CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (USD $) | ||||
In Thousands, except Per Share data | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Operating revenues | ||||
Electric | $2,128,955 | $2,576,467 | $5,749,207 | $6,704,164 |
Natural gas | 169,601 | 258,961 | 1,224,161 | 1,736,701 |
Other | 16,006 | 16,252 | 52,819 | 54,718 |
Total operating revenues | 2,314,562 | 2,851,680 | 7,026,187 | 8,495,583 |
Operating expenses | ||||
Electric fuel and purchased power | 982,103 | 1,513,935 | 2,703,952 | 3,871,437 |
Cost of natural gas sold and transported | 71,638 | 155,804 | 809,791 | 1,298,731 |
Cost of sales - other | 4,915 | 4,528 | 14,268 | 14,095 |
Other operating and maintenance expenses | 466,465 | 422,560 | 1,410,760 | 1,340,362 |
Conservation and demand side management program expenses | 47,157 | 27,483 | 133,793 | 92,278 |
Depreciation and amortization | 198,222 | 209,131 | 609,285 | 622,512 |
Taxes (other than income taxes) | 78,914 | 70,245 | 229,025 | 218,220 |
Total operating expenses | 1,849,414 | 2,403,686 | 5,910,874 | 7,457,635 |
Operating income | 465,148 | 447,994 | 1,115,313 | 1,037,948 |
Other income (expense), net | (977) | 9,736 | 4,394 | 27,270 |
Allowance for funds used during construction - equity | 18,618 | 16,319 | 55,565 | 45,478 |
Interest charges and financing costs | ||||
Interest charges - includes other financing costs of $5,103, $5,162, $15,255 and $15,294, respectively | 139,347 | 139,777 | 420,447 | 405,671 |
Allowance for funds used during construction - debt | (9,598) | (9,625) | (29,671) | (28,748) |
Total interest charges and financing costs | 129,749 | 130,152 | 390,776 | 376,923 |
Income from continuing operations before income taxes and equity earnings | 353,040 | 343,897 | 784,496 | 733,773 |
Income taxes | 135,610 | 121,551 | 280,581 | 252,765 |
Equity earnings of unconsolidated subsidiaries | 4,363 | 349 | 10,760 | 1,154 |
Income from continuing operations | 221,793 | 222,695 | 514,675 | 482,162 |
Income (loss) from discontinued operations, net of tax | (965) | 94 | (2,673) | (684) |
Net income | 220,828 | 222,789 | 512,002 | 481,478 |
Dividend requirements on preferred stock | 1,060 | 1,060 | 3,180 | 3,180 |
Earnings available to common shareholders | $219,768 | $221,729 | $508,822 | $478,298 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 456,769 | 434,131 | 456,095 | 431,511 |
Diluted (in shares) | 457,453 | 439,397 | 456,729 | 436,716 |
Earnings per average common share: | ||||
Basic (in dollars per share) | 0.48 | 0.51 | 1.12 | 1.11 |
Diluted (in dollars per share) | 0.48 | 0.51 | 1.11 | 1.1 |
Cash dividends declared per common share | 0.25 | 0.24 | 0.73 | 0.71 |
1_CONSOLIDATED STATEMENTS OF IN
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | ||||
In Thousands | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
STATEMENTS OF INCOME | ||||
Financing costs | $5,103 | $5,162 | $15,255 | $15,294 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | ||
In Thousands | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Operating activities | ||
Net income | $512,002 | $481,478 |
Remove loss from discontinued operations | 2,673 | 684 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 644,224 | 676,691 |
Nuclear fuel amortization | 59,520 | 46,765 |
Deferred income taxes | 304,707 | 199,155 |
Amortization of investment tax credits | (5,213) | (5,824) |
Allowance for equity funds used during construction | (55,565) | (45,478) |
Equity earnings of unconsolidated subsidiaries | (10,760) | (1,154) |
Dividends from equity method investees | 20,999 | |
Share-based compensation expense | 13,252 | 17,961 |
Net realized and unrealized hedging and derivative transactions | 46,298 | (34,049) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 265,655 | 128,186 |
Accrued unbilled revenues | 272,574 | 237,358 |
Inventories | 111,780 | (195,722) |
Recoverable purchased natural gas and electric energy costs | (30,792) | (25,752) |
Other current assets | (72,817) | 21,794 |
Accounts payable | (286,019) | (198,877) |
Net regulatory assets and liabilities | 20,422 | (47,765) |
Other current liabilities | 7,347 | 11,521 |
Change in other noncurrent assets | (2,014) | 407 |
Change in other noncurrent liabilities | (172,291) | (44,423) |
Operating cash flows used in discontinued operations | (17,166) | (11,494) |
Net cash provided by operating activities | 1,628,816 | 1,211,462 |
Investing activities | ||
Utility capital/construction expenditures | (1,310,686) | (1,523,365) |
Allowance for equity funds used during construction | 55,565 | 45,478 |
Purchase of investments in external decommissioning fund | (1,278,554) | (643,497) |
Proceeds from the sale of investments in external decommissioning fund | 1,276,417 | 610,953 |
Investment in WYCO Development LLC | (38,936) | (73,038) |
Change in restricted cash | (1,389) | 24,132 |
Other investments | 3,472 | (25,678) |
Net cash used in investing activities | (1,294,111) | (1,585,015) |
Financing activities | ||
Proceeds (repayment) of short-term borrowings, net | 38,750 | (824,560) |
Proceeds from issuance of long-term debt | 394,762 | 1,682,393 |
Repayment of long-term debt, including reacquisition premiums | (620,074) | (200,041) |
Proceeds from issuance of common stock | 4,174 | 351,357 |
Dividends paid | (309,320) | (303,157) |
Net cash (used in) provided by financing activities | (491,708) | 705,992 |
Net increase (decrease) in cash and cash equivalents | (157,003) | 332,439 |
Net increase (decrease) in cash and cash equivalents - discontinued operations | (1,989) | 416 |
