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As Of Filer Filing For·On·As Docs:Size 8/01/19 Xcel Energy Inc 10-Q 6/30/19 83:15M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.96M
2: EX-31.01 Certification -- §302 - SOA'02 HTML 32K
3: EX-31.02 Certification -- §302 - SOA'02 HTML 33K
4: EX-32.01 Certification -- §906 - SOA'02 HTML 29K
11: R1 Cover Page HTML 79K
12: R2 Consolidated Statements of Income (Unaudited) HTML 109K
13: R3 Consolidated Statements of Income (Unaudited) HTML 28K
(Parenthetical)
14: R4 Consolidated Statements of Comprehensive Income HTML 65K
(Unaudited)
15: R5 Consolidated Statements of Comprehensive Income HTML 39K
(Unaudited) (Parenthetical)
16: R6 Consolidated Statements of Cash Flows (Unaudited) HTML 138K
17: R7 Consolidated Balance Sheets (Unaudited) HTML 160K
18: R8 Consolidated Balance Sheets (Unaudited) HTML 32K
(Parenthetical)
19: R9 Consolidated Statements of Common Stockholders' HTML 84K
Equity (Unaudited)
20: R10 Management's Opinion HTML 33K
21: R11 Summary of Significant Accounting Policies HTML 28K
22: R12 Accounting Pronouncements HTML 32K
23: R13 Selected Balance Sheet Data HTML 66K
24: R14 Borrowings and Other Financing Instruments HTML 89K
25: R15 Revenues HTML 180K
26: R16 Income Taxes HTML 82K
27: R17 Earnings Per Share HTML 31K
28: R18 Fair Value of Financial Assets and Liabilities HTML 607K
29: R19 Benefit Plans and Other Postretirement Benefits HTML 90K
30: R20 Commitments and Contingencies HTML 172K
31: R21 Other Comprehensive Income HTML 107K
32: R22 Segment Information HTML 97K
33: R23 Selected Balance Sheet Data (Tables) HTML 71K
34: R24 Borrowings and Other Financing Instruments HTML 73K
(Tables)
35: R25 Revenues (Tables) HTML 179K
36: R26 Income Taxes (Tables) HTML 89K
37: R27 Fair Value of Financial Assets and Liabilities HTML 595K
(Tables)
38: R28 Benefit Plans and Other Postretirement Benefits HTML 89K
(Tables)
39: R29 Commitments and Contingencies (Tables) HTML 214K
40: R30 Other Comprehensive Income (Tables) HTML 106K
41: R31 Segment Information (Tables) HTML 92K
42: R32 Accounting Pronouncements Accounting HTML 33K
Pronouncements (Details)
43: R33 Selected Balance Sheet Data Balance Sheet Data, HTML 34K
Accounts Receivable (Details)
44: R34 Selected Balance Sheet Data Balance Sheet Related HTML 34K
Disclosures, Inventories (Details)
45: R35 Balance Sheet Related Disclosures, Property, Plant HTML 51K
and Equipment (Details)
46: R36 Borrowings and Other Financing Instruments, HTML 42K
Commercial Paper (Details)
47: R37 Revenues (Details) HTML 97K
48: R38 Borrowings and Other Financing Instruments, HTML 32K
Letters of Credit (Details)
49: R39 Borrowings and Other Financing Instruments, Credit HTML 55K
Facilities (Details)
50: R40 Borrowings and Other Financing Instruments Amended HTML 48K
Credit Agreements (Details)
51: R41 Borrowings and Other Financing Instruments HTML 54K
Borrowings and Other Financing Instruments, Term
Loan (Details)
52: R42 Borrowings and Other Financing Instruments HTML 39K
Borrowings and Other Financing Instruments,
Bilateral Credit Agreement (Details)
53: R43 Borrowings and Other Financing Instruments HTML 40K
Borrowings and Other Financing Instruments,
Long-Term Borrowings (Details)
54: R44 Borrowings and Other Financing Instruments HTML 46K
Borrowings and Other Financing Instruments,
Forward Equity Agreement (Details)
55: R45 Borrowings and Other Financing Instruments HTML 29K
Borrowings and Other Financing Instruments, Other
Equity (Details)
56: R46 Income Taxes (Details) HTML 77K
57: R47 Earnings Per Share (Details) HTML 29K
58: R48 Fair Value of Financial Assets and Liabilities, HTML 93K
Cost and Fair Value of Nuclear Decommissioning
Fund (Details)
59: R49 Fair Value of Financial Assets and Liabilities HTML 56K
Fair Value of Financial Assets and Liabilities,
Cost and Fair Value of Rabbi Trust (Details)
60: R50 Fair Value of Financial Assets and Liabilities, HTML 43K
Final Contractual Maturity Dates of Debt
Securities in Nuclear Decommissioning Fund
(Details)
61: R51 Fair Value of Financial Assets and Liabilities, HTML 69K
Derivative Instruments (Details)
62: R52 Fair Value of Financial Assets and Liabilities, HTML 77K
Impact of Derivative Activity (Details)
63: R53 Fair Value of Financial Assets and Liabilities HTML 34K
Fair Value of Financial Assets and Liabilities,
Credit Related Contingent Features (Details)
64: R54 Fair Value of Financial Assets and Liabilities, HTML 166K
Derivative Assets and Liabilities at Fair Value
(Details)
65: R55 Fair Value of Financial Assets and Liabilities, HTML 50K
Changes in Level 3 Commodity Derivatives (Details)
66: R56 Fair Value of Financial Assets and Liabilities, HTML 31K
Fair Value of Long-Term Debt (Details)
67: R57 Benefit Plans and Other Postretirement Benefits HTML 70K
(Details)
68: R58 Commitments and Contingencies, Purchased Power HTML 29K
Agreements (Details)
69: R59 Commitments and Contingencies Commitments and HTML 50K
Contingencies, Rate Matters, NSP-Minnesota
(Details)
70: R60 Commitments and Contingencies, Rate Matters, SPS HTML 31K
(Details)
71: R61 Commitments and Contingencies, Environmental HTML 44K
Contingencies - Site Contingencies (Details)
72: R62 Commitments and Contingencies, Legal Contingencies HTML 37K
(Details)
73: R63 Commitments and Contingencies, Leases - HTML 47K
Right-of-Use Assets (Details)
74: R64 Commitments and Contingencies, Leases - Narrative HTML 34K
(Details)
75: R65 Commitments and Contingencies, Leases - Components HTML 49K
of Lease Expense (Details)
76: R66 Commitments and Contingencies, Leases - Future HTML 145K
Commitments (Details)
77: R67 Commitments and Contingencies Commitments and HTML 30K
Contingencies, Guarantees and Indemnifications
(Details)
78: R68 Other Comprehensive Income (Details) HTML 84K
79: R69 Segment Information (Details) HTML 65K
81: XML IDEA XML File -- Filing Summary XML 155K
10: XML XBRL Instance -- xcel06301910-q_htm XML 5.26M
80: EXCEL IDEA Workbook of Financial Reports XLSX 99K
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| Document |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i 001-3034 | i 41-0448030 | |
(Commission
File Number) | (I.R.S. Employer Identification No.) | |
(Registrant, State of Incorporation or Organization, Address of Principal Executive Officers and Telephone Number) | ||
Xcel Energy Inc. | ||
i Minnesota | ||
i 414
Nicollet Mall | ||
i Minneapolis | i Minnesota | i 55401 |
i 612 | i 330-5500 |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
i Common Stock, $2.50
par value | i XEL | i NASDAQ | ||
i Large
accelerated filer | ☒ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||
Emerging
growth company | i ☐ | ||||
Class | ||
Common Stock, $2.50 par value | i 515,010,683 shares | |
PART I | FINANCIAL INFORMATION | ||
Item 1 — | |||
Item
2 — | |||
Item 3 — | |||
Item 4 — | |||
PART II | OTHER INFORMATION | ||
Item 1 — | |||
Item
1A — | |||
Item 2 — | |||
Item 6 — | |||
Certifications
Pursuant to Section 302 | |||
Certifications Pursuant to Section 906 | |||
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota |
NSP-Wisconsin | Northern
States Power Company, a Wisconsin corporation |
PSCo | Public Service Company of Colorado |
SPS | Southwestern Public Service Co. |
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
WGI | West Gas Interstate |
WYCO | WYCO
Development, LLC |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |
CPUC | Colorado Public Utilities Commission |
D.C. Circuit | United States Court of Appeals for the District of Columbia
Circuit |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
IRS | Internal Revenue Service |
MPUC | Minnesota Public Utilities Commission |
NDPSC | North Dakota Public Service Commission |
NMPRC | New
Mexico Public Regulation Commission |
NMSC | New Mexico Supreme Court |
NRC | Nuclear Regulatory Commission |
OAG | Minnesota Office of the Attorney General |
PSCW | Public Service Commission of Wisconsin |
PUCT | Public Utility Commission of Texas |
SDPUC | South
Dakota Public Utility Commission |
SEC | Securities and Exchange Commission |
Electric, Purchased Gas and Resource Adjustment Clauses | |
DSM | Demand side management |
FCA | Fuel clause adjustment |
GUIC | Gas
utility infrastructure cost rider |
RES | Renewable energy standard |
TCA | Transmission cost adjustment |
TCR | Transmission cost recovery adjustment |
TCRF | Transmission cost recovery factor |
Other | |
ACE | Affordable
Clean Energy |
AFUDC | Allowance for funds used during construction |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
C&I | Commercial and Industrial |
CACJA | Clean Air Clean Jobs Act |
CAPM | Capital
Asset Pricing Model |
CC | Combined cycle |
CCR | Coal combustion residual |
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste |
CIG | Colorado Interstate Gas Company, LLC |
CT | Combustion turbine |
CWIP | Construction
work in progress |
DCF | Discounted Cash Flows |
DOC | Department of Commerce |
DR | Demand response |
DRC | Development Recovery Company |
