741 |
3.60 series | ||
Preferred Stockholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 275,000 | 275,000 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | 27,500 | 27,500 |
4.08 series | ||
Preferred Stockholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 150,000 | 150,000 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | 15,000 | 15,000 |
4.10 series | ||
Preferred Stockholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 175,000 | 175,000 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | 17,500 | 17,500 |
4.11 series | ||
Preferred Stockholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | 20,000 | 20,000 |
4.16 series | ||
Preferred Stockholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 99,800 | 99,800 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | 9,980 | 9,980 |
4.56 series | ||
Preferred Stockholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 150,000 | 150,000 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 2009: 1,049,800; 2008: 1,049,800 | $15,000 | $15,000 |
4_CONSOLIDATED STATEMENTS OF CA
CONSOLIDATED STATEMENTS OF CAPITALIZATION, EQUITY (Parenthetical) (USD $) | ||
Dec. 31, 2009
| Dec. 31, 2008
| |
CONSOLIDATED STATEMENTS OF CAPITALIZATION | ||
Preferred Stock, shares authorized (in shares) | 7,000,000 | 7,000,000 |
Preferred Stock, par value (in dollars per share) | $100 | $100 |
Preferred Stock, shares outstanding (in shares) | 1,049,800 | 1,049,800 |
Common Stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common Stock, par value (in dollars per share) | 2.5 | 2.5 |
Common Stock issued (in shares) | 457,509,263 | 453,791,770 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Summary of Significant Accounting Policies | 1.Summary of Significant Accounting Policies Business and System of Accounts Xcel Energy's utility subsidiaries are engaged principally in the generation, purchase, transmission, distribution and sale of electricity and in the purchase, transportation, distribution and sale of natural gas. The utility subsidiaries are subject to regulation by the FERC and state utility commissions. All of the utility subsidiaries' accounting records conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions, which are the same in all material respects. Principles of Consolidation In 2009, Xcel Energy's continuing operations included the activity of four utility subsidiaries that serve electric and natural gas customers in eight states. These utility subsidiaries are NSP-Minnesota, NSP-Wisconsin, PSCo and SPS. These utilities serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. WGI, an interstate natural gas pipeline company, and Xcel Energy WYCO Inc., a joint venture with CIG to develop and lease natural gas pipeline, storage, and compression facilities, are also included in continuing regulated utility operations. Xcel Energy's nonregulated subsidiary in continuing operations is Eloigne, which invests in rental housing projects that qualify for low-income housing tax credits. Xcel Energy owns the following additional direct subsidiaries, some of which are intermediate holding companies with additional subsidiaries: Xcel Energy Wholesale Group Inc., Xcel Energy Markets Holdings Inc., Xcel Energy Ventures Inc., Xcel Energy Retail Holdings Inc., Xcel Energy Communications Group Inc., and Xcel Energy Services Inc. Xcel Energy and its subsidiaries collectively are referred to as Xcel Energy. Xcel Energy in the past had several other subsidiaries, which were sold or divested. For more information, see Note4 to the consolidated financial statements. In 2007, NSP-Minnesota obtained 100percent ownership in NMC. Accordingly, the results of operations of NMC and the estimated fair value of assets and liabilities were included in NSP-Minnesota's consolidated financial statements from the transaction date. NSP-Minnesota has reintegrated its nuclear operations into its generation operations. The NRC approved the transfer of the nuclear operating licenses from NMC to NSP-Minnesota on Sept.22, 2008. Xcel Energy uses the equity method of accounting for its investments in partnerships, joint ventures and certain projects for which it does not have a controlling financial interest. Under this method, a proportionate share of pretax income is recorded as equity earnings of unconsolidated subsidiaries. In the consolidation process, all intercompany transactions and balances are eliminated. Xcel Energy has investments in several plants and transmission facilities jointly owned with other utilities. These projects are accounted for on a proportionate consolidation basis, consistent with industry practice. For more information, see Note7 to the consolidated financial statements. Revenue Recognition Revenues related to the sale of energy |
Accounting Pronouncements
Accounting Pronouncements | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Accounting Pronouncements | 2.Accounting Pronouncements Recently Adopted Business Combinations In December 2007, the FASB issued new guidance on business combinations which establishes principles and requirements for how an acquirer in a business combination recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest; recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This new guidance is to be applied prospectively to business combinations for which the acquisition date is on or after the beginning of an entity's fiscal year that begins on or after Dec.15, 2008. Xcel Energy implemented the guidance on Jan.1, 2009, and the implementation did not have a material impact on its consolidated financial statements. Noncontrolling Interests Also in December 2007, the FASB issued new guidance on noncontrolling interests in consolidated financial statements which establishes accounting and reporting standards that require the ownership interest in subsidiaries held by parties other than the parent be clearly identified and presented in the consolidated balance sheets within equity, but separate from the parent's equity; the amount of consolidated net income attributable to the parent and the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of earnings; and changes in a parent's ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently as equity transactions. This new guidance was effective for fiscal years beginning on or after Dec.15, 2008. Xcel Energy implemented the guidance on Jan.1, 2009, and the implementation did not have a material impact on its consolidated financial statements. Derivatives and Hedging Disclosures In March 2008, the FASB issued new guidance on disclosures about derivative instruments and hedging activities which is intended to enhance disclosures to help users of the financial statements better understand how derivative instruments and hedging activities affect an entity's financial position, financial performance and cash flows. The guidance amends and expands previous disclosure requirements for derivative instruments and hedging activities, including disclosures of objectives and strategies for using derivatives, gains and losses on derivative instruments, and credit-risk-related contingent features in derivative contracts. This new guidance was effective for fiscal years and interim periods beginning after Nov.15, 2008. Xcel Energy implemented the guidance on Jan.1, 2009, and the implementation did not have a material impact on its consolidated financial statements. For further discussion and the required disclosures, see Note13 to the consolidated financial statements. Interim Fair Value Disclosures In April 2009, the FASB issued new guidance on interim disclosures about fair value of financial instruments whi |
