Xcel Energy Inc – ‘8-K’ for 1/31/94 – EX-28

As of:  Wednesday, 2/9/94   ·   For:  1/31/94   ·   Accession #:  72903-94-4   ·   File #:  1-03034

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         8-K Dated February 9, 1994                             2±    11K 
 2: EX-28       Exhibits to 8-K                                        8±    43K 

EX-28   —   Exhibits to 8-K

                                                        [Enlarge/Download Table]
Item 7.  Financial Statements, Pro Forma Financial Information                                  Exhibit 28.01        
and Exhibits                                                                                      Page 1 of 6        

Northern States Power Company (Minnesota and Subsidiaries)                                                           

Consolidated Statements of Income (Unaudited)                                               Year Ended Dec. 31       

(Thousands of dollars, except per share data)                                     1993         1992            1991  
                                                                                                                     
Utility Operating Revenues                                                  $2 403 992   $2 159 522       $2 201 158 

Utility Operating Expenses                                                                                           
  Electric production expenses - fuel and purchased power                      524 126      451 696          452 157 
  Cost of gas purchased and transported                                        282 028      220 370          211 361 
  Other operation                                                              304 675      307 232          301 388 
  Maintenance                                                                  161 413      180 585          182 540 
  Administrative and general                                                   182 535      187 975          179 860 
  Conservation and energy management                                            29 358       17 626           17 894 
  Depreciation and amortization                                                264 517      242 914          234 163 
  Property and general taxes                                                   223 108      204 439          198 998 
  Income taxes                                                                 128 346       90 669          117 336 
    Total                                                                    2 100 106    1 903 506        1 895 697 

Utility Operating Income                                                       303 886      256 016          305 461 

Other Income and Expense                                                                                             
  Allowance for funds used during construction - equity                          7 328        8 993            7 534 
  Other income and deductions - net                                              8 618       (1 041)            (290)
    Total                                                                       15 946        7 952            7 244 

Income Before Interest Charges                                                 319 832      263 968          312 705 

Interest Charges                                                                                                     
  Interest on long-term debt                                                   104 714      103 035          102 929 
  Other interest and amortization                                                8 848        6 203            6 783 
  Allowance for funds used during construction - debt                           (5 470)      (6 198)          (4 019)
    Total                                                                      108 092      103 040          105 693 

Income From Continuing Operations Before Accounting Change                     211 740      160 928          207 012 

Discontinued Operations                                                                                              
  Income from discontinued telephone operations (net of income taxes)                                            237 
  Gain on disposal of telephone operations (net of income taxes of $9,863)                                    16 798 
    Total                                                                                                     17 035 

Accounting Change                                                                                                    
  Cumulative effect on prior years of change in accounting                                                           
    principle - unbilled revenues (net of deferred income                                                            
      taxes of $30,594)                                                                      45 512                  

Net Income                                                                     211 740      206 440          224 047 
Preferred Stock Dividends                                                       14 580       16 172           17 994 
Earnings Available for Common Stock                                           $197 160     $190 268         $206 053 
Average number of common and equivalent shares                                                                       
  outstanding (000's)                                                           65 211       62 641           62 566 
Earnings per average common share:                                                                                   
  Continuing operations before accounting change                                 $3.02        $2.31            $3.02 
  Discontinued telephone operations                                                                              .27 
  Cumulative effect of unbilled revenue accounting change                                       .73                  
    Total                                                                        $3.02        $3.04            $3.29 
Common Dividends Declared per Share                                             $2.565       $2.495           $2.395 

                                                        [Enlarge/Download Table]
Item 7 Financial Statements, Pro Forma Financial Information                            Exhibit 28.01        
and Exhibits                                                                              Page 2 of 6        

Northern States Power Company (Minnesota and Subsidiaries)                                                   

Consolidated Statements of Cash Flows (Unaudited)                                    Year Ended Dec. 31      

(Thousands of dollars)                                                        1993       1992           1991 
                                                                                                             