DRIP | Dividend Reinvestment and Stock Purchase Program |
EPS | Earnings
per share |
ETR | Effective tax rate |
FASB | Financial Accounting Standards Board |
FTR | Financial transmission right |
GAAP | Generally accepted accounting principles |
GE | General Electric |
IPP | Independent
power producing entity |
LIUNA | Laborers’ International Union of North America |
MDL | Multi district litigation |
MEC | Mankato Energy Center |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
NAV | Net
asset value |
NOI | Notice of inquiry |
NOL | Net operating loss |
O&M | Operating and maintenance |
OATT | Open Access Transmission Tariff |
PPA | Purchased power agreement |
PTC | Production
tax credit |
ROE | Return on equity |
ROFR | Right-of-first refusal |
ROU | Right-of-use |
RTO | Regional Transmission Organization |
SMMPA | Southern Minnesota Municipal Power Agency |
SPP | Southwest
Power Pool, Inc. |
TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act |
TOs | Transmission owners |
Measurements | |
KV | Kilovolts |
MMBtu | Million
British thermal Units |
MW | Megawatts |
MWh | Megawatt hours |
XCEL
ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (amounts in millions, except per share data) | |||||||||||||||
Three Months Ended June 30 | Six
Months Ended June 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating revenues | |||||||||||||||
Electric | $ | i 2,249 | $ | i 2,348 | $ | i 4,574 | $ | i 4,617 | |||||||
Natural
gas | i 308 | i 292 | i 1,102 | i 954 | |||||||||||
Other | i 20 | i 18 | i 42 | i 38 | |||||||||||
Total
operating revenues | i 2,577 | i 2,658 | i 5,718 | i 5,609 | |||||||||||
Operating
expenses | |||||||||||||||
Electric fuel and purchased power | i 813 | i 935 | i 1,727 | i 1,867 | |||||||||||
Cost
of natural gas sold and transported | i 112 | i 104 | i 591 | i 479 | |||||||||||
Cost
of sales — other | i 10 | i 8 | i 19 | i 17 | |||||||||||
Operating
and maintenance expenses | i 586 | i 578 | i 1,184 | i 1,135 | |||||||||||
Conservation
and demand side management expenses | i 65 | i 69 | i 137 | i 139 | |||||||||||
Depreciation
and amortization | i 439 | i 377 | i 872 | i 760 | |||||||||||
Taxes
(other than income taxes) | i 142 | i 137 | i 292 | i 282 | |||||||||||
Total
operating expenses | i 2,167 | i 2,208 | i 4,822 | i 4,679 | |||||||||||
Operating
income | i 410 | i 450 | i 896 | i 930 | |||||||||||
Other
income (expense) | i 2 | ( i 2 | ) | i 6 | ( i 1 | ) | |||||||||
Equity
earnings of unconsolidated subsidiaries | i 9 | i 9 | i 19 | i 16 | |||||||||||
Allowance
for funds used during construction — equity | i 20 | i 26 | i 40 | i 49 | |||||||||||
Interest
charges and financing costs | |||||||||||||||
Interest charges — includes other financing costs of $6, $6, $13 and $12, respectively | i 189 | i 175 | i 379 | i 346 | |||||||||||
Allowance
for funds used during construction — debt | ( i 10 | ) | ( i 11 | ) | ( i 20 | ) | ( i 22 | ) | |||||||
Total
interest charges and financing costs | i 179 | i 164 | i 359 | i 324 | |||||||||||
Income
before income taxes | i 262 | i 319 | i 602 | i 670 | |||||||||||
Income
taxes | i 24 | i 54 | i 49 | i 114 | |||||||||||
Net
income | $ | i 238 | $ | i 265 | $ | i 553 | $ | i 556 | |||||||
Weighted
average common shares outstanding: | |||||||||||||||
Basic | $ | i 516 | $ | i 510 | $ | i 515 | $ | i 509 | |||||||
Diluted | i 518 | i 510 | i 517 | i 510 | |||||||||||
Earnings
per average common share: | |||||||||||||||
Basic | $ | i 0.46 | $ | i 0.52 | $ | i 1.07 | $ | i 1.09 | |||||||
Diluted | i 0.46 | i 0.52 | i 1.07 | i 1.09 | |||||||||||
See
Notes to Consolidated Financial Statements | |||||||||||||||
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (amounts
in millions) | |||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
income | $ | i 238 | $ | i 265 | $ | i 553 | $ | i 556 | |||||||
Other
comprehensive income | |||||||||||||||
Pension
and retiree medical benefits: | |||||||||||||||
Net
pension and retiree medical gains arising during the period, net of tax of $0, $0, $1 and $0, respectively | i 1 | i — | i 3 | i — | |||||||||||
Amortization
of losses included in net periodic benefit cost, net of tax of $0, $1, $0 and $1, respectively | i — | i 1 | i 1 | i 2 | |||||||||||
i 1 | i 1 | i 4 | i 2 | ||||||||||||
Derivative
instruments: | |||||||||||||||
Net fair value decrease, net of tax of $(3), $0, $(5) and $0, respectively | ( i 10 | ) | i — | ( i 17 | ) | i — | |||||||||
Reclassification
of losses to net income, net of tax of $0 | i 1 | i 1 | i 2 | i 1 | |||||||||||
( i 9 | ) | i 1 | ( i 15 | ) | i 1 | ||||||||||
Other
comprehensive (loss) income | ( i 8 | ) | i 2 | ( i 11 | ) | i 3 | |||||||||
Comprehensive
income | $ | i 230 | $ | i 267 | $ | i 542 | $ | i 559 | |||||||
See
Notes to Consolidated Financial Statements | |||||||||||||||
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED) (amounts in millions) | |||||||
Six Months Ended June 30 | |||||||
2019 | 2018 | ||||||
Operating activities | |||||||
Net
income | $ | i 553 | $ | i 556 | |||
Adjustments
to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | i 881 | i 769 | |||||
Nuclear
fuel amortization | i 58 | i 62 | |||||
Deferred
income taxes | i 47 | i 110 | |||||
Allowance
for equity funds used during construction | ( i 40 | ) | ( i 49 | ) | |||
Equity
earnings of unconsolidated subsidiaries | ( i 19 | ) | ( i 16 | ) | |||
Dividends
from unconsolidated subsidiaries | i 20 | i 18 | |||||
Share-based
compensation expense | i 35 | i 10 | |||||
Changes
in operating assets and liabilities: | |||||||
Accounts receivable | i 122 | ( i 11 | ) | ||||
Accrued
unbilled revenues | i 115 | i 115 | |||||
Inventories | i 25 | i 101 | |||||
Other
current assets | i 19 | i 39 | |||||
Accounts
payable | ( i 157 | ) | ( i 1 | ) | |||
Net
regulatory assets and liabilities | i 25 | i 143 | |||||
Other
current liabilities | ( i 195 | ) | ( i 247 | ) | |||
Pension
and other employee benefit obligations | ( i 139 | ) | ( i 142 | ) | |||
Other,
net | ( i 16 | ) | ( i 20 | ) | |||
Net
cash provided by operating activities | i 1,334 | i 1,437 | |||||
Investing
activities | |||||||
Utility capital/construction expenditures | ( i 1,689 | ) | ( i 1,854 | ) | |||
Purchases
of investment securities | ( i 488 | ) | ( i 367 | ) | |||
Proceeds
from the sale of investment securities | i 478 | i 357 | |||||
Other,
net | ( i 9 | ) | ( i 1 | ) | |||
Net
cash used in investing activities | ( i 1,708 | ) | ( i 1,865 | ) | |||
Financing
activities | |||||||
Proceeds (repayments) from short-term borrowings, net | i 559 | ( i 132 | ) | ||||
Proceeds
from issuances of long-term debt | i 819 | i 1,186 | |||||
Repayments
of long-term debt, including reacquisition premiums | ( i 400 | ) | ( i 1 | ) | |||
Dividends
paid | ( i 387 | ) | ( i 359 | ) | |||
Other,
net | ( i 11 | ) | ( i 17 | ) | |||
Net
cash provided by financing activities | i 580 | i 677 | |||||
Net
change in cash and cash equivalents | i 206 | i 249 | |||||
Cash
and cash equivalents at beginning of period | i 147 | i 83 | |||||
Cash
and cash equivalents at end of period | $ | i 353 | $ | i 332 | |||
Supplemental
disclosure of cash flow information: | |||||||
Cash paid for interest (net of amounts capitalized) | $ | ( i 344 | ) | $ | ( i 313 | ) | |
Cash
received (paid) for income taxes, net | i 54 | ( i 3 | ) | ||||
Supplemental
disclosure of non-cash investing and financing transactions: | |||||||
Accrued property, plant and equipment additions | $ | i 304 | $ | i 266 | |||
Inventory
transfers to property, plant and equipment | i 40 | i 35 | |||||
Operating
lease right-of-use assets | i 1,843 | i — | |||||
Allowance
for equity funds used during construction | i 40 | i 49 | |||||
Issuance
of common stock for equity awards | i 32 | i 35 | |||||
See
Notes to Consolidated Financial Statements | |||||||
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (amounts in millions, except share and per share data) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | i 353 | $ | i 147 | |||
Accounts
receivable, net | i 737 | i 860 | |||||
Accrued
unbilled revenues | i 639 | i 755 | |||||
Inventories | i 483 | i 548 | |||||
Regulatory
assets | i 425 | i 464 | |||||
Derivative
instruments | i 86 | i 87 | |||||
Prepaid
taxes | i 41 | i 79 | |||||
Prepayments
and other | i 175 | i 154 | |||||
Total
current assets | i 2,939 | i 3,094 | |||||
Property,
plant and equipment, net | i 37,651 | i 36,944 | |||||
Other
assets | |||||||
Nuclear decommissioning fund and other investments | i 2,573 | i 2,317 | |||||
Regulatory
assets | i 3,145 | i 3,326 | |||||
Derivative
instruments | i 23 | i 34 | |||||
Operating
lease right-of-use assets | i 1,763 | i — | |||||
Other | i 490 | i 272 | |||||
Total
other assets | i 7,994 | i 5,949 | |||||
Total
assets | $ | i 48,584 | $ | i 45,987 | |||
Liabilities
and Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | i 553 | $ | i 406 | |||
Short-term
debt | i 1,597 | i 1,038 | |||||
Accounts
payable | i 1,057 | i 1,237 | |||||
Regulatory