Selected Balance Sheet Data
Selected Balance Sheet Data | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Selected Balance Sheet Data | 3.Selected Balance Sheet Data Dec.31, 2009 Dec.31, 2008 (Thousands of Dollars) Accounts receivable, net Accounts receivable $ 785,512 $ 965,020 Less allowance for bad debts (56,103 ) (64,239 ) $ 729,409 $ 900,781 Inventories Materials and supplies $ 172,993 $ 158,709 Fuel 221,457 227,462 Natural gas 171,755 280,538 $ 566,205 $ 666,709 Property, plant and equipment, net Electric plant $ 22,589,071 $ 21,601,094 Natural gas plant 3,269,934 3,004,088 Common and other property 1,492,463 1,497,162 Construction work in progress 1,769,545 1,832,022 Total property, plant and equipment 29,121,013 27,934,366 Less accumulated depreciation (10,914,509 ) (10,501,266 ) Nuclear fuel 1,737,469 1,611,193 Less accumulated amortization (1,435,677 ) (1,355,573 ) $ 18,508,296 $ 17,688,720 |
Discontinued Operations
Discontinued Operations | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Discontinued Operations | 4.Discontinued Operations Results of operations for divested businesses are reported, for all periods presented, as discontinued operations. The majority of current and noncurrent assets related to discontinued operations are deferred tax assets associated with temporary differences and NOL and tax credit carryforwards that will be deductible in future years. The major classes of assets and liabilities related to discontinued operations are as follows: Dec.31, 2009 Dec.31, 2008 (Thousands of Dollars) Cash $ 7,859 $ 10,645 Deferred income tax benefits 106,770 39,422 Other current assets 37,326 6,574 Current assets related to discontinued operations $ 151,955 $ 56,641 Deferred income tax benefits $ 95,424 $ 150,912 Other noncurrent assets 21,973 30,544 Noncurrent assets related to discontinued operations $ 117,397 $ 181,456 Accounts payable $ 445 $ 760 Other current liabilities 28,635 6,169 Current liabilities related to discontinued operations $ 29,080 $ 6,929 Noncurrent liabilities related to discontinued operations $ 3,389 $ 20,656 |
Short-Term Borrowings and Other
Short-Term Borrowings and Other Financing Instruments | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Short-Term Borrowings and Other Financing Instruments | 5.Short-Term Borrowings and Other Financing Instruments Commercial Paper At Dec.31, 2009 and 2008, Xcel Energy and its utility subsidiaries had commercial paper outstanding of approximately $459.0million and $330.3million, respectively. The weighted average interest rates at Dec.31, 2009 and 2008 were 0.36percent and 3.53percent, respectively. Xcel Energy and its utility subsidiaries have combined approval by the Board of Directors to issue up to $2.25billion of commercial paper. Credit Facility Bank Borrowings At Dec.31, 2008, Xcel Energy and its utility subsidiaries had credit facility bank borrowings of $125.0million. The weighted average interest rate at Dec.31, 2008 was 1.88percent. Xcel Energy and its utility subsidiaries had no credit facility bank borrowings at Dec.31, 2009. Money Pool Xcel Energy and its utility subsidiaries have established a utility money pool arrangement that allows for short-term investments in and borrowings from the utility subsidiaries between each other. The Holding Company may make investments in the utility subsidiaries at market-based interest rates. However, the money pool arrangement does not allow the utility subsidiaries to make investments in the Holding Company. At Dec.31, 2009 and 2008, Xcel Energy and its utility subsidiaries had money pool investments outstanding of $84.0million and $104.5million, respectively. The money pool balances are eliminated upon consolidation. The weighted average interest rates at Dec.31, 2009 and 2008 were 0.36percent and 3.48percent, respectively. |
Long-Term Borrowings and Other
Long-Term Borrowings and Other Financing Instruments | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Long-Term Borrowings and Other Financing Instruments | 6.Long-Term Borrowings and Other Financing Instruments Credit Facilities At Dec.31, 2009, Xcel Energy and its utility subsidiaries had the following committed credit facilities available: Facility Drawn(a) Available Original Term Maturity (Millions of Dollars) NSP-Minnesota $ 482 $ 6 $ 476 Five year December 2011 PSCo 675 99 576 Five year December 2011 SPS 248 10 238 Five year December 2011 Xcel Energy Holding Company 772 365 407 Five year December 2011 NSP-Wisconsin(b) Total $ 2,177 $ 480 $ 1,697 (a) Includes direct borrowings, outstanding commercial paper and issued and outstanding letters of credit. (b) NSP-Wisconsin does not have a separate credit facility; however, it has a borrowing agreement with NSP-Minnesota. 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. Xcel Energy and its utility subsidiaries have the right to request an extension of the final maturity date by one year. The maturity extension is subject to majority bank group approval. Each credit facility has one financial covenant requiring that the debt-to-total-capitalization ratio of each entity be less than or equal to 65percent. Each entity was in compliance at Dec.31, 2009 and 2008 as evidenced by the table below: Debt-to-total capitalization ratio 2009 2008 NSP-Minnesota 48 % 50 % PSCo 45 42 SPS 49 52 Xcel Energy Holding Company 15 16 If Xcel Energy or any of its utility subsidiaries do not comply with the covenant, it is deemed an event of default and any outstanding amounts due under the facility can be declared due by the lender. Each credit facility has a cross default provision that provides the borrower will be in default on its borrowings under the facility if any of its subsidiaries, comprising more than 15percent of the consolidated assets, defaults on any of its indebtedness greater than $50million. The interest rates under these lines of credit are based on either the agent bank's prime rate or the applicable LIBOR, plus a borrowing margin based on the applicable debt rating. Based on our current credit ratings, the borrowing margin is 35 basis points for Xcel Energy, PSCo and SPS, and 25 basis points for NSP-Minnesota. The commitment fees, also based on applicable debt ratings, are calculated on the unused portion of the lines of credit at 8 basis points per year for Xcel Energy, PSCo and SPS, and at 6 basis points per year for NSP-Minnesota. At Dec.31, 2009, the credit facilities were used to provide backup for $459.0million of commercial paper outstanding and $21.0million of letters of credit. At Dec.31, 2008, Xcel Energy had short-term borrowings of $125.0million on this line of credit. In addition, the credit facilities were used to provide backup for $330.3million of commercial paper outstanding and $ |
Generating Plant Ownership and