Cash Flows from Operating Activities:                                                                        
  Net Income                                                              $211 740   $206 440       $224 047 
  Adjustments to reconcile net income to cash from operating activities:                                     
    Depreciation and amortization                                          286 855    261 457        255 826 
    Nuclear fuel amortization                                               43 120     45 129         48 886 
    Deferred income taxes from operations                                   12 256      5 186         23 696 
    Investment tax credit amortization                                      (9 320)    (9 708)        (9 629)
    Allowance for funds used during construction - equity                   (7 328)    (8 993)        (7 534)
    Cumulative effect of unbilled revenue accounting change - net of tax              (45 512)               
    Gain on disposal of telephone operations                                                         (26 661)
    Conservation program expenditures - net of amortization                (21 185)   (16 948)        (2 739)
    Cash provided by (used for) changes in certain working                                                   
      capital items                                                         33 259    (31 478)      (103 923)
    Cash provided by changes in other assets and liabilities                12 437      4 029          4 625 

Net Cash Provided by Operating Activities                                  561 834    409 602        406 594 

Cash Flows from Investing Activities:                                                                        
  Capital expenditures                                                    (361 695)  (427 815)      (349 862)
  Increase (decrease) in construction payables                               2 598     (2 863)         7 120 
  Allowance for funds used during construction - equity                      7 328      8 993          7 534 
  Sale of short-term investments - net                                          62      1 552         70 853 
  Investment in external decommissioning fund                              (32 578)   (27 929)       (40 871)
  Business acquisitions                                                   (159 385)                          
  Proceeds from sale of telephone operations                                                          48 000 
  Investments in non-regulated projects and other                          (27 099)     1 548           (241)

Net Cash Used for Investing Activities                                    (570 769)  (446 514)      (257 467)

Cash Flows from Financing Activities:                                                                        
  Change in short-term debt - net issuances (repayments)                   (40 361)   146 561                
  Proceeds from issuance of long-term debt                                 613 120    126 531         49 957 
  Repayment of long-term debt including reacquisition premiums            (489 106)   (48 344)       (23 833)
  Proceeds from issuance of common stock                                   183 654      2 940                
  Redemption of preferred stock including premium                          (36 092)   (25 838)               
  Dividends paid                                                          (180 220)  (171 355)      (166 394)

Net Cash Provided by (Used for) Financing Activities                        50 995     30 495       (140 270)

Net Increase (Decrease) in Cash and Cash Equivalents                        42 060     (6 417)         8 857 
Cash and Cash Equivalents at Beginning of Period                            15 752     22 169         13 312 
Cash and Cash Equivalents at End of Period                                 $57 812    $15 752        $22 169 

Cash Provided by (Used for) Changes in Certain Working Capital Items:                                        
  Accounts receivable and accrued utility revenues                        $(50 403)  $(14 108)      $(32 121)
  Materials and supplies inventories                                        13 911     (5 280)       (10 327)
  Payables and accrued liabilities (excluding construction                                                   
   payables)                                                                53 898      5 206         (7 661)
  Customer rate refunds                                                     12 584    (11 987)       (73 086)
  Other                                                                      3 269     (5 309)        19 272 

    Net                                                                    $33 259   $(31 478)     $(103 923)

Supplemental Disclosures of Cash Flow Information:                                                           
  Cash paid during the year for:                                                                             
    Interest (net of amount capitalized)                                  $107 037    $99 669       $102 574 
    Income taxes                                                          $101 566    $93 032       $118 123 
                                                        [Enlarge/Download Table]
Item 7 Financial Statements, Pro Forma Financial Information         Exhibit 28.01          
and Exhibits                                                           Page 3 of 6          

Northern States Power Company (Minnesota and Subsidiaries)                                  

Consolidated Balance Sheets (Unaudited)                                     Dec. 31         

(Thousands of dollars)                                               1993              1992 
                                                                                            
Assets                                                                                      
Utility Plant                                                                               
  Electric - including construction work in progress:                                       
    1993, $174,893; 1992, $147,763                             $6 167 670        $5 956 865 
  Gas                                                             621 871           481 157 
  Other                                                           237 293           199 912 
      Total                                                     7 026 834         6 637 934 
    Accumulated provision for depreciation                     (2 888 144)       (2 593 213)
  Nuclear fuel - including amounts in process:                                              
    1993, $15,358; 1992, $29,725                                  749 078           711 517 
    Accumulated provision for amortization                       (673 669)         (630 548)
        Net utility plant                                       4 214 099         4 125 690 
Current Assets                                                                              
  Cash and cash equivalents                                        57 812            15 752 
  Short-term investments - at cost, which approximates market          26                88 
  Accounts receivable - net of accumulated provision for                                    
    uncollectible accounts:  1993, $4,476; 1992, $4,046           266 531           224 618 
  Accrued utility revenues                                        111 296           100 172 
  Federal income tax refund receivable                             20 927            24 525 
  Materials and supplies - at average cost                                                  
    Fuel                                                           41 776            53 826 
    Other                                                         103 599           105 041 
  Prepayments and other                                            40 885            28 724 
      Total current assets                                        642 852           552 746 
Other Assets                                                                                
  Regulatory assets                                               334 354           239 487 
  External decommissioning fund and other investments             169 745           108 865 
  Non-regulated property - net of accumulated depreciation of     156 707            94 305 
    $63,267 and $54,669, respectively                                                       
  Intangible assets and other                                      69 961            21 368 
       Total other assets                                         730 767           464 025 
      Total                                                    $5 587 718        $5 142 461 

