Arizona | 86-0062700 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large Accelerated Filer o | Accelerated Filer o | Non-Accelerated Filer | ☒ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
A rate order issued by the ACC resulting in a new rate structure for TEP, effective on January 1, 2021 | ||||||||
2021 Credit Agreement | In October 2021, TEP entered into an unsecured credit agreement that provides for revolving credit commitments with swingline and LOC sublimits, due in October 2026, the termination date | |||||||
ABR | Alternate Base Rate | |||||||
ACC | Arizona Corporation Commission | |||||||
ACC Refund Order | An order issued by the ACC approving TEP’s proposal to return savings from the Company’s federal corporate income tax rate under the TCJA to its customers through a combination of a customer bill credit and a regulatory liability that reflects the deferral of the return of a portion of the savings, effective May 1, 2018 | |||||||
ADEQ | Arizona Department of Environmental Quality | |||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
AMT | Alternative Minimum Tax | |||||||
AOCI | Accumulated Other Comprehensive Income | |||||||
ARO | Asset Retirement Obligation | |||||||
Build-Transfer Agreement | ||||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
COVID-19 | Coronavirus Disease 2019 | |||||||
CCR | Coal Combustion Residuals | |||||||
Distributed Generation | ||||||||
DSM | Demand Side Management | |||||||
ECA | Environmental Compliance Adjustor | |||||||
EDIT | Excess Deferred Income Taxes | |||||||
EE Standards | Energy Efficiency Standards | |||||||
EIM | Energy Imbalance Market | |||||||
EPA | Environmental Protection Agency | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Generally Accepted Accounting Principles in the United States of America | ||||||||
Internal Revenue Service | ||||||||
LFCR | Lost Fixed Cost Recovery | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LOC | Letter(s) of Credit | |||||||
Open Access Transmission Tariff | ||||||||
PBI | Performance Based Incentives | |||||||
PPA | Power Purchase Agreement | |||||||
PPFAC | Purchased Power and Fuel Adjustment Clause |
PSU | Performance-Based Share Units | |||||||
PTC | Production Tax Credit | |||||||
PV | Photovoltaic | |||||||
RCRA | Resource Conservation and Recovery Act | |||||||
REC | Renewable Energy Credit | |||||||
Regional Haze | Regional Haze Regulation promulgated by the EPA to improve visibility at national parks and wilderness areas | |||||||
RES | Renewable Energy Standard | |||||||
REST | Renewable Energy Standard and Tariff | |||||||
Retail Rates | Rates designed to allow a regulated utility recovery of its costs of providing services and an opportunity to earn a reasonable return on its investment | |||||||
RICE | Reciprocating Internal Combustion Engine | |||||||
RMC | Risk Management Committee | |||||||
RSU | Restricted Share Units | |||||||
SERP | Supplemental Executive Retirement Plan | |||||||
Emergency rules first enacted by the ACC in 2019 that suspend service disconnections and late fees for electric residential customers who otherwise would be eligible for service disconnection during the period from June 1 through October 15 | ||||||||
TCA | Transmission Cost Adjustor | |||||||
TCJA | Tax Cuts and Jobs Act | |||||||
TEAM | Tax Expense Adjustor Mechanism | |||||||
VEBA | Voluntary Employee Beneficiary Association | |||||||
APS | Arizona Public Service Company | |||||||
Fortis | Fortis Inc., a corporation incorporated under the Corporations Act of Newfoundland and Labrador, Canada, whose principal executive offices are located at Fortis Place, Suite 1100, 5 Springdale Street, St. John's, NL A1E 0E4 | |||||||
FortisUS | Fortis intermediate holding company | |||||||
Four Corners | Four Corners Generating Station | |||||||
Gila River | Gila River Generating Station | |||||||
Luna | Luna Generating Station | |||||||
Navajo | Navajo Generating Station | |||||||
Oso Grande | A 250 MW nominal capacity wind-powered electric generation facility, | |||||||
PNM | Public Service Company of New Mexico | |||||||
San Juan | San Juan Generating Station | |||||||
SES | Southwest Energy Solutions, Inc. | |||||||
Springerville | Springerville Generating Station | |||||||
Springerville Common Facilities | Portion of the facilities at Springerville used in common with Springerville Unit 1 and Unit 2 | |||||||
SRP | Salt River Project Agricultural Improvement and Power District | |||||||
Sundt | H. Wilson Sundt Generating Station | |||||||
TEP | Tucson Electric Power Company, the principal subsidiary of UNS Energy Corporation | |||||||
Tri-State | Tri-State Generation and Transmission Association, Inc. | |||||||
UASTP | University of Arizona Science and Technology Park | |||||||
UNS Electric | UNS Electric, Inc., an indirect wholly-owned subsidiary of UNS Energy Corporation | |||||||
UNS Energy | UNS Energy Corporation, the parent company of TEP, whose principal executive offices are located at 88 East Broadway Boulevard, Tucson, Arizona 85701 |
UNS Energy Affiliates | Affiliated subsidiaries of UNS Energy Corporation including UniSource Energy Services, Inc., UNS Electric, Inc., UNS Gas, Inc., and Southwest Energy Solutions, Inc. | |||||||
UNS Gas | UNS Gas, Inc., an indirect wholly-owned subsidiary of UNS Energy Corporation |
AC | Alternating Current | |||||||
BBtu | Billion British thermal unit(s) | |||||||
GWh | Gigawatt-hour(s) | |||||||
kWh | Kilowatt-hour(s) | |||||||
MMBtu | Million Metric British thermal units | |||||||
MW | Megawatt(s) | |||||||
MWh | Megawatt-hour(s) |
(sales in GWh) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||
Electric Sales | ||||||||||||||||||||||||||||
Residential | 3,698 | 22 | % | 3,766 | 24 | % | 3,786 | 29 | % | 3,724 | 29 | % | 3,724 | 28 | % | |||||||||||||
Commercial | 2,077 | 13 | % | 2,136 | 14 | % | 2,192 | 17 | % | 2,139 | 17 | % | 2,124 | 15 | % | |||||||||||||
Industrial, non-Mining | 1,896 | 11 | % | 1,949 | 12 | % | 1,939 | 15 | % | 2,006 | 16 | % | 2,063 | 15 | % | |||||||||||||
Industrial, Mining | 1,057 | 6 | % | 1,033 | 7 | % | 991 | 8 | % | 997 | 8 | % | 1,109 | 8 | % | |||||||||||||
Other | 16 | — | % | 16 | — | % | 18 | — | % | 30 | — | % | 33 | — | % | |||||||||||||
Total Retail Sales by Customer Class | 8,744 | 53 | % | 8,900 | 57 | % | 8,926 | 68 | % | 8,896 | 70 | % | 9,053 | 66 | % | |||||||||||||
Wholesale Sales, Long-Term | 490 | 3 | % | 424 | 3 | % | 587 | 4 | % | 463 | 4 | % | 750 | 5 | % | |||||||||||||
Wholesale Sales, Short-Term(1) | 7,257 | 44 | % | 6,279 | 40 | % | 3,630 | 28 | % | 3,308 | 26 | % | 3,928 | 29 | % | |||||||||||||
Total Electric Sales | 16,491 | 100 | % | 15,603 | 100 | % | 13,143 | 100 | % | 12,667 | 100 | % | 13,731 | 100 | % | |||||||||||||
Average Number of Retail Customers | ||||||||||||||||||||||||||||
Residential | 387,409 | 90 | % | 384,021 | 90 | % | 381,399 | 90 | % | 378,991 | 90 | % | 376,439 | 90 | % | |||||||||||||
Commercial | 38,838 | 9 | % | 38,642 | 9 | % | 38,564 | 9 | % | 38,403 | 9 | % | 38,253 | 9 | % | |||||||||||||
Industrial, non-Mining | 503 | — | % | 504 | — | % | 520 | — | % | 580 | — | % | 588 | — | % | |||||||||||||
Industrial, Mining | 4 | — | % | 4 | — | % | 4 | — | % | 4 | — | % | 4 | — | % | |||||||||||||
Other | 1,872 | 1 | % | 1,873 | 1 | % | 1,879 | 1 | % | 1,866 | 1 | % | 1,857 | 1 | % | |||||||||||||
Total Retail Customers | 428,626 | 100 | % | 425,044 | 100 | % | 422,366 | 100 | % | 419,844 | 100 | % | 417,141 | 100 | % |
(sales in GWh) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,820 | 25 | % | 4,170 | 28 | % | 3,698 | 22 | % | 3,766 | 24 | % | 3,786 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,939 | 13 | % | 2,005 | 13 | % | 2,077 | 13 | % | 2,136 | 14 | % | 2,192 | 17 | % | ||||||||||||||||||||||||||||||||||||||||||||
Industrial, non-Mining | 1,893 | 12 | % | 1,834 | 12 | % | 1,896 | 11 | % | 1,949 | 12 | % | 1,939 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||
Industrial, Mining | 1,050 | 7 | % | 1,086 | 7 | % | 1,057 | 6 | % | 1,033 | 7 | % | 991 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other | 16 | — | % | 16 | — | % | 16 | — | % | 16 | — | % | 18 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Retail Sales by Customer Class | 8,718 | 57 | % | 9,111 | 61 | % | 8,744 | 53 | % | 8,900 | 57 | % | 8,926 | 68 | % | ||||||||||||||||||||||||||||||||||||||||||||
Wholesale Sales, Long-Term | 837 | 6 | % | 508 | 4 | % | 490 | 3 | % | 424 | 3 | % | 587 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Wholesale Sales, Short-Term(1) | 5,643 | 37 | % | 5,279 | 35 | % | 7,257 | 44 | % | 6,279 | 40 | % | 3,630 | 28 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Electric Sales | 15,198 | 100 | % | 14,898 | 100 | % | 16,491 | 100 | % | 15,603 | 100 | % | 13,143 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||
Average Number of Retail Customers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 396,562 | 90 | % | 391,953 | 90 | % | 387,409 | 90 | % | 384,021 | 90 | % | 381,399 | 90 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 39,395 | 9 | % | 39,096 | 9 | % | 38,838 | 9 | % | 38,642 | 9 | % | 38,564 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Industrial, non-Mining | 523 | — | % | 491 | — | % | 503 | — | % | 504 | — | % | 520 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Industrial, Mining | 4 | — | % | 4 | — | % | 4 | — | % | 4 | — | % | 4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Other | 1,873 | 1 | % | 1,877 | 1 | % | 1,872 | 1 | % | 1,873 | 1 | % | 1,879 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Retail Customers | 438,357 | 100 | % | 433,421 | 100 | % | 428,626 | 100 | % | 425,044 | 100 | % | 422,366 | 100 | % |
Counterparty | Contracts Expire December 31, | |||||||
Navajo Tribal Utility Authority | 2022 | |||||||
TRICO Electric Cooperative | 2024 | |||||||
Navopache Electric Cooperative | 2041 |
Unit | Date | Capacity | Operating | TEP’s Share | ||||||||||||||||||||||||||||||||||||||||||||||
Generation Source | No. | Location | In Service | (MW) | Agent | % | (MW) | |||||||||||||||||||||||||||||||||||||||||||
Natural Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gila River | 2 | Gila Bend, AZ | 2003 | 550 | SRP | 100 | 550 | |||||||||||||||||||||||||||||||||||||||||||
Gila River | 3 | Gila Bend, AZ | 2003 | 550 | SRP | 75.0 | 413 | |||||||||||||||||||||||||||||||||||||||||||
Luna | 1 | Deming, NM | 2006 | 555 | PNM | 33.3 | 185 | |||||||||||||||||||||||||||||||||||||||||||
Sundt | 3 | Tucson, AZ | 1962 | 104 | TEP | 100 | 104 | |||||||||||||||||||||||||||||||||||||||||||
Sundt | 4 | Tucson, AZ | 1967 | 156 | TEP | 100 | 156 | |||||||||||||||||||||||||||||||||||||||||||
Sundt Reciprocating Internal Combustion Engine | 1-10 | Tucson, AZ | 2019-2020 | 188 | TEP | 100 | 188 | |||||||||||||||||||||||||||||||||||||||||||
Sundt Internal Combustion Turbines | Tucson, AZ | 1972-1973 | 50 | TEP | 100 | 50 | ||||||||||||||||||||||||||||||||||||||||||||
DeMoss Petrie (1) | Tucson, AZ | 2001 | 75 | TEP | 100 | 75 | ||||||||||||||||||||||||||||||||||||||||||||
North Loop | Tucson, AZ | 2001 | 96 | TEP | 100 | 96 | ||||||||||||||||||||||||||||||||||||||||||||
Coal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Springerville | 1 | Springerville, AZ | 1985 | 387 | TEP | 100 | 387 | |||||||||||||||||||||||||||||||||||||||||||
Springerville (2) | 2 | Springerville, AZ | 1990 | 406 | TEP | 100 | 406 | |||||||||||||||||||||||||||||||||||||||||||
San Juan | 1 | Farmington, NM | 1976 | 340 | PNM | 50.0 | 170 | |||||||||||||||||||||||||||||||||||||||||||
Four Corners | 4 | Farmington, NM | 1969 | 785 | APS | 7.0 | 55 | |||||||||||||||||||||||||||||||||||||||||||
Four Corners | 5 | Farmington, NM | 1970 | 785 | APS | 7.0 | 55 | |||||||||||||||||||||||||||||||||||||||||||
Renewables | ||||||||||||||||||||||||||||||||||||||||||||||||||
Utility-Owned Renewables (3) | Various | 2002-2021 | 294 | TEP | 100 | 294 | ||||||||||||||||||||||||||||||||||||||||||||
Total Capacity | 3,184 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unit | Date | Capacity | Operating | TEP’s Share | |||||||||||
Generation Source | No. | Location | In Service | (MW) | Agent | % | (MW) | ||||||||
Coal | |||||||||||||||
Springerville | 1 | Springerville, AZ | 1985 | 387 | TEP | 100 | 387 | ||||||||
Springerville (1) | 2 | Springerville, AZ | 1990 | 406 | TEP | 100 | 406 | ||||||||
San Juan | 1 | Farmington, NM | 1976 | 340 | PNM | 50.0 | 170 | ||||||||
Four Corners | 4 | Farmington, NM | 1969 | 785 | APS | 7.0 | 55 | ||||||||
Four Corners | 5 | Farmington, NM | 1970 | 785 | APS | 7.0 | 55 | ||||||||
Natural Gas | |||||||||||||||
Gila River (2) | 2 | Gila Bend, AZ | 2003 | 550 | SRP | 100 | 550 | ||||||||
Gila River | 3 | Gila Bend, AZ | 2003 | 550 | SRP | 75.0 | 413 | ||||||||
Luna | 1 | Deming, NM | 2006 | 555 | PNM | 33.3 | 185 | ||||||||
Sundt | 3 | Tucson, AZ | 1962 | 104 | TEP | 100 | 104 | ||||||||
Sundt | 4 | Tucson, AZ | 1967 | 156 | TEP | 100 | 156 | ||||||||
Sundt Internal Combustion Turbines | Tucson, AZ | 1972-1973 | 50 | TEP | 100 | 50 | |||||||||
Sundt Reciprocating Internal Combustion Engine | 6-10 | Tucson, AZ | 2019 | 94 | TEP | 100 | 94 | ||||||||
DeMoss Petrie | Tucson, AZ | 2001 | 75 | TEP | 100 | 75 | |||||||||
North Loop | Tucson, AZ | 2001 | 94 | TEP | 100 | 94 | |||||||||
Solar | |||||||||||||||
Utility-Scale Renewables | Various | 2002-2017 | 47 | TEP | 100 | 47 | |||||||||
Total Capacity (3) | 2,841 |
(2)Springerville Unit 2 is owned by San Carlos Resources, Inc., a wholly-owned subsidiary of TEP. (3)In May 2021, Oso Grande was placed in service, adding 250 MW of wind-powered electric generation. |
Generation Source | Location | Date/Projected Date in Service | In Service Capacity (MW) | Under Development Capacity (MW) | ||||||||||||||||||||||
Solar | ||||||||||||||||||||||||||
Fort Huachuca Phase I & II (1) | Sierra Vista, AZ | 2014-2017 | 18 | |||||||||||||||||||||||