Generating Plant Ownership and Operation | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Generating Plant Ownership and Operation | 7.Generating Plant Ownership and Operation Joint Plant Ownership Following are the investments by Xcel Energy's subsidiaries in jointly owned plants and the related ownership percentages as of Dec.31, 2009: Plant in Service Accumulated Depreciation Construction Work in Progress Ownership % (Thousands of Dollars) NSP-Minnesota Sherco Unit3 $ 535,643 $ 340,258 $ 8,172 59.0 Sherco common facilities Units1, 2 and 3 124,319 77,319 640 59.0-100.0 Sherco Substation 4,790 2,354 59.0 Grand Meadow Line and Substation 11,204 378 50.0 CapX 2020 25,738 26.2-72.1 Total NSP-Minnesota $ 675,956 $ 420,309 $ 34,550 Plant in Service Accumulated Depreciation Construction Work in Progress Ownership % (Thousands of Dollars) PSCo Hayden Unit1 $ 88,840 $ 56,695 $ 393 75.5 Hayden Unit2 81,606 53,179 7,624 37.4 Hayden common facilities 32,695 12,369 118 53.1 Craig Units1 and 2 53,254 31,471 860 9.7 Craig common facilities 1, 2 and 3 33,258 14,723 565 6.5-9.7 Comanche Unit3 3,721 4 761,418 66.7 Transmission and other facilities, including substations 143,936 53,218 3,213 11.6-68.1 Total PSCo $ 437,310 $ 221,659 $ 774,191 NSP-Minnesota is part owner of Sherco Unit3, an 860MW, coal-fueled electric generating unit. NSP-Minnesota is the operating agent under the joint ownership agreement. NSP-Minnesota's share of operating expenses and construction expenditures are included in the applicable utility accounts. Each of the respective owners is responsible for funding its portion of the construction costs. PSCo's current operational assets include approximately 320MWs of jointly owned generating capacity, excluding Comanche Unit3. PSCo's share of operating expenses and construction expenditures are included in the applicable utility accounts. Each of the respective owners is responsible for the issuance of its own securities to finance its portion of the construction costs. PSCo began major construction on a new jointly owned 750MW, coal-fired unit in Pueblo, Colo. in January2006. Major construction on the new unit, Comanche Unit3, was still underway in 2009 and in-service is expected by the end of the first quarter of 2010. The plant experienced certain boiler tube leaks in the start-up process that are being resolved. PSCo is the operating agent under the joint ownership agreement. |
Income Taxes
Income Taxes | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Income Taxes | 8.Income Taxes COLI In 2007, XcelEnergy and the U.S.government settled an ongoing dispute regarding PSCo's right to deduct interest expense on policy loans related to its COLI program that insured lives of certain PSCo employees. These COLI policies were owned and managed by PSRI, a wholly owned subsidiary of PSCo. The total exposure for the tax years in dispute through 2007 was approximately $583million, which includes income tax, interest and potential penalties. As a result of the settlement, the lawsuit filed by XcelEnergy in the United States District Court has been dismissed and the Tax Court proceedings are in the process of being dismissed. XcelEnergy anticipates these proceedings to be dismissed in 2010. Terms of the Final Settlement 1. XcelEnergy paid the government a total of $64.4million in full settlement of the government's claims for tax, penalty, and interest for tax years 1993-2007. 2. The recognition of this settlement resulted in total expense of $59.5million, including federal and state tax, interest on the federal and state tax liabilities, penalties, and tax benefits on the interest expense for the nine months ended Sept.30, 2007. The expense of $59.5million includes $43.4million of interest and penalties and income tax of $16.1million (net of tax benefit on the interest expense of $14.3million). 3. XcelEnergy surrendered the policies to its insurer on Oct.31, 2007, without recognizing a taxable gain Federal Audit XcelEnergy filesa consolidated federal income tax return. In 2008, the IRS completed an examination of XcelEnergy's federal income tax returns for 2004 and 2005 (and research credits for 2003). The IRS did not propose any material adjustments for those tax years. The statute of limitations applicable to XcelEnergy's 2004 and 2005 federal income tax returns expired on Dec.31, 2009. The IRS commenced an examination of tax years 2006 and 2007 in 2008, and this audit is expected to be completed in the first quarter of 2010. As of Dec.31, 2009, the IRS had not proposed any material adjustments to tax years 2006 and 2007. State Audits XcelEnergy files consolidated state tax returns based on income in its major operating jurisdictions of Colorado, Minnesota, Texas, and Wisconsin, and various other state income-based tax returns. In 2008, the state of Minnesota concluded an income tax audit through tax year 2001 and the state of Texas concluded an income tax audit through tax year 2005. No material adjustments were proposed for these state audits. As of Dec.31, 2009, XcelEnergy's earliest open tax years that are subject to examination by state taxing authorities in its major operating jurisdictions are as follows: State Year Colorado 2004 Minnesota 2004 Texas 2005 Wisconsin 2005 The state of Texas has notified XcelEnergy of its intent to audit tax years 2006 and 2007. As of Dec.31, 2009, the Texas audit had not been scheduled. There currently are no other state income tax audits in progress. In 2009, XcelEnergy received a request for information from the state of Minnesota relating to tax years 2002 through 2007 in order to determine whether to undertake an au |
Preferred and Common Stock
Preferred and Common Stock | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Preferred and Common Stock | 9.Preferred and Common Stock Preferred Stock XcelEnergy has authorized 7,000,000shares of preferred stock with a $100 par value. At Dec.31, 2009 and 2008, XcelEnergy had six series of preferred stock outstanding, redeemable at its option at prices ranging from $102 to $103.75 per share plus accrued dividends. The holders of the $3.60 series preferred stock are entitled to three votes per each share held. The holders of the other series of preferred stock are entitled to one vote per share. In the event dividends payable on the preferred stock of any series outstanding is in arrears in an amount equal to four quarterly dividends, the holders of preferred stocks, voting as a class, are entitled to elect the smallest number of directors necessary to constitute a majority of the Board of Directors. The holders of common stock, voting as a class, are entitled to elect the remaining directors. The charters of some of XcelEnergy's subsidiaries also authorize the issuance of preferred stock. However, at Dec.31, 2009 and 2008, there are no preferred shares of subsidiaries outstanding. The following table lists preferred shares by subsidiary: Preferred Shares Authorized Par Value Preferred Shares Outstanding SPS 10,000,000 $ 1.00 None PSCo 10,000,000 0.01 None Common Stock and Equivalents In September 2008, XcelEnergy issued 17,250,000shares of common stock to underwriters at a price of $20.10 per share. The shares were re-offered to the public at a price of $20.20 per share plus a commission of $0.05 per share from the purchasers. XcelEnergy has common stock equivalents consisting of 401(k) equity awards and stock options. Restricted stock units and performance shares are included as common stock equivalents when all necessary conditions for issuance have been satisfied by the end of the period being reported. In 2009, 2008 and 2007, XcelEnergy had approximately 7.6million, 8.1million and 8.5million weighted-average options outstanding, respectively, that were antidilutive and, therefore, excluded from the earnings per share calculation. The dilutive impact of common stock equivalents affected earnings per share as follows for the years ending Dec.31: 2009 2008 2007 Income Shares Per Share Amount Income Shares Per Share Amount Income Shares Per Share Amount (Amounts in thousands, except per share data) Net income $ 680,887 $ 645,554 $ 577,348 Less: Dividend requirements on preferred stock (4,241 ) (4,241 ) (4,241 ) Basic earnings per share: Earnings available to common shareholders 676,646 456,433 $ 1.48 641,313 437,054 $ 1.47 573,107 416,139 $ 1.38 Effect of dilutive securities: Convertible senior notes 4,498 4,144 10,411 16,425 401(k) equity awards 705 596 482 |