Cash and cash equivalents at beginning of period | 249,198 | 51,120 |
Cash and cash equivalents at end of period | 90,206 | 383,975 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (400,511) | (363,439) |
Cash received (paid) for income taxes, net | 21,857 | (49,943) |
Supplemental disclosure of non-cash investing transactions: | ||
Property, plant and equipment additions in accounts payable | 33,116 | 27,845 |
Supplemental disclosure of non-cash financing transactions: | ||
Issuance of common stock for reinvested dividends and 401(k) plans | $44,668 | $48,872 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | ||
In Thousands | Sep. 30, 2009
| Dec. 31, 2008
|
Current assets | ||
Cash and cash equivalents | $90,206 | $249,198 |
Accounts receivable, net | 635,563 | 900,781 |
Accrued unbilled revenues | 470,905 | 743,479 |
Inventories | 554,929 | 666,709 |
Recoverable purchased natural gas and electric energy costs | 63,635 | 32,843 |
Derivative instruments valuation | 136,491 | 101,972 |
Prepayments and other | 311,028 | 263,906 |
Current assets held for sale and related to discontinued operations | 128,040 | 56,641 |
Total current assets | 2,390,797 | 3,015,529 |
Property, plant and equipment, net | 18,514,792 | 17,688,720 |
Other assets | ||
Nuclear decommissioning fund and other investments | 1,365,601 | 1,232,081 |
Regulatory assets | 2,216,473 | 2,357,279 |
Derivative instruments valuation | 308,768 | 325,688 |
Other | 154,486 | 157,742 |
Noncurrent assets held for sale and related to discontinued operations | 130,291 | 181,456 |
Total other assets | 4,175,619 | 4,254,246 |
Total assets | 25,081,208 | 24,958,495 |
Current liabilities | ||
Current portion of long-term debt | 184,534 | 558,772 |
Short-term debt | 494,000 | 455,250 |
Accounts payable | 811,624 | 1,120,324 |
Taxes accrued | 223,278 | 220,542 |
Accrued interest | 146,107 | 168,632 |
Dividends payable | 112,840 | 108,838 |
Derivative instruments valuation | 59,277 | 75,539 |
Other | 326,780 | 331,419 |
Current liabilities held for sale and related to discontinued operations | 28,058 | 6,929 |
Total current liabilities | 2,386,498 | 3,046,245 |
Deferred credits and other liabilities | ||
Deferred income taxes | 3,177,595 | 2,792,560 |
Deferred investment tax credits | 100,503 | 105,716 |
Regulatory liabilities | 1,265,541 | 1,194,596 |
Asset retirement obligations | 1,186,690 | 1,135,182 |
Derivative instruments valuation | 327,691 | 340,802 |
Customer advances | 304,752 | 323,445 |
Pension and employee benefit obligations | 902,214 | 1,030,532 |
Other | 184,885 | 168,352 |
Noncurrent liabilities held for sale and related to discontinued operations | 3,279 | 20,656 |
Total deferred credits and other liabilities | 7,453,150 | 7,111,841 |
Capitalization | ||
Long-term debt | 7,945,400 | 7,731,688 |
Preferred stockholders' equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 1,049,800 | 104,980 | 104,980 |
Common stockholders' equity - authorized 1,000,000,000 shares of $2.50 par value; outstanding shares: Sept. 30, 2009 - 456,251,313; Dec. 31, 2008 - 453,791,770 | 7,191,180 | 6,963,741 |
Total liabilities and equity | $25,081,208 | $24,958,495 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | ||
Sep. 30, 2009
| Dec. 31, 2008
| |
BALANCE SHEETS | ||
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) | 456,251,313 | 453,791,770 |
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, 2007 | $1,071,957 | $4,286,917 | $963,916 | ($21,788) | $6,301,002 |
Shares, beginning 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 nine months ended Sept. 30, 2008. | (1,640) | (1,640) | |||
Net income | 481,478 | 481,478 | |||
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $195 for the three months ended Sept. 30, 2008; $260 for the three months ended Sept. 30, 2009; $1,071 for the nine months ended Sept. 30 2008; and $769 for the nine months ended Sept. 30, 2009 | 330 | 330 | |||
Net derivative instrument fair value changes during the period, net of tax of $(1,741) for the three months ended Sept. 30, 2008; ($3,876) for the three months ended Sept. 30, 2009; $(2,808) for the nine months ended Sept. 30, 2008; and $(1,736) for the nine months ended Sept. 30, 2009 | (7,240) | (7,240) | |||
Unrealized (loss) gain - marketable securities, net of tax of $(87) for the three months ended Sept. 30, 2008; $62 for the three months ended Sept. 30, 2009; $(154) for the nine months ended Sept. 30, 2008; and $230 for the nine months ended Sept. 30, 2009 | (223) | (223) | |||
Comprehensive income for the period | 474,345 | ||||
Dividends declared: | |||||
Cumulative preferred stock | (3,180) | (3,180) | |||
Common stock | (307,902) | (307,902) | |||
Issuances of common stock | 49,582 | 318,881 | 368,463 | ||
Issuances of common stock - shares | 19,833 | ||||
Share-based compensation | 17,252 | 17,252 | |||
Balance at Sep. 30, 2008 | 1,121,539 | 4,623,050 | 1,132,672 | (28,921) | 6,848,340 |
Shares, ending balance at Sep. 30, 2008 | 448,616 | ||||
Balance at Jun. 30, 2008 | 1,077,292 | 4,306,239 | 1,017,488 | (26,549) | 6,374,470 |
Shares, beginning balance at Jun. 30, 2008 | 430,917 | ||||
Increase (Decrease) in Common Stockholders' Equity | |||||
Net income | 222,789 | 222,789 | |||
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $195 for the three months ended Sept. 30, 2008; $260 for the three months ended Sept. 30, 2009; $1,071 for the nine months ended Sept. 30 2008; and $769 for the nine months ended Sept. 30, 2009 | 273 | 273 | |||