Liabilities & Equity                                                                        
Capitalization (See pages 5-6)                                                              
  Common stockholders' equity                                  $1 827 454        $1 622 098 
  Preferred stockholders' equity                                  240 469           275 493 
  Long-term debt                                                1 291 867         1 299 850 
      Total capitalization                                      3 359 790         3 197 441 
Current Liabilities                                                                         
  Long-term debt due within one year                               90 618            32 426 
  Redeemable long-term debt                                       141 600            41 600 
  Short-term debt - commercial paper                              106 200           146 561 
  Accounts payable                                                210 654           180 149 
  Taxes accrued                                                   177 853           161 533 
  Interest accrued                                                 24 110            27 590 
  Dividends declared on common and preferred stocks                46 195            43 220 
  Estimated rate refunds to customers                              12 584                 0 
  Accrued payroll and other                                        61 208            39 065 
      Total current liabilities                                   871 022           672 144 
Other Liabilities                                                                           
  Deferred income taxes                                           788 378           770 092 
  Deferred investment tax credits                                 187 466           200 207 
  Regulatory liabilities                                          243 880           232 466 
  Pension and other benefit obligations                            62 743            38 037 
  Other long-term obligations and deferred income                  74 439            32 074 
      Total other liabilities                                   1 356 906         1 272 876 
Commitments and Contingent Liabilities                                                      
      Total                                                    $5 587 718        $5 142 461 
                                                        [Enlarge/Download Table]
Item 7 Financial Statements, Pro Forma Financial Information                                           Exhibit 28.01 
and Exhibits                                                                                             Page 4 of 6 

Northern States Power Company (Minnesota and Subsidiaries)                                                           

Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited)                                        


                                                         Number of                             Retained   Shares Held
(Dollar amounts in thousands)                          Shares Issued    Par Value  Premium     Earnings     by ESOP  
                                                                                                                     
Balance at Dec. 31, 1990                                 62 541 404     $156 354   $368 021   $1 010 341     $(7 626)
Net Income                                                                                       224 047             
Dividends Declared:                                                                                                  
  Cumulative preferred stock at required rates                                                   (17 994)            
  Common stock                                                                                  (149 787)            
Capital Stock Expense and Other                                                                      (48)            
Loan to ESOP to purchase shares                                                                              (15 000)
Repayment of ESOP loan                                                                                         8 522 
Balance at Dec. 31, 1991                                 62 541 404     $156 354   $368 021   $1 066 559    $(14 104)
Net Income                                                                                       206 440             
Dividends Declared:                                                                                                  
  Cumulative preferred stock at required rates                                                   (16 172)            
  Common stock                                                                                  (156 109)            
Exercise of Stock Options and Other Stock Awards             56 956          142      2 805                          
Preferred Stock Redemption and Stock Issuance Costs                                      (7)        (822)            
Repayment of ESOP loan                                                                                         8 991 
Balance at Dec. 31, 1992                                 62 598 360     $156 496   $370 819   $1 099 896     $(5 113)
Net Income                                                                                       211 740             
Dividends Declared:                                                                                                  
  Cumulative preferred stock at required rates                                                   (14 580)            
  Common stock                                                                                  (168 615)            
Issuances of Common Stock                                 4 281 217       10 703    176 296                          
Preferred Stock Redemption and Stock Issuance Costs                                  (3 345)      (1 069)            
Loan to ESOP to purchase shares                                                                              (15 000)
Repayment of ESOP loan                                                                                         9 226 
Balance at Dec. 31, 1993                                 66 879 577     $167 199   $543 770   $1 127 372    $(10 887)
                                                        [Enlarge/Download Table]
Item 7 Financial Statements, Pro Forma Financial Information                                          Exhibit 28.01         
and Exhibits                                                                                            Page 5 of 6         