Share-Based Compensation
Share-Based Compensation | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Share-Based Compensation | 10.Share-Based Compensation Stock Options XcelEnergy has incentive compensation plans under which stock options and other performance incentives are awarded to key employees. XcelEnergy has not granted stock options since December 2001. The weighted average number of common and potentially dilutive shares outstanding used to calculate XcelEnergy's diluted earnings per share include the dilutive effect of stock options and other stock awards based on the treasury stock method. The options normally have a term of 10years and generally become exercisable from three to five years after grant date or upon specified circumstances. Activity in stock options was as follows for the years ended Dec.31: 2009 2008 2007 Awards Average Exercise Price Awards Average Exercise Price Average Exercise Price (Awards in Thousands) Outstanding beginning of year 8,460 $ 27.05 9,547 $ 27.19 12,374 $ 27.36 Exercised (794 ) 19.84 (12 ) 18.28 (266 ) 19.18 Forfeited (11 ) 20.04 (67 ) 22.28 (50 ) 27.43 Expired (998 ) 25.40 (1,008 ) 28.76 (2,511 ) 29.37 Outstanding at end of year 6,657 28.17 8,460 27.05 9,547 27.19 Exercisable at end of year 6,657 28.17 8,460 27.05 9,547 27.19 Range of Exercise Prices $19.31 to $26.00 $26.01 to $30.00 $30.01 to $51.25 Options outstanding and exercisable: Number outstanding and exercisable 1,761,774 4,371,680 523,083 Weighted average remaining contractual life (years) 1.9 0.8 1.5 Weighted average exercise price $25.70 $26.97 $46.50 The total market value of stock options exercised and the total intrinsic value of options exercised were as follows for the years ended Dec.31: 2009 2008 2007 (Thousands of Dollars) Market value of exercises $ 16,429 $ 250 $ 6,398 Intrinsic value of options exercised(a) 670 36 1,293 (a) Intrinsic value is calculated as market price at exercise date less the option exercise price. Restricted Stock Certain employees may elect to receive shares of common or restricted stock under the XcelEnergy Executive Annual Incentive Award Plan. Restricted stock vests and settles in equal annual installments over a three-year period. XcelEnergy reinvests dividends on the restricted stock it holds while restrictions are in place. Restrictions also apply to the additional shares of restricted stock acquired through dividend reinvestment. If the restricted shares are forfeited, the employee is not entitled to the dividends on those shares. Restricted stock has a fair value equal to the market trading price of XcelEnergy's stock at the grant date. XcelEnergy granted shares of restricted stock for the years ended Dec.31 as follows: 2009 2008 2007 Granted shares 27,931 37,000 Grant date fair value $ |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Benefit Plans and Other Postretirement Benefits | 11.Benefit Plans and Other Postretirement Benefits Xcel Energy offers various benefit plans to its employees. Approximately 50percent of employees that receive benefits are represented by several local labor unions under several collective-bargaining agreements. At Dec.31, 2009: NSP-Minnesota had 2,119 and NSP-Wisconsin had 405 bargaining employees covered under a collective-bargaining agreement, which expires at the end of 2010. NSP-Minnesota also had an additional 222 nuclear operation bargaining employees covered under several collective-bargaining agreements, which expire at various dates through September 2010. PSCo had 2,124 bargaining employees covered under a collective-bargaining agreement, which expires in May 2014. SPS had 795 bargaining employees covered under a collective-bargaining agreement, which expires in October 2011. Effective Jan.1, 2009, Xcel Energy adopted new guidance on employers' disclosures about pension and postretirement benefit plan assets. The new guidance expands employers' disclosure requirements for benefit plan assets, including investment policies and strategies, major categories of plan assets, and information regarding fair value measurements consistent with the disclosures for entities' recurring fair value measurements prescribed by ASC820 Fair Value Measurements. ASC820 Fair Value Measurements establishes a hierarchal framework for disclosing the observability of the inputs utilized in measuring fair value. The three levels defined by the hierarchy and examples of each level are as follows: Level1 Quoted prices are available in active markets for identical assets as of the reporting date. The types of assets included in Level1 are highly liquid and actively traded instruments with quoted prices, such as common stocks listed by the New York Stock Exchange. Level2 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 included in Level2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs, such as corporate bonds with pricing based on market interest rate curves and recent trades of similarly rated securities. Level3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets included in Level3 are those with inputs requiring significant management judgment or estimation, such as asset and mortgage backed securities, for which subjective risk-based adjustments to estimated yield and forecasted prepayments are significant inputs. Pension Benefits Xcel Energy has several noncontributory, defined benefit pension plans that cover almost all employees. Benefits are based on a combination of years of service, the employee's average pay and social security benefits. Xcel Energy's policy is to fully fund the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws, into an external trust over time. Xcel Energy bases its investment-return assu |
Other Income, Net
Other Income, Net | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Other Income, Net | 12.Other Income, Net Other income (expense), net, for the years ended Dec.31 consisted of the following: 2009 2008 2007 (Thousands of Dollars) Interest income $ 14,928 $ 29,753 $ 24,093 Other nonoperating income 3,650 6,320 6,510 Insurance policy (expenses) income (8,646 ) 4,337 (21,548 ) Other nonoperating expenses (161 ) (4 ) (7 ) Other income, net $ 9,771 $ 40,406 $ 9,048 |
Derivative Instruments