Net derivative instrument fair value changes during the period, net of tax of $(1,741) for the three months ended Sept. 30, 2008; ($3,876) for the three months ended Sept. 30, 2009; $(2,808) for the nine months ended Sept. 30, 2008; and $(1,736) for the nine months ended Sept. 30, 2009 | (2,522) | (2,522) | |||
Unrealized (loss) gain - marketable securities, net of tax of $(87) for the three months ended Sept. 30, 2008; $62 for the three months ended Sept. 30, 2009; $(154) for the nine months ended Sept. 30, 2008; and $230 for the nine months ended Sept. 30, 2009 | (123) | (123) | |||
Comprehensive income for the period | 220,417 | ||||
Dividends declared: | |||||
Cumulative preferred stock | (1,060) | (1,060) | |||
Common stock | (106,545) | (106,545) | |||
Issuances of common stock | 44,247 | 311,340 | 355,587 | ||
Issuances of common stock - shares | 17,699 | ||||
Share-based compensation | 5,471 | 5,471 | |||
Balance at Dec. 31, 2008 | 1,134,480 | 4,695,019 | 1,187,911 | (53,669) | 6,963,741 |
Shares, beginning balance at Dec. 31, 2008 | 453,792 | 453,792 | |||
Increase (Decrease) in Common Stockholders' Equity | |||||
Net income | 512,002 | 512,002 | |||
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $195 for the three months ended Sept. 30, 2008; $260 for the three months ended Sept. 30, 2009; $1,071 for the nine months ended Sept. 30 2008; and $769 for the nine months ended Sept. 30, 2009 | 1,106 | 1,106 | |||
Net derivative instrument fair value changes during the period, net of tax of $(1,741) for the three months ended Sept. 30, 2008; ($3,876) for the three months ended Sept. 30, 2009; $(2,808) for the nine months ended Sept. 30, 2008; and $(1,736) for the nine months ended Sept. 30, 2009 | (2,226) | (2,226) | |||
Unrealized (loss) gain - marketable securities, net of tax of $(87) for the three months ended Sept. 30, 2008; $62 for the three months ended Sept. 30, 2009; $(154) for the nine months ended Sept. 30, 2008; and $230 for the nine months ended Sept. 30, 2009 | 333 | 333 | |||
Comprehensive income for the period | 511,215 | ||||
Dividends declared: | |||||
Cumulative preferred stock | (3,180) | (3,180) | |||
Common stock | (332,815) | (332,815) | |||
Issuances of common stock | 6,149 | 25,550 | 31,699 | ||
Issuances of common stock - shares | 2,459 | ||||
Share-based compensation | 20,520 | 20,520 | |||
Balance at Sep. 30, 2009 | 1,140,629 | 4,741,089 | 1,363,918 | (54,456) | 7,191,180 |
Shares, ending balance at Sep. 30, 2009 | 456,251 | 456,251 | |||
Balance at Jun. 30, 2009 | $1,139,292 | $4,727,380 | $1,256,405 | ($49,354) | $7,073,723 |
Shares, beginning balance at Jun. 30, 2009 | 455,717 |
2_CONSOLIDATED STATEMENTS OF CO
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | ||
In Thousands | Accumulated Other Comprehensive Income (Loss)
| Total
|
Consolidated Statements of Common Stockholders' Equity and Comprehensive Income | ||
Adoption of new accounting guidance, tax | ($1,038) | ($1,038) |
Changes in unrecognized amounts of pension and retiree medical benefits, tax | 1,071 | 1,071 |
Net derivative instrument fair value changes during the period, tax | (2,808) | (2,808) |
Unrealized gain (loss) - marketable securities, tax | (154) | (154) |
Consolidated Statements of Common Stockholders' Equity and Comprehensive Income | ||
Changes in unrecognized amounts of pension and retiree medical benefits, tax | 195 | 195 |
Net derivative instrument fair value changes during the period, tax | (1,741) | (1,741) |
Unrealized gain (loss) - marketable securities, tax | (87) | (87) |
Consolidated Statements of Common Stockholders' Equity and Comprehensive Income | ||
Changes in unrecognized amounts of pension and retiree medical benefits, tax | 769 | 769 |
Net derivative instrument fair value changes during the period, tax | (1,736) | (1,736) |
Unrealized gain (loss) - marketable securities, tax | 230 | 230 |
Consolidated Statements of Common Stockholders' Equity and Comprehensive Income | ||
Changes in unrecognized amounts of pension and retiree medical benefits, tax | 260 | 260 |
Net derivative instrument fair value changes during the period, tax | (3,876) | (3,876) |
Unrealized gain (loss) - marketable securities, tax | $62 | $62 |
Managements' Opinion
Managements' Opinion | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Managements' Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of Xcel Energy Inc. and its subsidiaries (collectively, Xcel Energy) as of Sept. 30, 2009 and Dec.31, 2008; the results of its operations and changes in stockholders equity for the three and nine months ended Sept. 30, 2009 and 2008; and its cash flows for the nine months ended Sept. 30, 2009 and 2008. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2009 up to Oct.30, 2009, which is the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec.31, 2008 balance sheet information has been derived from the audited 2008 financial statements. These notes to the consolidated financial statements have been prepared pursuant to the rulesand regulations of the SEC for Quarterly Reports on Form10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rulesand regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Annual Report on Form10-K for the year ended Dec.31, 2008, filed with the SEC on Feb.27, 2009. Due to the seasonality of Xcel Energys electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in Xcel Energys Annual Report on Form10-K for the year ended Dec.31, 2008, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. Reclassifications Equity earnings of Xcel Energys unconsolidated subsidiaries were reclassified from interest and other income and income tax expense into a separate line item on the consolidated statements of income. The reclassification did not have an impact on net income or earnings per share. |