liabilities | i 442 | i 436 | |||||
Taxes
accrued | i 342 | i 450 | |||||
Accrued
interest | i 180 | i 174 | |||||
Dividends
payable | i 209 | i 195 | |||||
Derivative
instruments | i 66 | i 61 | |||||
Other | i 614 | i 463 | |||||
Total
current liabilities | i 5,060 | i 4,460 | |||||
Deferred
credits and other liabilities | |||||||
Deferred income taxes | i 4,319 | i 4,165 | |||||
Deferred
investment tax credits | i 51 | i 54 | |||||
Regulatory
liabilities | i 5,139 | i 5,187 | |||||
Asset
retirement obligations | i 2,647 | i 2,568 | |||||
Derivative
instruments | i 121 | i 129 | |||||
Customer
advances | i 198 | i 199 | |||||
Pension
and employee benefit obligations | i 850 | i 994 | |||||
Operating
lease liabilities | i 1,647 | i — | |||||
Other | i 190 | i 206 | |||||
Total
deferred credits and other liabilities | i 15,162 | i 13,502 | |||||
Commitments
and contingencies | i | i | |||||
Capitalization | |||||||
Long-term
debt | i 15,996 | i 15,803 | |||||
Common
stock — 1,000,000,000 shares authorized of $2.50 par value; 514,865,476 and 514,036,787 shares outstanding at June 30, 2019 and Dec. 31, 2018, respectively | i 1,287 | i 1,285 | |||||
Additional
paid in capital | i 6,190 | i 6,168 | |||||
Retained
earnings | i 5,024 | i 4,893 | |||||
Accumulated
other comprehensive loss | ( i 135 | ) | ( i 124 | ) | |||
Total
common stockholders’ equity | i 12,366 | i 12,222 | |||||
Total
liabilities and equity | $ | i 48,584 | $ | i 45,987 | |||
See
Notes to Consolidated Financial Statements | |||||||
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (amounts in millions, shares
in thousands) | ||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par
Value | Additional Paid In Capital | ||||||||||||||||||||
Three Months Ended June 30, 2019 and 2018 | ||||||||||||||||||||||
Balance
at March 31, 2018 | i 508,662 | $ | i 1,272 | $ | i 5,903 | $ | i 4,510 | $ | ( i 124 | ) | $ | i 11,561 | ||||||||||
Net
income | i 265 | i 265 | ||||||||||||||||||||
Other
comprehensive income | i 2 | i 2 | ||||||||||||||||||||
Dividends
declared on common stock ($0.38 per share) | ( i 195 | ) | ( i 195 | ) | ||||||||||||||||||
Issuances
of common stock | i 236 | i — | i 10 | i 10 | ||||||||||||||||||
Share-based
compensation | i 7 | i — | i 7 | |||||||||||||||||||
Balance
at June 30, 2018 | i 508,898 | $ | i 1,272 | $ | i 5,920 | $ | i 4,580 | $ | ( i 122 | ) | $ | i 11,650 | ||||||||||
Balance
at March 31, 2019 | i 514,668 | $ | i 1,287 | $ | i 6,173 | $ | i 4,996 | $ | ( i 127 | ) | $ | i 12,329 | ||||||||||
Net
income | i 238 | i 238 | ||||||||||||||||||||
Other
comprehensive loss | ( i 8 | ) | ( i 8 | ) | ||||||||||||||||||
Dividends
declared on common stock ($0.41 per share) | ( i 209 | ) | ( i 209 | ) | ||||||||||||||||||
Issuances
of common stock | i 197 | i — | i 10 | i 10 | ||||||||||||||||||
Share-based
compensation | i 7 | ( i 1 | ) | i 6 | ||||||||||||||||||
Balance
at June 30, 2019 | i 514,865 | $ | i 1,287 | $ | i 6,190 | $ | i 5,024 | $ | ( i 135 | ) | $ | i 12,366 | ||||||||||
See
Notes to Consolidated Financial Statements | ||||||||||||||||||||||
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (amounts in millions, shares in thousands) | ||||||||||||||||||||||
Common
Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par Value | Additional
Paid In Capital | ||||||||||||||||||||
Six Months Ended June 30, 2019 and 2018 | ||||||||||||||||||||||
Balance
at Dec. 31, 2017 | i 507,763 | $ | i 1,269 | $ | i 5,898 | $ | i 4,413 | $ | ( i 125 | ) | $ | i 11,455 | ||||||||||
Net
income | i 556 | i 556 | ||||||||||||||||||||
Other
comprehensive income | i 3 | i 3 | ||||||||||||||||||||
Dividends
declared on common stock ($0.76 per share) | ( i 389 | ) | ( i 389 | ) | ||||||||||||||||||
Issuances
of common stock | i 1,157 | i 3 | i 24 | i 27 | ||||||||||||||||||
Repurchases
of common stock | ( i 22 | ) | i — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||
Share-based
compensation | ( i 1 | ) | i — | ( i 1 | ) | |||||||||||||||||
Balance
at June 30, 2018 | i 508,898 | $ | i 1,272 | $ | i 5,920 | $ | i 4,580 | $ | ( i 122 | ) | $ | i 11,650 | ||||||||||
Balance
at Dec. 31, 2018 | i 514,037 | $ | i 1,285 | $ | i 6,168 | $ | i 4,893 | $ | ( i 124 | ) | $ | i 12,222 | ||||||||||
Net
income | i 553 | i 553 | ||||||||||||||||||||
Other
comprehensive income | ( i 11 | ) | ( i 11 | ) | ||||||||||||||||||
Dividends
declared on common stock ($0.81 per share) | ( i 419 | ) | ( i 419 | ) | ||||||||||||||||||
Issuances
of common stock | i 834 | i 2 | i 20 | i 22 | ||||||||||||||||||
Repurchases
of common stock | ( i 6 | ) | i — | i — | i — | |||||||||||||||||
Share-based
compensation | i 2 | ( i 3 | ) | ( i 1 | ) | |||||||||||||||||
Balance
at June 30, 2019 | i 514,865 | $ | i 1,287 | $ | i 6,190 | $ | i 5,024 | $ | ( i 135 | ) | $ | i 12,366 | ||||||||||
See
Notes to Consolidated Financial Statements | ||||||||||||||||||||||
1. | i Summary
of Significant Accounting Policies |
2. |
i Accounting Pronouncements |
(Millions of Dollars) | ||||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | i 786 | $ | i 915 | ||||
Less
allowance for bad debts | ( i 49 | ) | ( i 55 | ) | ||||
$ | i 737 | $ | i 860 | |||||
(Millions
of Dollars) | ||||||||
Inventories | ||||||||
Materials and supplies | $ | i 272 | $ | i 271 | ||||
Fuel | i 164 | i 170 | ||||||
Natural
gas | i 47 | i 107 | ||||||
$ | i 483 | $ | i 548 | |||||
(Millions
of Dollars) | ||||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | i 43,006 | $ | i 41,472 | ||||
Natural
gas plant | i 6,289 | i 6,210 | ||||||
Common
and other property | i 2,215 | i 2,154 | ||||||
Plant
to be retired (a) | i 290 | i 322 | ||||||
CWIP | i 1,745 | i 2,091 | ||||||
Total
property, plant and equipment | i 53,545 | i 52,249 | ||||||
Less
accumulated depreciation | ( i 16,278 | ) | ( i 15,659 | ) | ||||
Nuclear
fuel | i 2,859 | i 2,771 | ||||||
Less
accumulated amortization | ( i 2,475 | ) | ( i 2,417 | ) | ||||
$ | i 37,651 | $ | i 36,944 | |||||
(a) | In
2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
(Amounts
in Millions, Except Interest Rates) | Three Months Ended June 30, 2019 | Year Ended Dec. 31, 2018 | ||||||
Borrowing limit | $ | i 3,600 | $ | i 3,250 | ||||
Amount
outstanding at period end | i 1,597 | i 1,038 | ||||||
Average
amount outstanding | i 1,313 | i 788 | ||||||
Maximum
amount outstanding | i 1,597 | i 1,349 | ||||||
Weighted
average interest rate, computed on a daily basis | i 2.83 | % | i 2.34 | % | ||||
Weighted
average interest rate at period end | i 2.74 | i 2.97 | ||||||
• | Maturity extended from June 2021 to June 2024. |
• | Borrowing limit for Xcel Energy was increased from $ i 1.0
billion to $ i 1.25 billion |
• | Borrowing limit for SPS was increased from $ i 400
million to $ i 500 million |
• | Added swingline subfacility for Xcel Energy up to $ i 75
million |
(Millions of Dollars) | Credit Facility (a) | Outstanding (b) | Available | |||||||||
Xcel
Energy Inc. | $ | i 1,250 | $ | i 632 | $ | i 618 | ||||||
PSCo | i 700 | i 231 | i 469 | |||||||||
NSP-Minnesota | i 500 | i 213 | i 287 | |||||||||
SPS | i 500 | i 2 | i 498 | |||||||||
NSP-Wisconsin | i 150 | i 50 | i 100 | |||||||||
Total | $ | i 3,100 | $ | i 1,128 | $ | i 1,972 | ||||||
(a) | Expires
in June 2024. |
(b) | Includes outstanding commercial paper and letters of credit. |
(Millions
of Dollars) | Limit | Amount Used | Available | |||||||||
Xcel Energy Inc. | $ | i 500 | $ | i 500 | $ | i — | ||||||
(Millions
of Dollars) | Limit | Amount Outstanding | Available | |||||||||
NSP-Minnesota | $ | i 75 | $ | i 23 | $ | i 52 | ||||||
• | PSCo issued $ i 400
million of i 4.05% first mortgage bonds due Sept. 15, 2049. |
• |
• | SPS
issued $ i 300 million of i 3.75%
first mortgage bonds due June 15, 2049. |
5. | i Revenues |
Three
Months Ended June 30, 2019 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue
from contracts with customers: | ||||||||||||||||
Residential | $ | i 624 | $ | i 182 | $ | i 10 | $ | i 816 | ||||||||
C&I | i 1,201 | i 90 | i 6 | i 1,297 | ||||||||||||
Other | i 31 | i — | i 1 | i 32 | ||||||||||||
Total
retail | i 1,856 | i 272 | i 17 | i 2,145 | ||||||||||||
Wholesale | i 154 | i — | i — | i 154 | ||||||||||||
Transmission | i 127 | i — | i — | i 127 | ||||||||||||
Other | i 11 | i 26 | i — | i 37 | ||||||||||||
Total
revenue from contracts with customers | i 2,148 | i 298 | i 17 | i 2,463 | ||||||||||||
Alternative
revenue and other | i 101 | i 10 | i 3 | i 114 | ||||||||||||
Total
revenues | $ | i 2,249 | $ | i 308 | $ | i 20 | $ | i 2,577 | ||||||||
Three
Months Ended June 30, 2018 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue
from contracts with customers: | ||||||||||||||||
Residential | $ | i 678 | $ | i 157 | $ | i 9 | $ | i 844 | ||||||||
C&I | i 1,206 | i 82 | i 5 | i 1,293 | ||||||||||||
Other | i 33 | i — | i 2 | i 35 | ||||||||||||
Total
retail | i 1,917 | i 239 | i 16 | i 2,172 | ||||||||||||
Wholesale | i 194 | i — | i — | i 194 | ||||||||||||