Northern States Power Company (Minnesota and Subsidiaries)                                                                  

Consolidated Statements of Capitalization (Unaudited)                                                      Dec. 31          

(Thousands of dollars)                                                                               1993              1992 
                                                                                                                            
Common Stockholders' Equity                                                                                                 
  Common stock-authorized 160,000,000 shares of $2.50 par value;                                                            
    issued shares:  1993, 66,879,577; 1992, 62,598,360                                         $  167 199          $156 496 
  Premium on common stock                                                                         543 770           370 819 
  Retained earnings                                                                             1 127 372         1 099 896 
  Leveraged common stock held by Employee Stock Ownership Plan (ESOP)                                                       
    - shares at cost:  1993, 239,940; 1992, 143,217                                               (10 887)           (5 113)

        Total common stockholders' equity                                                      $1 827 454        $1 622 098 

Cumulative Preferred Stock - authorized 7,000,000 shares of $100 par value;                                                 
    outstanding shares:  1993, 2,400,000; 1992, 2,750,000                                                                   
  Minnesota Company                                                                                                         
    $3.60 series, 275,000 shares                                                                 $ 27 500          $ 27 500 
     4.08 series, 150,000 shares                                                                   15 000            15 000 
     4.10 series, 175,000 shares                                                                   17 500            17 500 
     4.11 series, 200,000 shares                                                                   20 000            20 000 
     4.16 series, 100,000 shares                                                                   10 000            10 000 
     4.56 series, 150,000 shares                                                                   15 000            15 000 
     6.80 series, 200,000 shares                                                                   20 000            20 000 
     7.00 series, 200,000 shares                                                                   20 000            20 000 
     7.84 series, 350,000 shares                                                                                     35 000 
     Variable Rate series A, 300,000 shares                                                        30 000            30 000 
     Variable Rate series B, 650,000 shares                                                        65 000            65 000 
  Total                                                                                           240 000           275 000 
  Premium on preferred stock                                                                          469               493 

Total preferred stockholders' equity                                                             $240 469          $275 493 

Long-Term Debt                                                                                                              
  First Mortgage Bonds Minnesota Company                                                                                    
    Series due:                                                                                                             
    Sept. 1, 1993, 4 3/8%                 $ 15 000    March 1, 2002, 7 3/8%          50 000                                 
    June 1, 1995, 6 1/8%                    30 000    Feb. 1, 2003, 7 1/2%           50 000                                 
    March 1, 1996, 6.2%                      8 800*   Jan. 1, 2004, 8 3/8%           75 000                                 
    Aug. 1, 1996, 5 7/8%                    45 000    May 1, 2005, 9 1/2%            79 200                                 
    Oct. 1, 1997, 5 7/8%                   100 000    Dec. 1, 1992-2006, 6.54%       24 400**                               
    Oct. 1, 1997, 6 1/2%                    30 000    March 1, 2011, Variable Rate   13 700*                                
    May 1, 1998, 6 3/4%                     45 000    Dec. 1, 2013, 10 3/8%         100 000*                                
    Oct. 1, 1999, 8%                        45 000    July 1, 2019, 9 1/8%          100 000                                 
    March 1, 2001, 8%                       50 000    June 1, 2020, 9 3/8%          100 000                                 
    June 1, 2001, 8 1/4%                    50 000                                                                          
          Total                                                                                $1 011 100        $1 011 100 
    Issuance of Series due Dec. 1, 2000, 5 3/4%                                                   100 000                   
    Issuance of Series due April 1, 2003, 6 3/8%                                                   80 000                   
    Issuance of Series due Dec. 1, 2005, 6 1/8%                                                    70 000                   
    Less redemption of 1993, 1999, 2001, 2005 and 2013 series bonds                              (339 200)                  
    Less sinking fund and other redemptions                                                        (2 000)                  
    Less redeemable bonds classified as current                                                   (13 700)          (13 700)
    Less current maturities, including in 1993 the 2004 series bonds                                                        
      redeemed in January 1994                                                                    (76 100)          (16 000)

          Net                                                                                    $830 100          $981 400 