Springerville Solar | Springerville, AZ | 2004-2014 | 13 | |||||||||||||||||||||||
UASTP Phase I & II (2) | Tucson, AZ | 2010-2011 | 6 | |||||||||||||||||||||||
Solon Prairie Fire (2) | Tucson, AZ | 2012 | 5 | |||||||||||||||||||||||
Residential Solar | Tucson, AZ | Various | 2 | |||||||||||||||||||||||
Raptor Ridge | Tucson, AZ | 2022 | 13 | |||||||||||||||||||||||
Wind | ||||||||||||||||||||||||||
Oso Grande (3) | Chaves County, NM | 2021 | 250 | |||||||||||||||||||||||
Total Capacity | 294 | 13 | ||||||||||||||||||||||||
Generation Source | Location | Date/Projected Date in Service | In Service Capacity (MW) | Under Development Capacity (MW) | ||||||
Solar | ||||||||||
Fort Huachuca Phase I & II (1) | Sierra Vista, AZ | 2014-2017 | 18 | |||||||
Springerville | Springerville, AZ | 2004-2014 | 14 | |||||||
UASTP Phase I & II (2) | Tucson, AZ | 2010-2011 | 6 | |||||||
Sundt Areva Solar Thermal | Tucson, AZ | 2014 | 5 | |||||||
Solon Prairie Fire (2) | Tucson, AZ | 2012 | 4 | |||||||
Raptor Ridge | Tucson, AZ | 2021 | 10 | |||||||
Wind | ||||||||||
Oso Grande Wind Project | Chaves County, NM | 2020 | 250 | |||||||
Total Capacity | 47 | 260 |
(2)The UASTP I & II and Solon Prairie Fire are located on properties held under land easements and leases. (3)Oso Grande was placed in service in May 2021. |
Generation Source | Location | Date/Projected Date in Service | In Service Capacity (MW) | Under Development Capacity (MW) | ||||||||||||||||||||||||||||
Solar | ||||||||||||||||||||||||||||||||
Wilmot Solar (1) | Sahuarita, AZ | 2021 | 100 | |||||||||||||||||||||||||||||
Red Horse | Willcox, AZ | 2015 | 41 | |||||||||||||||||||||||||||||
Avalon I | Sahuarita, AZ | 2014 | 29 | |||||||||||||||||||||||||||||
Avra Valley | Marana, AZ | 2012 | 25 | |||||||||||||||||||||||||||||
Picture Rocks | Marana, AZ | 2012 | 20 | |||||||||||||||||||||||||||||
Avalon II | Sahuarita, AZ | 2016 | 16 | |||||||||||||||||||||||||||||
Valencia | Tucson, AZ | 2013 | 10 | |||||||||||||||||||||||||||||
E.On Tech Park | Tucson, AZ | 2012 | 5 | |||||||||||||||||||||||||||||
Gato Montes | Tucson, AZ | 2012 | 5 | |||||||||||||||||||||||||||||
Small PPAs (<5MW) (2) | Various | Various | 5 | |||||||||||||||||||||||||||||
Babacomari North | Cochise County, AZ | 2022 | 80 | |||||||||||||||||||||||||||||
Babacomari South | Cochise County, AZ | 2023 | 80 | |||||||||||||||||||||||||||||
Wind | ||||||||||||||||||||||||||||||||
Borderlands Wind (3) | Catron County, NM | 2021 | 99 | |||||||||||||||||||||||||||||
Macho Springs | Deming, NM | 2011 | 50 | |||||||||||||||||||||||||||||
Red Horse Wind | Willcox, AZ | 2015 | 30 | |||||||||||||||||||||||||||||
Total Capacity | 435 | 160 |
Generation Source | Location | Date/Projected Date in Service | In Service Capacity (MW) | Under Development Capacity (MW) | ||||||
Solar | ||||||||||
Red Horse | Willcox, AZ | 2015 | 41 | |||||||
Avalon I | Sahuarita, AZ | �� | 2014 | 29 | ||||||
Avra Valley | Marana, AZ | 2012 | 25 | |||||||
Picture Rocks | Marana, AZ | 2012 | 20 | |||||||
Avalon II | Sahuarita, AZ | 2016 | 16 | |||||||
Valencia | Tucson, AZ | 2013 | 10 | |||||||
E.On Tech Park | Tucson, AZ | 2012 | 5 | |||||||
Gato Montes | Tucson, AZ | 2012 | 5 | |||||||
Small PPAs (<5MW) | Various | Various | 5 | |||||||
Wilmot Solar (1) | Sahuarita, AZ | 2020 | 100 | |||||||
Wind | ||||||||||
Macho Springs | Deming, NM | 2011 | 50 | |||||||
Red Horse Wind | Willcox, AZ | 2015 | 30 | |||||||
Borderlands Wind | Catron County, NM | 2021 | 99 | |||||||
Total Capacity | 236 | 199 |
(in MW) | 2019 | 2018 | 2017 | 2016 | 2015 | (in MW) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Retail Customers | 2,367 | 2,413 | 2,415 | 2,278 | 2,222 | Retail Customers | 2,427 | 2,467 | 2,367 | 2,413 | 2,415 |
Average Cost (cents per kWh) | Percentage of Total kWh Resources | Average Cost (cents per kWh) | Percentage of Total kWh Resources | |||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Coal | 2.46 | 2.44 | 2.41 | 41 | % | 44 | % | 54 | % | Coal | 2.60 | 2.51 | 2.46 | 34 | % | 37 | % | 41 | % | |||||||||||||||||||||||||||||||||
Natural Gas | 2.33 | 2.54 | 3.06 | 45 | % | 42 | % | 23 | % | Natural Gas | 3.36 | 2.03 | 2.33 | 46 | % | 49 | % | 45 | % | |||||||||||||||||||||||||||||||||
Purchased Power, Non-Renewable | 4.09 | 4.32 | 3.78 | 10 | % | 10 | % | 18 | % | Purchased Power, Non-Renewable | 8.88 | 6.26 | 4.09 | 10 | % | 9 | % | 10 | % | |||||||||||||||||||||||||||||||||
Total Non-Renewable | Total Non-Renewable | 90 | % | 95 | % | 96 | % | |||||||||||||||||||||||||||||||||||||||||||||
Purchased Power, Renewable | 9.43 | 9.41 | 9.49 | 4 | % | 4 | % | 5 | % | Purchased Power, Renewable | 7.63 | 9.42 | 9.43 | 6 | % | 4 | % | 4 | % | |||||||||||||||||||||||||||||||||
Utility-Owned, Renewable | Utility-Owned, Renewable | N/A | N/A | N/A | 4 | % | 1 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total Renewable | Total Renewable | 10 | % | 5 | % | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Fuel, Purchased Power and Other Resources | Total Fuel, Purchased Power and Other Resources | 100 | % | 100 | % | 100 | % |
Station | Coal Supplier | 2021 Coal Consumption (tons in 000s) | Contract Expiration Date | Average Sulfur Content | Coal Obtained From | |||||||||||||||||||||||||||
Springerville | Peabody CoalSales | 2,145 | 2022 | 1.0% | Lee Ranch Mine/El Segundo Mine | |||||||||||||||||||||||||||
Four Corners | NTEC | 306 | 2031 | 0.7% | Navajo Mine | |||||||||||||||||||||||||||
San Juan | San Juan Coal Co. | 578 | 2022 | 0.8% | San Juan Mine |
Station | Coal Supplier | 2019 Coal Consumption (tons in 000s) | Contract Expiration Date | Average Sulfur Content | Coal Obtained From | |||||
Springerville (1) | Peabody CoalSales | 2,693 | 2020 | 1.0% | Lee Ranch Mine/El Segundo Mine | |||||
Four Corners | NTEC | 315 | 2031 | 0.7% | Navajo Mine | |||||
San Juan | San Juan Coal Co. | 588 | 2022 | 0.8% | San Juan Mine |
Station | Natural Gas Transportation Counterparty | Contract Expiration Date(s) | ||||||||||||||||||
Gila | Transwestern Pipeline Co./El Paso Natural Gas Company, LLC | 2022-2040 | ||||||||||||||||||
Luna | El Paso Natural Gas Company, LLC | 2022 | ||||||||||||||||||
El Paso Natural Gas Company, LLC | 2023-2040 | |||||||||||||||||||
DeMoss Petrie | Southwest Gas Corporation | Retail Tariff | ||||||||||||||||||
North Loop | Southwest Gas Corporation | Retail Tariff |
Name | Age | Position(s) Held | Executive Officer Since | |||||||||||||||||
Susan M. Gray (1) | 49 | President and Chief Executive Officer | 2015 | |||||||||||||||||
Frank P. Marino (1) | 57 | Senior Vice President and Chief Financial Officer | 2013 | |||||||||||||||||
Todd C. Hixon (1) | 55 | Senior Vice President, General Counsel and Corporate Secretary | 2011 | |||||||||||||||||
Erik B. Bakken | 49 | Vice President, System Operations and Energy Resources | 2018 | |||||||||||||||||
Dallas J. Dukes | 54 | Vice President, Customer Experience, Programs and Pricing | 2019 | |||||||||||||||||
Cynthia A. Garcia | 54 | Vice President, Energy Delivery | 2020 | |||||||||||||||||
Catherine E. Ries | 62 | Vice President of Talent | 2007 | |||||||||||||||||
Michael E. Sheehan | 54 | Vice President of Strategic Planning and Energy Acquisition | 2020 | |||||||||||||||||
Mary Jo Smith | 64 | Vice President and Policy Advisor | 2015 | |||||||||||||||||
Morgan C. Stoll | 51 | Vice President and Chief Information Officer | 2016 | |||||||||||||||||
Martha B. Pritz | 60 | Treasurer | 2017 |
Name | Age | Position(s) Held | Executive Officer Since | |||
David G. Hutchens | 53 | Chief Executive Officer | 2007 | |||
Susan M. Gray (1) | 47 | President and Chief Operating Officer | 2015 | |||
Frank P. Marino (1) | 55 | Senior Vice President and Chief Financial Officer | 2013 | |||
Todd C. Hixon (1) | 53 | Senior Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer | 2011 | |||
Erik B. Bakken | 47 | Vice President, System Operations and Environmental | 2018 | |||
Dallas J. Dukes | 52 | Vice President, Energy Programs and Pricing | 2019 | |||
Cynthia A. Garcia | 52 | Vice President, Energy Delivery | 2020 | |||
Mark C. Mansfield | 64 | Vice President, Energy Resources | 2012 | |||
Catherine E. Ries | 60 | Vice President, Customer and Human Resources | 2007 | |||
Michael E. Sheehan | 52 | Vice President, Resource Planning, Fuels, and Wholesale Marketing | 2020 | |||
Mary Jo Smith | 62 | Vice President, Public Policy | 2015 | |||
Morgan C. Stoll | 49 | Vice President and Chief Information Officer | 2016 | |||
Martha B. Pritz | 58 | Treasurer | 2017 |
(in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Income Statement Data | |||||||||||||||||||
Operating Revenues | $ | 1,418,338 | $ | 1,432,618 | $ | 1,340,935 | $ | 1,234,995 | $ | 1,306,544 | |||||||||
Net Income | 186,515 | 188,323 | 176,668 | 124,438 | 127,794 | ||||||||||||||
Balance Sheet Data | |||||||||||||||||||
Total Utility Plant, Net | $ | 4,534,896 | $ | 4,160,640 | $ | 3,768,702 | $ | 3,782,806 | $ | 3,558,229 | |||||||||
Total Assets | 5,489,157 | 5,159,207 | 4,590,249 | 4,449,989 | 4,249,478 | ||||||||||||||
Long-Term Debt, Net | 1,522,087 | 1,615,252 | 1,354,423 | 1,453,072 | 1,451,720 | ||||||||||||||
Non-Current Finance Lease Obligations | 67,316 | 19,773 | 28,519 | 39,267 | 55,324 |
•Cost Recovery Mechanisms — TEP records operating revenue related to cost recovery mechanisms that allow for more timely recovery of fuel and purchase power costs and certain operations and maintenance costs between rate case proceedings. These mechanisms, which include PPFAC, REST, DSM, and TEAM are generally reset annually through separate filings with the ACC. See Note 2 of Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for additional information on cost recovery mechanisms. •Short-Term Wholesale Sales — Revenues related to short-term wholesale sales are primarily related to ACC jurisdictional generation assets and are returned to retail customers by offsetting revenues against fuel and purchased power costs eligible for recovery through the PPFAC cost recovery mechanism. • |
Springerville Units 3 and 4 — Operations and maintenance expenses related to Springerville Units 3 and 4 are reimbursed by Tri-State, the lessee of Springerville Unit 3, and SRP, the owner of Springerville Unit 4, through participant billings recorded in Operating Revenues on the Consolidated Statements of Income. |
Years Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Percent | 2019 | Percent | ||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||
Retail | $ | 1,088 | $ | 1,039 | 4.7 | % | $ | 972 | 6.9 | % | |||||||||||||||||||
Wholesale, Long-Term | 54 | 34 | 58.8 | % | 34 | — | % | ||||||||||||||||||||||
Wholesale, Short-Term (1) | 238 | 151 | 57.6 | % | 200 | (24.5) | % | ||||||||||||||||||||||
Transmission | 50 | 30 | 66.7 | % | 32 | (6.3) | % | ||||||||||||||||||||||
Springerville Units 3 and 4 Participant Billings | 95 | 78 | 21.8 | % | 108 | (27.8) | % | ||||||||||||||||||||||
Other | 68 | 93 | (26.9) | % | 72 | 29.2 | % | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,593 | $ | 1,425 | 11.8 | % | $ | 1,418 | 0.5 | % |
Years Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | ||||||||||||||||||||||||||
(kWh in millions) | 2021 | 2020 | Percent | 2019 | Percent | ||||||||||||||||||||||||
Electric Sales (kWh) (1) | |||||||||||||||||||||||||||||
Retail Sales | 8,718 | 9,111 | (4.3) | % | 8,744 | 4.2 | % | ||||||||||||||||||||||
Wholesale, Long-Term (2) | 837 | 508 | 64.8 | % | 490 | 3.7 | % | ||||||||||||||||||||||
Wholesale, Short-Term | 5,643 | 5,279 | 6.9 | % | 7,257 | (27.3) | % | ||||||||||||||||||||||
Total Electric Sales | 15,198 | 14,898 | 2.0 | % | 16,491 | (9.7) | % | ||||||||||||||||||||||
Average Revenue per kWh (3) | |||||||||||||||||||||||||||||
Retail | 12.48 | 11.40 | 9.5 | % | 11.12 | 2.5 | % | ||||||||||||||||||||||
Wholesale, Long Term | 6.46 | 6.76 | (4.4) | % | 6.94 | (2.6) | % | ||||||||||||||||||||||
Wholesale, Short-Term | 4.15 | 2.84 | 46.1 | % | 2.87 | (1.0) | % | ||||||||||||||||||||||
Total Retail Customers (4) | 438,357 | 433,421 | 1.1 | % | 428,626 | 1.1 | % |
Years Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | |||||||||||
(kWh in millions) | 2019 | 2018 | Percent | 2017 | Percent | |||||||||
Electric Sales (kWh) | ||||||||||||||
Retail Sales | 8,744 | 8,900 | (1.8 | )% | 8,926 | (0.3 | )% | |||||||
Wholesale Sales, Long-Term | 490 | 424 | 15.6 | % | 587 | (27.8 | )% | |||||||
Wholesale Sales, Short-Term | 7,257 | 6,279 | 15.6 | % | 3,630 | 73.0 | % | |||||||
Total Electric Sales | 16,491 | 15,603 | 5.7 | % | 13,143 | 18.7 | % | |||||||
Average Revenue per kWh (Cents/kWh) | ||||||||||||||
Retail | 11.12 | 11.48 | (3.1 | )% | 11.39 | 0.8 | % | |||||||
Wholesale | 3.13 | 3.46 | (9.5 | )% | 3.21 | 7.8 | % | |||||||
Total Retail Customers | 428,626 | 425,044 | 0.8 | % | 422,366 | 0.6 | % |
Years Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | ||||||||||||||||||||||||||
(kWh in millions) | 2021 | 2020 | Percent | 2019 | Percent | ||||||||||||||||||||||||
Sources of Energy | |||||||||||||||||||||||||||||
Coal-Fired Generation | 5,309 | 5,778 | (8.1) | % | 7,046 | (18.0) | % | ||||||||||||||||||||||
Gas-Fired Generation | 7,285 | 7,582 | (3.9) | % | 7,714 | (1.7) | % | ||||||||||||||||||||||
Utility-Owned Renewable Generation (1) | 648 | 84 | * | 75 | 12.0 | % | |||||||||||||||||||||||
Total Generation | 13,242 | 13,444 | (1.5) | % | 14,835 | (9.4) | % | ||||||||||||||||||||||
Purchased Power, Non-Renewable | 1,662 | 1,360 | 22.2 | % | 1,709 | (20.4) | % | ||||||||||||||||||||||
Purchased Power, Renewable (2) | 938 | 681 | 37.7 | % | 643 | 5.9 | % | ||||||||||||||||||||||
Total Generation and Purchased Power (3) | 15,842 | 15,485 | 2.3 | % | 17,187 | (9.9) | % |
(cents per kWh) | |||||||||||||||||||||||||||||
Average Fuel Cost of Generated Power (4) | |||||||||||||||||||||||||||||
Coal | 2.60 | 2.51 | 3.6 | % | 2.46 | 2.0 | % | ||||||||||||||||||||||