Transmission | i 132 | i — | i — | i 132 | ||||||||||||
Other | i 24 | i 23 | i — | i 47 | ||||||||||||
Total
revenue from contracts with customers | i 2,267 | i 262 | i 16 | i 2,545 | ||||||||||||
Alternative
revenue and other | i 81 | i 30 | i 2 | i 113 | ||||||||||||
Total
revenues | $ | i 2,348 | $ | i 292 | $ | i 18 | $ | i 2,658 | ||||||||
Six
Months Ended June 30, 2019 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue
from contracts with customers: | ||||||||||||||||
Residential | $ | i 1,351 | $ | i 677 | $ | i 19 | $ | i 2,047 | ||||||||
C&I | i 2,341 | i 345 | i 15 | i 2,701 | ||||||||||||
Other | i 63 | i — | i 2 | i 65 | ||||||||||||
Total
retail | i 3,755 | i 1,022 | i 36 | i 4,813 | ||||||||||||
Wholesale | i 343 | i — | i — | i 343 | ||||||||||||
Transmission | i 258 | i — | i — | i 258 | ||||||||||||
Other | i 29 | i 60 | i — | i 89 | ||||||||||||
Total
revenue from contracts with customers | i 4,385 | i 1,082 | i 36 | i 5,503 | ||||||||||||
Alternative
revenue and other | i 189 | i 20 | i 6 | i 215 | ||||||||||||
Total
revenues | $ | i 4,574 | $ | i 1,102 | $ | i 42 | $ | i 5,718 | ||||||||
Six
Months Ended June 30, 2018 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue
from contracts with customers: | ||||||||||||||||
Residential | $ | i 1,365 | $ | i 547 | $ | i 18 | $ | i 1,930 | ||||||||
C&I | i 2,318 | i 289 | i 12 | i 2,619 | ||||||||||||
Other | i 66 | i — | i 4 | i 70 | ||||||||||||
Total
retail | i 3,749 | i 836 | i 34 | i 4,619 | ||||||||||||
Wholesale | i 382 | i — | i — | i 382 | ||||||||||||
Transmission | i 255 | i — | i — | i 255 | ||||||||||||
Other | i 63 | i 51 | i — | i 114 | ||||||||||||
Total
revenue from contracts with customers | i 4,449 | i 887 | i 34 | i 5,370 | ||||||||||||
Alternative
revenue and other | i 168 | i 67 | i 4 | i 239 | ||||||||||||
Total
revenues | $ | i 4,617 | $ | i 954 | $ | i 38 | $ | i 5,609 | ||||||||
Three
Months Ended June 30 | Six Months Ended June 30 | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Federal statutory rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | i 21.0 | % | ||||
State
tax (net of federal tax effect) | i 5.0 | i 5.1 | i 5.0 | i 5.0 | ||||||||
(Decreases)
increases: | ||||||||||||
Wind PTCs | ( i 11.9 | ) | ( i 5.4 | ) | ( i 10.0 | ) | ( i 5.8 | ) | ||||
Plant
regulatory differences (a) | ( i 5.5 | ) | ( i 2.4 | ) | ( i 5.6 | ) | ( i 1.8 | ) | ||||
Other
tax credits and allowances (net) | ( i 0.6 | ) | ( i 1.1 | ) | ( i 1.8 | ) | ( i 1.2 | ) | ||||
Other
(net) | i 1.2 | ( i 0.3 | ) | ( i 0.5 | ) | ( i 0.2 | ) | |||||
Effective
income tax rate | i 9.2 | % | i 16.9 | % | i 8.1 | % | i 17.0 | % | ||||
(a)
| Regulatory differences for income tax primarily relate to the flow back of excess deferred taxes to customers through the average rate assumption method and the impact of AFUDC - Equity. Quarterly variations primarily relates to the deferral of the flow back of excess deferred taxes in 2018, as a result of pending regulatory decisions. Treatment of most tax reform items was established prior to the first quarter of 2019, resulting in a reduction in deferred amounts. Income tax benefits associated with the flow back of excess deferred credits are offset by corresponding revenue reductions and additional prepaid pension asset amortization. |
Tax Year(s) | Expiration | |
2009 - 2013 | June 2020 | |
2014 - 2016 | September
2020 | |
2017 | September 2021 | |
State | Year | |
Colorado | 2009 | |
Minnesota | 2009 | |
Texas | 2009 | |
Wisconsin | 2014 | |
• | In
2018, Wisconsin began an audit of tax years 2014 - 2016. As of June 30, 2019, i no material adjustments have been proposed. |
• | No other state income tax audits were in progress as of June 30, 2019. |
(Millions
of Dollars) | ||||||||
Unrecognized tax benefit — Permanent tax positions | $ | i 30 | $ | i 28 | ||||
Unrecognized
tax benefit — Temporary tax positions | i 10 | i 9 | ||||||
Total
unrecognized tax benefit | $ | i 40 | $ | i 37 | ||||
(Millions of Dollars) | ||||||||
NOL and tax credit carryforwards | $ | ( i 36 | ) | $ | ( i 35 | ) | ||
• | Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions for settlement
have been satisfied by the end of the reporting period; and, |
• | Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. |
8. | i Fair Value of Financial Assets and Liabilities |
Fair Value | ||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level
3 | NAV | Total | ||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||
Cash
equivalents | $ | i 27 | $ | i 27 | $ | i — | $ | i — | $ | i — | $ | i 27 | ||||||||||||
Commingled
funds | i 802 | i — | i — | i — | i 988 | i 988 | ||||||||||||||||||
Debt
securities | i 485 | i — | i 473 | i 14 | i — | i 487 | ||||||||||||||||||
Equity
securities | i 396 | i 798 | i 1 | i — | i — | i 799 | ||||||||||||||||||
Total
| $ | i 1,710 | $ | i 825 | $ | i 474 | $ | i 14 | $ | i 988 | $ | i 2,301 | ||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $ i 145 million of equity investments in unconsolidated subsidiaries and $ i 126
million of rabbi trust assets and miscellaneous investments. |
Fair Value | ||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level
3 | NAV | Total | ||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||
Cash
equivalents | $ | i 24 | $ | i 24 | $ | i — | $ | i — | $ | i — | $ | i 24 | ||||||||||||
Commingled
funds | i 758 | i 79 | i — | i — | i 819 | i 898 | ||||||||||||||||||
Debt
securities | i 466 | i — | i 436 | i — | i — | i 436 | ||||||||||||||||||
Equity
securities | i 401 | i 697 | i — | i — | i — | i 697 | ||||||||||||||||||
Total
| $ | i 1,649 | $ | i 800 | $ | i 436 | $ | i — | $ | i 819 | $ | i 2,055 | ||||||||||||
(a) | Reported
in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $ i 141 million of equity investments in unconsolidated subsidiaries and $ i 121
million of rabbi trust assets and miscellaneous investments. |
Final Contractual Maturity | ||||||||||||||||||||
(Millions
of Dollars) | Due in 1 Year or Less | Due in 1 to 5 Years | Due in 5 to 10 Years | Due after 10 Years | Total | |||||||||||||||
Debt
securities | $ | i 1 | $ | i 122 | $ | i 225 | $ | i 139 | $ | i 487 | ||||||||||
Fair Value | ||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level
3 | Total | |||||||||||||||
Rabbi Trusts (a) | ||||||||||||||||||||
Cash
equivalents | $ | i 13 | $ | i 13 | $ | i — | $ | i — | $ | i 13 | ||||||||||
Mutual
funds | i 52 | i 58 | i — | i — | i 58 | |||||||||||||||
Total | $ | i 65 | $ | i 71 | $ | i — | $ | i — | $ | i 71 | ||||||||||
Fair Value | ||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level
3 | Total | |||||||||||||||
Rabbi Trusts (a) | ||||||||||||||||||||
Cash
equivalents | $ | i 16 | $ | i 16 | $ | i — | $ | i — | $ | i 16 | ||||||||||
Mutual
funds | i 52 | i 51 | i — | i — | i 51 | |||||||||||||||
Total | $ | i 68 | $ | i 67 | $ | i — | $ | i — | $ | i 67 | ||||||||||
(Amounts in Millions) (a)(b) | ||||||
MWh of electricity | i 134 | i 87 | ||||
MMBtu
of natural gas | i 95 | i 92 | ||||
(a) | Not
reflective of net positions in the underlying commodities. |
(b) | Notional amounts for options included on a gross basis, but are weighted for the probability of exercise. |
Pre-Tax
Fair Value Gains (Losses) Recognized During the Period in: | ||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | ||||||
Three Months Ended June 30, 2019 | ||||||||
Derivatives
designated as cash flow hedges | ||||||||
Interest rate | $ | ( i 13 | ) | $ | i — | |||
Total | $ | ( i 13 | ) | $ | i — | |||
Other
derivative instruments | ||||||||
Electric commodity | $ | i — | $ | i 26 | ||||
Natural
gas commodity | i — | ( i 2 | ) | |||||
Total | $ | i — | $ | i 24 | ||||
Six
Months Ended June 30, 2019 | ||||||||
Derivatives designated as cash flow hedges | ||||||||
Interest rate | $ | ( i 22 | ) | $ | i — | |||
Total | $ | ( i 22 | ) | $ | i — | |||
Other
derivative instruments | ||||||||
Electric commodity | $ | i — | $ | i 4 | ||||
Natural
gas commodity | i — | ( i 2 | ) | |||||
Total | $ | i — | $ | i 2 | ||||
Three
Months Ended June 30, 2018 | ||||||||
Other derivative instruments | ||||||||
Electric commodity | $ | i — | $ | i 37 | ||||
Total | $ | i — | $ | i 37 | ||||
Six
Months Ended June 30, 2018 | ||||||||
Other derivative instruments | ||||||||
Electric commodity | $ | i — | $ | i 8 | ||||
Total | $ | i — | $ | i 8 | ||||
Pre-Tax
(Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | |||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | ||||||||||
Three
Months Ended June 30, 2019 | ||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||
Interest
rate | $ | i 1 | (a) | $ | i — | $ | i — | |||||
Total | $ | i 1 | $ | i — | $ | i — | ||||||
Other
derivative instruments | ||||||||||||
Commodity trading | $ | i — | $ | i — | $ | i 5 | (b) | |||||
Total | $ | i — | $ | i — | $ | i 5 | ||||||
Six
Months Ended June 30, 2019 | ||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||
Interest
rate | $ | i 2 | (a) | $ | i — | $ | i — | |||||
Total | $ | i 2 | $ | i — | $ | i — | ||||||