 * Pollution control financing                                                                                              
** Resource recovery financing                                                                                              
                                                        [Enlarge/Download Table]
Item 7 Financial Statements, Pro Forma Financial Information                 Exhibit 28.01       
and Exhibits                                                                   Page 6 of 6       

Northern States Power Company (Minnesota and Subsidiaries)                                       

Consolidated Statements of Capitalization (Unaudited) - continued                                

                                                                                Dec. 31          

(Thousands of dollars)                                                   1993              1992  
                                                                                                 
Long-Term Debt-continued                                                                         
  First Mortgage Bonds Wisconsin Company --                                                      
    (less reacquired bonds of $42 at Dec. 31, 1992)                                              
    Series due:                                                                                  
    Aug. 1, 1994, 4 1/2%                                                                $10 938  
    Dec. 1, 1999, 9 1/4%                                                                  7 800  
    Oct. 1, 2003, 5 3/4%                                              $40 000                    
    Oct. 1, 2003, 7 3/4%                                                                 24 570  
    July 1, 2016, 9 1/4%                                                                 47 500  
    March 1, 2018, 9 3/4%                                                                38 400  
    April 1, 2021, 9 1/8%                                              49 000            49 500  
    March 1, 2023, 7 1/4%                                             110 000                    
   Total                                                              199 000           178 708  
   Less current maturities - 1999 series redeemed in January 1993                        (7 800) 
   Less sinking fund requirements not reacquired                                         (1 808) 

    Net                                                              $199 000          $169 100  

  Guaranty Agreements Minnesota Company                                                          
    Series due:                                                                                  
    Feb. 1, 1992-2003, 5.41%                                          $ 6 100*          $ 6 400* 
    May 1, 1992-2003, 5.69%                                            25 250*           25 750* 
    Feb. 1, 2003, 7.40%                                                 3 500*            3 500* 
  Total                                                                34 850            35 650  
  Less current maturities                                                (700)             (800) 
    Net                                                               $34 150           $34 850  

  Miscellaneous Long-Term Debt                                                                   
    City of Becker Pollution Control Revenue Bonds-Series due                                    
      Dec. 1, 2005, 7.25%                                             $ 9 000*          $ 9 000* 
      April 1, 2007, 6.80%                                             60 000*           60 000* 
      March 1, 2019, Variable Rate                                     27 900*           27 900* 
      Sept. 1, 2019, Variable Rate                                    100 000*                   
    Anoka County Resource Recovery Bond-Series due                                               
      Dec. 1, 1992-2008, 7.04%                                         26 100**          26 950**
    City of La Crosse, Resource Recovery Bond-Series due                                         
      Nov. 1, 2011, 7 3/4%                                             18 600**          18 600**
    Viking Gas Transmission Company Senior Notes-Series due                                      
      Oct. 31, 2008, 6.4%                                              31 644                    
    NRG Energy Center, Inc. Senior Secured Notes-Series due                                      
      June 15, 2013, 7.31%                                             83 518                    
    Employee Stock Ownership Bank Loans due 1992-1995,                                           
      Variable Rate                                                    10 887             5 113  
    Other                                                               8 397             4 075  
  Total                                                               376 046           151 638  
  Less redeemable Becker bonds classified as current                 (127 900)          (27 900) 
  Less current maturities                                             (13 818)           (6 018) 
    Net                                                               234 328          $117 720  

Unamortized discount on long-term debt-net                             (5 711)           (3 220) 

        Total long-term debt                                        1 291 867         1 299 850  

          Total capitalization                                     $3 359 790        $3 197 441  

 * Pollution control financing                                                                   
** Resource recovery financing                                                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing		Date		Other Filings
		3/1/23
		4/1/21
		6/1/20
		9/1/19
		7/1/19
		3/1/19
		3/1/18
		7/1/16
		12/1/13
		6/15/13
		11/1/11
		3/1/11		3,  4,  8-K
		10/31/08		8-K
		4/1/07
		12/1/05
		5/1/05
		1/1/04
		10/1/03		4
		4/1/03		4
		2/1/03
		3/1/02		4
		6/1/01
		3/1/01
		12/1/00
		12/1/99
		10/1/99
		5/1/98
		10/1/97
		8/1/96
		3/1/96		8-K
		6/1/95
		8/1/94
Filed on:		2/9/94
For Period End:		1/31/94
		9/1/93
		12/31/92
		12/1/92
		5/1/92
		2/1/92
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