Accounting Pronouncements
Accounting Pronouncements | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Accounting Pronouncements | 2. Accounting Pronouncements Recently Adopted Business Combinations In December2007, the Financial Accounting Standards Board (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 entitys 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 December2007, 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 parents 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 parents 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 March2008, 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 entitys 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 Note 10 to the consolidated financial statements. Interim Fair Value Disclosures In April2009, the FASB issued new guidance on interim disclosures about f |
Selected Balance Sheet Data
Selected Balance Sheet Data | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Selected Balance Sheet Data | 3. Selected Balance Sheet Data (ThousandsofDollars) Sept. 30,2009 Dec.31,2008 Accounts receivable, net Accounts receivable $ 693,419 $ 965,020 Less allowance for bad debts (57,856 ) (64,239 ) $ 635,563 $ 900,781 Inventories Materials and supplies $ 173,674 $ 158,709 Fuel 214,792 227,462 Natural gas 166,463 280,538 $ 554,929 $ 666,709 Property, plant and equipment, net Electric plant $ 22,650,906 $ 21,601,094 Natural gas plant 3,231,528 3,004,088 Common and other property 1,491,664 1,497,162 Construction work in progress 1,688,560 1,832,022 Total property, plant and equipment 29,062,658 27,934,366 Less accumulated depreciation (10,843,820 ) (10,501,266 ) Nuclear fuel 1,711,047 1,611,193 Less accumulated amortization (1,415,093 ) (1,355,573 ) $ 18,514,792 $ 17,688,720 |
Discontinued Operations
Discontinued Operations | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Discontinued Operations | 4. Discontinued Operations Results of operations for divested businesses and the results of businesses held for sale are reported, for all periods presented, as discontinued operations. In addition, the assets and liabilities of the businesses divested and held for sale have been reclassified to assets and liabilities held for sale in the consolidated balance sheets. The majority of current and noncurrent assets related to discontinued operations are deferred tax assets associated with temporary differences and net operating loss (NOL) and tax credit carryforwards that will be deductible in future years. The major classes of assets and liabilities held for sale and related to discontinued operations are as follows: (ThousandsofDollars) Sept. 30, 2009 Dec.31,2008 Cash $ 8,656 $ 10,645 Deferred income tax benefits 91,174 39,422 Other current assets 28,210 6,574 Current assets held for sale and related to discontinued operations $ 128,040 $ 56,641 Deferred income tax benefits $ 117,217 $ 150,912 Other noncurrent assets 13,074 30,544 Noncurrent assets held for sale and related to discontinued operations $ 130,291 $ 181,456 Accounts payable $ 680 $ 760 Other current liabilities 27,378 6,169 Current liabilities held for sale and related to discontinued operations $ 28,058 $ 6,929 Noncurrent liabilities held for sale and related to discontinued operations $ 3,279 $ 20,656 |
Income Taxes
Income Taxes | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Income Taxes | 5. Income Taxes Xcel Energy files a consolidated federal income tax return and 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. Federal Audit In the first quarter of 2008, the Internal Revenue Service (IRS) completed an examination of Xcel Energys 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. Tax year 2004 is the earliest open year and the statute of limitations applicable to Xcel Energys 2004 federal income tax return remains open until Dec.31, 2009. The IRS commenced an examination of tax years 2006 and 2007 in the third quarter of 2008, and this audit is expected to be completed in the first quarter of 2010. As of Sept. 30, 2009, the IRS had not proposed any material adjustments to tax years 2006 and 2007. State AuditsIn the first quarter of 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 Sept. 30, 2009, Xcel Energys earliest open tax years that are subject to examination by state taxing authorities in its major operating jurisdictions are as follows: State Earliest Open Tax Year in Whichan Audit Can Be Initiated Colorado 2004 Minnesota 2004 Texas 2004 Wisconsin 2004 There currently are no state income tax audits in progress. Unrecognized Tax Benefits The amount of unrecognized tax benefits reported in continuing operations was $40.8 million on Sept. 30, 2009 and $35.5 million on Dec.31, 2008. The amount of unrecognized tax benefits reported in discontinued operations was $6.6 million on both Sept. 30, 2009 and Dec.31, 2008. The unrecognized tax benefit amounts reported in continuing operations were reduced by the tax benefits associated with NOL and tax credit carryovers of $13.2 million on Sept. 30, 2009 and $13.1 million on Dec.31, 2008. The unrecognized tax benefit amounts reported in discontinued operations were reduced by the tax benefits associated with NOL and tax credit carryovers of $31.7 million on Sept. 30, 2009 and $26.5 million on Dec.31, 2008. The unrecognized tax benefit balance reported in continuing operations included $8.8 million and $9.2 million of tax positions on Sept. 30, 2009 and Dec.31, 2008, respectively, which if recognized would affect the annual effective tax rate. In addition, the unrecognized tax benefit balance reported in continuing operations included $32.0 million and $26.3 million of tax positions on Sept. 30, 2009 and Dec.31, 2008, respectively, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. The increase in the unrecognized tax benefit balance reported in continuing operations of $7.3 million |