Other
derivative instruments | ||||||||||||
Commodity trading | $ | i — | $ | i — | $ | i 4 | (b) | |||||
Electric
commodity | i — | i 1 | (c) | i — | ||||||||
Natural
gas commodity | i — | ( i 1 | ) | (d) | ( i 4 | ) | (d) | |||||
Total | $ | i — | $ | i — | $ | i — | ||||||
Three
Months Ended June 30, 2018 | ||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||
Interest
rate | $ | i 1 | (a) | $ | i — | $ | i — | |||||
Total | $ | i 1 | $ | i — | $ | i — | ||||||
Other
derivative instruments | ||||||||||||
Commodity trading | $ | i — | $ | i — | $ | i 2 | (b) | |||||
Electric
commodity | i — | ( i 3 | ) | (c) | i — | |||||||
Total | $ | i — | $ | ( i 3 | ) | $ | i 2 | |||||
Six
Months Ended June 30, 2018 | ||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||
Interest
rate | $ | i 1 | (a) | $ | i — | $ | i — | |||||
Total | $ | i 1 | $ | i — | $ | i — | ||||||
Other
derivative instruments | ||||||||||||
Commodity trading | $ | i — | $ | i — | $ | i 10 | (b) | |||||
Natural
gas commodity | i — | i 2 | (d) | ( i 2 | ) | (d) | ||||||
Total | $ | i — | $ | i 2 | $ | i 8 | ||||||
(a) | Recorded
to interest charges. |
(b) | Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. |
(c) | Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets
or liabilities, as appropriate. |
(d) | Amounts for both the three and six months ended June 30, 2019 included i no
settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and six months ended June 30, 2018 included i no
such settlement gains or losses and $ i 1 million of such settlement losses, respectively. Remaining settlement losses for the three and six months ended June 30, 2019 and 2018 related
to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. |
Fair Value | Fair Value Total | Netting (a) | Total | Fair
Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level
3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Other
derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commodity
trading | $ | i 6 | $ | i 84 | $ | i 19 | $ | i 109 | $ | ( i 64 | ) | $ | i 45 | $ | i 4 | $ | i 92 | $ | i 2 | $ | i 98 | $ | ( i 44 | ) | $ | i 54 | ||||||||||||||||||||||
Electric
commodity | i — | i — | i 38 | i 38 | ( i 1 | ) | i 37 | i — | i — | i 25 | i 25 | i — | i 25 | |||||||||||||||||||||||||||||||||||
Natural
gas commodity | i — | i 1 | i — | i 1 | i — | i 1 | i — | i 4 | i — | i 4 | i — | i 4 | ||||||||||||||||||||||||||||||||||||
Total
current derivative assets | $ | i 6 | $ | i 85 | $ | i 57 | $ | i 148 | $ | ( i 65 | ) | i 83 | $ | i 4 | $ | i 96 | $ | i 27 | $ | i 127 | $ | ( i 44 | ) | i 83 | ||||||||||||||||||||||||
PPAs
(b) | i 3 | i 4 | ||||||||||||||||||||||||||||||||||||||||||||||
Current
derivative instruments | $ | i 86 | $ | i 87 | ||||||||||||||||||||||||||||||||||||||||||||
Noncurrent
derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Other
derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commodity
trading | $ | i 1 | $ | i 48 | $ | i — | $ | i 49 | $ | ( i 40 | ) | $ | i 9 | $ | i — | $ | i 27 | $ | i 5 | $ | i 32 | $ | ( i 14 | ) | $ | i 18 | ||||||||||||||||||||||
Total
noncurrent derivative assets | $ | i 1 | $ | i 48 | $ | i — | $ | i 49 | $ | ( i 40 | ) | i 9 | $ | i — | $ | i 27 | $ | i 5 | $ | i 32 | $ | ( i 14 | ) | i 18 | ||||||||||||||||||||||||
PPAs
(b) | i 14 | i 16 | ||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent
derivative instruments | $ | i 23 | $ | i 34 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair
Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level
3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives
designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest
rate | $ | i — | $ | i 28 | $ | i — | $ | i 28 | $ | i — | $ | i 28 | $ | i — | $ | i 7 | $ | i — | $ | i 7 | $ | i — | $ | i 7 | ||||||||||||||||||||||||
Other
derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commodity
trading | i 7 | i 75 | i 15 | i 97 | ( i 77 | ) | i 20 | i 4 | i 88 | i 2 | i 94 | ( i 60 | ) | i 34 | ||||||||||||||||||||||||||||||||||
Electric
commodity | i — | i — | i 1 | i 1 | ( i 1 | ) | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Total
current derivative liabilities | $ | i 7 | $ | i 103 | $ | i 16 | $ | i 126 | $ | ( i 78 | ) | i 48 | $ | i 4 | $ | i 95 | $ | i 2 | $ | i 101 | $ | ( i 60 | ) | i 41 | ||||||||||||||||||||||||
PPAs
(b) | i 18 | i 20 | ||||||||||||||||||||||||||||||||||||||||||||||
Current
derivative instruments | $ | i 66 | $ | i 61 | ||||||||||||||||||||||||||||||||||||||||||||
Noncurrent
derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Other
derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commodity
trading | $ | i 1 | $ | i 31 | $ | i 13 | $ | i 45 | $ | ( i 8 | ) | $ | i 37 | $ | i — | $ | i 18 | $ | i 1 | $ | i 19 | $ | i 17 | $ | i 36 | |||||||||||||||||||||||
Total
noncurrent derivative liabilities | $ | i 1 | $ | i 31 | $ | i 13 | $ | i 45 | $ | ( i 8 | ) | i 37 | $ | i — | $ | i 18 | $ | i 1 | $ | i 19 | $ | i 17 | i 36 | |||||||||||||||||||||||||
PPAs
(b) | i 84 | i 93 | ||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent
derivative instruments | $ | i 121 | $ | i 129 | ||||||||||||||||||||||||||||||||||||||||||||
(a) | Xcel
Energy nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2019 and Dec. 31, 2018. At both June 30, 2019 and Dec. 31, 2018, derivative assets and liabilities include $ i 32
million of obligations to return cash collateral. At June 30, 2019 and Dec. 31, 2018, derivative assets and liabilities include rights to reclaim cash collateral of $ i 13 million and $ i 15
million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
(b) | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are
no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Three Months Ended June 30 | ||||||||
(Millions
of Dollars) | 2019 | 2018 | ||||||
Balance at April 1 | $ | ( i 7 | ) | $ | i 19 | |||
Purchases | i 34 | i 45 | ||||||
Settlements | ( i 16 | ) | ( i 20 | ) | ||||
Net
transactions recorded during the period: | ||||||||
Gains (losses) recognized in earnings (a) | i 7 | ( i 2 | ) | |||||
Net
gains recognized as regulatory assets and liabilities | i 10 | i 22 | ||||||
Balance
at June 30 | $ | i 28 | $ | i 64 | ||||
Six
Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Balance at Jan. 1 | $ | i 29 | $ | i 35 | ||||
Purchases | i 38 | i 46 | ||||||
Settlements | ( i 27 | ) | ( i 32 | ) | ||||
Net
transactions recorded during the period: | ||||||||
Losses recognized in earnings (a) | ( i 11 | ) | i — | |||||
Net
(losses) gains recognized as regulatory assets and liabilities | ( i 1 | ) | i 15 | |||||
Balance
at June 30 | $ | i 28 | $ | i 64 | ||||
(a) | These
amounts relate to commodity derivatives held at the end of the period. |
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term
debt, including current portion | $ | i 16,549 | $ | i 18,218 | $ | i 16,209 | $ | i 16,755 | ||||||||
Three
Months Ended June 30 | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement
Health Care Benefits | ||||||||||||||
Service cost | $ | i 22 | $ | i 24 | $ | i — | $ | i 1 | ||||||||
Interest
cost (a) | i 36 | i 33 | i 6 | i 5 | ||||||||||||
Expected
return on plan assets (a) | ( i 51 | ) | ( i 52 | ) | ( i 5 | ) | ( i 6 | ) | ||||||||
Amortization
of prior service credit (a) | ( i 1 | ) | ( i 1 | ) | ( i 3 | ) | ( i 3 | ) | ||||||||
Amortization
of net loss (a) | i 22 | i 27 | i 1 | i 2 | ||||||||||||
Net
periodic benefit cost (credit) | i 28 | i 31 | ( i 1 | ) | ( i 1 | ) | ||||||||||
Credits
(costs) not recognized due to the effects of regulation | i 1 | ( i 1 | ) | i — | i — | |||||||||||
Net
benefit cost (credit) recognized for financial reporting | $ | i 29 | $ | i 30 | $ | ( i 1 | ) | $ | ( i 1 | ) | ||||||
Six
Months Ended June 30 | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement
Health Care Benefits | ||||||||||||||
Service cost | $ | i 43 | $ | i 47 | $ | i 1 | $ | i 1 | ||||||||
Interest
cost (a) | i 72 | i 67 | i 11 | i 11 | ||||||||||||
Expected
return on plan assets (a) | ( i 102 | ) | ( i 104 | ) | ( i 11 | ) | ( i 13 | ) | ||||||||
Amortization
of prior service credit (a) | ( i 2 | ) | ( i 2 | ) | ( i 5 | ) | ( i 5 | ) | ||||||||
Amortization
of net loss (a) | i 44 | i 55 | i 3 | i 3 | ||||||||||||
Net
periodic benefit cost (credit) | i 55 | i 63 | ( i 1 | ) | ( i 3 | ) | ||||||||||
Credits
(costs) not recognized due to the effects of regulation | i 2 | ( i 2 | ) | i 1 | i — | |||||||||||
Net
benefit cost (credit) recognized for financial reporting | $ | i 57 | $ | i 61 | $ | i — | $ | ( i 3 | ) | |||||||
(a)
| Components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
(Millions
of Dollars) | ||||
PPAs | $ | i 1,642 | ||
Other | i 201 | |||
Gross
operating lease ROU assets | i 1,843 | |||
Accumulated amortization | ( i 80 | ) | ||
Net
operating lease ROU assets | $ | i 1,763 | ||
(Millions of Dollars) | ||||
Gas storage facilities | $ | i 201 | ||
Gas pipeline | i 21 | |||
Gross
finance lease ROU assets | i 222 | |||