Derivative Instruments | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Derivative Instruments | 13.Derivative Instruments Effective Jan.1, 2009, Xcel Energy adopted new guidance on disclosures about derivative instruments and hedging activities contained in ASC815 Derivatives and Hedging, which requires additional disclosures regarding why an entity uses derivative instruments, the volume of an entity's derivative activities, the fair value amounts recorded to the consolidated balance sheet for derivatives, the gains and losses on derivative instruments included in the consolidated statement of income or deferred, and information regarding certain credit-risk-related contingent features in derivative contracts. Xcel Energy and its utility subsidiaries enter into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to reduce risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices, as well as variances in forecasted weather. See additional information pertaining to the valuation of derivative instruments in Note15 to the consolidated financial statements. Interest Rate Derivatives Xcel Energy and its utility subsidiaries enter into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. At Dec.31, 2009, accumulated OCI related to interest rate derivatives included $1.1million of net gains expected to be reclassified into earnings during the next 12months as the related hedged interest rate transactions impact earnings. During the fourth quarter of 2009, Xcel Energy settled a $25million notional value interest rate swap at SPS. This interest rate swap was not designated as a hedging instrument, as such, gains and losses from changes in the fair value of the interest rate swap were recorded to earnings. Commodity Derivatives Xcel Energy's utility subsidiaries enter into derivative instruments to manage variability of future cash flows from changes in commodity prices in their 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, gas for resale and vehicle fuel. At Dec.31, 2009, Xcel Energy had various vehicle fuel contracts designated as cash flow hedges extending through December 2012. Xcel Energy's utility subsidiaries also enter into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers but are not designated as qualifying hedging transactions. Changes in the fair value of non-trading commodity derivative instruments are recorded in OCI or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Xcel Energy recorded immaterial amounts to income related to the ineffectiveness of cash flow hedges for the years ended Dec.31, 2009 and 2008. At Dec.31, 2009, accumulated OCI related to ve |
Financial Instruments
Financial Instruments | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Financial Instruments | 14.Financial Instruments The estimated Dec.31 fair values of Xcel Energy's recorded financial instruments are as follows: 2009 2008 Carrying Amount Fair Value Carrying Amount Fair Value (Thousands of Dollars) Nuclear decommissioning fund $ 1,248,739 $ 1,248,739 $ 1,075,294 $ 1,075,294 Other investments 9,649 9,649 9,864 9,864 Long-term debt, including current portion 8,432,442 9,026,257 8,290,460 8,562,277 The fair value of cash and cash equivalents, notes and accounts receivable and notes and accounts payable are not materially different from their carrying amounts. The fair value of Xcel Energy's nuclear decommissioning fund is based on published trading data and pricing models, generally using the most observable inputs available for each class of security. The fair values of Xcel Energy's other investments are estimated based on quoted market prices for those or similar investments. The fair values of Xcel Energy's long-term debt is estimated based on the quoted market prices for the same or similar issues, or the current rates for debt of the same remaining maturities and credit quality. The fair value estimates presented are based on information available to management as of Dec.31, 2009 and 2008. These fair value estimates have not been comprehensively revalued for purposes of these consolidated financial statements since that date, and current estimates of fair values may differ significantly. Guarantees Xcel Energy provides guarantees and bond indemnities supporting certain subsidiaries. The guarantees issued by Xcel Energy guarantee payment or performance by its subsidiaries under specified agreements or transactions. As a result, Xcel Energy's exposure under the guarantees is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. Most of the guarantees issued by Xcel Energy limit the exposure of Xcel Energy to a maximum amount stated in the guarantees. On Dec.31, 2009 and 2008, Xcel Energy had issued guarantees of up to $76.4million and $67.5million, respectively, with $18.0million and $18.2million of known exposure under these guarantees, respectively. In addition, Xcel Energy provides indemnity protection for bonds issued for itself and its subsidiaries. The total amount of bonds with this indemnity outstanding as of Dec.31, 2009 and 2008, was approximately $29.9million and $27.9million, respectively. The total exposure of this indemnification cannot be determined at this time. Xcel Energy believes the exposure to be significantly less than the total amount of bonds outstanding. On Dec.31, 2009, Xcel Energy had the following amount of guarantees and exposure under these guarantees, including those related to Seren, UE, Quixx and Xcel Energy Argentina, which are components of discontinued operations: Guarantor Guarantee Amount Current Exposure Term or Expiration Date Triggering Event Requiring Performance Assets Held as Collateral (Millions of Dollars) Guarantee performance and payment of surety bonds for itsel |
Fair Value Measurements
Fair Value Measurements | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Fair Value Measurements | 15.Fair Value Measurements Effective Jan.1, 2008, Xcel Energy adopted new guidance for recurring fair value measurements contained in ASC820 Fair Value Measurements and Disclosures which provides a single definition of fair value and requires enhanced disclosures about assets and liabilities measured at fair value. A hierarchal framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value was established by this guidance. The three levels in the hierarchy and examples of each level are as follows: Level1 Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level1 are highly liquid and actively traded instruments with quoted prices, such as common stocks listed by the New York Stock Exchange and commodity derivative contracts listed on the New York Mercantile Exchange. Level2 Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities included in Level2 are typically either comparable to actively traded securities or contracts, such as treasury securities with pricing interpolated from recent trades of similar securities, or priced with models using highly observable inputs, such as commodity options priced using observable forward prices and volatilities. Level3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level3 are those with inputs requiring significant management judgment or estimation, such as the complex and subjective models and forecasts used to determine the fair value of FTRs. Xcel Energy continuously monitors the creditworthiness of the counterparties to its commodity derivative contracts and assesses each counterparty's ability to perform on the transactions set forth in the contracts. Given this assessment, as well as an assessment of the impact of Xcel Energy's own credit risk when determining the fair value of commodity derivative liabilities, the impact of considering credit risk was immaterial to the fair value of commodity derivative assets and liabilities presented in the consolidated balance sheets. The following tables present, for each of these hierarchy levels, Xcel Energy's assets and liabilities that are measured at fair value on a recurring basis: Dec.31, 2009 Level1 Level2 Level3 Counterparty Netting Net Balance (Thousands of Dollars) Assets Nuclear decommissioning fund Cash equivalents $ $ 28,134 $ $ $ 28,134 Debt securities 545,503 93,107 638,610 Equity securities 581,995 581,995 Commodity derivatives 36,280 43,926 (15,431 ) 64,775 Total $ 581,995 $ 609,917 $ 137,033 $ (15,431 ) $ 1,313,514 Liabilities Commodity derivatives $ $ 33,843 $ 15,884 $ |