Natural Gas (5)(6) | 3.36 | 2.03 | 65.5 | % | 2.33 | (12.9) | % | ||||||||||||||||||||||
Average Cost of Purchased Power (7) | |||||||||||||||||||||||||||||
Purchased Power, Non-Renewable (6) | 8.88 | 6.26 | 41.9 | % | 4.09 | 53.1 | % | ||||||||||||||||||||||
Purchased Power, Renewable | 7.63 | 9.42 | (19.0) | % | 9.43 | (0.1) | % |
Years Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | |||||||||||
(kWh in millions) | 2019 | 2018 | Percent | 2017 | Percent | |||||||||
Sources of Energy | ||||||||||||||
Coal-Fired Generation | 7,046 | 7,208 | (2.2 | )% | 7,530 | (4.3 | )% | |||||||
Gas-Fired Generation | 7,714 | 6,738 | 14.5 | % | 3,237 | 108.2 | % | |||||||
Utility-Owned Renewable Generation | 75 | 82 | (8.5 | )% | 83 | (1.2 | )% | |||||||
Total Generation | 14,835 | 14,028 | 5.8 | % | 10,850 | 29.3 | % | |||||||
Purchased Power, Non-Renewable | 1,709 | 1,624 | 5.2 | % | 2,471 | (34.3 | )% | |||||||
Purchased Power, Renewable | 643 | 652 | (1.4 | )% | 646 | 0.9 | % | |||||||
Total Generation and Purchased Power | 17,187 | 16,304 | 5.4 | % | 13,967 | 16.7 | % | |||||||
(cents per kWh) | ||||||||||||||
Average Fuel Cost of Generated Power | ||||||||||||||
Coal | 2.46 | 2.44 | 0.8 | % | 2.41 | 1.2 | % | |||||||
Natural Gas (1) | 2.33 | 2.54 | (8.3 | )% | 3.06 | (17.0 | )% | |||||||
Average Cost of Purchased Power | ||||||||||||||
Purchased Power, Non-Renewable | 4.09 | 4.32 | (5.3 | )% | 3.78 | 14.3 | % | |||||||
Purchased Power, Renewable | 9.43 | 9.41 | 0.2 | % | 9.49 | (0.8 | )% |
(7)This metric represents the fuel cost as cents per kWh for renewable and non-renewable purchased power. This number is calculated as purchased power cost divided by Purchased Power (kWh) for each respective form of purchased power. Management uses this metric to compare and monitor the costs of renewable and non-renewable purchased power. |
(in millions) | December 31, 2019 | ||
Cash and Cash Equivalents | $ | 10 | |
Amount Available under Credit Agreements (1) | 310 | ||
Total Liquidity | $ | 320 |
(in millions) | December 31, 2021 | ||||
Cash and Cash Equivalents | $ | 10 | |||
Amount Available under Credit Agreement (1) | |||||
Total Liquidity | $ | 235 |
Years Ended | Increase (Decrease) | Year Ended | Increase (Decrease) | Years Ended | Increase (Decrease) | Year Ended | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||
(in millions) | 2019 | 2018 | Percent | 2017 | Percent | (in millions) | 2021 | 2020 | Percent | 2019 | Percent | |||||||||||||||||||||||||||||||||||
Operating Activities | $ | 414 | $ | 457 | (9.4 | )% | $ | 448 | 2.0 | % | Operating Activities | $ | 428 | $ | 466 | (8.2) | % | $ | 414 | 12.6 | % | |||||||||||||||||||||||||
Investing Activities | (654 | ) | (433 | ) | 51.0 | % | (392 | ) | 10.5 | % | Investing Activities | (549) | (867) | (36.7) | % | (654) | 32.6 | % | ||||||||||||||||||||||||||||
Financing Activities | 115 | 79 | 45.6 | % | (50 | ) | 258.0 | % | Financing Activities | 72 | 455 | (84.2) | % | 115 | 295.7 | % | ||||||||||||||||||||||||||||||
Net Increase (Decrease) | (125 | ) | 103 | * | 6 | * | Net Increase (Decrease) | (49) | 54 | * | (125) | * | ||||||||||||||||||||||||||||||||||
Beginning of Period | 153 | 50 | 206.0 | % | 43 | 16.3 | % | Beginning of Period | 82 | 28 | 192.9 | % | 153 | (81.7) | % | |||||||||||||||||||||||||||||||
End of Period (1) | $ | 28 | $ | 153 | (81.7 | )% | $ | 49 | 212.2 | % | End of Period (1) | $ | 33 | $ | 82 | (59.8) | % | $ | 28 | 192.9 | % |
(1)Calculated on rounded data and may not correspond exactly to amounts on the Consolidated Statements of Cash Flows. |
Years Ended December 31, | |||||||||||||||||||||||||||||
(in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||||
Generation Facilities: | |||||||||||||||||||||||||||||
Renewable Energy (1) | $ | 9 | $ | 96 | $ | 223 | $ | 3 | $ | 76 | |||||||||||||||||||
Other Generation Facilities | 56 | 48 | 34 | 63 | 44 | ||||||||||||||||||||||||
Total Generation Facilities | 65 | 144 | 257 | 66 | 120 | ||||||||||||||||||||||||
Transmission and Distribution (2) | 312 | 337 | 282 | 296 | 313 | ||||||||||||||||||||||||
General and Other (3) | 81 | 62 | 56 | 76 | 57 | ||||||||||||||||||||||||
Total Capital Expenditures | $ | 458 | $ | 543 | $ | 595 | $ | 438 | $ | 490 |
(in millions) | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||
Generation Facilities: | |||||||||||||||||||
Renewable Energy (1) | $ | 346 | $ | 31 | $ | — | $ | — | $ | — | |||||||||
Other Generation Facilities (2) | 198 | 64 | 38 | 63 | 47 | ||||||||||||||
Total Generation Facilities | 544 | 95 | 38 | 63 | 47 | ||||||||||||||
Transmission and Distribution (3) | 291 | 356 | 319 | 270 | 145 | ||||||||||||||
General and Other (4) | 138 | 122 | 60 | 53 | 49 | ||||||||||||||
Total Capital Expenditures | $ | 973 | $ | 573 | $ | 417 | $ | 386 | $ | 241 |
(2)Increases due to investments in transmission capacity and distribution system reliability. (3)Includes cost for information technology, fleet, facilities, and communication equipment. |
Payments Due by Period | |||||||||||||||||||
(in millions) | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | ||||||||||||||
Long-Term Debt | |||||||||||||||||||
Principal (1) | $ | 1,614 | $ | 80 | $ | 250 | $ | 150 | $ | 1,134 | |||||||||
Interest (2) | 943 | 71 | 122 | 100 | 650 | ||||||||||||||
Leases (3)(4) | 86 | 18 | 68 | — | — | ||||||||||||||
Purchase Obligations: | |||||||||||||||||||
Fuel, Including Transportation (5) | 455 | 94 | 101 | 66 | 194 | ||||||||||||||
Purchased Power | 8 | 8 | — | — | — | ||||||||||||||
Transmission | 63 | 21 | 30 | 6 | 6 | ||||||||||||||
Renewable Power Purchase Agreements (6) | 857 | 63 | 126 | 125 | 543 | ||||||||||||||
RES Performance-Based Incentives (7) | 69 | 8 | 14 | 14 | 33 | ||||||||||||||
Land Easements and Rights-of-Way (8) | 87 | 1 | 3 | 4 | 79 | ||||||||||||||
Build-Transfer Agreement (9) | 338 | 338 | — | — | — | ||||||||||||||
Other Long-Term Liabilities: (10)(11) | |||||||||||||||||||
RSU and PSU | 12 | 5 | 7 | — | — | ||||||||||||||
Pension and Other Postretirement Benefits (12) | 74 | 19 | 12 | 12 | 31 | ||||||||||||||
Total Contractual Obligations | $ | 4,606 | $ | 726 | $ | 733 | $ | 477 | $ | 2,670 |
Effect on Expense | Effect on Obligation | Effect on Expense | Effect on Obligation | |||||||||||||||||||||||||||||||||||
(in millions) | Increase | Decrease | Increase | Decrease | (in millions) | Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||
Change to Pension | Change to Pension | |||||||||||||||||||||||||||||||||||||
Discount Rate | $ | (6 | ) | $ | 7 | $ | (71 | ) | $ | 89 | Discount Rate | $ | (8) | $ | 10 | $ | (85) | $ | 109 | |||||||||||||||||||
Long-Term Rate of Return on Plan Assets | (4 | ) | 4 | N/A | N/A | Long-Term Rate of Return on Plan Assets | (5) | 5 | N/A | N/A | ||||||||||||||||||||||||||||
Change to Other Postretirement Benefits | Change to Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||
Discount Rate | — | — | (8 | ) | 10 | Discount Rate | (1) | 1 | (9) | 11 | ||||||||||||||||||||||||||||
Long-Term Rate of Return on Plan Assets | — | — | N/A | N/A | Long-Term Rate of Return on Plan Assets | — | — | N/A | N/A | |||||||||||||||||||||||||||||
Healthcare Cost Trend Rate | 1 | (1 | ) | 7 | (6 | ) | Healthcare Cost Trend Rate | 2 | (2) | 9 | (8) |
(in millions) | 2019 | 2018 | 2017 | ||||||||
Unrealized Net Gain (Loss) Recorded to Regulatory (Assets) Liabilities | $ | (45 | ) | $ | (9 | ) | $ | (18 | ) |
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Unrealized Net Gain (Loss) Recorded to Regulatory (Assets) Liabilities | $ | 62 | $ | 21 | $ | (45) |
Unrealized Gain (Loss) of TEP’s Hedging Activities | Unrealized Gain (Loss) of TEP’s Hedging Activities | |||||||||||||||||||||||||||||||||||||
Maturity 0 – 6 months | Maturity 6 – 12 months | Maturity over 1 yr. | Total Unrealized Gain (Loss) | Maturity 0 – 6 months | Maturity 6 – 12 months | Maturity over 1 yr. | Total Unrealized Gain (Loss) | |||||||||||||||||||||||||||||||
(in millions) | December 31, 2019 | (in millions) | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Prices Actively Quoted | $ | (11 | ) | $ | (13 | ) | $ | (46 | ) | $ | (70 | ) | Prices Actively Quoted | $ | (1) | $ | 4 | $ | 11 | $ | 14 |
/s/ Deloitte & Touche LLP | ||
Phoenix, Arizona | ||
February |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Operating Revenues | $ | 1,418,338 | $ | 1,432,618 | $ | 1,340,935 | Operating Revenues | $ | 1,592,586 | $ | 1,424,741 | $ | 1,418,338 | |||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||
Fuel | 358,394 | 351,749 | 285,551 | Fuel | 399,914 | 302,637 | 358,394 | |||||||||||||||||||||
Purchased Power | 137,977 | 134,914 | 136,425 | Purchased Power | 204,264 | 146,968 | 137,977 | |||||||||||||||||||||
Transmission and Other PPFAC Recoverable Costs | 52,261 | 46,595 | 36,239 | Transmission and Other PPFAC Recoverable Costs | 65,583 | 52,860 | 52,261 | |||||||||||||||||||||
Increase (Decrease) to Reflect PPFAC Recovery Treatment | (42,836 | ) | 9,885 | (32,660 | ) | Increase (Decrease) to Reflect PPFAC Recovery Treatment | (64,155) | 12,565 | (42,836) | |||||||||||||||||||
Total Fuel and Purchased Power | 505,796 | 543,143 | 425,555 | Total Fuel and Purchased Power | 605,606 | 515,030 | 505,796 | |||||||||||||||||||||
Operations and Maintenance | 377,563 | 361,963 | 360,302 | Operations and Maintenance | 397,095 | 351,584 | 377,563 | |||||||||||||||||||||
Depreciation | 169,042 | 158,310 | 152,874 | Depreciation | 201,524 | 189,051 | 169,042 | |||||||||||||||||||||
Amortization | 27,706 | 26,052 | 22,255 | Amortization | 43,995 | 28,754 | 27,706 | |||||||||||||||||||||
Taxes Other Than Income Taxes | 55,642 | 55,006 | 53,623 | Taxes Other Than Income Taxes | 62,010 | 58,222 | 55,642 | |||||||||||||||||||||
Total Operating Expenses | 1,135,749 | 1,144,474 | 1,014,609 | Total Operating Expenses | 1,310,230 | 1,142,641 | 1,135,749 | |||||||||||||||||||||
Operating Income | 282,589 | 288,144 | 326,326 | Operating Income | 282,356 | 282,100 | 282,589 | |||||||||||||||||||||
Other Income (Expense) | Other Income (Expense) | |||||||||||||||||||||||||||
Interest Expense | (88,511 | ) | (67,620 | ) | (65,290 | ) | Interest Expense | (86,865) | (88,214) | (88,511) | ||||||||||||||||||
Allowance For Borrowed Funds | 5,744 | 3,151 | 2,078 | Allowance For Borrowed Funds | 6,624 | 9,480 | 5,744 | |||||||||||||||||||||
Allowance For Equity Funds | 15,222 | 8,117 | 5,322 | Allowance For Equity Funds | 17,885 | 22,847 | 15,222 | |||||||||||||||||||||
Unrealized Gains on Investments | Unrealized Gains on Investments | 3,898 | 1,741 | 6,015 | ||||||||||||||||||||||||
Other, Net | 5,524 | (487 | ) | 8,995 | Other, Net | 9,823 | 4,903 | (491) | ||||||||||||||||||||
Total Other Income (Expense) | (62,021 | ) | (56,839 | ) | (48,895 | ) | Total Other Income (Expense) | (48,635) | (49,243) | (62,021) | ||||||||||||||||||
Income Before Income Tax Expense | 220,568 | 231,305 | 277,431 | Income Before Income Tax Expense | 233,721 | 232,857 | 220,568 | |||||||||||||||||||||
Income Tax Expense | 34,053 | 42,982 | 100,763 | Income Tax Expense | 32,476 | 41,452 | 34,053 | |||||||||||||||||||||
Net Income | $ | 186,515 | $ | 188,323 | $ | 176,668 | Net Income | $ | 201,245 | $ | 191,405 | $ | 186,515 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Comprehensive Income | |||||||||||
Net Income | $ | 186,515 | $ | 188,323 | $ | 176,668 | |||||
Other Comprehensive Income (Loss) | |||||||||||
Net Changes in Fair Value of Cash Flow Hedges: | |||||||||||
Net of Income Tax (Expense) Benefit of $(44), $(121), and $(305) | 133 | 364 | 485 | ||||||||
Supplemental Executive Retirement Plan Adjustments: | |||||||||||
Net of Income Tax (Expense) Benefit of $1,059, $(747), and $637 | (3,190 | ) | 2,026 | (2,156 | ) | ||||||
Total Other Comprehensive Income (Loss), Net of Tax | (3,057 | ) | 2,390 | (1,671 | ) | ||||||
Total Comprehensive Income | $ | 183,458 | $ | 190,713 | $ | 174,997 |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net Income | $ | 201,245 | $ | 191,405 | $ | 186,515 | |||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||||||||||
Depreciation Expense | 201,524 | 189,051 | 169,042 | ||||||||||||||
Amortization Expense | 43,995 | 28,754 | 27,706 | ||||||||||||||
Amortization of Debt Issuance Costs | 2,829 | 2,721 | 2,326 | ||||||||||||||
Use of Renewable Energy Credits for Compliance | 45,815 | 44,517 | 37,141 | ||||||||||||||
Deferred Income Taxes | 37,217 | 39,408 | 41,614 | ||||||||||||||
Pension and Other Postretirement Benefits Expense | 15,342 | 14,883 | 17,762 | ||||||||||||||
Pension and Other Postretirement Benefits Funding | (20,806) | (21,018) | (16,749) | ||||||||||||||
Allowance for Equity Funds Used During Construction | (17,885) | (22,847) | (15,222) | ||||||||||||||
Regulatory Deferral, ACC Refund Order | — | (7,705) | 7,705 | ||||||||||||||
Changes in Current Assets and Current Liabilities: | |||||||||||||||||
Accounts Receivable | (18,738) | (19,019) | 9,238 | ||||||||||||||
Materials, Supplies, and Fuel Inventory | (18,445) | (3,460) | (16,236) | ||||||||||||||
Regulatory Assets | (59,542) | 5,339 | (20,934) | ||||||||||||||
Other Current Assets | 4,670 | (8,311) | (475) | ||||||||||||||
Accounts Payable and Accrued Charges | 14,979 | (20,885) | (27,776) | ||||||||||||||
Income Taxes Payable | (3,271) | 10,245 | 6,072 | ||||||||||||||
Regulatory Liabilities | (9,599) | 41,287 | (1,626) | ||||||||||||||
Other, Net | 8,724 | 1,689 | 8,140 | ||||||||||||||
Net Cash Flows—Operating Activities | 428,054 | 466,054 | 414,243 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Capital Expenditures | (499,405) | (839,958) | (607,593) | ||||||||||||||
Proceeds from Sale, Springerville Common Facilities | — | 29,569 | — | ||||||||||||||
Purchase Intangibles, Renewable Energy Credits | (55,297) | (53,509) | (51,699) | ||||||||||||||
Purchase, Other Investments | — | (8,500) | — | ||||||||||||||