Accumulated amortization | ( i 80 | ) | ||
Net
finance lease ROU assets | $ | i 142 | ||
(Millions of Dollars) | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||
Operating leases | ||||||||
PPA
capacity payments | $ | i 53 | $ | i 105 | ||||
Other
operating leases (a) | i 8 | i 17 | ||||||
Total
operating lease expense (b) | $ | i 61 | $ | i 122 | ||||
Finance
leases | ||||||||
Amortization of ROU assets | $ | i 2 | $ | i 3 | ||||
Interest
expense on lease liability | i 5 | i 9 | ||||||
Total
finance lease expense | $ | i 7 | $ | i 12 | ||||
(a) | Includes
short-term lease expense of $ i 2 million for three months ended June 30, 2019 and $ i 3 million
for six months ended June 30, 2019. |
(b) | PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. |
(Millions of Dollars) | PPA (a) (b) Operating Leases | Other
Operating Leases | Total Operating Leases | Finance Leases (c) | ||||||||||||
2019 | $ | i 118 | $ | i 12 | $ | i 130 | $ | i 6 | ||||||||
2020 | i 237 | i 25 | i 262 | i 14 | ||||||||||||
2021 | i 243 | i 24 | i 267 | i 14 | ||||||||||||
2022 | i 226 | i 27 | i 253 | i 12 | ||||||||||||
2023 | i 218 | i 21 | i 239 | i 12 | ||||||||||||
Thereafter | i 959 | i 136 | i 1,095 | i 220 | ||||||||||||
Total
minimum obligation | i 2,001 | i 245 | i 2,246 | i 278 | ||||||||||||
Interest
component of obligation | ( i 355 | ) | ( i 55 | ) | ( i 410 | ) | ( i 195 | ) | ||||||||
Present
value of minimum obligation | $ | i 1,646 | $ | i 190 | i 1,836 | i 83 | ||||||||||
Less
current portion | ( i 189 | ) | ( i 4 | ) | ||||||||||||
Noncurrent
operating and finance lease liabilities | $ | i 1,647 | $ | i 79 | ||||||||||||
Weighted-average
remaining lease term in years | i 9.7 | i 37.2 | ||||||||||||||
(a) | Amounts
do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. |
(b) | PPA operating leases contractually expire at various dates through 2033. |
(c) | Excludes certain amounts related to Xcel Energy’s i 50%
ownership interest in WYCO. |
(Millions of Dollars) | PPA (a) (b) Operating Leases | Other
Operating Leases | Total Operating Leases | Finance Leases (c) | ||||||||||||
2019 | $ | i 207 | $ | i 32 | $ | i 239 | $ | i 14 | ||||||||
2020 | i 208 | i 26 | i 234 | i 14 | ||||||||||||
2021 | i 210 | i 25 | i 235 | i 14 | ||||||||||||
2022 | i 197 | i 24 | i 221 | i 12 | ||||||||||||
2023 | i 186 | i 22 | i 208 | i 12 | ||||||||||||
Thereafter | i 883 | i 154 | i 1,037 | i 220 | ||||||||||||
Total
minimum obligation | i 286 | |||||||||||||||
Interest
component of obligation | ( i 201 | ) | ||||||||||||||
Present
value of minimum obligation | $ | i 85 | ||||||||||||||
(a) | Amounts
do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. |
(b) | PPA operating leases contractually expire at various dates through 2033. |
(c) | Excludes
certain amounts related to Xcel Energy’s i 50% ownership interest in WYCO. |
Three
Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains
and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||
Accumulated other comprehensive loss at April 1 | $ | ( i 66 | ) | $ | ( i 61 | ) | $ | ( i 127 | ) | $ | ( i 58 | ) | $ | ( i 66 | ) | $ | ( i 124 | ) | ||||||
Other
comprehensive (loss) gain before reclassifications (net of taxes of $(3), $0, $0 and $0, respectively) | ( i 10 | ) | i 1 | ( i 9 | ) | i — | i — | i — | ||||||||||||||||
Losses
reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||
Interest
rate derivatives (net of taxes of $0) (a) | i 1 | i — | i 1 | i 1 | i — | i 1 | ||||||||||||||||||
Amortization
of net actuarial loss (net of taxes of $0, $0, $0 and $1, respectively) (b) | i — | i — | i — | i — | i 1 | i 1 | ||||||||||||||||||
Net
current period other comprehensive income | ( i 9 | ) | i 1 | ( i 8 | ) | i 1 | i 1 | i 2 | ||||||||||||||||
Accumulated
other comprehensive loss at June 30 | $ | ( i 75 | ) | $ | ( i 60 | ) | $ | ( i 135 | ) | $ | ( i 57 | ) | $ | ( i 65 | ) | $ | ( i 122 | ) | ||||||
Six
Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains
and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | ( i 60 | ) | $ | ( i 64 | ) | $ | ( i 124 | ) | $ | ( i 58 | ) | $ | ( i 67 | ) | $ | ( i 125 | ) | ||||||
Other
comprehensive (loss) gain before reclassifications (net of taxes of $(5), $1, $0 and $0, respectively) | ( i 17 | ) | i 3 | ( i 14 | ) | i — | i — | i — | ||||||||||||||||
Losses
reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||
Interest
rate derivatives (net of taxes of $0) (a) | i 2 | i — | i 2 | i 1 | i — | i 1 | ||||||||||||||||||
Amortization
of net actuarial loss (net of taxes of $0, $0, $0 and $1, respectively) (b) | i — | i 1 | i 1 | i — | i 2 | i 2 | ||||||||||||||||||
Net
current period other comprehensive income | ( i 15 | ) | i 4 | ( i 11 | ) | i 1 | i 2 | i 3 | ||||||||||||||||
Accumulated
other comprehensive loss at June 30 | $ | ( i 75 | ) | $ | ( i 60 | ) | $ | ( i 135 | ) | $ | ( i 57 | ) | $ | ( i 65 | ) | $ | ( i 122 | ) | ||||||
(a) | Included
in interest charges. |
(b) | Included in the computation of net periodic pension and postretirement benefit costs. |
• | Regulated
Electric - The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations. |
• | Regulated Natural Gas - The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. |
• | All Other - Operating segments with revenues below the necessary quantitative thresholds are included in this category. Those segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits. |
Three
Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Regulated Electric | ||||||||
Operating revenues from external customers | $ | i 2,249 | $ | i 2,348 | ||||
Intersegment
revenue | i 1 | i — | ||||||
Total
revenues | $ | i 2,250 | $ | i 2,348 | ||||
Net
income | i 249 | i 264 | ||||||
Regulated
Natural Gas | ||||||||
Operating revenues from external customers | $ | i 308 | $ | i 292 | ||||
Net
income | i 23 | i 27 | ||||||
All
Other | ||||||||
Total operating revenue | $ | i 20 | $ | i 18 | ||||
Net
loss | ( i 34 | ) | ( i 26 | ) | ||||
Consolidated
Total | ||||||||
Total revenue | $ | i 2,578 | $ | i 2,658 | ||||
Reconciling
eliminations | ( i 1 | ) | i — | |||||
Consolidated
total revenue | $ | i 2,577 | $ | i 2,658 | ||||
Net
income | i 238 | i 265 | ||||||
Six
Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Regulated Electric | ||||||||
Operating revenues from external customers | $ | i 4,574 | $ | i 4,617 | ||||
Intersegment
revenue | i 1 | i 1 | ||||||
Total
revenues | $ | i 4,575 | $ | i 4,618 | ||||
Net
income | i 482 | i 483 | ||||||
Regulated
Natural Gas | ||||||||
Operating revenues from external customers | $ | i 1,102 | $ | i 954 | ||||
Intersegment
revenue | i 1 | i 1 | ||||||
Total
revenues | $ | i 1,103 | $ | i 955 | ||||
Net
income | i 128 | i 121 | ||||||
All
Other | ||||||||
Total operating revenue | $ | i 42 | $ | i 38 | ||||
Net
loss | ( i 57 | ) | ( i 48 | ) | ||||
Consolidated
Total | ||||||||
Total revenue | $ | i 5,720 | $ | i 5,611 | ||||
Reconciling
eliminations | ( i 2 | ) | ( i 2 | ) | ||||
Consolidated
total revenue | $ | i 5,718 | $ | i 5,609 | ||||
Net
income | i 553 | i 556 | ||||||
Three
Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
Diluted Earnings (Loss) Per Share | 2019 | 2018 | 2019 | 2018 | ||||||||||||
PSCo | $ | 0.20 | $ | 0.24 | $ | 0.47 | $ | 0.50 | ||||||||
NSP-Minnesota | 0.19 | 0.18 | 0.41 | 0.40 | ||||||||||||
SPS | 0.11 | 0.11 | 0.22 | 0.18 | ||||||||||||
NSP-Wisconsin | 0.02 | 0.03 | 0.06 | 0.09 | ||||||||||||
Equity
earnings of unconsolidated subsidiaries | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||
Regulated
utility (a) | 0.53 | 0.58 | 1.18 | 1.19 | ||||||||||||
Xcel
Energy Inc. and other | (0.06 | ) | (0.06 | ) | (0.11 | ) | (0.10 | ) | ||||||||
Total (a) | $ | 0.46 | $ | 0.52 | $ | 1.07 | $ | 1.09 | ||||||||
(a)
| Amounts may not add due to rounding. |
Diluted Earnings
(Loss) Per Share | Three Months Ended June 30 | Six Months Ended June 30 | ||||||
GAAP and ongoing diluted EPS — 2018 | $ | 0.52 | $ | 1.09 | ||||
Components
of change — 2019 vs. 2018 | ||||||||
Higher electric margins | 0.03 | 0.14 | ||||||
Lower ETR (a) | 0.03 | 0.10 | ||||||
Higher
natural gas margins | 0.01 | 0.05 | ||||||
Higher depreciation and amortization | (0.09 | ) | (0.16 | ) | ||||
Higher
O&M | (0.01 | ) | (0.07 | ) | ||||
Higher interest charges | (0.02 | ) | (0.05 | ) | ||||
Higher
taxes (other than income taxes) | (0.01 | ) | (0.01 | ) | ||||
Other (net) | — | (0.02 | ) | |||||
GAAP
and ongoing diluted EPS — 2019 | $ | 0.46 | $ | 1.07 | ||||
(a) | Includes flow back of PTCs and timing of tax reform regulatory decisions, which are primarily offset in revenue. |
Three
Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2019 vs. Normal | 2018 vs. Normal | 2019 vs. 2018 | 2019 vs. Normal | 2018
vs. Normal | 2019 vs. 2018 | ||||||||||||
HDD | 16.9 | % | 0.1 | % | 15.0 | % | 12.8 | % | 0.3 | % | 11.0 | % | |||||
CDD | (45.2 | ) | 59.1 | (71.4 | ) | (45.5 | ) | 59.7 | (65.1 | ) | |||||||
THI | (26.7 | ) | 108.1 | (64.6 | ) | (26.9 | ) | 107.4 | (64.5 | ) | |||||||