Rate Matters
Rate Matters | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Rate Matters | 16.Rate Matters NSP-Minnesota Pending and Recently Concluded Regulatory Proceedings MPUC Base Rate NSP-Minnesota Electric Rate Case In November 2008, NSP-Minnesota filed a request with the MPUC to increase Minnesota electric rates by $156million annually. This request was later modified to $136million. In September 2009, the MPUC voted to approve a rate increase of approximately $91.4million. As part of its decision, the MPUC approved a 10-year life extension of the Prairie Island nuclear plant for purposes of determining depreciation and decommissioning expenses, effective Jan.1, 2009. This decision reduced NSP-Minnesota's overall revenue deficiency by approximately $40million, while at the same time reducing expense accruals by a corresponding amount. A summary of the key terms is listed below: Revised Request Approved Rate increase $ 136million $ 91million Return on equity 11.0 % 10.88 % Equity ratio 52.5 % 52.5 % Electric rate base $ 4.1billion $ 4.1billion Depreciation life extension for Prairie Island nuclear plant 0years 10years The written order was issued Oct.23, 2009. As of December 2009, NSP-Minnesota recorded a customer refund of approximately $39.7million to reflect the difference between interim rates that were implemented Jan.2, 2009 and the amount approved by the MPUC. NSP-Minnesota Gas Rate Case In November 2009, NSP-Minnesota filed a request with the MPUC to increase Minnesota gas rates by $16.2million for 2010, which represents a 2.8percent overall increase in customer bills. This request is based on a ROE of 11percent, an equity ratio of 52.46percent and a rate base of $441million. NSP-Minnesota also requested an additional increase of $3.45million, for recovery of pension funding costs effective Jan.1, 2011 to comply with federal law. In December 2009, the MPUC voted to approve an interim rate increase of $11.1million, subject to refund. These rates went into effect on Jan.11, 2010. The procedural schedule is listed below and a decision is expected in the fall of 2010. Intervenor direct testimony on May3, 2010; NSP-Minnesota rebuttal testimony on June2, 2010; Surrebuttal testimony on June15, 2010; Evidentiary hearings on June21-25, 2010; Initial briefs on July27, 2010; Reply briefs and proposed findings on Aug.19, 2010; and ALJ report on Oct.1, 2010. Electric, Purchased Gas and Resource Adjustment Clauses TCR Rider The MPUC has approved a TCR rider, which allows annual adjustments to retail electric rates to provide recovery of incremental transmission investments between rate cases. The MPUC approved a rider request to recover approximately $14million in 2009. NSP-Minnesota has a request pending seeking recovery of $12.1million in 2010. The OES recommended disallowance of $1.7million of plant costs because one project was over budget and also recommended that the Brookings line, which is subject to dispute at the FERC on cost allocation, not be recovered through the rider at this time. The request is pending MPUC action. RES Rider The MPUC has approved a rider to recover the costs for utili |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Commitments and Contingent Liabilities | 17.Commitments and Contingent Liabilities Commitments Capital Commitments As of Dec.31, 2009, the estimated cost of capital requirements of Xcel Energy and its subsidiaries and the capital expenditure programs is approximately $2.2billion in 2010, $2.3billion in 2011 and $2.1billion in 2012. Xcel Energy's capital forecast includes the following major projects: Nuclear Capacity Increases and Life Extension NSP-Minnesota is seeking a 20-year license renewal for the Monticello and Prairie Island nuclear plants. A renewed operating license was approved and issued for Monticello by the NRC in November 2006 licensing the plant to operate until 2030, and the MPUC order approving the spent fuel storage capacity needed to support plant operations until 2030 went into effect in June 2007. The application to renew Prairie Island's operating licenses was submitted to the NRC in April 2008 and the application for a CON for additional spent fuel storage capacity to support 20 additional years of plant operation was approved by the MPUC in December 2009. Final state and federal approvals are expected in 2010. NSP-Minnesota is pursuing capacity increases of Monticello and Prairie Island that will total approximately 235MW, to be implemented, if approved, between 2010 and 2015. The life extension and capacity increase for Prairie Island Unit2 is contingent on replacement of Unit2's original steam generators, currently planned during the refueling outage in 2013. Total capital investment for these activities is estimated to be over $1billion between 2010 and 2015. NSP-Minnesota submitted the CON and site permit applications for Monticello's power uprate in the first quarter of 2008 and the CON and site permit applications for Prairie Island's power uprate in the second quarter of 2008. The MPUC approved the Monticello power uprate CON and site permit in December 2008 and the Prairie Island power uprate CON and site permit in December 2009. Wind Generation NSP-Minnesota is investing approximately $900million over three years for a 201MW project in southwestern Minnesota, called the Nobles Wind Project, and a 150MW project in southeastern North Dakota, called the Merricourt Wind Project. These projects are expected to be operational by the end of 2010 and 2011, respectively. NSP-Minnesota has received regulatory approval for the projects, and has requested recovery of eligible costs beginning in 2010. CapX 2020 In 2006, CapX 2020, an alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest, including Xcel Energy, announced that it had identified several groups of transmission projects that proposed to be complete by 2020. Group 1 project investments are expected to total approximately $1.7billion, with major construction targeted to begin in 2010 and ending three to five years later. Xcel Energy's investment is expected to be approximately $900million depending on the route and configuration approved by the MPUC and the PSCW. Approximately 75percent of the 2010 capital expenditures and return on investment for transmission projects are expected to be recovered under an NSP-Minnesota TCR tariff rider |
Nuclear Obligations