Rate Matters
Rate Matters | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Rate Matters | 6. Rate Matters Except to the extent noted below, the circumstances set forth in Note 16 to the consolidated financial statements included in Xcel Energys Annual Report on Form10-K for the year ended Dec.31, 2008 appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. The following discussion includes unresolved proceedings that are material to Xcel Energys financial position. NSP-Minnesota Pending and Recently Concluded Regulatory Proceedings Minnesota Public Utilities Commission (MPUC) Base Rate NSP-Minnesota Electric Rate Case In November2008, NSP-Minnesota filed a request with the MPUC to increase Minnesota electric rates by $156million annually. This request was later modified to $136 million. In September2009, the MPUC voted to approve a rate increase of approximately $91.4 million. 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-Minnesotas overall revenue deficiency by approximately $40 million, 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 $ 136 million $ 91 million Return on equity 11.0 % 10.88 % Equity ratio 52.5 % 52.5 % Electric rate base $ 4.1 billion $ 4.1 billion Depreciation life extension for Prairie Island nuclear plant 0 years 10 years As of Sept. 30, 2009, NSP-Minnesota accrued a customer refund of approximately $30.2 million to reflect the difference between interim rates that were implemented Jan.2, 2009 and the amount approved by the MPUC. The written order was issued Oct.23, 2009. Electric, Purchased Gas and Resource Adjustment Clauses Transmission Cost Recovery (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. In October2008, NSP-Minnesota submitted its proposed revised TCR rate factors, seeking to recover $14 million in 2009. A portion of amounts previously collected through the TCR rider prior to 2009 has been included for recovery in the NSP-Minnesota electric rate case described above. In June2009, the MPUC approved the rider request. The revised TCR rate recovery factors were placed into effect in July2009. In September2009, NSP-Minnesota submitted its proposed revised rate factors, seeking to recover an additional $15.6 million in TCR rates in 2010. The request is pending MPUC action. Renewable Energy Standard (RES) Rider The MPUC has approved an RES rider to recover the costs for utility-owned projects implemented in compliance with the RES. Under the rider, NSP-Minnesota recovered approximately $14.5 million in 2008 attributable to the Grand Meadow wind farm. In 2008, NSP-Minnesota submitted the RES rider for recovery of approximately $22 million in 2009 attributable |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Commitments and Contingent Liabilities | 7. Commitments and Contingent Liabilities Except to the extent noted below, the circumstances set forth in Notes 16, 17 and 18 to the consolidated financial statements included in Xcel Energys Annual Report on Form10-K for the year ended Dec.31, 2008, and Note 6 to the consolidated financial statements in this Quarterly Report on Form10-Q appropriately represent, in all material respects, the current status of commitments and contingent liabilities, including those regarding public liability for claims resulting from any nuclear incident, and are incorporated herein by reference. The following include contingencies and unresolved contingencies that are material to Xcel Energys financial position. Environmental Contingencies Xcel Energy and its subsidiaries have been, or are currently, involved with the cleanup of contamination from certain hazardous substances at several sites. In many situations, the subsidiary involved believes it will recover some portion of these costs through insurance claims. Additionally, where applicable, the subsidiary involved is pursuing, or intends to pursue, recovery from other potentially responsible parties (PRPs) and through the rate regulatory process. New and changing federal and state environmental mandates can also create added financial liabilities for Xcel Energy and its subsidiaries, which are normally recovered through the rate regulatory process. To the extent any costs are not recovered through the options listed above, Xcel Energy would be required to recognize an expense. Site Remediation Xcel Energy must pay all or a portion of the cost to remediate sites where past activities of its subsidiaries or other parties have caused environmental contamination. Environmental contingencies could arise from various situations, including sites of former manufactured gas plants (MGPs) operated by Xcel Energy subsidiaries, predecessors, or other entities; and third-party sites, such as landfills, to which Xcel Energy is alleged to be a PRP that sent hazardous materials and wastes. At Sept. 30, 2009, the liability for the cost of remediating these sites was estimated to be $103.1 million, of which $7.2million was considered to be a current liability. Manufactured Gas Plant Sites Ashland Manufactured Gas Plant Site NSP-Wisconsin has been named