Three Months Ended June 30 | Six
Months Ended June 30 | ||||||||||||||||||||||
2019 vs. Normal | 2018 vs. Normal | 2019 vs. 2018 | 2019 vs. Normal | 2018 vs. Normal | 2019 vs. 2018 | ||||||||||||||||||
Retail
electric | $ | (0.024 | ) | $ | 0.065 | $ | (0.089 | ) | $ | (0.005 | ) | $ | 0.067 | $ | (0.072 | ) | |||||||
Firm
natural gas | 0.004 | 0.002 | 0.002 | 0.022 | 0.003 | 0.019 | |||||||||||||||||
Total
(excluding decoupling) | $ | (0.020 | ) | $ | 0.067 | $ | (0.087 | ) | $ | 0.017 | $ | 0.070 | $ | (0.053 | ) | ||||||||
Decoupling
— Minnesota | 0.006 | (0.030 | ) | 0.036 | 0.001 | (0.032 | ) | 0.033 | |||||||||||||||
Total
(adjusted for decoupling) | $ | (0.014 | ) | $ | 0.037 | $ | (0.051 | ) | $ | 0.018 | $ | 0.038 | $ | (0.020 | ) | ||||||||
Three Months Ended June 30 | |||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel
Energy | |||||||||||
Actual | |||||||||||||||
Electric residential | (6.5 | )% | (10.7 | )% | (13.2 | )% | (9.0 | )% | (9.4 | )% | |||||
Electric
C&I | (1.4 | ) | (6.2 | ) | 2.6 | (2.5 | ) | (2.3 | ) | ||||||
Total
retail electric sales | (2.9 | ) | (7.5 | ) | (0.5 | ) | (4.2 | ) | (4.2 | ) | |||||
Firm
natural gas sales | 19.6 | (1.2 | ) | N/A | (10.7 | ) | 10.5 | ||||||||
Three
Months Ended June 30 | |||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Weather-normalized | |||||||||||||||
Electric
residential | 0.3 | % | 0.8 | % | 1.9 | % | 1.7 | % | 0.8 | % | |||||
Electric
C&I | 0.7 | (3.6 | ) | 4.5 | (0.6 | ) | — | ||||||||
Total
retail electric sales | 0.6 | (2.4 | ) | 3.9 | — | 0.2 | |||||||||
Firm
natural gas sales | 5.3 | 4.8 | N/A | (7.9 | ) | 4.4 | |||||||||
Six
Months Ended June 30 | |||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Actual | |||||||||||||||
Electric
residential | (1.7 | )% | (4.0 | )% | (4.2 | )% | (2.8 | )% | (3.1 | )% | |||||
Electric
C&I | (0.4 | ) | (3.7 | ) | 3.4 | (2.4 | ) | (0.8 | ) | ||||||
Total
retail electric sales | (0.8 | ) | (3.8 | ) | 1.9 | (2.5 | ) | (1.5 | ) | ||||||
Firm
natural gas sales | 17.1 | 5.7 | N/A | (0.8 | ) | 11.9 | |||||||||
Six
Months Ended June 30 | |||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||
Weather-normalized | |||||||||||||||
Electric
residential | 0.3 | % | 0.5 | % | 2.8 | % | 0.9 | % | 0.8 | % | |||||
Electric
C&I | 0.4 | (2.5 | ) | 4.6 | (1.6 | ) | 0.2 | ||||||||
Total
retail electric sales | 0.4 | (1.6 | ) | 4.1 | (0.9 | ) | 0.4 | ||||||||
Firm
natural gas sales | 4.7 | 1.1 | N/A | (3.7 | ) | 3.0 | |||||||||
• | PSCo — Higher residential sales growth reflects customer additions, partially offset by lower use per customer. C&I growth was due to an increase in customers and higher use per customer, predominately from the fabricated metal and metal mining industries. |
• | NSP-Minnesota — Higher residential sales growth reflects customer additions, partially offset by lower use per customer. Decline in C&I sales was due to lower use per customer (self-generation), which was partially offset by an increase
in customers. Decreased sales to C&I customers were driven by the energy and manufacturing sectors. |
• | SPS — Residential sales grew largely due to higher use per customer and customer additions. Higher C&I sales was primarily due to increased use per customer, driven by the oil and natural gas industry in the Permian Basin. |
• | NSP-Wisconsin
— Residential sales growth was primarily attributable to customer additions and higher use per customer. The decline in C&I sales was due to lower use per customer and decreased sales to the mining, manufacturing and food services sectors, partially offset by customer additions. |
• | Natural gas sales reflect an increase in the number of customers combined with higher customer use. |
Three
Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Electric revenues | $ | 2,249 | $ | 2,348 | $ | 4,574 | $ | 4,617 | ||||||||
Electric
fuel and purchased power | (813 | ) | (935 | ) | (1,727 | ) | (1,867 | ) | ||||||||
Electric margin | $ | 1,436 | $ | 1,413 | $ | 2,847 | $ | 2,750 | ||||||||
(Millions of Dollars) | Three Months Ended June 30, 2019 vs. 2018 | Six Months Ended June 30, 2019 vs. 2018 | ||||||
Non-fuel riders (a) | $ | 21 | $ | 57 | ||||
Regulatory
rate outcomes (Minnesota, New Mexico, North and South Dakota) | 19 | 47 | ||||||
Lower purchased capacity costs | 9 | 15 | ||||||
Demand
revenue | 11 | 13 | ||||||
Implementation of lease accounting standard (offset in interest expense and amortization) | 5 | 11 | ||||||
Wholesale
transmission revenue (net) | 3 | 11 | ||||||
Estimated impact of weather (net of Minnesota decoupling) | (40 | ) | (32 | ) | ||||
Timing
of tax reform regulatory decisions (offset in income tax) | (6 | ) | (19 | ) | ||||
Other (net) | 1 | (6 | ) | |||||
Total
increase in electric margin | $ | 23 | $ | 97 | ||||
(a) | Includes approximately $20 million and $32 million, respectively, of additional PTC benefit (grossed-up for tax) as compared to the same periods
in 2018, which are flowed back to customers. |
Three
Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Natural gas revenues | $ | 308 | $ | 292 | $ | 1,102 | $ | 954 | ||||||||
Cost
of natural gas sold and transported | (112 | ) | (104 | ) | (591 | ) | (479 | ) | ||||||||
Natural gas margin | $ | 196 | $ | 188 | $ | 511 | $ | 475 | ||||||||
(Millions of Dollars) | Three Months Ended June 30, 2019 vs. 2018 | Six Months Ended June 30, 2019 vs. 2018 | ||||||
Retail rate increase (Colorado) | $ | — | $ | 12 | ||||
Estimated
impact of weather | 1 | 12 | ||||||
Infrastructure and integrity riders | 2 | 7 | ||||||
Retail
sales growth | 2 | 4 | ||||||
Transport sales | 1 | 3 | ||||||
Conservation
revenue (offset by expenses) | (1 | ) | (3 | ) | ||||
Other (net) | 3 | 1 | ||||||
Total
increase in natural gas margin | $ | 8 | $ | 36 | ||||
(Millions of Dollars) | Three Months Ended June 30, 2019 vs. 2018 | Six Months
Ended June 30, 2019 vs. 2018 | ||||||
Distribution | $ | 4 | $ | 23 | ||||
Business systems | 7 | 11 | ||||||
Gas
operations | 3 | 4 | ||||||
Plant generation | (4 | ) | 3 | |||||
Other
(net) | (2 | ) | 8 | |||||
Total increase in O&M expenses | $ | 8 | $ | 49 | ||||
• | Distribution
expenses were higher due to storms, labor and overtime; |
• | Business systems costs were higher due to increased customer experience transformation program expenses; and |
• | Natural gas operation expenses increased due to pipeline maintenance. |
• | Allowed ROE of 10.0%; |
• | Allowed
equity ratio of 52.5%; |
• | Retain expected fuel cost savings from new wind farms for the NSP System; |
• | Allow deferral of pension settlement costs, if any, for 2019-2021; |
• | Utilize a portion of tax reform benefits to offset revenue deficiency; |
• | Allow
deferral of certain large customer non-fuel cost of service impacts and bad debt expense in 2019-2021; and |
• | Apply an earnings sharing mechanism for 2020 and 2021. The mechanism would return to customers 50% of earnings between 10.25% and 10.75% ROE and 100% of earnings equal to or in excess of 10.75% ROE. |
• | Utilize tax reform benefits of $22.3 million to offset a portion of the regulatory asset for remediation
of the MGP site in Ashland, WI. |
Revenue Request (Millions of Dollars) | 2020 | |||
Changes since 2014 rate case: | ||||
Plant-related
growth 2013-2018 | $ | 85 | ||
O&M savings, sales growth and other cost reductions | (89 | ) | ||
Forecasted 2019 capital additions | 49 | |||
Advanced
Grid Intelligence and Security grid modernization | 39 | |||
Updated cost of capital | 32 | |||
Previously approved depreciation rates | 28 | |||
Incremental
wildfire mitigation | 14 | |||
Net increase to revenue | 158 | |||
Previously authorized costs: | ||||
CACJA, TCA and Rush Creek (a) | 249 | |||
Total
base revenue request (c) | $ | 408 | ||
Expected year-end rate base (b) | $ | 8,221 | ||
(a) | Roll-in
of CACJA, TCA and Rush Creek Wind Project (excluding PTCs) amounts into base rates will not impact total revenue as costs are currently recovered from customers through riders or the fuel clause. |
(b) | Base rate request does not include the impact of the proposed Colorado Energy Plan. |
(c) | Amounts may not add due to rounding. |
• | Answer
testimony — Sept. 6, 2019 |
• | Rebuttal testimony — Oct. 8, 2019 |
• | Evidentiary hearing — Nov. 4-13, 2019 |
• | Statement of position — Nov. 22, 2019 |
Revenue Request (Millions of Dollars) | ||||
Hale Wind Farm | $ | 28 | ||
Other
plant investment | 22 | |||
Wholesale sales reduction | 17 | |||
Allocator changes due to load growth | 15 | |||
Depreciation rate change (including Tolk) | 15 | |||
Base
rate sales growth | (41 | ) | ||
Other, net | (5 | ) | ||
New revenue request | $ | 51 | ||
• | Intervention deadline — Sept. 16, 2019 |
• | Filing of stipulation, if any — Nov. 15, 2019 |
• | Staff and intervenor testimony or testimony in support of a stipulation — Nov.
22, 2019 |
• | Testimony in opposition to a stipulation, if any — Dec. 6, 2019 |
• | Rebuttal testimony — Dec. 20, 2019 |
• | Public hearing begins — Jan.