Contributions in Aid of Construction | 5,678 | 4,615 | 6,607 | ||||||||||||||
Note Receivable | — | — | (1,000) | ||||||||||||||
Net Cash Flows—Investing Activities | (549,024) | (867,783) | (653,685) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Proceeds from Borrowings, Revolving Credit Facility | 50,000 | 105,000 | — | ||||||||||||||
Repayments of Borrowings, Revolving Credit Facility | (35,000) | (105,000) | — | ||||||||||||||
Proceeds from Borrowings, Term Loan | — | 60,000 | 165,000 | ||||||||||||||
Repayments of Borrowings, Term Loan | — | (225,000) | — | ||||||||||||||
Proceeds from Issuance, Long-Term Debt—Net of Discount | 322,231 | 645,768 | — | ||||||||||||||
Repayments of Long-Term Debt | (250,000) | (180,410) | (14,700) | ||||||||||||||
Dividends Paid to Parent | (62,500) | (75,000) | (75,000) | ||||||||||||||
Payments of Finance Lease Obligations | — | (17,087) | (10,890) | ||||||||||||||
Payment of Debt Issuance Costs | (4,382) | (6,327) | (757) | ||||||||||||||
Contributions from Parent | 50,000 | 250,000 | 50,000 | ||||||||||||||
Other | 2,107 | 3,316 | 1,514 | ||||||||||||||
Net Cash Flows—Financing Activities | 72,456 | 455,260 | 115,167 | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (48,514) | 53,531 | (124,275) | ||||||||||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 82,003 | 28,472 | 152,747 | ||||||||||||||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $ | 33,489 | $ | 82,003 | $ | 28,472 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | $ | 186,515 | $ | 188,323 | $ | 176,668 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||||
Depreciation Expense | 169,042 | 158,310 | 152,874 | ||||||||
Amortization Expense | 27,706 | 26,052 | 22,255 | ||||||||
Amortization of Debt Issuance Costs | 2,326 | 2,339 | 2,349 | ||||||||
Use of Renewable Energy Credits for Compliance | 37,141 | 32,350 | 25,453 | ||||||||
Deferred Income Taxes | 41,614 | 56,066 | 100,762 | ||||||||
Pension and Other Postretirement Benefits Expense | 17,762 | 15,303 | 16,039 | ||||||||
Pension and Other Postretirement Benefits Funding | (16,749 | ) | (26,673 | ) | (14,430 | ) | |||||
Allowance for Equity Funds Used During Construction | (15,222 | ) | (8,117 | ) | (5,322 | ) | |||||
FERC Transmission Refund Payable | — | — | (4,878 | ) | |||||||
Regulatory Deferral, ACC Refund Order | 7,705 | (1,562 | ) | — | |||||||
Changes in Current Assets and Current Liabilities: | |||||||||||
Accounts Receivable | 9,238 | (26,729 | ) | (13,219 | ) | ||||||
Materials, Supplies, and Fuel Inventory | (16,236 | ) | (2,357 | ) | 175 | ||||||
Regulatory Assets | (20,934 | ) | (4,080 | ) | (3,942 | ) | |||||
Other Current Assets | (475 | ) | (1,746 | ) | (751 | ) | |||||
Accounts Payable and Accrued Charges | (27,776 | ) | 33,536 | 9,790 | |||||||
Income Taxes Receivable | 6,072 | (13,004 | ) | — | |||||||
Regulatory Liabilities | (1,626 | ) | 14,028 | (20,227 | ) | ||||||
Other, Net | 8,140 | 15,187 | 4,728 | ||||||||
Net Cash Flows—Operating Activities | 414,243 | 457,226 | 448,324 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Capital Expenditures | (607,593 | ) | (392,522 | ) | (345,617 | ) | |||||
Purchase Intangibles, Renewable Energy Credits | (51,699 | ) | (51,327 | ) | (51,179 | ) | |||||
Contributions in Aid of Construction | 6,607 | 10,817 | 4,983 | ||||||||
Note Receivable | (1,000 | ) | — | — | |||||||
Net Cash Flows—Investing Activities | (653,685 | ) | (433,032 | ) | (391,813 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from Borrowings, Revolving Credit Facility | — | 171,000 | 70,000 | ||||||||
Repayments of Borrowings, Revolving Credit Facility | — | (206,000 | ) | (35,000 | ) | ||||||
Proceeds from Borrowings, Term Loan | 165,000 | — | — | ||||||||
Proceeds from Issuance, Long-Term Debt—Net of Discount | — | 298,869 | — | ||||||||
Repayments of Long-Term Debt | (14,700 | ) | (136,700 | ) | — | ||||||
Dividends Paid to Parent | (75,000 | ) | (85,000 | ) | (70,000 | ) | |||||
Payments of Finance Lease Obligations | (10,890 | ) | (10,930 | ) | (15,571 | ) | |||||
Payment of Debt Issuance Costs | (757 | ) | (3,265 | ) | (245 | ) | |||||
Contribution from Parent | 50,000 | 50,000 | — | ||||||||
Other, Net | 1,514 | 1,078 | 481 | ||||||||
Net Cash Flows—Financing Activities | 115,167 | 79,052 | (50,335 | ) | |||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (124,275 | ) | 103,246 | 6,176 | |||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 152,747 | 49,501 | 43,325 | ||||||||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $ | 28,472 | $ | 152,747 | $ | 49,501 |
December 31, | December 31, | |||||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Utility Plant | Utility Plant | |||||||||||||||||
Plant in Service | $ | 6,663,912 | $ | 6,020,469 | Plant in Service | $ | 7,797,935 | $ | 7,073,292 | |||||||||
Utility Plant Under Finance Leases | 151,467 | 248,635 | ||||||||||||||||
Construction Work in Progress | 303,488 | 258,965 | Construction Work in Progress | 320,931 | 627,382 | |||||||||||||
Total Utility Plant | 7,118,867 | 6,528,069 | Total Utility Plant | 8,118,866 | 7,700,674 | |||||||||||||
Accumulated Depreciation and Amortization | (2,506,686 | ) | (2,293,783 | ) | Accumulated Depreciation and Amortization | (2,786,839) | (2,645,333) | |||||||||||
Accumulated Amortization of Finance Lease Assets | (77,285 | ) | (73,646 | ) | ||||||||||||||
Total Utility Plant, Net | 4,534,896 | 4,160,640 | Total Utility Plant, Net | 5,332,027 | 5,055,341 | |||||||||||||
Investments and Other Property | 62,136 | 50,952 | Investments and Other Property | 81,958 | 76,299 | |||||||||||||
Current Assets | Current Assets | |||||||||||||||||
Cash and Cash Equivalents | 9,762 | 138,114 | Cash and Cash Equivalents | 9,970 | 60,960 | |||||||||||||
Accounts Receivable, Net | 154,847 | 172,367 | ||||||||||||||||
Accounts Receivable (Net of Allowance for Credit Losses of $10,044 and $13,260) | Accounts Receivable (Net of Allowance for Credit Losses of $10,044 and $13,260) | 192,579 | 173,412 | |||||||||||||||
Fuel Inventory | 23,731 | 22,783 | Fuel Inventory | 26,971 | 21,946 | |||||||||||||
Materials and Supplies | 121,542 | 107,990 | Materials and Supplies | 141,677 | 126,788 | |||||||||||||
Regulatory Assets | 138,412 | 106,725 | Regulatory Assets | 116,442 | 123,588 | |||||||||||||
Derivative Instruments | 3,596 | 3,929 | Derivative Instruments | 19,406 | 16,094 | |||||||||||||
Other | 21,416 | 25,571 | Other | 24,229 | 23,895 | |||||||||||||
Total Current Assets | 473,306 | 577,479 | Total Current Assets | 531,274 | 546,683 | |||||||||||||
Regulatory and Other Assets | Regulatory and Other Assets | |||||||||||||||||
Regulatory Assets | 326,860 | 293,078 | Regulatory Assets | 267,669 | 318,474 | |||||||||||||
Derivative Instruments | 2,763 | 8,402 | Derivative Instruments | 14,392 | 725 | |||||||||||||
Other | 89,196 | 68,656 | Other | 94,420 | 92,605 | |||||||||||||
Total Regulatory and Other Assets | 418,819 | 370,136 | Total Regulatory and Other Assets | 376,481 | 411,804 | |||||||||||||
Total Assets | $ | 5,489,157 | $ | 5,159,207 | Total Assets | $ | 6,321,740 | $ | 6,090,127 |
December 31, | December 31, | |||||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||||
CAPITALIZATION AND OTHER LIABILITIES | CAPITALIZATION AND OTHER LIABILITIES | |||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||
Common Stock Equity: | Common Stock Equity: | |||||||||||||||||
Common Stock (No Par Value, 75,000,000 Shares Authorized, 32,139,434 Shares Outstanding as of December 31, 2019 and 2018) | $ | 1,396,539 | $ | 1,346,539 | ||||||||||||||
Common Stock (No Par Value, 75,000,000 Shares Authorized, 32,139,434 Shares Outstanding as of December 31, 2021 and 2020) | Common Stock (No Par Value, 75,000,000 Shares Authorized, 32,139,434 Shares Outstanding as of December 31, 2021 and 2020) | $ | 1,696,539 | $ | 1,646,539 | |||||||||||||
Capital Stock Expense | (6,357 | ) | (6,357 | ) | Capital Stock Expense | (6,357) | (6,357) | |||||||||||
Retained Earnings | 595,792 | 484,277 | Retained Earnings | 850,942 | 712,197 | |||||||||||||
Accumulated Other Comprehensive Loss | (7,771 | ) | (4,714 | ) | Accumulated Other Comprehensive Loss | (9,915) | (10,942) | |||||||||||
Total Common Stock Equity | 1,978,203 | 1,819,745 | Total Common Stock Equity | 2,531,209 | 2,341,437 | |||||||||||||
Preferred Stock (No Par Value, 1,000,000 Shares Authorized, None Outstanding as of December 31, 2019 and 2018) | — | — | ||||||||||||||||
Finance Lease Obligations | 67,316 | 19,773 | ||||||||||||||||
Preferred Stock (No Par Value, 1,000,000 Shares Authorized, None Outstanding as of December 31, 2021 and 2020) | Preferred Stock (No Par Value, 1,000,000 Shares Authorized, None Outstanding as of December 31, 2021 and 2020) | — | — | |||||||||||||||
Long-Term Debt, Net | 1,522,087 | 1,615,252 | Long-Term Debt, Net | 2,134,534 | 1,814,059 | |||||||||||||
Total Capitalization | 3,567,606 | 3,454,770 | Total Capitalization | 4,665,743 | 4,155,496 | |||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||
Current Maturities of Long-Term Debt | 80,330 | — | ||||||||||||||||
Borrowings Under Credit Agreements | 165,000 | — | ||||||||||||||||
Finance Lease Obligations | 17,086 | 172,510 | ||||||||||||||||
Current Maturities of Long-Term Debt, Net | Current Maturities of Long-Term Debt, Net | — | 249,752 | |||||||||||||||
Borrowings Under Credit Agreement | Borrowings Under Credit Agreement | 15,000 | — | |||||||||||||||
Accounts Payable | 136,465 | 133,012 | Accounts Payable | 139,329 | 109,461 | |||||||||||||
Accrued Taxes Other than Income Taxes | 42,741 | 41,686 | Accrued Taxes Other than Income Taxes | 53,534 | 50,278 | |||||||||||||
Accrued Employee Expenses | 32,567 | 34,339 | Accrued Employee Expenses | 36,217 | 35,129 | |||||||||||||
Accrued Interest | 16,700 | 17,927 | Accrued Interest | 16,265 | 16,337 | |||||||||||||
Regulatory Liabilities | 96,017 | 95,094 | Regulatory Liabilities | 111,356 | 151,189 | |||||||||||||
Customer Deposits | 24,568 | 27,650 | Customer Deposits | 12,791 | 16,450 | |||||||||||||
Derivative Instruments | 27,615 | 18,137 | Derivative Instruments | 15,854 | 27,789 | |||||||||||||
Other | 23,678 | 21,555 | Other | 25,358 | 22,031 | |||||||||||||
Total Current Liabilities | 662,767 | 561,910 | Total Current Liabilities | 425,704 | 678,416 | |||||||||||||
Regulatory and Other Liabilities | Regulatory and Other Liabilities | |||||||||||||||||
Deferred Income Taxes, Net | 432,484 | 369,705 | Deferred Income Taxes, Net | 548,750 | 492,919 | |||||||||||||
Regulatory Liabilities | 477,495 | 512,425 | Regulatory Liabilities | 352,226 | 390,164 | |||||||||||||
Pension and Other Postretirement Benefits | 133,452 | 117,472 | Pension and Other Postretirement Benefits | 120,020 | 163,652 | |||||||||||||
Derivative Instruments | 48,697 | 19,361 | Derivative Instruments | 3,848 | 37,958 | |||||||||||||
Other | 166,656 | 123,564 | Other | 205,449 | 171,522 | |||||||||||||
Total Regulatory and Other Liabilities | 1,258,784 | 1,142,527 | Total Regulatory and Other Liabilities | 1,230,293 | 1,256,215 | |||||||||||||
Commitments and Contingencies | Commitments and Contingencies | 0 | 0 | |||||||||||||||
Total Capitalization and Other Liabilities | $ | 5,489,157 | $ | 5,159,207 | Total Capitalization and Other Liabilities | $ | 6,321,740 | $ | 6,090,127 |
Common Stock | Capital Stock Expense | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholder's Equity | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital Stock Expense | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholder's Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2016 | $ | 1,296,539 | $ | (6,357 | ) | $ | 273,408 | $ | (4,555 | ) | $ | 1,559,035 | ||||||||||||||||||||||||||||||||||||
Net Income | 176,668 | 176,668 | ||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | (1,671 | ) | (1,671 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared to Parent | (70,000 | ) | (70,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2017 | 1,296,539 | (6,357 | ) | 380,076 | (6,226 | ) | 1,664,032 | |||||||||||||||||||||||||||||||||||||||||
Net Income | 188,323 | 188,323 | ||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 2,390 | 2,390 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared to Parent | (85,000 | ) | (85,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from Parent | 50,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU, Cumulative Effect Adjustment | 878 | (878 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2018 | 1,346,539 | (6,357 | ) | 484,277 | (4,714 | ) | 1,819,745 | Balances as of December 31, 2018 | $ | 1,346,539 | $ | (6,357) | $ | 484,277 | $ | (4,714) | $ | 1,819,745 | ||||||||||||||||||||||||||||||
Net Income | 186,515 | 186,515 | Net Income | 186,515 | 186,515 | |||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | (3,057 | ) | (3,057 | ) | Other Comprehensive Loss, Net of Tax | (3,057) | (3,057) | |||||||||||||||||||||||||||||||||||||||||
Dividends Declared to Parent | (75,000 | ) | (75,000 | ) | Dividends Declared to Parent | (75,000) | (75,000) | |||||||||||||||||||||||||||||||||||||||||
Contribution from Parent | 50,000 | 50,000 | Contribution from Parent | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2019 | $ | 1,396,539 | $ | (6,357 | ) | $ | 595,792 | $ | (7,771 | ) | $ | 1,978,203 | Balances as of December 31, 2019 | $ | 1,396,539 | $ | (6,357) | $ | 595,792 | $ | (7,771) | $ | 1,978,203 | |||||||||||||||||||||||||
Net Income | Net Income | 191,405 | 191,405 | |||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | Other Comprehensive Loss, Net of Tax | (3,171) | (3,171) | |||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared to Parent | Dividends Declared to Parent | (75,000) | (75,000) | |||||||||||||||||||||||||||||||||||||||||||||