a PRP for creosote and coal tar contamination at a site in Ashland, Wis. The Ashland/Northern States Power Lakefront Superfund Site (Ashland site) includes property owned by NSP-Wisconsin, which was previously an MGP facility and two other properties: an adjacent city lakeshore park area, on which an unaffiliated third party previously operated a sawmill, and an area of Lake Superiors Chequamegon Bay adjoining the park. In September2002, the Ashland site was placed on the National Priorities List. A final determination of the scope and cost of the remediation of the Ashland site is not currently expected until late 2009 or 2010. In October2004, the state of Wisconsin filed a lawsuit in Wisconsin state court for reimbursement of past oversight costs incurred at the Ashland site between 1994 and March2003 in the approximate amount of $1.4m |
Short-Term Borrowings and Other
Short-Term Borrowings and Other Financing Instruments | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Short-Term Borrowings and Other Financing Instruments | 8. Short-Term Borrowings and Other Financing Instruments Commercial Paper At Sept. 30, 2009 and Dec.31, 2008, Xcel Energy and its utility subsidiaries had commercial paper outstanding of approximately $494.0 million and $330.3 million, respectively. The weighted average interest rates at Sept. 30, 2009 and Dec.31, 2008 were 0.47 percent and 3.53 percent, respectively. At Sept. 30, 2009 and Dec.31, 2008, Xcel Energy and its utility subsidiaries had combined board approval to issue up to $2.25 billion of commercial paper. Credit Facility Bank Borrowings At Dec.31, 2008, Xcel Energy and its subsidiaries had credit facility bank borrowings of $125.0 million with a weighted average interest rate of 1.88 percent. At Sept. 30, 2009, Xcel Energy and its subsidiaries had no credit facility bank borrowings. Money Pool Xcel Energy and its utility subsidiaries have established a money pool arrangement that allows for short-term loans between the utility subsidiaries and from the holding company to the utility subsidiaries at market-based interest rates. The money pool arrangement does not allow loans from the subsidiaries to the holding company. At Sept. 30, 2009 and Dec.31, 2008, Xcel Energy and its utility subsidiaries had money pool loans outstanding of $117.0 million and $104.5 million, respectively. The money pool loans are eliminated upon consolidation. The weighted average interest rates at Sept. 30, 2009 and Dec.31, 2008, were 0.50 percent and 3.48 percent, respectively. |
Long-Term Borrowings and Other
Long-Term Borrowings and Other Financing Instruments | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Long-Term Borrowings and Other Financing Instruments | 9. Long-Term Borrowings and Other Financing Instruments On March1, 2009, NSP-Wisconsin redeemed its 7.375percent $65.0million first mortgage bonds due Dec.1, 2026. In addition to repayment of all principal amounts, NSP-Wisconsin paid accrued interest and a redemption premium totaling approximately $3.0 million. On June4, 2009, PSCo issued $400 million of 5.125 percent first mortgage bonds, series due 2019. PSCo added the proceeds from the sale of the first mortgage bonds to its general funds and applied a portion of the net proceeds to fund the payment at maturity of $200 million of 6.875 percent unsecured senior notes due July15, 2009. In 1999, WYCO was formed as a joint venture with Colorado Interstate Gas Company (CIG) to develop and lease natural gas pipeline, storage, and compression facilities. Xcel Energy has a 50 percent ownership interest in WYCO. In June2009, having achieved certain phases of construction, WYCOs Totem gas storage facilities (Totem) were placed in service. WYCO will lease Totem to CIG, and CIG will operate the facilities, providing natural gas storage services to PSCo under a service arrangement that commenced on July1, 2009. Xcel Energy accounts for PSCos service arrangement with CIG as a capital lease in accordance with the authoritative guidance on lease accounting. As a result, Xcel Energy recorded a $67 million capital lease obligation as of Sept. 30, 2009. WYCO is expected to incur approximately $20 million of additional construction costs to complete construction and make Totem operational at full storage capacity. |
Derivative Instruments
Derivative Instruments | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Derivative Instruments | 10. Derivative Instruments Effective Jan.1, 2009, Xcel Energy adopted new guidance on disclosures about derivative instruments and hedging activities contained in ASC 815 Derivatives and Hedging, which requires additional disclosures regarding why an entity uses derivative instruments, the volume of an entitys 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. See additional information pertaining to the valuation of derivative instruments in Note 12 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 Sept. 30, 2009, accumulated other comprehensive income related to interest rate derivatives included $0.8 million of net losses expected to be reclassified into earnings during the next 12months as the related hedged interest rate transactions impact earnings. At Sept. 30, 2009, Xcel Energy had an unsettled interest rate swap outstanding at SPS with a notional amount of $25 million. The interest rate swap is not designated as a hedging instrument, and as such, changes in the fair value for the interest rate swap are recorded to earnings. Commodity Derivatives Xcel Energys 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 Sept. 30, 2009, Xcel Energy had various utility commodity and vehicle fuel related contracts designated as cash flow hedges extending through December2012. Xcel Energys 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 other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on the commission approved regulatory recovery mechanisms. Xcel Energy recorded immaterial amounts to income related to the ineffectiveness of cash flow hedges for the nine months ended Sept. 30, 2009 and 200 |