Nuclear Obligations | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Nuclear Obligations | 18.Nuclear Obligations Fuel Disposal NSP-Minnesota is responsible for temporarily storing used or spent nuclear fuel from its nuclear plants. The DOE is responsible for permanently storing spent fuel from NSP-Minnesota's nuclear plants as well as from other U. S. nuclear plants. NSP-Minnesota has funded its portion of the DOE's permanent disposal program since 1981. The fuel disposal fees are based on a charge of 0.1 cent per Kwh sold to customers from nuclear generation. Fuel expense includes the DOE fuel disposal assessments of approximately $12million in 2009, $13million in 2008 and $13million 2007, respectively. In total, NSP-Minnesota had paid approximately $398million to the DOE through Dec.31, 2009. The Nuclear Waste Policy Act of 1982 required the DOE to begin accepting spent nuclear fuel no later than Jan.31, 1998. NSP-Minnesota and other utilities have commenced lawsuits against the DOE to recover damages caused by the DOE's failure to meet its statutory and contractual obligations. NSP-Minnesota has its own temporary on-site storage facilities for spent fuel at its Monticello and Prairie Island nuclear plants, which consist of storage pools and dry cask facilities at both sites. The amount of spent fuel storage capacity currently authorized by the NRC and the MPUC will allow NSP-Minnesota to continue operation of its Prairie Island nuclear plant until the end of its current license terms in 2013 and 2014 and its Monticello nuclear plant until the end of its renewed operating license in 2030. Other alternatives for spent fuel storage are being investigated until a DOE facility is available, including pursuing the establishment of a private facility for interim storage of spent nuclear fuel as part of a consortium of electric utilities. Regulatory Plant Decommissioning Recovery Decommissioning of NSP-Minnesota's nuclear facilities is planned for the period from cessation of operations through 2067, assuming the prompt dismantlement method. NSP-Minnesota is currently recording the regulatory costs for decommissioning over the MPUC-approved cost-recovery period and including the accruals in a regulatory liability account. The total decommissioning cost obligation is recorded as an ARO in accordance with ASC410 Asset Retirement and Environmental Obligations. Monticello began operation in 1971 and with its renewed operating license and CON for spent fuel capacity to support 20years of extended operation can operate until 2030. The Monticello 20-year depreciation life extension until September 2030 was granted by the MPUC in 2007. Construction of the Monticello dry-cask storage facility is complete and 10 of the 30 canisters authorized have been filled and placed in the facility. Prairie Island units 1 and 2 began operation in 1973 and 1974, respectively, and are currently licensed to operate until 2013 and 2014, respectively. In April 2008, NSP-Minnesota filed an application with the NRC to renew the operating license of its two nuclear reactors at Prairie Island for an additional 20years until 2033 and 2034, respectively. The PIIC filed contentions in the NRC's license renewal proceeding in August 2008. The PIIC req |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Regulatory Assets and Liabilities | 19.Regulatory Assets and Liabilities Xcel Energy's regulated businesses prepare their consolidated financial statements in accordance with the provisions of ASC980 Regulated Operations, as discussed in Note1 to the consolidated financial statements. Under this guidance, regulatory assets and liabilities can be created for amounts that regulators may allow to be collected, or may require to be paid back to customers in future electric and natural gas rates. Any portion of Xcel Energy's business that is not regulated cannot establish regulatory assets and liabilities. If changes in the utility industry or the business of Xcel Energy no longer allow for the application of regulatory accounting guidance under GAAP, Xcel Energy would be required to recognize the write-off of regulatory assets and liabilities in its consolidated statement of income. The components of unamortized regulatory assets and liabilities of continuing operations shown on the consolidated balance sheets at Dec.31 are: See Note(s) Remaining Amortization Period 2009 2008 (Thousands of Dollars) Regulatory Assets Current regulatory asset Recoverable purchased natural gas and electric energy costs 1 Less than one year $ 56,744 $ 32,843 Pension and employee benefit obligations(e) 11 Various 1,206,555 1,212,542 AFUDC recorded in plant(a) 1 Plant lives 254,630 220,354 Net AROs(b) 1,17 Plant lives 207,309 299,294 Conservation programs(a) Up to 2years 121,678 117,188 Environmental costs 16,17 Generally four to six years once actual expenditures are incurred 103,297 75,880 Contract valuation adjustments(c) 14 Term of related contract 89,026 150,723 Renewable and environmental initiative costs 16,17 One to six years 77,072 69,134 Losses on reacquired debt 1 Term of related debt 62,005 66,268 Nuclear outage costs 16 Generally 18-24months 60,747 40,690 Purchased power contracts costs 14 Term of related contract 33,203 20,716 Unrecovered natural gas costs 1 One to two years 10,620 14,657 MISO Day 2 costs 1 Three years 9,829 11,783 Rate case costs 1 Various 9,519 12,085 State commission accounting adjustments(a) 16 Various 8,839 13,148 Nuclear fuel storage Three to six years 8,301 9,652 Nuclear decommissioning costs 18 Two years 6,293 8,775 Other Various 18,713 14,390 Total noncurrent regulatory assets $ 2,287,636 $ 2,357,279 Regulatory Liabilities Current regulatory liability Deferred electric energy costs(d) $ 124,335 $ 134,212 Plant removal costs 1,17 941,959 925,472 Contract valuation adjustments(c) 14 111,413 124,676 Investment tax credit deferrals 65,884 68,313 Deferred income tax adjustment 1 46,435 42,619 Wisconsin overrecovere |
Segments and Related Informatio
Segments and Related Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Segments and Related Information | 20.Segments and Related Information The 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. Given the similarity of the regulated electric utility operations of its utility subsidiaries, and the similarity of the regulated natural gas utility operations of its utility subsidiaries, Xcel Energy has the following reportable segments: regulated electric utility, regulated natural gas utility and all other. Xcel Energy's 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. Regulated electric utility also includes commodity trading operations. Xcel Energy's regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include steam revenue, appliance repair services, nonutility 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. To report income from continuing operations for regulated electric and regulated natural gas utility segments, Xcel Energy must assign or allocate all costs and certain other income. In general, costs are: Directly assigned wherever applicable; Allocated based on cost causation allocators wherever applicable; and Allocated based on a general allocator for all other costs not assigned by the above two methods. The accounting policies of the segments are the same as those described in Note1 to the consolidated financial statements. Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total (Thousands of Dollars) 2009 Operating revenues from external customers $ 7,704,723 $ 1,865,703 $ 73,877 $ $ 9,644,303 Intersegment revenues 816 2,931 (3,747 ) Total revenues $ 7,705,539 $ 1,868,634 $ 73,877 $ (3,747 ) $ 9,644,303 Depreciation and amortization $ 711,090 $ 95,633 $ 11,329 $ $ 818,052 Interest charges and financing costs 371,525 44,572 109,844 (4,086 ) 521,855 |