Contribution from Parent | Contribution from Parent | 250,000 | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2020 | Balances as of December 31, 2020 | $ | 1,646,539 | $ | (6,357) | $ | 712,197 | $ | (10,942) | $ | 2,341,437 | |||||||||||||||||||||||||||||||||||||
Net Income | Net Income | 201,245 | 201,245 | |||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | Other Comprehensive Income, Net of Tax | 1,027 | 1,027 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared to Parent | Dividends Declared to Parent | (62,500) | (62,500) | |||||||||||||||||||||||||||||||||||||||||||||
Contribution from Parent | Contribution from Parent | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2021 | Balances as of December 31, 2021 | $ | 1,696,539 | $ | (6,357) | $ | 850,942 | $ | (9,915) | $ | 2,531,209 |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Cash and Cash Equivalents | $ | 10 | $ | 138 | $ | 38 | |||||
Restricted Cash included in: | |||||||||||
Investments and Other Property | 16 | 14 | 11 | ||||||||
Current Assets—Other | 2 | 1 | 1 | ||||||||
Total Cash, Cash Equivalents, and Restricted Cash | $ | 28 | $ | 153 | $ | 50 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash and Cash Equivalents | $ | 10 | $ | 61 | $ | 10 | |||||||||||
Restricted Cash included in: | |||||||||||||||||
Investments and Other Property | 20 | 19 | 16 | ||||||||||||||
Current Assets—Other | 3 | 2 | 2 | ||||||||||||||
Total Cash, Cash Equivalents, and Restricted Cash | $ | 33 | $ | 82 | $ | 28 |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Beginning of Period | $ | 5 | $ | 5 | $ | 5 | |||||
Additions Charged to Cost and Expense | 4 | 3 | 3 | ||||||||
Write-offs | (3 | ) | (3 | ) | (3 | ) | |||||
End of Period | $ | 6 | $ | 5 | $ | 5 |
2019 | 2018 | 2017 | ||||||
Average AFUDC Rates | 7.86 | % | 7.12 | % | 7.31 | % |
2021 | 2020 | 2019 | |||||||||||||||
Average AFUDC Rates | 6.88 | % | 6.63 | % | 7.86 | % |
2019 | 2018 | 2017 | ||||||
Average Annual Depreciation Rates | 3.08 | % | 3.13 | % | 2.97 | % |
2021 | 2020 | 2019 | |||||||||||||||
Average Annual Depreciation Rates | 3.30 | % | 3.15 | % | 3.08 | % |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Beginning of Period | $ | 55 | $ | 42 | |||
Purchased | 45 | 45 | |||||
Used for Compliance | (37 | ) | (32 | ) | |||
End of Period | $ | 63 | $ | 55 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Beginning of Period | $ | 66 | $ | 63 | |||||||
Purchased | 49 | 48 | |||||||||
Used for Compliance | (46) | (45) | |||||||||
End of Period | $ | 69 | $ | 66 |
Years Ended December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Beginning of Period | $ | 4 | $ | — | |||
ACC Approved Refund (Reduction in Operating Revenues) | (34 | ) | (33 | ) | |||
Amount Returned to Customers Through Bill Credits | 22 | 37 | |||||
Regulatory Deferral | 8 | — | |||||
End of Period | $ | — | $ | 4 |
Years Ended December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Beginning of Period | $ | 23 | $ | 36 | |||||||
Deferred Fuel and Purchased Power Costs (1) | 343 | 283 | |||||||||
PPFAC and Base Power Recoveries (2) | (275) | (296) | |||||||||
End of Period | $ | 91 | $ | 23 |
Years Ended December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Beginning of Period | $ | (17 | ) | $ | (9 | ) | |
Deferred Fuel and Purchased Power Costs | 31 | 2 | |||||
PPFAC Refunds (Recoveries) (1) | 22 | (10 | ) | ||||
End of Period | $ | 36 | $ | (17 | ) |
(2)In March 2021 and 2020, the ACC approved a PPFAC surcharge as part of TEP's annual rate adjustment request, which went into effect on June 1, 2021 and June 1, 2020. |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
LFCR Revenues | $ | 33 | $ | 26 | $ | 22 |
Remaining Recovery Period (years) | December 31, | Remaining Recovery Period (years) | December 31, | |||||||||||||||||||||||
($ in millions) | 2019 | 2018 | ($ in millions) | 2021 | 2020 | |||||||||||||||||||||
Regulatory Assets | Regulatory Assets | |||||||||||||||||||||||||
Pension and Other Postretirement Benefits (Note 10) | Various | $ | 135 | $ | 126 | Pension and Other Postretirement Benefits (Note 10) | Various | $ | 128 | $ | 166 | |||||||||||||||
Derivatives (Note 13) | 10 | 72 | 27 | |||||||||||||||||||||||
Under Recovered Purchased Energy Costs | Under Recovered Purchased Energy Costs | 2 | 91 | 23 | ||||||||||||||||||||||
Early Generation Retirement Costs | Various | 68 | 72 | Early Generation Retirement Costs | Various | 38 | 43 | |||||||||||||||||||
Lost Fixed Cost Recovery | 2 | 46 | 35 | Lost Fixed Cost Recovery | 1 | 37 | 59 | |||||||||||||||||||
Property Tax Deferrals (1) | Property Tax Deferrals (1) | 1 | 27 | 26 | ||||||||||||||||||||||
Income Taxes Recoverable through Future Rates | Various | 38 | 47 | Various | 17 | 27 | ||||||||||||||||||||
Under Recovered Purchased Energy Costs | 1 | 36 | — | |||||||||||||||||||||||
Property Tax Deferrals (2) | 1 | 24 | 23 | |||||||||||||||||||||||
Final Mine Reclamation and Retiree Healthcare Costs (3) | 19 | 19 | 29 | Final Mine Reclamation and Retiree Healthcare Costs (3) | 7 | 17 | 20 | |||||||||||||||||||
Derivatives (Note 13) | Derivatives (Note 13) | 8 | 8 | 55 | ||||||||||||||||||||||
Springerville Unit 1 Leasehold Improvements (4) | 4 | 9 | 11 | Springerville Unit 1 Leasehold Improvements (4) | 2 | 4 | 7 | |||||||||||||||||||
Tax Expense Adjustor Mechanism | Tax Expense Adjustor Mechanism | 1 | 3 | — | ||||||||||||||||||||||
Other Regulatory Assets | Various | 18 | 30 | Other Regulatory Assets | Various | 14 | 16 | |||||||||||||||||||
Total Regulatory Assets | 465 | 400 | Total Regulatory Assets | 384 | 442 | |||||||||||||||||||||
Less Current Portion | 1 | 138 | 107 | Less Current Portion | 1 | 116 | 124 | |||||||||||||||||||
Total Non-Current Regulatory Assets | $ | 327 | $ | 293 | Total Non-Current Regulatory Assets | $ | 268 | $ | 318 |
Regulatory Liabilities | Regulatory Liabilities | |||||||||||||||||||||||||
Income Taxes Payable through Future Rates (2) | Income Taxes Payable through Future Rates (2) | Various | $ | 268 | $ | 298 | ||||||||||||||||||||
Net Cost of Removal (5) | Net Cost of Removal (5) | Various | 73 | 125 | ||||||||||||||||||||||
Renewable Energy Standard | Renewable Energy Standard | Various | 66 | 63 | ||||||||||||||||||||||
Derivatives (Note 13) | Derivatives (Note 13) | 8 | 19 | 4 | ||||||||||||||||||||||
Transmission Revenue Subject to Refund—FERC | Transmission Revenue Subject to Refund—FERC | 1 | 15 | 15 | ||||||||||||||||||||||
Demand Side Management | Demand Side Management | 1 | 12 | 6 | ||||||||||||||||||||||
Regulatory Liabilities | ||||||||||||||||||||||||||
Income Taxes Payable through Future Rates (1) | Various | $ | 327 | $ | 354 | |||||||||||||||||||||
Net Cost of Removal (5) | Various | 164 | 171 | |||||||||||||||||||||||
Renewable Energy Standard | Various | 59 | 52 | |||||||||||||||||||||||
Deferred Investment Tax Credits (6) | Various | 3 | 7 | |||||||||||||||||||||||
Over Recovered Purchased Energy Costs | Various | — | 17 | |||||||||||||||||||||||
Transmission Cost Adjustor | Transmission Cost Adjustor | 1 | 9 | — | ||||||||||||||||||||||
Tax Expense Adjustor Mechanism | Tax Expense Adjustor Mechanism | 1 | — | 29 | ||||||||||||||||||||||
Other Regulatory Liabilities | Various | 20 | 6 | Other Regulatory Liabilities | Various | 1 | 1 | |||||||||||||||||||
Total Regulatory Liabilities | 573 | 607 | Total Regulatory Liabilities | 463 | 541 | |||||||||||||||||||||
Less Current Portion | 1 | 96 | 95 | Less Current Portion | 1 | 111 | 151 | |||||||||||||||||||
Total Non-Current Regulatory Liabilities | $ | 477 | $ | 512 | Total Non-Current Regulatory Liabilities | $ | 352 | $ | 390 |
(2)Amortized over five years, 10 years, or the lives of the assets. See Note 1 and Note 14 for additional information regarding income taxes. (3)Represents costs associated with TEP’s jointly-owned facilities at San Juan and Four Corners. TEP recognizes these costs at future value and is permitted to fully recover these costs on a pay-as-you-go basis through the PPFAC mechanism. Final mine reclamation costs are expected to be funded by TEP through 2028. (4)Represents investments TEP made, which were previously recorded in Plant in Service on the Consolidated Balance Sheets, to ensure that the facilities continued to provide safe, reliable service to TEP's customers. TEP received ACC authorization to recover leasehold improvement costs at Springerville Unit 1 over a 10-year period. (5)Represents an estimate of the future cost of retirement, net of salvage value. These are amounts collected through revenue for transmission, distribution, generation, and general and intangible plant which are not yet expended. As a result of the 2020 Rate |
Annual Depreciation Rate (3) | Average Remaining Life in Years (3) | December 31, | |||||||||||||||||||||
($ in millions) | 2021 | 2020 | |||||||||||||||||||||
Plant in Service | |||||||||||||||||||||||
Generation Plant | 3.11% | 18 | $ | 3,753 | $ | 3,279 | |||||||||||||||||
Distribution Plant | 1.93% | 33 | 2,024 | 1,906 | |||||||||||||||||||
Transmission Plant | 1.69% | 35 | 1,210 | 1,090 | |||||||||||||||||||
General Plant | 6.01% | 7 | 540 | 503 | |||||||||||||||||||
Intangible Plant, Software Costs, and Other (1) | Various | Various | 268 | 291 | |||||||||||||||||||
Plant Held for Future Use | — | — | 3 | 4 | |||||||||||||||||||
Total Plant in Service (2) | $ | 7,798 | $ | 7,073 | |||||||||||||||||||
Annual Depreciation Rate (3) | Average Remaining Life in Years (3) | December 31, | |||||||||
($ in millions) | 2019 | 2018 | |||||||||
Plant in Service | |||||||||||
Generation Plant | 3.19% | 20 | $ | 3,065 | $ | 2,667 | |||||
Transmission Plant | 1.69% | 37 | 1,060 | 1,010 | |||||||
Distribution Plant | 1.56% | 31 | 1,784 | 1,692 | |||||||
General Plant | 5.89% | 20 | 477 | 409 | |||||||
Intangible Plant, Software Costs, and Other (1) | Various | Various | 271 | 239 | |||||||
Plant Held for Future Use | — | — | 7 | 3 | |||||||
Total Plant in Service (2) | $ | 6,664 | $ | 6,020 |
(in millions) | Ownership Percentage | Plant in Service | Construction Work in Progress | Accumulated Depreciation | Net Book Value | ||||||||||||
San Juan Unit 1 | 50.0% | $ | 289 | $ | 1 | $ | (193 | ) | $ | 97 | |||||||
Four Corners Units 4 and 5 | 7.0% | 175 | 5 | (77 | ) | 103 | |||||||||||
Luna | 33.3% | 57 | — | (1 | ) | 56 | |||||||||||
Gila River Unit 3 | 75.0% | 200 | 2 | (61 | ) | 141 | |||||||||||
Gila River Common Facilities | 43.8% | 71 | — | (23 | ) | 48 | |||||||||||
Springerville Coal Handling Facilities | 83.0% | 208 | — | (90 | ) | 118 | |||||||||||
Transmission Facilities | Various | 545 | 5 | (295 | ) | 255 | |||||||||||
Total | $ | 1,545 | $ | 13 | $ | (740 | ) | $ | 818 |
($ in millions) | Ownership Percentage | Plant in Service | Construction Work in Progress | Accumulated Depreciation | Net Book Value | ||||||||||||||||||||||||
San Juan Unit 1 | 50.0% | $ | 285 | $ | 1 | $ | (269) | $ | 17 | ||||||||||||||||||||
Four Corners Units 4 and 5 | 7.0% | 188 | 4 | (81) | 111 | ||||||||||||||||||||||||
Luna | 33.3% | 59 | 1 | (3) | 57 | ||||||||||||||||||||||||
Gila River Unit 3 | 75.0% | 206 | — | (65) | 141 | ||||||||||||||||||||||||
Gila River Common Facilities | 43.8% | 75 | 1 | (26) | 50 | ||||||||||||||||||||||||
Springerville Coal Handling Facilities | 83.0% | 209 | — | (95) | 114 | ||||||||||||||||||||||||
Springerville Common Facilities | 86.0% | 399 | — | (207) | 192 | ||||||||||||||||||||||||
Transmission Facilities | Various | 462 | 20 | (229) | 253 | ||||||||||||||||||||||||
Total | $ | 1,883 | $ | 27 | $ | (975) | $ | 935 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Beginning of Period | $ | 96 | $ | 107 | |||||||
Liabilities Incurred (1) | 14 | — | |||||||||
Liabilities Settled (2) | (2) | (5) | |||||||||
Regulatory Deferral/Accretion Expense | 4 | 4 | |||||||||
Revisions to the Present Value of Estimated Cash Flows (3) | 27 | (10) | |||||||||
End of Period | $ | 139 | $ | 96 |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Beginning of Period | $ | 72 | $ | 46 | |||
Liabilities Incurred | — | 10 | |||||
Liabilities Settled (1) | (2 | ) | — | ||||
Regulatory Deferral/Accretion Expense | 2 | 3 | |||||
Revisions to the Present Value of Estimated Cash Flows (2) | 35 | 13 | |||||
End of Period | $ | 107 | $ | 72 |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Retail | $ | 972 | $ | 1,022 | $ | 1,017 | |||||
Wholesale | 247 | 238 | 152 | ||||||||
Other Services | 124 | 100 | 103 | ||||||||
Revenues from Contracts with Customers | 1,343 | 1,360 | 1,272 | ||||||||
Alternative Revenues | 35 | 28 | 24 | ||||||||
Other | 40 | 45 | 45 | ||||||||
Total Operating Revenues | $ | 1,418 | $ | 1,433 | $ | 1,341 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Retail | $ | 1,088 | $ | 1,039 | $ | 972 | |||||||||||
Wholesale | 278 | 190 | 247 | ||||||||||||||
Other Services | 114 | 95 | 124 | ||||||||||||||
Revenues from Contracts with Customers | 1,480 | 1,324 | 1,343 | ||||||||||||||
Alternative Revenues | 12 | 48 | 35 | ||||||||||||||
Other | 101 | 53 | 40 | ||||||||||||||
Total Operating Revenues | $ | 1,593 | $ | 1,425 | $ | 1,418 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Retail | $ | 78 | $ | 90 | |||||||
Retail, Unbilled | 44 | 41 | |||||||||
Retail, Allowance for Credit Losses | (10) | (13) | |||||||||
Wholesale (1) | 47 | 33 | |||||||||
Due from Affiliates (Note 6) | 17 | 9 | |||||||||
Other | 17 | 13 | |||||||||
Accounts Receivable | $ | 193 | $ | 173 |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Customer (1) | $ | 92 | $ | 99 | |||
Customer, Unbilled | 42 | 45 | |||||
Due from Affiliates (Note 6) | 8 | 8 | |||||
Other | 19 | 25 | |||||
Allowance for Doubtful Accounts | (6 | ) | (5 | ) | |||
Accounts Receivable, Net | $ | 155 | $ | 172 |
Years Ended December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Beginning of Period | $ | (13) | $ | (6) | |||||||
Credit Loss Expense | — | (10) | |||||||||