Financial Instruments
Financial Instruments | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Financial Instruments | 11. Financial Instruments The estimated fair values of Xcel Energys recorded financial instruments are as follows: Sept. 30, 2009 Dec.31, 2008 (ThousandsofDollars) Carrying Amount Fair Value Carrying Amount Fair Value Nuclear decommissioning fund $ 1,234,006 $ 1,234,006 $ 1,075,294 $ 1,075,294 Other investments 11,477 11,477 9,864 9,864 Long-term debt, including current portion 8,129,934 9,045,330 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 Energys 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 Energys other investments are estimated based on quoted market prices for those or similar investments. The fair value of Xcel Energys 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 Sept. 30, 2009 and Dec.31, 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 Energys 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 Sept. 30, 2009 and Dec.31, 2008, Xcel Energy had issued guarantees of up to $71.4 million and $67.5 million, respectively, with $17.9 million and $18.2 million 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 Sept. 30, 2009 and Dec.31, 2008, was approximately $29.9 million and $27.9 million, 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. Letters of Credit Xcel Energy and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At Sept. 30, 2009 and Dec.31, 2008, there were $22.1 million and $24.1 million of letters of credit outstanding, respectively. The contract amounts of these letters of credit approximate their fair value and are subject to fees |
Fair Value Measurements
Fair Value Measurements | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements Effective Jan.1, 2008, Xcel Energy adopted new guidance for recurring fair value measurements contained in ASC 820 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: Level 1 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 Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed by the New York Stock Exchange and commodity derivative contracts listed on the New York Mercantile Exchange. Level 2 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 Level 2 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. Level 3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as the complex and subjective models and forecasts used to determine the fair value of financial transmission rights (FTRs). The following tables present, for each of these hierarchy levels, Xcel Energys assets and liabilities that are measured at fair value on a recurring basis: Sept. 30, 2009 Counterparty (ThousandsofDollars) Level1 Level2 Level3 Netting Net Balance Assets Nuclear decommissioning fund Cash equivalents $ $ 16,386 $ $ $ 16,386 Debt securities 569,303 98,233 667,536 Equity securities 550,084 550,084 Commodity derivatives 63,768 64,037 (18,180 ) 109,625 Total $ 550,084 $ 649,457 $ 162,270 $ (18,180 ) $ 1,343,631 Liabilities Commodity derivatives $ $ 40,585 $ 19,716 $ (22,594 ) $ 37,707 Interest rate derivatives 17,602 17,602 Total $ $ 58,187 $ 19,716 $ (22,594 ) $ 55,309 Dec.31, 2008 Counterparty (ThousandsofDollars) Level1 Level2 Level3 Netting Net Balance Assets Cash equivalents $ $ 50,000 $ $ $ 50,000 Nuclear decommissioning fund Cash equivalents 8,449 8,449 Debt securities 491,486 109,423 600,909 Equity securities |
Other Income
Other Income (Expense), Net | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Other Income (Expense), Net | 13. Other Income (Expense), Net Other income (expense), net consisted of the following: Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (ThousandsofDollars) 2009 2008 2009 2008 Interest income $ 2,709 $ 9,854 $ 8,775 $ 22,244 Other nonoperating income 248 1,146 3,078 4,752 Insurance policy (expenses) income (3,534 ) (1,264 ) (6,877 ) 274 Other nonoperating expenses (400 ) (582 ) Other income (expense), net $ (977 ) $ 9,736 $ 4,394 $ 27,270 |
Segment Information
Segment Information | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Segment Information | 14. Segment Information Xcel Energy has the following reportable segments: regulated electric, regulated natural gas and all other. Commodity trading operations performed by regulated operating companies are not a reportable segment and are included in the regulated electric segment. Regulated Regulated All Reconciling Consolidated (ThousandsofDollars) Electric NaturalGas Other Eliminations Total Three Months Ended Sept. 30, 2009 Operating revenues from external customers $ 2,128,955 $ 169,601 $ 16,006 $ $ 2,314,562 Intersegment revenues 151 584 (735 ) Total revenues $ 2,129,106 $ 170,185 $ 16,006 $ (735 ) $ 2,314,562 Income (loss) from continuing operations $ 235,751 $ (1,000 ) $ 152 $ (13,110 ) $ 221,793 Three Months Ended Sept. 30, 2008 Operating revenues from external customers $ 2,576,467 $ 258,961 $ 16,252 $ $ 2,851,680 Intersegment revenues 225 1,208 (1,433 ) Total revenues $ 2,576,692 $ 260,169 $ 16,252 $ (1,433 ) $ 2,851,680 Income (loss) from continuing operations $ 223,464 $ 3,960 $ 7,817 $ (12,546 ) $ 222,695 Regulated Regulated All Reconciling Consolidated (ThousandsofDollars) Electric NaturalGas Other Eliminations Total Nine Months Ended Sept. 30, 2009 Operating revenues from external customers $ 5,749,207 $ 1,224,161 $ 52,819 $ $ 7,026,187 Intersegment revenues 569 2,505 (3,074 ) Total revenues $ 5,749,776 $ 1,226,666 $ 52,819 $ (3,074 ) $ 7,026,187 Income (loss) from continuing operations $ 473,392 $ 71,070 $ 14,739 $ (44,526 ) $ 514,675 Nine Months Ended Sept. 30, 2008 Operating revenues from external customers $ 6,704,164 $ 1,736,701 $ 54,718 $ $ 8,495,583 Intersegment revenues 767 5,831 (6,598 ) Total revenues $ 6,704,931 $ 1,742,532 $ 54,718 $ (6,598 ) $ 8,495,583 Income (loss) from continuing operations $ 423,310 $ 83,398 $ 23,423 $ (47,969 ) $ 482,162 |
