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| <NonNumbericText> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="4"><b>2. Accounting Pronouncements </b></font></p> <p style="FONT-FAMILY: times"><font size="4"><b><i>Recently Adopted <br /></i></b></font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Business Combinations</i></b></font><font size="2"><b> — </b></font><font size="2">In December 2007, the FASB issued new guidance on business combinations which establishes principles and requirements for how an acquirer in a business combination recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest; recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This new guidance is to be applied prospectively to business combinations for which the acquisition date is on or after the beginning of an entity's fiscal year that begins on or after Dec. 15, 2008. Xcel Energy implemented the guidance on Jan. 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Noncontrolling Interests</i></b></font><font size="2"><b> — </b></font><font size="2">Also in December 2007, the FASB issued new guidance on noncontrolling interests in consolidated financial statements which establishes accounting and reporting standards that require the ownership interest in subsidiaries held by parties other than the parent be clearly identified and presented in the consolidated balance sheets within equity, but separate from the parent's equity; the amount of consolidated net income attributable to the parent and the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of earnings; and changes in a parent's ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently as equity transactions. This new guidance was effective for fiscal years beginning on or after Dec. 15, 2008. Xcel Energy implemented the guidance on Jan. 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Derivatives and Hedging Disclosures</i></b></font><font size="2"><b> — </b></font><font size="2">In March 2008, the FASB issued new guidance on disclosures about derivative instruments and hedging activities which is intended to enhance disclosures to help users of the financial statements better understand how derivative instruments and hedging activities affect an entity's financial position, financial performance and cash flows. The guidance amends and expands previous disclosure requirements for derivative instruments and hedging activities, including disclosures of objectives and strategies for using derivatives, gains and losses on derivative instruments, and credit-risk-related contingent features in derivative contracts. This new guidance was effective for fiscal years and interim periods beginning after Nov. 15, 2008. Xcel Energy implemented the guidance on Jan. 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. For further discussion and the required disclosures, see Note 13 to the consolidated financial statements.</font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Interim Fair Value Disclosures</i></b></font><font size="2"><b> — </b></font><font size="2">In April 2009, the FASB issued new guidance on interim disclosures about fair value of financial instruments which requires that disclosures regarding the fair value of financial instruments be included in interim financial statements. This new guidance was effective for interim periods ending after June 15, 2009. Xcel Energy implemented the guidance on April 1, 2009, and the implementation did not have a material impact on its consolidated financial statements.</font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Fair Value in Inactive Markets</i></b></font><font size="2"><b> — </b></font><font size="2">Also in April 2009, the FASB issued new guidance for identifying market transactions that are not orderly and determining fair value when market trading activity has decreased significantly. The new guidance emphasizes that even if there has been a significant decrease in the volume and level of market activity for an asset or liability, fair value still represents the exit price in an orderly transaction between market participants. This new guidance was effective for interim and annual periods ending after June 15, 2009. Xcel Energy implemented the guidance on April 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Other-Than-Temporary Impairments</i></b></font><font size="2"><b> — </b></font><font size="2">Additionally in April 2009, the FASB issued new guidance on recognition and presentation of other-than-temporary impairments which changes the method for determining whether an other-than-temporary impairment exists for debt securities, and also requires additional disclosures regarding other-than-temporary impairments. This new guidance was effective for interim and annual periods ending after June 15, 2009. Xcel Energy implemented the guidance on April 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Accounting Standards Codification</i></b></font><font size="2"><b> — </b></font><font size="2">In June 2009, the FASB issued </font><font size="2"><i>Topic 105 — Generally Accepted Accounting Principles Amendments Based on Statement of Financial Accounting Standards No. 168 — The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (Accounting Standards Update (ASU) No. 2009-01)</i></font><font size="2">, which updates the FASB ASC to state that the Codification is to be the single source of authoritative GAAP, other than the guidance put forth by the SEC. All other accounting literature not included in the Codification is to be considered non-authoritative. The updates to the Codification contained in ASU No. 2009-01 were effective for interim and annual periods ending after Sept. 15, 2009. Xcel Energy implemented the guidance set forth by ASU No. 2009-01, recognizing the Codification as the single source of authoritative GAAP, other than the guidance put forth by the SEC, on July 1, 2009. The implementation did not have a material impact on Xcel Energy's consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Postretirement Benefit Plans</i></b></font><font size="2"><b> — </b></font><font size="2">In December 2008, the FASB issued new guidance on employers' disclosures about postretirement benefit plan assets. The guidance amends and expands previous disclosure requirements for plan assets of a defined benefit pension or other postretirement plan to include investment policies and strategies, major categories of plan assets, and information regarding fair value measurements. This new guidance was effective for disclosures for fiscal years ending after Dec. 15, 2009. Xcel Energy implemented the guidance on Jan. 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. For further discussion and the required disclosures, see Note 11 to the consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Fair Value of Liabilities</i></b></font><font size="2"><b> — </b></font><font size="2">In August 2009, the FASB issued </font><font size="2"><i>Fair Value Measurements and Disclosures (Topic 820) — Measuring Liabilities at Fair Value (ASU No. 2009-05)</i></font><font size="2">, which updates the Codification with clarifications for measuring the fair value of liabilities. The liability-specific guidance includes clarifications and guidelines for using, when available, the most observable prices in active markets for identical liabilities or similar liabilities, or the prices of identical liabilities or similar liabilities traded as assets, rather than more complex and less observable valuation techniques and inputs such as those used in a present value model. The updates to the Codification contained in ASU No. 2009-05 were effective for interim and annual periods beginning after its August, 2009 issuance. Xcel Energy implemented the guidance on Sept. 1, 2009, and the implementation did not have a material impact on its consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><br /></font><font size="4"><b><i>Recently Issued</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Consolidation of Variable Interest Entities</i></b></font><font size="2"><b> — </b></font><font size="2">In June 2009, the FASB issued new guidance on consolidation of variable interest entities. The guidance will significantly affect various elements of consolidation under existing accounting standards, including the determination of whether an entity is a variable interest entity and whether an enterprise is a variable interest entity's primary beneficiary. This new guidance is effective for interim and annual periods beginning after Nov. 15, 2009. Xcel Energy does not expect the implementation of the guidance to have a material impact on its consolidated financial statements. </font></p> <p style="FONT-FAMILY: times"><font size="2"><b><i>Fair Value Measurement Disclosures</i></b></font><font size="2"><b> — </b></font><font size="2">In January 2010, the FASB issued </font><font size="2"><i>Fair Value Measurements and Disclosures (Topic 820) — Improving Disclosures about Fair Value Measurements (ASU No. 2010-06)</i></font><font size="2">, which will update the Codification to require new disclosures for assets and liabilities measured at fair value. The requirements include expanded disclosure of valuation methodologies for Level 2 and Level 3 fair value measurements, transfers in and out of Levels 1 and 2, and gross rather than net presentation of certain changes in Level 3 fair value measurements. The updates to the Codification contained in ASU No. 2010-06 are effective for interim and annual periods beginning after Dec. 15, 2009, except for requirements related to gross presentation of certain changes in Level 3 fair value measurements, which are effective for interim and annual periods beginning after Dec. 15, 2010. Xcel Energy does not expect the implementation of the guidance to have a material impact on its consolidated financial statements. </font></p></td></tr></table> </NonNumbericText> |
| <NonNumericTextHeader> 2. Accounting Pronouncements Recently Adopted Business Combinations — In December 2007, the FASB issued new guidance on business combinations </NonNumericTextHeader> |
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