7, 2020 |
• | End of 9-month suspension — April 30, 2020 |
Mechanism | Utility
Service | Amount Requested (in millions) | Filing Date | Approval | Additional Information | |||||
NSP-Minnesota (MPUC) | ||||||||||
TCR | Electric | $98 | November 2017 | Pending | In
May 2019, the MPUC issued a verbal order setting an ROE of 9.06% and recovery of 2017-2018 expenses related to advanced grid investments. A final order is expected in the third quarter of 2019. | |||||
2018 GUIC | Natural Gas | $23 | November 2017 | Pending | In May 2019, the
MPUC issued a verbal order setting an ROE of 9.04%. A final order is expected in the third quarter of 2019. | |||||
2019 GUIC | Natural Gas | $29 | November 2018 | Pending | Proposed ROE of 10.25%. Timing of the MPUC decision is uncertain. | |||||
RES | Electric | $23 | November
2017 | Pending | In May 2019, the MPUC issued a verbal order setting an ROE of 9.06%. A final order is expected in the third quarter of 2019. | |||||
PSCo (CPUC) | ||||||||||
Rate Case | Steam | $7 | May 2019 | Pending | In
May 2019, PSCo filed an unopposed Settlement Agreement with CPUC Staff and the City of Denver. The settlement reflects a ROE of 9.67% for AFUDC purposes, an equity ratio of 56.04% and utilization of tax reform benefits. Final rates would be effective in October 2020, with an initial step increase in October 2019. In July 2019, the Administrative Law Judge recommended that the settlement agreement be approved without modification. Settlement is pending a CPUC decision. | |||||
Rate Case Appeal | Natural Gas | N/A | April 2019 | Pending | In
April 2019, PSCo filed an appeal seeking judicial review of the CPUC’s prior ruling regarding PSCo’s last natural gas rate case (approved in December 2018). Appeal requests review of the following: denial of a return on the prepaid pension and retiree medical assets; the use of a capital structure that is not based on the actual historical test year level; and the use of an average rate base methodology rather than a year-end rate base methodology. The District Court of Denver County has adopted a briefing schedule that will conclude in October 2019. Timeline on a final ruling is unknown at this point. | |||||
SPS (PUCT) | ||||||||||
Rate Case | Electric | $54 | August
2017 | Received | In November 2018, SPS filed an application with the PUCT requesting permission to recover $5.4 million in unbilled TCRF revenue from January 23, 2018 through June 9, 2018. Application was approved in an order dated June 13, 2019. | |||||
SPS (NMPRC) | ||||||||||
Rate Case | Electric | $43 | October
2017 | Received | In February 2019, SPS and the NMPRC settled SPS' appeal to the NMSC regarding NMPRC's previous rate case order, including a $10.2 million refund of retroactive TCJA benefits. As a result, the NMPRC issued revised orders eliminating the retroactive refund and SPS reversed its previously recorded regulatory liability. The order also increased the ROE from 9.1% to 9.56% and the equity ratio from 51% to 53.97%, resulting in a prospective annual base rate increase of $4.5 million (incremental to $8.1 million approved in the initial order). New rates were effective March 11, 2019. | |||||
• | Extends the life of the Monticello nuclear plant from 2030 to 2040; |
• | Continues to run the Prairie Island nuclear
plant through current end of life (2033 and 2034); |
• | Includes the MEC acquisition and construction of the Sherco CC natural gas plant; |
• | Includes the early retirement of the King coal plant (511 MW) in 2028 and the Sherco 3 coal plant (517 MW) in 2030; |
• | Adds approximately 1,700 MW of firm
peaking (CT, pumped hydro, battery storage, DR, etc.); |
• | Adds approximately 1,200 MW of wind replacement; and |
• | Adds approximately 4,000 MW of solar. |
Futures
/ Forwards | |||||||||||||||||||||||
(Millions of Dollars) | Source of Fair Value | Maturity Less Than 1 Year | Maturity 1 to 3 Years | Maturity 4 to 5 Years | Maturity Greater Than 5 Years | Total
Futures/ Forwards Fair Value | |||||||||||||||||
NSP-Minnesota | 1 | $ | (3 | ) | $ | 6 | $ | 2 | $ | — | $ | 5 | |||||||||||
NSP-Minnesota | 2 | 9 | (2 | ) | (2 | ) | (4 | ) | 1 | ||||||||||||||
PSCo | 1 | 2 | 2 | — | — | 4 | |||||||||||||||||
$ | 8 | $ | 6 | $ | — | $ | (4 | ) | $ | 10 | |||||||||||||
Options | |||||||||||||||||||||||
(Millions
of Dollars) | Source of Fair Value | Maturity Less Than 1 Year | Maturity 1 to 3 Years | Maturity 4 to 5 Years | Maturity Greater Than 5 Years | Total
Futures/ Forwards Fair Value | |||||||||||||||||
NSP-Minnesota | 2 | $ | 4 | $ | 2 | $ | — | $ | — | $ | 6 | ||||||||||||
$ | 4 | $ | 2 | $ | — | $ | — | $ | 6 | ||||||||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Fair
value of commodity trading net contract assets outstanding at Jan. 1 | $ | 17 | $ | 16 | ||||
Contracts realized or settled during the period | (8 | ) | (4 | ) | ||||
Commodity
trading contract additions and changes during the period | 7 | 5 | ||||||
Fair value of commodity trading net contract assets outstanding at June 30 | $ | 16 | $ | 17 | ||||
(Millions of Dollars) | Three
Months Ended June 30 | VaR Limit | Average | High | Low | |||||||||||||||
2019 | $ | 1.05 | $ | 3.00 | $ | 0.93 | $ | 1.26 | $ | 0.68 | ||||||||||
2018 | 0.11 | 3.00 | 0.16 | 0.44 | 0.06 | |||||||||||||||
Six
Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Cash provided by operating activities | $ | 1,334 | $ | 1,437 | ||||
Six
Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Cash used in investing activities | $ | (1,708 | ) | $ | (1,865 | ) | ||
Six
Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Cash provided by financing activities | $ | 580 | $ | 677 | ||||
• | In July 2019, Xcel Energy made a $4 million
contribution to the Xcel Energy Inc. Non-Bargaining Pension Plan (South); |
• | In January 2019, contributions of $150 million were made across four of Xcel Energy’s pension plans; |
• | In 2018, contributions of $150 million were made across four of Xcel Energy’s pension plans; and |
• | For
future years, contributions will be made as deemed appropriate based on evaluation of various factors including the funded status of the plans, minimum funding requirements, interest rates and expected investment returns. |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||
Xcel
Energy Inc. | $ | 1,250 | $ | 663 | $ | 587 | $ | 1 | $ | 588 | ||||||||||
PSCo | 700 | 373 | 327 | 1 | 328 | |||||||||||||||
NSP-Minnesota | 500 | 203 | 297 | 1 | 298 | |||||||||||||||
SPS | 500 | 2 | 498 | 242 | 740 | |||||||||||||||
NSP-Wisconsin | 150 | 55 | 95 | 1 | 96 | |||||||||||||||
Total | $ | 3,100 | $ | 1,296 | $ | 1,804 | $ | 246 | $ | 2,050 | ||||||||||
(a) | Credit
facilities expire in June 2024. |
(b) | Includes outstanding commercial paper and letters of credit. |
(Millions
of Dollars) | Limit | Amount Used | Available | |||||||||
Xcel Energy Inc. | $ | 500 | $ | 500 | $ | — | ||||||
(Millions of Dollars) | Limit | Amount
Outstanding | Available | |||||||||
NSP-Minnesota | $ | 75 | $ | 23 | $ | 52 | ||||||
• | $1.25 billion for Xcel Energy Inc.; |
• | $700 million for PSCo; |
• | $500
million for NSP-Minnesota; |
• | $500 million for SPS; and |
• | $150 million for NSP-Wisconsin. |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2019 | Year Ended | ||||||
Borrowing
limit | $ | 3,600 | $ | 3,250 | ||||
Amount outstanding at period end | 1,597 | 1,038 | ||||||
Average
amount outstanding | 1,313 | 788 | ||||||
Maximum amount outstanding | 1,597 | 1,349 | ||||||
Weighted
average interest rate, computed on a daily basis | 2.83 | % | 2.34 | % | ||||
Weighted average interest rate at period end | 2.74 | 2.97 | ||||||
Issuer | Security | Amount | Status | Tenor | Coupon | |||||||
PSCo | First
Mortgage Bonds | $ | 400 | million | Completed | 30 Year | 4.05% | |||||
Xcel Energy Inc. | Senior Unsecured Bonds | 130 | million | Completed | 9
Year | 4.00 | ||||||
SPS | First Mortgage Bonds | 300 | million | Completed | 30 Year | 3.75 | ||||||
Xcel
Energy Inc. | Senior Unsecured Bonds | 600 | million | Pending | N/A | N/A | ||||||
NSP-Minnesota | First
Mortgage Bonds | 900 | million | Pending | N/A | N/A | ||||||
PSCo | First Mortgage Bonds | 550 | million | Pending | N/A | N/A | ||||||
• | Constructive outcomes in all rate case and regulatory proceedings. |
• | Normal
weather patterns for the remainder of the year. |
• | Weather-normalized retail electric sales are projected to be relatively consistent with 2018 levels. |
• | Weather-normalized retail firm natural gas sales are projected to be within a range of 2.0% to 3.0% over 2018 levels. |
• | Capital rider revenue
is projected to increase $115 million to $125 million (net of PTCs) over 2018 levels. PTCs are flowed back to customers, through capital riders and reductions to electric margin. |
• | Purchase capacity costs are expected to decline $25 million to $30 million compared with 2018 levels. |
• | O&M expenses are projected to decrease approximately 2.0% from 2018 levels. |
• | Depreciation
expense is projected to increase approximately $135 million to $145 million over 2018 levels. Depreciation expense includes $34 million for the amortization of a prepaid pension asset at PSCo, which is tax reform related and will not impact earnings. A significant portion of the change in depreciation expense reflects an adjustment for the new lease accounting standard, which reclassifies certain expense from electric fuel and purchase power to depreciation and amortization with no impact on earnings. |
• | Property taxes are projected to increase approximately $15 million to $25 million over 2018 levels. |
• | Interest
expense (net of AFUDC - debt) is projected to increase $80 million to $90 million over 2018 levels. |
• | AFUDC - equity is projected to decrease approximately $20 million to $30 million from 2018 levels. |
• | The ETR is projected to be approximately 8% to 10%. The ETR reflects benefits of PTCs which are flowed back to customers through electric margin and will not impact net income. |
(a)
| Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. Xcel Energy is unable to forecast if any of these items will occur or provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP diluted EPS. |
• | Deliver long-term annual EPS growth of 5 to 7% off of a 2018 base of $2.43 per share, which represents the mid-point of the original 2018 guidance range of $2.37 to $2.47 per share; |
• | Deliver annual dividend increases of 5 to 7%; |
•
| Target a dividend payout ratio of 60 to 70%; and |
• | Maintain senior secured debt credit ratings in the A range. |
Exhibit Number | Description | Report or Registration Statement | SEC
File or Registration Number | Exhibit Reference |
3.01* | Xcel Energy Inc. Form 8-K dated May 16, 2012 | 3.01 | ||
3.02* | Xcel Energy Inc. Form 8-K dated Feb. 17, 2016 | 3.01 | ||
4.01* | SPS Form 8-K dated June 18, 2019 | 4.02 | ||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.01 | |||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.02 | |||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.03 | |||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.04 | |||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.05 | |||
101 | The following materials from Xcel Energy Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Balance Sheets, (v) the Consolidated Statements of Common Stockholders’ Equity, (vi) Notes to Consolidated Financial Statements, and (vii) document and entity information. |
XCEL ENERGY INC. | ||
By: | ||
Senior Vice President, Controller | ||
(Principal
Accounting Officer) | ||
Executive
Vice President, Chief Financial Officer | ||
(Principal Financial Officer) | ||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 6/15/28 | ||||
| 12/31/21 | ||||
| 12/2/20 | ||||
| 4/30/20 | ||||
| 2/7/20 | ||||
| 1/7/20 | ||||
| 1/1/20 | ||||
| 12/20/19 | ||||
| 12/15/19 | ||||
| 12/6/19 | 8-K | |||
| 12/3/19 | 8-K | |||
| 11/22/19 | 8-K | |||
| 11/15/19 | ||||
| 10/8/19 | ||||
| 9/16/19 | ||||
| 9/6/19 | 4 | |||
| 8/31/19 | ||||
| Filed on: | 8/1/19 | 8-K | ||
| 7/29/19 | ||||
| 7/25/19 | ||||
| 7/1/19 | 4, 8-K | |||
| For Period end: | 6/30/19 | |||
| 6/18/19 | ||||
| 6/13/19 | 4 | |||
| 6/7/19 | 4, 8-K | |||
| 3/31/19 | 10-Q | |||
| 3/21/19 | ||||
| 3/11/19 | 4 | |||
| 2/22/19 | 10-K, 4 | |||
| 1/1/19 | ||||
| 12/31/18 | 10-K, 11-K, 4, 5 | |||
| 6/30/18 | 10-Q | |||
| 6/9/18 | ||||
| 3/31/18 | 10-Q | |||
| 1/23/18 | ||||
| 12/31/17 | 10-K, 11-K | |||
| 2/17/16 | 8-K | |||
| 1/1/16 | ||||
| 2/11/15 | SC 13G/A | |||
| 11/12/13 | ||||
| 5/16/12 | 4, 8-K, DEF 14A, PRE 14A | |||
| List all Filings | ||||