Common Stock and Equivalents
Common Stock and Equivalents | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Common Stock and Equivalents | 15. Common Stock and Equivalents Xcel Energy 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. For the three months ended Sept. 30, 2009 and 2008, Xcel Energy had approximately 7.3 million and 8.0 million stock options outstanding, respectively, that were antidilutive and excluded from the earnings per share calculation. For the nine months ended Sept. 30, 2009 and 2008, Xcel Energy had approximately 7.7 million and 8.0 million stock options outstanding, respectively, that were antidilutive and excluded from the earnings per share calculation. The dilutive impact of common stock equivalents affected earnings per share as follows for the three and nine months ended Sept. 30, 2009 and 2008: Three Months Ended Sept. 30, 2009 Three Months Ended Sept. 30, 2008 PerShare PerShare (Amountsinthousands,exceptpersharedata) Income Shares Amount Income Shares Amount Net income $ 220,828 $ 222,789 Less: Dividend requirements on preferred stock (1,060 ) (1,060 ) Basic earnings per share: Earnings available to common shareholders 219,768 456,769 $ 0.48 221,729 434,131 $ 0.51 Effect of dilutive securities: Convertible senior notes 801 4,663 401(k)equity awards 683 583 Stock options 1 20 Diluted earnings per share: Earnings available to common shareholders and assumed conversions $ 219,768 457,453 $ 0.48 $ 222,530 439,397 $ 0.51 Nine Months Ended Sept. 30, 2009 Nine Months Ended Sept. 30, 2008 (Amountsinthousands,exceptpersharedata) Income Shares Per Share Amount Income Shares Per Share Amount Net income $ 512,002 $ 481,478 Less: Dividend requirements on preferred stock (3,180 ) (3,180 ) Basic earnings per share: Earnings available to common shareholders 508,822 456,095 $ 1.12 478,298 431,511 $ 1.11 Effect of dilutive securities: Convertible senior notes 2,382 4,663 401(k)equity awards 634 516 Stock options 26 Diluted earnings per share: Earnings available to common shareholders and assumed conversions $ 508,822 456,729 $ 1.11 $ 480,680 436,716 $ 1.10 |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Consolidated Financials [Abstract] | |
Benefit Plans and Other Postretirement Benefits | 16. Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30, 2009 2008 2009 2008 Postretirement Health (ThousandsofDollars) Pension Benefits Care Benefits Service cost $ 16,365 $ 15,851 $ 1,166 $ 1,338 Interest cost 42,448 42,630 12,603 12,720 Expected return on plan assets (64,135 ) (68,584 ) (5,694 ) (7,963 ) Amortization of transition obligation 3,611 3,644 Amortization of prior service cost (credit) 6,155 5,166 (681 ) (544 ) Amortization of net loss 3,114 3,185 4,832 2,875 Net periodic benefit cost (credit) 3,947 (1,752 ) 15,837 12,070 (Cost) credits not recognized and additional cost recognized due to theeffects of regulation (723 ) 2,258 972 972 Net benefit cost recognized for financial reporting $ 3,224 $ 506 $ 16,809 $ 13,042 Nine Months Ended Sept. 30, 2009 2008 2009 2008 Postretirement Health (ThousandsofDollars) Pension Benefits Care Benefits Service cost $ 49,095 $ 47,553 $ 3,499 $ 4,013 Interest cost 127,343 127,890 37,809 38,160 Expected return on plan assets (192,404 ) (205,753 ) (17,082 ) (23,888 ) Amortization of transition obligation 10,833 10,932 Amortization of prior service cost (credit) 18,464 15,498 (2,044 ) (1,632 ) Amortization of net loss 9,342 9,555 14,497 8,624 Net periodic benefit cost (credit) 11,840 (5,257 ) 47,512 36,209 (Cost) credits not recognized and additional cost recognized due to theeffects of regulation (2,169 ) 6,775 2,918 2,918 Net benefit cost recognized for financial reporting $ 9,671 $ 1,518 $ 50,430 $ 39,127 During 2009, voluntary contributions were made by Xcel Energy to the New Century Energies Inc. Retirement Plan for PSCo Bargaining Unit Employees and Former Non Bargaining Unit Employees (PSCo Bargaining Plan) of $1.5 million and to the Xcel Energy Inc. Non Bargaining Pension Plan (South) of $0.5 million. In addition, voluntary contributions were made by PSCo to the PSCo Bargaining Plan of $71.6 million and to the Xcel Energy Inc. Non Bargaining Pension Plan (South) of $18.3 million, and by SPS to the Xcel Energy Inc. Non Bargaining Pension Plan (South) of $8.0 million. |
Document and Entity Information
Document and Entity Information (USD $) | |||
9 Months Ended
Sep. 30, 2009 | Oct. 26, 2009
| Jun. 30, 2008
| |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | XCEL ENERGY INC | ||
Entity Central Index Key | 0000072903 | ||
Document Type | 10-Q | ||
Document Period End Date | 2009-09-30 | ||
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 | $8,648,495,720 | ||
Entity Common Stock, Shares Outstanding | 456,645,598 |