Write-offs | 3 | 3 | |||||||||
End of Period | $ | (10) | $ | (13) |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Receivables from Related Parties | |||||||||||
UNS Electric | $ | 8 | $ | 6 | |||||||
UNS Energy | 7 | 2 | |||||||||
UNS Gas | 2 | 1 | |||||||||
Total Due from Related Parties | $ | 17 | $ | 9 | |||||||
Payables to Related Parties | |||||||||||
UNS Energy | $ | 1 | $ | 1 | |||||||
UNS Gas | 1 | — | |||||||||
SES | — | 4 | |||||||||
Total Due to Related Parties | $ | 2 | $ | 5 |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Receivables from Related Parties | |||||||
UNS Electric | $ | 6 | $ | 7 | |||
UNS Gas | 2 | 1 | |||||
Total Due from Related Parties | $ | 8 | $ | 8 | |||
Payables to Related Parties | |||||||
SES | $ | 2 | $ | 2 | |||
UNS Electric | 1 | 1 | |||||
UNS Gas | — | 1 | |||||
UNS Energy | 1 | 1 | |||||
Total Due to Related Parties | $ | 4 | $ | 5 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Goods and Services Provided by TEP to Affiliates | |||||||||||||||||
Transmission Revenues, UNS Electric (1) | $ | 11 | $ | 9 | $ | 7 | |||||||||||
Wholesale Revenues, UNS Electric (1)(2) | 25 | 1 | 1 | ||||||||||||||
Control Area Services, UNS Electric (3) | 6 | 4 | 4 | ||||||||||||||
Common Costs, UNS Energy Affiliates (4) | 21 | 19 | 19 | ||||||||||||||
Goods and Services Provided by Affiliates to TEP | |||||||||||||||||
Wholesale Revenues, UNS Electric (1) | 1 | — | — | ||||||||||||||
Supplemental Workforce, SES (5) | — | 14 | 15 | ||||||||||||||
Corporate Services, UNS Energy (6) | 7 | 5 | 6 | ||||||||||||||
Corporate Services, UNS Energy Affiliates (7) | 3 | 4 | 4 | ||||||||||||||
Capacity Charges, UNS Gas (8) | — | — | 1 | ||||||||||||||
Corporate Services, Fortis Affiliates (9) | — | 1 | — |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Goods and Services Provided by TEP to Affiliates | |||||||||||
Transmission Revenues, UNS Electric (1) | $ | 7 | $ | 6 | $ | 7 | |||||
Wholesale Revenues, UNS Electric (1) | 1 | 1 | — | ||||||||
Control Area Services, UNS Electric (2) | 4 | 3 | 3 | ||||||||
Common Costs, UNS Energy Affiliates (3) | 19 | 18 | 16 | ||||||||
Corporate Services, Fortis Affiliates (4) | — | — | 2 | ||||||||
Goods and Services Provided by Affiliates to TEP | |||||||||||
Supplemental Workforce, SES (5) | 15 | 15 | 15 | ||||||||
Corporate Services, UNS Energy (6) | 6 | 6 | 5 | ||||||||
Corporate Services, UNS Energy Affiliates (7) | 4 | 7 | 5 | ||||||||
Capacity Charges, UNS Gas (8) | 1 | 1 | — |
December 31, | |||||||||||||||||||||||
($ in millions) | Interest Rate | Maturity Date | 2021 | 2020 | |||||||||||||||||||
Notes | |||||||||||||||||||||||
2011 Senior Notes | 5.15% | 2021 | $ | — | $ | 250 | |||||||||||||||||
2012 Senior Notes (1) | 3.85% | 2023 | 150 | 150 | |||||||||||||||||||
2014 Senior Notes | 5.00% | 2044 | 150 | 150 | |||||||||||||||||||
2015 Senior Notes | 3.05% | 2025 | 300 | 300 | |||||||||||||||||||
2018 Senior Notes | 4.85% | 2048 | 300 | 300 | |||||||||||||||||||
2020 Senior Notes | 4.00% | 2050 | 350 | 350 | |||||||||||||||||||
2020 Senior Notes | 1.50% | 2030 | 300 | 300 | |||||||||||||||||||
2021 Senior Notes | 3.25% | 2051 | 325 | — | |||||||||||||||||||
Tax-Exempt Local Furnishings Bonds (2) | |||||||||||||||||||||||
2012 Pima A | 4.50% | 2030 | 16 | 16 | |||||||||||||||||||
2013 Pima A | 4.00% | 2029 | 91 | 91 | |||||||||||||||||||
Tax-Exempt Pollution Control Bonds | |||||||||||||||||||||||
2012 Apache A (3) | 4.50% | 2030 | 177 | 177 | |||||||||||||||||||
Total Long-Term Debt (4) | 2,159 | 2,084 | |||||||||||||||||||||
Less Unamortized Discount and Debt Issuance Costs | 24 | 20 | |||||||||||||||||||||
Less Current Maturities of Long-Term Debt | — | 250 | |||||||||||||||||||||
Total Long-Term Debt, Net | $ | 2,135 | $ | 1,814 |
December 31, | |||||||||||
($ in millions) | Interest Rate | Maturity Date | 2019 | 2018 | |||||||
Notes | |||||||||||
2011 Notes | 5.15% | 2021 | $ | 250 | $ | 250 | |||||
2012 Notes | 3.85% | 2023 | 150 | 150 | |||||||
2014 Notes | 5.00% | 2044 | 150 | 150 | |||||||
2015 Notes | 3.05% | 2025 | 300 | 300 | |||||||
2018 Notes | 4.85% | 2048 | 300 | 300 | |||||||
Tax-Exempt Local Furnishings Bonds (1) | |||||||||||
2010 Pima A | 5.25% | 2040 | 100 | 100 | |||||||
2012 Pima A | 4.50% | 2030 | 16 | 16 | |||||||
2013 Pima A | 4.00% | 2029 | 91 | 91 | |||||||
Tax-Exempt Pollution Control Bonds (2) | |||||||||||
2009 Pima A | 4.95% | 2020 | 80 | 80 | |||||||
2009 Coconino A | 5.13% | 2032 | — | 15 | |||||||
2012 Apache A | 4.50% | 2030 | 177 | 177 | |||||||
Total Long-Term Debt (3) | 1,614 | 1,629 | |||||||||
Less Unamortized Discount and Debt Issuance Costs | 12 | 14 | |||||||||
Less Current Maturities of Long-Term Debt | 80 | — | |||||||||
Total Long-Term Debt, Net | $ | 1,522 | $ | 1,615 |
(in millions) | Long-Term Debt (1) | ||||
2022 | $ | — | |||
2023 | 150 | ||||
2024 | — | ||||
2025 | 300 | ||||
2026 | — | ||||
Thereafter | 1,709 | ||||
Total | $ | 2,159 |
(in millions) | Long-Term Debt (1) | ||
2020 | $ | 80 | |
2021 | 250 | ||
2022 | — | ||
2023 | 150 | ||
2024 | — | ||
Thereafter | 1,134 | ||
Total | $ | 1,614 |
Weighted Average Interest Rate | |||||||||||||||||
Capacity | Borrowed (1) | Available | Pricing | ||||||||||||||
(in millions) | December 31, 2019 | ||||||||||||||||
Term Loan | $ | 225 | $ | 165 | $ | 60 | 4.75 | % | LIBOR + 0.550% | or ABR + 0.00% |
Capacity | Sub-Limit LOC | Borrowed | Available | Weighted Average Interest Rate | Pricing (1) | ||||||||||||||||
(in millions) | December 31, 2019 | ||||||||||||||||||||
Revolver and LOC | $ | 250 | $ | 50 | $ | — | $ | 250 | — | % | LIBOR + 1.000% | or ABR + 0.00% |
(in millions) | December 31, 2018 | ||||||||||||||||||||
Revolver and LOC | $ | 250 | $ | 50 | $ | — | $ | 250 | — | % | LIBOR + 1.000% | or ABR + 0.00% |
Sub-Limit Swingline(1) | Sub-Limit LOC | Weighted Average Interest Rate | ||||||||||||||||||||||||||||||||||||||||||
Capacity | Borrowed(2) | Available | Pricing(3) | |||||||||||||||||||||||||||||||||||||||||
($ in millions) | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
2021 Agreement | $ | 250 | $ | 15 | $ | 50 | $ | 25 | $ | 225 | 2.53 | % | LIBOR + 1.000% | or ABR + 0.00% |
Sub-Limit LOC | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||
Capacity | Borrowed(1) | Available | Pricing | |||||||||||||||||||||||||||||||||||
($ in millions) | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
2015 Agreement | $ | 250 | $ | 50 | $ | 12 | $ | 238 | — | % | LIBOR + 1.000% | or ABR + 0.00% |
December 31, | |||||||||||||||||
(in millions) | Lease Type | 2021 | 2020 | ||||||||||||||
Lease Assets | |||||||||||||||||
Regulatory and Other Assets, Other | Operating | $ | 7 | $ | 8 | ||||||||||||
Lease Liabilities | |||||||||||||||||
Current Liabilities, Other | Operating | 1 | 1 | ||||||||||||||
Regulatory and Other Liabilities, Other | Operating | 6 | 7 |
(in millions) | Lease Type | December 31, 2019 | |||
Lease Assets | |||||
Utility Plant Under Finance Leases | Finance | $ | 151 | ||
Accumulated Amortization of Finance Lease Assets | Finance | (77 | ) | ||
Regulatory and Other Assets, Other | Operating | 8 | |||
Lease Liabilities | |||||
Current Liabilities, Finance Lease Obligations | Finance | 17 | |||
Finance Lease Obligations | Finance | 67 | |||
Current Liabilities, Other | Operating | 1 | |||
Regulatory and Other Liabilities, Other | Operating | 6 |
Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||||||||
Finance | |||||||||||||||||||||||
Amortization of Leased Assets (1)(2) | $ | — | $ | 10 | $ | 13 | |||||||||||||||||
Interest on Lease Liabilities (3) | — | 2 | 13 | ||||||||||||||||||||
Operating | 1 | 1 | 1 | ||||||||||||||||||||
Variable (4) | 4 | 2 | 16 | ||||||||||||||||||||
Short Term | 2 | 1 | 1 | ||||||||||||||||||||
Total Lease Cost | $ | 7 | $ | 16 | $ | 44 |
Year Ended | |||
(in millions) | December 31, 2019 | ||
Finance | |||
Amortization of Leased Assets (1) | $ | 13 | |
Interest on Lease Liabilities (2) | 13 | ||
Operating | 1 | ||
Variable | 16 | ||
Short Term | 1 | ||
Total Lease Cost | $ | 44 |
(in millions) | Operating Leases | |||||||||||||
2022 | $ | 1 | ||||||||||||
2023 | 1 | |||||||||||||
2024 | 1 | |||||||||||||
2025 | 1 | |||||||||||||
2026 | 1 | |||||||||||||
Thereafter | 3 | |||||||||||||
Total Lease Payments | 8 | |||||||||||||
Less Imputed Interest | 1 | |||||||||||||
Total Lease Obligations | 7 | |||||||||||||
Less Current Portion | 1 | |||||||||||||
Total Non-Current Lease Obligations | $ | 6 |
(in millions) | Finance Leases | Operating Leases | Total | ||||||||
2020 | $ | 18 | $ | 1 | $ | 19 | |||||
2021 | 68 | 1 | 69 | ||||||||
2022 | — | 1 | 1 | ||||||||
2023 | — | 1 | 1 | ||||||||
2024 | — | 1 | 1 | ||||||||
Thereafter | — | 4 | 4 | ||||||||
Total Lease Payments | 86 | 9 | 95 | ||||||||
Less Imputed Interest | 2 | 2 | 4 | ||||||||
Total Lease Obligations | 84 | 7 | 91 | ||||||||
Less Current Portion | 17 | 1 | 18 | ||||||||
Total Non-Current Lease Obligations | $ | 67 | $ | 6 | $ | 73 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Weighted-Average Remaining Lease Term (years) | |||||||||||
Operating Leases | 11 | 11 | |||||||||
Weighted-Average Discount Rate | |||||||||||
Operating Leases | 3.9 | % | 3.9 | % |
Year Ended | |||
(in millions) | December 31, 2019 | ||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | |||
Operating Cash Flows used for Finance Leases | $ | 13 | |
Operating Cash Flows used for Operating Leases | 1 | ||
Financing Cash Flows used for Finance Leases | 11 | ||
Investing Cash Flows used for Finance Leases | 164 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
Operating Cash Flows used for Finance Leases | $ | — | $ | 1 | $ | 13 | |||||||||||||||||||||||||||||||||||
Operating Cash Flows used for Operating Leases | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Financing Cash Flows used for Finance Leases | — | 17 | 11 | ||||||||||||||||||||||||||||||||||||||
Investing Cash Flows used for Finance Leases | — | 68 | 164 | ||||||||||||||||||||||||||||||||||||||
(in millions) | Capital Leases | Operating Leases | |||||
2019 | $ | 187 | $ | 1 | |||
2020 | 20 | 1 | |||||
2021 | — | 1 | |||||
2022 | — | 1 | |||||
2023 | — | 1 | |||||
Thereafter | — | 5 | |||||
Total Lease Payments | 207 | $ | 10 | ||||
Less: Imputed Interest | 14 | ||||||
Total Lease Obligations | 193 | ||||||
Less: Current Portion | 173 | ||||||
Total Non-Current Lease Obligations | $ | 20 |
(in millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | (in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Purchase Commitments | Minimum Purchase Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel, Including Transportation | $ | 94 | $ | 61 | $ | 40 | $ | 33 | $ | 33 | $ | 194 | $ | 455 | Fuel, Including Transportation | $ | 83 | $ | 74 | $ | 36 | $ | 28 | $ | 25 | $ | 144 | $ | 390 | |||||||||||||||||||||||||||||||||||||||
Purchased Power | 8 | — | — | — | — | — | 8 | Purchased Power | 47 | 47 | — | — | — | — | 94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission | 21 | 16 | 14 | 3 | 3 | 6 | 63 | Transmission | 31 | 20 | 15 | 13 | 5 | 4 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Commitments | Purchase Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable Power Purchase Agreements | 63 | 63 | 63 | 63 | 62 | 543 | 857 | Renewable Power Purchase Agreements | 80 | 80 | 79 | 79 | 79 | 847 | 1,244 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RES Performance-Based Incentives | 8 | 7 | 7 | 7 | 7 | 33 | 69 | RES Performance-Based Incentives | 7 | 7 | 7 | 5 | 5 | 23 | 54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Easements and Rights-of-Way (1) | 1 | 2 | 1 | 1 | 3 | 79 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Purchase Commitments | $ | 195 | $ | 149 | $ | 125 | $ | 107 | $ | 108 | $ | 855 | $ | 1,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commitments | Total Commitments | $ | 248 | $ | 228 | $ | 137 | $ | 125 | $ | 114 | $ | 1,018 | $ | 1,870 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
December 31, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Regulatory Assets | $ | 135 | $ | 126 | $ | — | $ | — | |||||||
Regulatory Liabilities | — | — | (1 | ) | (3 | ) | |||||||||
Accrued Employee Expenses | (2 | ) | (1 | ) | (2 | ) | (3 | ) | |||||||
Pension and Other Postretirement Benefits | (77 | ) | (63 | ) | (56 | ) | (54 | ) | |||||||
Accumulated Other Comprehensive Loss, SERP | 10 | 6 | — | — | |||||||||||
Net Amount Recognized | $ | 66 | $ | 68 | $ | (59 | ) | $ | (60 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Regulatory Assets | $ | 126 | $ | 150 | $ | 2 | $ | 16 | |||||||||||||||
Accrued Employee Expenses | (1) | (1) | (3) | (3) | |||||||||||||||||||
Pension and Other Postretirement Benefits | (61) | (91) | (59) | (72) | |||||||||||||||||||
Accumulated Other Comprehensive Loss, SERP | 13 | 14 | — | — | |||||||||||||||||||
Net Amount Recognized | $ | 77 | $ | 72 | $ | (60) | $ | (59) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Beginning of Period | $ | 606 | $ | 525 | $ | 99 | $ | 79 | |||||||||||||||
Actuarial (Gain) Loss | (6) | 76 | (12) | 18 | |||||||||||||||||||
Interest Cost | 14 | 16 | 2 | 3 | |||||||||||||||||||
Service Cost | 20 | 16 | 6 | 4 | |||||||||||||||||||
Benefits Paid | (34) | (27) | (5) | (5) | |||||||||||||||||||
End of Period | 600 | 606 | 90 | 99 | |||||||||||||||||||
Change in Fair Value of Plan Assets | |||||||||||||||||||||||
Beginning of Period | 514 | 446 | 24 | 21 | |||||||||||||||||||
Actual Return on Plan Assets | 43 | 78 | 3 | 3 | |||||||||||||||||||
Benefits Paid | (32) | (26) | (2) | (5) | |||||||||||||||||||
Employer Contributions (1) | 13 | 16 | 3 | 5 | |||||||||||||||||||
End of Period (2) | 538 | 514 | 28 | 24 | |||||||||||||||||||
Funded Status at End of Period | $ | (62) | $ | (92) | $ | (62) | $ | (75) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
Years Ended December 31, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Change in Benefit Obligation | |||||||||||||||