Summarized Quarterly Financial
Summarized Quarterly Financial Data (Unaudited) | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Summarized Quarterly Financial Data (Unaudited) | 21.Summarized Quarterly Financial Data (Unaudited) Due to the seasonality of Xcel Energy's electric and natural gas sales, such interim results are not necessarily an appropriate base from which to project annual results. Summarized quarterly unaudited financial data is as follows: Quarter Ended March31, 2009 June30, 2009 Sept.30, 2009 Dec.31, 2009 (Amounts in thousands, except per share data) Operating revenues $ 2,695,542 $ 2,016,083 $ 2,314,562 $ 2,618,116 Operating income 370,797 279,368 465,148 353,259 Income from continuing operations 175,818 117,064 221,793 170,849 Discontinued operations income (loss) (1,751 ) 43 (965 ) (1,964 ) Net income 174,067 117,107 220,828 168,885 Earnings available to common shareholders 173,007 116,047 219,768 167,824 Earnings per share total basic $ 0.38 $ 0.25 $ 0.48 $ 0.37 Earnings per share total diluted 0.38 0.25 0.48 0.37 Quarter Ended March31, 2008 June30, 2008 Sept.30, 2008 Dec.31, 2008 (Amounts in thousands, except per share data) Operating revenues $ 3,028,388 $ 2,615,515 $ 2,851,680 $ 2,707,573 Operating income 330,118 259,836 447,994 352,843 Income from continuing operations 153,994 105,473 222,695 163,558 Discontinued operations income (loss) (877 ) 99 94 518 Net income 153,117 105,572 222,789 164,076 Earnings available to common shareholders 152,057 104,512 221,729 163,015 Earnings per share total basic $ 0.35 $ 0.24 $ 0.51 $ 0.36 Earnings per share total diluted 0.35 0.24 0.51 0.36 |
Lubbock Electric Distribution A
Lubbock Electric Distribution Assets | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Lubbock Electric Distribution Assets | 22.Lubbock Electric Distribution Assets In November 2009, SPS entered into an asset purchase agreement with the city of Lubbock, Texas (City of Lubbock). This agreement sets forth that SPS will sell its electric distribution system assets within the city limits toLPL for approximately $87million. The sale and related transactions will eliminate the inefficiencies of maintaining duplicate distribution systems, one by SPS and the other by the city-ownedLPL. SPS currently serves about 24,000 customers within Lubbock, representing about 25percent of the total customers in the dually certified service area. As part of this transaction, SPS will continue to provide the wholesale power to meet the electric load for these customers, initially by amending the current wholesale full-requirements contract with West Texas Municipal Power Agency (WTMPA), which provides service toLPL through 2019 and then for an additional 25years under a new contract directly withLPL when the WTMPA contract terminates. Both of these wholesale power agreements provide for formula rates that change annually based on the actual cost of service. The formula rate with WTMPA reflects an initial 10.5percent ROE. All or portions of this transaction are subject to review and approval by the PUCT, the NMPRC and FERC. This transaction is expected to close late in 2010. It is anticipated that any resulting gain on the sale of assets will be shared with retail customers in Texas. Additionally, SPS and the City of Lubbock entered into an amended long-term treated sewage effluent water agreement under which SPS will continue to purchase waste water from the city for cooling SPS's Jones Station southeast of Lubbock. This new waste water agreement will provide a long-term and low cost source for cooling water for SPS. This agreement is not subject to regulatory approval. |
Condensed Financial Statements
Condensed Financial Statements of Xcel Energy Inc. | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
SCHEDULE I CONDENSED FINANCIAL STATEMENTS OF XCEL ENERGY INC. | |
CONDENSED FINANCIAL STATEMENTS OF XCEL ENERGY INC. | SCHEDULEI XCEL ENERGY INC. Condensed Statements of Income(amounts in thousands of dollars) Year Ended Dec.31 2009 2008 2007 Income Equity earnings of unconsolidated subsidiaries $ 743,798 $ 708,943 $ 640,140 Total income 743,798 708,943 640,140 Expenses and other deductions Operating expenses 9,116 10,481 7,630 Other income (1,295 ) (6,327 ) (5,556 ) Interest charges and financing costs 101,118 114,341 118,017 Total expenses and other deductions 108,939 118,495 120,091 Income from continuing operations before income taxes 634,859 590,448 520,049 Income tax benefit (50,665 ) (55,272 ) (55,850 ) Income from continuing operations 685,524 645,720 575,899 Income (loss) from discontinued operations, net of tax (4,637 ) (166 ) 1,449 Net income 680,887 645,554 577,348 Dividend requirements on preferred stock 4,241 4,241 4,241 Earnings available to common shareholders $ 676,646 $ 641,313 $ 573,107 XCEL ENERGY INC. Condensed Statements of Cash Flows(amounts in thousands of dollars) Year Ended Dec.31 2009 2008 2007 Operating activities Net cash provided by operating activities $ 627,013 $ 455,388 $ 566,688 Investing activities Return of capital from subsidiaries 64,353 129,551 Capital contributions to subsidiaries (297,004 ) (630,427 ) (559,266 ) Net cash used in investing activities (297,004 ) (566,074 ) (429,715 ) Financing activities Proceeds from short-term borrowings, net 13,750 125,000 238,877 Proceeds from issuance of long-term debt 386,518 Repayment of long-term debt (322,803 ) Proceeds from issuance of common stock 20,133 352,871 10,539 Early participation payment on debt exchange (4,859 ) Dividends paid (414,922 ) (382,283 ) (378,892 ) Net cash used in (provided by) financing activities (381,039 ) 159,303 (134,335 ) Net increase (decrease) in cash and cash equivalents (51,030 ) 48,617 2,638 Cash and cash equivalents at beginning of period 51,778 3,161 523 Cash and cash equivalents at end of period $ 748 $ 51,778 $ 3,161 XCEL ENERGY INC. Condensed Balance Sheets(amounts in thousands of dollars) Dec.31 2009 2008 Assets Cash and cash equivalents $ 748 $ 51,778 Accounts receivable from subsidiaries 264,789 275,077 Other current assets 30,165 6,573 Total current assets 295,702 333,428 Investment in subsidiaries 8,861,560 8,465,003 Other assets 64,813 61,675 Noncurrent assets related to di |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II XCEL ENERGY INC. AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended Dec. 31, 2009, 2008 and 2007 (amounts in thousands of dollars) Additions Balance at Jan.1 Charged to costs and expenses Charged to other accounts(a) Deductions from reserves(b) Balance at Dec.31 Reserve deducted from related assets: Allowance for bad debts: 2009 $64,239 $49,023 $21,869 $79,028 $56,103 2008 49,401 63,407 16,468 65,037 64,239 2007 36,689 57,434 18,052 62,774 49,401 (a) Recovery of amounts previously written off. (b) Principally bad debts written off or transferred. |
Document and Entity Information
Document and Entity Information (USD $) | |||
12 Months Ended
Dec. 31, 2009 | Feb. 22, 2010
| Jun. 30, 2009
| |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | XCEL ENERGY INC | ||
Entity Central Index Key | 0000072903 | ||
Document Type | 10-K | ||
Document Period End Date | 2009-12-31 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $8,389,744,889 | ||
Entity Common Stock, Shares Outstanding | 458,171,771 |