Beginning of Period | $ | 440 | $ | 475 | $ | 74 | $ | 82 | |||||||
Actuarial (Gain) Loss | 76 | (42 | ) | 4 | (8 | ) | |||||||||
Interest Cost | 18 | 16 | 3 | 2 | |||||||||||
Service Cost | 13 | 15 | 4 | 5 | |||||||||||
Benefits Paid | (23 | ) | (23 | ) | (6 | ) | (5 | ) | |||||||
Plan Amendments | 1 | (1 | ) | — | (2 | ) | |||||||||
End of Period | 525 | 440 | 79 | 74 | |||||||||||
Change in Fair Value of Plan Assets | |||||||||||||||
Beginning of Period | 376 | 403 | 17 | 17 | |||||||||||
Actual Return on Plan Assets | 81 | (25 | ) | 4 | (1 | ) | |||||||||
Benefits Paid | (22 | ) | (23 | ) | (6 | ) | (5 | ) | |||||||
Employer Contributions (1) | 11 | 21 | 6 | 6 | |||||||||||
End of Period | 446 | 376 | 21 | 17 | |||||||||||
Funded Status at End of Period | $ | (79 | ) | $ | (64 | ) | $ | (58 | ) | $ | (57 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
Years Ended December 31, | |||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net (Gain) Loss | $ | 145 | $ | 133 | $ | 1 | $ | (1 | ) | ||||||
Prior Service Cost (Benefit) | — | — | (2 | ) | (2 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Loss | $ | 139 | $ | 164 | $ | 4 | $ | 18 | |||||||||||||||
Prior Service Cost (Benefit) | — | 1 | (2) | (2) |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Accumulated Benefit Obligation | $ | 26 | $ | 545 | |||||||
Fair Value of Plan Assets | — | 514 |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Accumulated Benefit Obligation | $ | 476 | $ | 230 | |||
Fair Value of Plan Assets | 446 | 202 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||
Service Cost | $ | 13 | $ | 15 | $ | 13 | $ | 4 | $ | 5 | $ | 4 | |||||||||||
Non-Service Cost | |||||||||||||||||||||||
Interest Cost | 18 | 16 | 15 | 3 | 2 | 2 | |||||||||||||||||
Expected Return on Plan Assets | (26 | ) | (28 | ) | (25 | ) | (2 | ) | (1 | ) | (1 | ) | |||||||||||
Amortization of Net (Gain) Loss | 8 | 7 | 8 | — | — | — | |||||||||||||||||
Net Periodic Benefit Cost | $ | 13 | $ | 10 | $ | 11 | $ | 5 | $ | 6 | $ | 5 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Service Cost | $ | 20 | $ | 16 | $ | 13 | $ | 6 | $ | 4 | $ | 4 | |||||||||||||||||||||||
Non-Service Cost | |||||||||||||||||||||||||||||||||||
Interest Cost | 14 | 16 | 18 | 2 | 3 | 3 | |||||||||||||||||||||||||||||
Expected Return on Plan Assets | (34) | (30) | (26) | (2) | (2) | (2) | |||||||||||||||||||||||||||||
Amortization of Net (Gain) Loss | 9 | 8 | 8 | 1 | — | — | |||||||||||||||||||||||||||||
Net Periodic Benefit Cost | $ | 9 | $ | 10 | $ | 13 | $ | 7 | $ | 5 | $ | 5 |
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Asset | AOCI | Regulatory Asset | Regulatory Asset | AOCI | Regulatory Asset | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | (in millions) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Year Actuarial (Gain) Loss | $ | 16 | $ | 12 | $ | 5 | $ | 4 | $ | (1 | ) | $ | 3 | $ | 1 | $ | (6 | ) | $ | (1 | ) | Current Year Actuarial (Gain) Loss | $ | (16) | $ | 23 | $ | 16 | $ | — | $ | 5 | $ | 4 | $ | (13) | $ | 17 | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Net Loss | (8 | ) | (7 | ) | (7 | ) | (1 | ) | — | — | — | — | — | Amortization of Net Loss | (8) | (8) | (8) | (1) | (1) | (1) | (1) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Service Credit (Cost) | — | — | — | 1 | (1 | ) | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Service (Credit) Cost | Prior Service (Credit) Cost | — | — | — | — | — | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Recognized (Gain) Loss | $ | 8 | $ | 5 | $ | (2 | ) | $ | 4 | $ | (2 | ) | $ | 3 | $ | 1 | $ | (8 | ) | $ | (1 | ) | Total Recognized (Gain) Loss | $ | (24) | $ | 15 | $ | 8 | $ | (1) | $ | 4 | $ | 4 | $ | (14) | $ | 17 | $ | 1 |
Pension Benefits | Other Postretirement Benefits | ||||||
2019 | 2018 | 2019 | 2018 | ||||
Discount Rate | 3.6% | 4.5% | 3.3% | 4.3% | |||
Rate of Compensation Increase | 2.8% | 2.8% | N/A | N/A |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Discount Rate | 3.2% | 2.9% | 3.0% | 2.6% | |||||||||||||||||||
Rate of Compensation Increase | 2.8% | 2.8% | N/A | N/A |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Discount Rate, Service Cost | 3.3% | 3.8% | 4.7% | 2.9% | 3.5% | 4.5% | |||||||||||||||||||||||||||||
Discount Rate, Interest Cost | 2.3% | 3.1% | 4.2% | 1.9% | 2.9% | 4.0% | |||||||||||||||||||||||||||||
Rate of Compensation Increase | 2.8% | 2.8% | 2.8% | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Expected Return on Plan Assets | 6.8% | 6.8% | 7.0% | 7.0% | 7.0% | 7.0% |
Pension Benefits | Other Postretirement Benefits | ||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||
Discount Rate, Service Cost | 4.7% | 3.8% | 4.4% | 4.5% | 3.8% | 4.3% | |||||
Discount Rate, Interest Cost | 4.2% | 3.4% | 3.7% | 4.0% | 3.2% | 3.3% | |||||
Rate of Compensation Increase | 2.8% | 2.8% | 2.8% | N/A | N/A | N/A | |||||
Expected Return on Plan Assets | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% |
December 31, | |||
2019 | 2018 | ||
Next Year (Pre-65) | 6.3% | 6.5% | |
Next Year (Post-65) | 7.5% | 7.8% | |
Ultimate Rate Assumed (Pre-65 and Post-65) | 4.5% | 4.5% | |
Year Ultimate Rate is Reached (Pre-65) | 2037 | 2037 | |
Year Ultimate Rate is Reached (Post-65) | 2037 | 2037 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Next Year (Pre-65) | 6.5% | 6.1% | |||||||||
Next Year (Post-65) | 5.5% | 7.1% | |||||||||
Ultimate Rate Assumed (Pre-65 and Post-65) | 4.5% | 4.5% | |||||||||
Year Ultimate Rate is Reached (Pre-65) | 2031 | 2037 | |||||||||
Year Ultimate Rate is Reached (Post-65) | 2027 | 2037 |
Pension | Other Postretirement Benefits | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Asset Category | |||||||||||
Equity Securities | 46 | % | 45 | % | 65 | % | 60 | % | |||
Fixed Income Securities | 45 | % | 45 | % | 33 | % | 38 | % | |||
Real Estate | 8 | % | 8 | % | — | % | — | % | |||
Other | 1 | % | 2 | % | 2 | % | 2 | % | |||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Pension | Other Postretirement Benefits | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Asset Category | |||||||||||||||||||||||
Equity Securities | 54 | % | 47 | % | 63 | % | 63 | % | |||||||||||||||
Fixed Income Securities | 40 | % | 45 | % | 35 | % | 35 | % | |||||||||||||||
Real Estate | 5 | % | 7 | % | — | % | — | % | |||||||||||||||
Other | 1 | % | 1 | % | 2 | % | 2 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
(in millions) | December 31, 2019 | (in millions) | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Asset Category | Asset Category | |||||||||||||||||||||||||||||||||||||
Cash Equivalents | $ | 2 | $ | — | $ | — | $ | 2 | Cash Equivalents | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||||||||||||
Equity Securities: | Equity Securities: | |||||||||||||||||||||||||||||||||||||
United States Large Cap | — | 55 | — | 55 | United States Large Cap | — | 77 | — | 77 | |||||||||||||||||||||||||||||
United States Small Cap | — | 21 | — | 21 | United States Small Cap | — | 28 | — | 28 | |||||||||||||||||||||||||||||
Non-United States | — | 80 | — | 80 | Non-United States | — | 105 | — | 105 | |||||||||||||||||||||||||||||
Global | — | 51 | — | 51 | Global | — | 83 | — | 83 | |||||||||||||||||||||||||||||
Fixed Income | — | 199 | — | 199 | Fixed Income | — | 213 | — | 213 | |||||||||||||||||||||||||||||
Real Estate | — | 10 | 23 | 33 | Real Estate | — | — | 26 | 26 | |||||||||||||||||||||||||||||
Private Equity | — | — | 5 | 5 | Private Equity | — | — | 4 | 4 | |||||||||||||||||||||||||||||
Total | $ | 2 | $ | 416 | $ | 28 | $ | 446 | Total | $ | 2 | $ | 506 | $ | 30 | $ | 538 |
December 31, 2018 | |||||||||||||||
Asset Category | |||||||||||||||
Cash Equivalents | $ | 1 | $ | — | $ | — | $ | 1 | |||||||
Equity Securities: | |||||||||||||||
United States Large Cap | — | 45 | — | 45 | |||||||||||
United States Small Cap | — | 17 | — | 17 | |||||||||||
Non-United States | — | 67 | — | 67 | |||||||||||
Global | — | 42 | — | 42 | |||||||||||
Fixed Income | — | 167 | — | 167 | |||||||||||
Real Estate | — | 9 | 22 | 31 | |||||||||||
Private Equity | — | — | 6 | 6 | |||||||||||
Total | $ | 1 | $ | 347 | $ | 28 | $ | 376 |
(in millions) | December 31, 2020 | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||
United States Large Cap | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||||||||
United States Small Cap | — | 25 | — | 25 | |||||||||||||||||||
Non-United States | — | 95 | — | 95 | |||||||||||||||||||
Global | — | 59 | — | 59 | |||||||||||||||||||
Fixed Income | — | 231 | — | 231 | |||||||||||||||||||
Real Estate | — | 12 | 23 | 35 | |||||||||||||||||||
Private Equity | — | — | 4 | 4 | |||||||||||||||||||
Total | $ | — | $ | 487 | $ | 27 | $ | 514 |
(in millions) | Private Equity | Real Estate | Total | ||||||||
Balance as of December 31, 2017 | $ | 6 | $ | 21 | $ | 27 | |||||
Actual Return on Plan Assets: | |||||||||||
Assets Held at Reporting Date | 2 | 1 | 3 | ||||||||
Purchases, Sales, and Settlements | (2 | ) | — | (2 | ) | ||||||
Balance as of December 31, 2018 | 6 | 22 | 28 | ||||||||
Actual Return on Plan Assets: | |||||||||||
Assets Held at Reporting Date | 1 | 1 | 2 | ||||||||
Purchases, Sales, and Settlements | (2 | ) | — | (2 | ) | ||||||
Balance as of December 31, 2019 | $ | 5 | $ | 23 | $ | 28 |
(in millions) | Private Equity | Real Estate | Total | ||||||||||||||
Balance as of December 31, 2019 | $ | 5 | $ | 23 | $ | 28 | |||||||||||
Actual Return on Plan Assets: | |||||||||||||||||
Assets Held at Reporting Date | — | — | — | ||||||||||||||
Purchases, Sales, and Settlements | (1) | — | (1) | ||||||||||||||
Balance as of December 31, 2020 | 4 | 23 | 27 | ||||||||||||||
Actual Return on Plan Assets: | |||||||||||||||||
Assets Held at Reporting Date | 2 | 3 | 5 | ||||||||||||||
Purchases, Sales, and Settlements | (2) | — | (2) | ||||||||||||||
Balance as of December 31, 2021 | $ | 4 | $ | 26 | $ | 30 |
Pension | Other Postretirement Benefits | ||
December 31, 2019 | |||
Cash/Treasury Bills | —% | 2% | |
Equity Securities: | |||
United States Large Cap | 12% | 39% | |
United States Small Cap | 5% | 5% | |
Non-United States Developed | —% | 7% | |
Non-United States Emerging | —% | 9% | |
Global Equity | 26% | —% | |
Global Infrastructure | 3% | —% | |
Fixed Income | 45% | 38% | |
Real Estate | 8% | —% | |
Private Equity | 1% | —% | |
Total | 100% | 100% |
Pension | Other Postretirement Benefits | ||||||||||
December 31, 2021 | |||||||||||
Cash/Treasury Bills | —% | 2% | |||||||||
Equity Securities: | |||||||||||
United States Large Cap | 13% | 39% | |||||||||
United States Small Cap | 5% | 5% | |||||||||
Non-United States Developed | —% | 7% | |||||||||
Non-United States Emerging | —% | 9% | |||||||||
Global Equity | 32% | —% | |||||||||
Global Infrastructure | 3% | —% | |||||||||
Fixed Income | 40% | 38% | |||||||||
Real Estate | 6% | —% | |||||||||
Private Equity | 1% | —% | |||||||||
Total | 100% | 100% |
(in millions) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025-2029 | |||||||||||||||||
Pension Benefits | $ | 26 | $ | 26 | $ | 26 | $ | 27 | $ | 28 | $ | 147 | |||||||||||
Other Postretirement Benefits | 5 | 5 | 5 | 5 | 5 | 25 |
(in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027-2031 | |||||||||||||||||||||||||||||
Pension Benefits | $ | 28 | $ | 29 | $ | 29 | $ | 29 | $ | 30 | $ | 158 | |||||||||||||||||||||||
Other Postretirement Benefits | 5 | 5 | 5 | 6 | 5 | 26 |
2021 | 2020 | ||||||||||
RSUs | 20,794 | 15,751 |
2021 | 2020 | 2019 | |||||||||||||||
PSUs | 44,931 | 35,328 | 66,978 | ||||||||||||||
RSUs (1) | 2,401 | 1,918 | 33,489 |
2019 | 2018 | 2017 | ||||||
PSUs | 66,978 | 54,426 | 68,126 | |||||
RSUs | 33,489 | 27,213 | 34,063 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Interest Paid, Net of Amounts Capitalized | $ | 76 | $ | 76 | $ | 80 | |||||||||||
Income Tax Refunds (1) | — | (14) | (14) |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Interest Paid, Net of Amounts Capitalized | $ | 80 | $ | 67 | $ | 61 | |||||
Income Tax Refunds (1) | (14 | ) | — | — |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Accrued Capital Expenditures | $ | 38 | $ | 26 | $ | 40 | |||||||||||
Asset Retirement Obligations Increase (Decrease) (1) | 34 | (12) | 26 | ||||||||||||||
Renewable Energy Credits | 3 | 3 | 3 | ||||||||||||||
Operating Leases (2) | — | 1 | 8 | ||||||||||||||
Finance Leases | — | — | 67 | ||||||||||||||
Net Cost of Removal Increase (Decrease) (3) | (41) | (34) | (10) |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Finance Leases | $ | 67 | $ | 164 | $ | — | |||||
Accrued Capital Expenditures | 40 | 31 | 24 | ||||||||
Asset Retirement Obligations Increase (Decrease) (1) | 26 | 20 | 10 | ||||||||
Operating Leases (2) | 8 | — | — | ||||||||
Renewable Energy Credits | 3 | 3 | 2 | ||||||||
Net Cost of Removal Increase (Decrease) (3) | (10 | ) | (4 | ) | (88 | ) |
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||||
(in millions) | December 31, 2019 | (in millions) | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Restricted Cash (1) | $ | 18 | $ | — | $ | — | $ | 18 | Restricted Cash (1) | $ | 23 | $ | — | $ | 23 | |||||||||||||||||||||||
Energy Derivative Contracts, Regulatory Recovery (2) | — | 3 | — | 3 | Energy Derivative Contracts, Regulatory Recovery (2) | — | 30 | 30 | ||||||||||||||||||||||||||||||
Energy Derivative Contracts, No Regulatory Recovery (2) | — | 3 | — | 3 | Energy Derivative Contracts, No Regulatory Recovery (2) | — | 4 | 4 | ||||||||||||||||||||||||||||||
Total Assets | 18 | 6 | — | 24 | Total Assets | 23 | 34 | 57 | ||||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||
Energy Derivative Contracts, Regulatory Recovery (2) | — | (76 | ) | — | (76 | ) | Energy Derivative Contracts, Regulatory Recovery (2) | — | (20) | (20) | ||||||||||||||||||||||||||||
Total Liabilities | — | (76 | ) | — | (76 | ) | Total Liabilities | — | (20) | (20) | ||||||||||||||||||||||||||||
Total Assets (Liabilities), Net | $ | 18 | $ | (70 | ) | $ | — | $ | (52 | ) | Total Assets (Liabilities), Net | $ | 23 | $ | 14 | $ | 37 |
(in millions) | December 31, 2018 | (in millions) | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Cash Equivalents (1) | $ | 55 | $ | — | $ | — | $ | 55 | ||||||||||||||||||||||||||||||
Restricted Cash (1) | 15 | — | — | 15 | Restricted Cash (1) | $ | 21 | $ | — | $ | 21 | |||||||||||||||||||||||||||
Energy Derivative Contracts, Regulatory Recovery (2) | — | 10 | — | 10 | Energy Derivative Contracts, Regulatory Recovery (2) | — | 14 | 14 | ||||||||||||||||||||||||||||||
Energy Derivative Contracts, No Regulatory Recovery (2) | — | — | 2 | 2 | Energy Derivative Contracts, No Regulatory Recovery (2) | — | 3 | 3 | ||||||||||||||||||||||||||||||
Total Assets | 70 | 10 | 2 | 82 | Total Assets | 21 | 17 | 38 | ||||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||
Energy Derivative Contracts, Regulatory Recovery (2) | — | (35 | ) | (2 | ) | (37 | ) | Energy Derivative Contracts, Regulatory Recovery (2) | — | (66) | (66) | |||||||||||||||||||||||||||
Total Liabilities | — | (35 | ) | (2 | ) | (37 | ) | Total Liabilities | — | (66) | (66) | |||||||||||||||||||||||||||
Total Assets (Liabilities), Net | $ | 70 | $ | (25 | ) | $ | — | $ | 45 | Total Assets (Liabilities), Net | $ | 21 | $ | (49) | $ | (28) |
(1)Restricted Cash represents amounts held in money market funds, (2)Energy Derivative Contracts include gas swap agreements and forward power purchase and sale contracts entered into to reduce exposure to energy price risk. These contracts are included in Derivative Instruments on the Consolidated Balance Sheets. |
Gross Amount Recognized in the Balance Sheets | Gross Amount Not Offset in the Balance Sheets | Net Amount | |||||||||||||
Counterparty Netting of Energy Contracts | Cash Collateral Received/Posted | ||||||||||||||
(in millions) | December 31, 2019 | ||||||||||||||
Derivative Assets | |||||||||||||||
Energy Derivative Contracts | $ | 6 | $ | 4 | $ | — | $ | 2 | |||||||
Derivative Liabilities | |||||||||||||||
Energy Derivative Contracts | (76 | ) | (4 | ) | (2 | ) | (70 | ) |
(in millions) | December 31, 2018 | ||||||||||||||
Derivative Assets | |||||||||||||||
Energy Derivative Contracts | $ | 12 | $ | 11 | $ | — | $ | 1 | |||||||
Derivative Liabilities | |||||||||||||||
Energy Derivative Contracts | (37 | ) | (11 | ) | — | (26 | ) |
Gross Amount Recognized in the Balance Sheets | Gross Amount Not Offset in the Balance Sheets | Net Amount | |||||||||||||||||||||
Counterparty Netting of Energy Contracts | Cash Collateral Received/Posted | ||||||||||||||||||||||
(in millions) | December 31, 2021 | ||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Energy Derivative Contracts | $ | 34 | $ | 14 | $ | — | $ | 20 | |||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Energy Derivative Contracts | (20) | (14) | — | (6) | |||||||||||||||||||
(in millions) | December 31, 2020 | ||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Energy Derivative Contracts | $ | 17 | $ | 14 | $ | — | $ | 3 | |||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Energy Derivative Contracts | (66) | (14) | (7) | (45) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Unrealized Net Gain (Loss) (1) | $ | 62 | $ | 21 | $ | (45) |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Unrealized Net Loss (1) | $ | (45 | ) | $ | (9 | ) | $ | (18 | ) |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Operating Revenues | $ | 6 | $ | 5 | $ | 5 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Revenues | $ | 7 | $ | 5 | $ | 6 |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
Power Contracts GWh | 4,740 | 1,743 | Power Contracts GWh | 2,617 | 4,143 | |||||||||||
Gas Contracts BBtu | 122,779 | 146,933 | Gas Contracts BBtu | 112,316 | 111,585 |
Valuation Approach | Fair Value of | Unobservable Inputs | Range of Unobservable Inputs | ||||||||||||||||
Assets | Liabilities | ||||||||||||||||||
(in millions) | December 31, 2018 | ||||||||||||||||||
Forward Power Contracts | Market approach | $ | 3 | $ | (2 | ) | Market price per MWh | $ | 16.80 | $ | 47.05 |
Years Ended December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Beginning of Period | $ | 1 | $ | 2 | |||
Gains (Losses) Recorded | |||||||
Regulatory Assets or Liabilities, Derivative Instruments | (12 | ) | (4 | ) | |||
Operating Revenues | 5 | 5 | |||||
Settlements | 1 | (2 | ) | ||||
Transfers Out of Level 3 (1) | 5 | — | |||||
End of Period | $ | — | $ | 1 | |||
Gains (Losses), Assets (Liabilities) Still Held | $ | — | $ | 1 |
Net Carrying Value | Fair Value | ||||||||||||||||||||||||||||
Fair Value Hierarchy | December 31, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Long-Term Debt, including Current Maturities | Level 2 | $ | 2,135 | $ | 2,064 | $ | 2,357 | $ | 2,363 |
Net Carrying Value | Fair Value | ||||||||||||||||
Fair Value Hierarchy | December 31, | ||||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Liabilities | |||||||||||||||||
Long-Term Debt, including Current Maturities | Level 2 | $ | 1,602 | $ | 1,615 | $ | 1,755 | $ | 1,672 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Federal Income Tax Expense at Statutory Rate | $ | 49 | $ | 49 | $ | 46 | |||||||||||
State Income Tax Expense, Net of Federal Deduction | 9 | 9 | 9 | ||||||||||||||
Federal/State Tax Credits (1) | (10) | (3) | (6) | ||||||||||||||
Allowance for Equity Funds Used During Construction | (3) | (7) | (3) | ||||||||||||||
Excess Deferred Income Taxes | (14) | (7) | (9) | ||||||||||||||
Impact of AMT Sequestration | — | — | (2) | ||||||||||||||
Other | 1 | — | (1) | ||||||||||||||
Total Income Tax Expense | $ | 32 | $ | 41 | $ | 34 |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Federal Income Tax Expense at Statutory Rate | $ | 46 | $ | 49 | $ | 97 | |||||
State Income Tax Expense, Net of Federal Deduction | 9 | 9 | 9 | ||||||||
Federal/State Tax Credits | (6 | ) | (10 | ) | (9 | ) | |||||
Allowance for Equity Funds Used During Construction | (3 | ) | (1 | ) | (2 | ) | |||||
Impact of Enactment, TCJA | — | — | 7 | ||||||||
Excess Deferred Income Taxes | (9 | ) | (6 | ) | — | ||||||
Impact of AMT Sequestration | (2 | ) | 2 | — | |||||||
Other | (1 | ) | — | (1 | ) | ||||||
Total Federal and State Income Tax Expense | $ | 34 | $ | 43 | $ | 101 |
Years Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Current Income Tax Expense | |||||||||||
Federal | $ | (8 | ) | $ | (13 | ) | $ | — | |||
State | — | — | — | ||||||||
Total Current Income Tax Expense | (8 | ) | (13 | ) | — | ||||||
Deferred Income Tax Expense | |||||||||||
Federal | 41 | 53 | 98 | ||||||||
Federal Investment Tax Credits | (4 | ) | (6 | ) | (6 | ) | |||||
State | 5 | 9 | 9 | ||||||||
Total Deferred Income Tax Expense | 42 | 56 | 101 | ||||||||
Total Federal and State Income Tax Expense | $ | 34 | $ | 43 | $ | 101 |
Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Current Income Tax Expense | |||||||||||||||||
Federal | $ | (2) | $ | (2) | $ | (8) | |||||||||||
State | — | 1 | — | ||||||||||||||
Total Current Income Tax Expense | (2) | (1) | (8) | ||||||||||||||
Deferred Income Tax Expense | |||||||||||||||||
Federal | 27 | 37 | 41 | ||||||||||||||
Federal Investment Tax Credits | (1) | (1) | (4) | ||||||||||||||
State | 8 | 6 | 5 | ||||||||||||||
Total Deferred Income Tax Expense | 34 | 42 | 42 | ||||||||||||||
Total Income Tax Expense | $ | 32 | $ | 41 | $ | 34 |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Gross Deferred Income Tax Assets | |||||||
Finance Lease Obligations | $ | 21 | $ | 48 | |||
Operating Loss Carryforwards, Net | 3 | 23 | |||||
Customer Advances and Contributions in Aid of Construction | 19 | 16 | |||||
AMT Credit | 7 | 13 | |||||
Other Postretirement Benefits | 15 | 15 | |||||
Investment Tax Credit Carryforward | 34 | 34 | |||||
Income Taxes Recoverable Through Future Rates | 81 | 87 | |||||
Other | 79 | 60 | |||||
Total Gross Deferred Income Tax Assets | 259 | 296 | |||||
Deferred Tax Assets Valuation Allowance | — | — | |||||
Gross Deferred Income Tax Liabilities | |||||||
Plant, Net | (602 | ) | (552 | ) | |||
Plant Abandonments | (17 | ) | (18 | ) | |||
Finance Lease Assets, Net | (18 | ) | (44 | ) | |||
Pensions | (17 | ) | (19 | ) | |||
Income Taxes Payable Through Future Rates | (9 | ) | (12 | ) | |||
Other | (28 | ) | (21 | ) | |||
Total Gross Deferred Income Tax Liabilities | (691 | ) | (666 | ) | |||
Deferred Income Taxes, Net | $ | (432 | ) | $ | (370 | ) |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Gross Deferred Income Tax Assets | |||||||||||
Customer Advances and Contributions in Aid of Construction | $ | 20 | $ | 19 | |||||||
Other Postretirement Benefits | 15 | 15 | |||||||||
Investment Tax Credit Carryforward | 23 | 19 | |||||||||
Income Taxes Payable Through Future Rates | 67 | 74 | |||||||||
Other | 93 | 76 | |||||||||
Total Gross Deferred Income Tax Assets | 218 | 203 | |||||||||
Gross Deferred Income Tax Liabilities | |||||||||||
Plant, Net | (682) | (639) | |||||||||
PPFAC | (23) | (6) | |||||||||
Plant Abandonments | (8) | (11) | |||||||||
Pensions | (18) | (17) | |||||||||
Income Taxes Recoverable Through Future Rates | (4) | (7) | |||||||||
Other | (32) | (16) | |||||||||
Total Gross Deferred Income Tax Liabilities | (767) | (696) | |||||||||
Deferred Income Taxes, Net | $ | (549) | $ | (493) |
(in millions) | Amount | Expiring Year | |||
Federal Net Operating Loss | $ | 17 | 2034 - 35 | ||
State Credits | 9 | 2022 - 29 | |||
AMT Credit | 7 | None | |||
Investment Tax Credits | 34 | 2031 - 37 |
($ in millions) | Amount | Expiring Year | |||||||||
State Net Operating Loss | $ | 1 | 2026 | ||||||||
State Credits | 9 | 2023 - 29 | |||||||||
Investment Tax Credits | 22 | 2034 - 41 | |||||||||
Other Federal Credits | 8 | 2034 - 41 |
December 31, | |||||||
(in millions) | 2019 | 2018 | |||||
Beginning of Period | $ | 16 | $ | 13 | |||
Additions Based on Tax Positions Taken in the Current Year | 2 | 3 | |||||
End of Period | $ | 18 | $ | 16 |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Beginning of Period | $ | 19 | $ | 18 | |||||||
Additions Based on Tax Positions Taken in the Current Year | — | 1 | |||||||||
Reductions Based on Positions Taken in Prior Years | (18) | — | |||||||||
End of Period | $ | 1 | $ | 19 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(in millions) | 2019 | ||||||||||||||
Operating Revenue | $ | 333 | $ | 326 | $ | 441 | $ | 318 | |||||||
Operating Income | 43 | 67 | 134 | 39 | |||||||||||
Net Income | 26 | 42 | 98 | 21 | |||||||||||
2018 | |||||||||||||||
Operating Revenue | $ | 275 | $ | 354 | $ | 460 | $ | 344 | |||||||
Operating Income | 43 | 83 | 126 | 36 | |||||||||||
Net Income | 24 | 58 | 95 | 11 |
(in thousands) | 2021 | 2020 | |||||||||
Audit Fees (1) | $ | 1,126 | $ | 1,027 | |||||||
Audit-Related Fees (2) | — | 45 | |||||||||
Total | $ | 1,126 | $ | 1,072 |
(in thousands) | 2019 | 2018 | |||||
Audit Fees (1) | $ | 924 | $ | 1,268 | |||
Audit-Related Fees (2) | 100 | 140 | |||||
Tax Fees (3) | 25 | — | |||||
Total | $ | 1,049 | $ | 1,408 |
(2)Audit-Related Fees are fees billed, or expected to be billed, by Deloitte for assurance and related services that are reasonably related to the performance of the audit or review of the financial statements and are not included in Audit Fees reported above. The fees are for additional procedures for nonrecurring material transactions in 2020. |
Page | |||||||||||
(a) | (1) | ||||||||||
Consolidated Financial Statements as of December 31, | |||||||||||
(2) | Financial Statement Schedule | ||||||||||
All schedules have been omitted because they are either not applicable, not required, or the information required to be set forth therein is included on the Consolidated Financial Statements or notes thereto. | |||||||||||
(3) | Exhibits | ||||||||||
Exhibit Index | ||||||||
Exhibit No. | Description | |||||||
Restated Articles of Incorporation of TEP, filed with the ACC on August 11, 1994, as amended by Amendment to Article Fourth of our Restated Articles of Incorporation, filed with the ACC on May 17, 1996. (Form 10-K for the year ended December 31, 1996, File No. 1-05924 - Exhibit No 3(a)). | ||||||||
TEP Articles of Amendment filed with the ACC on September 3, 2009 (Form 10-K for the year ended December 31, 2010, File No. 1-05924 - Exhibit 3(a)). | ||||||||
Bylaws of TEP, as amended as of August 12, 2015 (Form 10-Q for the quarter ended September 30, 2015, File No. 1-05924 - Exhibit 3). | ||||||||
Amendment to Articles of Incorporation of UNS Energy Corporation, creating series of Limited Voting Junior Preferred Stock (Form 8-K dated August 12, 2015, File No. 1-05924 - Exhibit 3.2). | ||||||||
Indenture of Trust, dated as of March 1, 2012, between The Industrial Development Authority of the County of Apache and U.S. Bank Trust National Association, authorizing Pollution Control Revenue Bonds, 2012 Series A (Tucson Electric Power Company Project). (Form 8-K dated March 21, 2012, File No. 1-05924 - Exhibit 4(a)). | ||||||||
Loan Agreement, dated as of March 1, 2012, between The Industrial Development Authority of the County of Apache and TEP, relating to Pollution Control Revenue Bonds, 2012 Series A (Tucson Electric Power Company Project). (Form 8-K dated March 21, 2012, File No. 1-05924 - Exhibit 4(b)). | ||||||||
Indenture of Trust, dated as of June 1, 2012, between The Industrial Development Authority of the County of Pima and U.S. Bank Trust National Association, authorizing Industrial Development Revenue Bonds, 2012 Series A (Tucson Electric Power Company Project). (Form 8-K dated June 21, 2012, File No. 1-05924 - Exhibit 4(a)). | ||||||||
Loan Agreement, dated as of June 1, 2012, between The Industrial Development Authority of the County of Pima and TEP, relating to Industrial Development Revenue Bonds, 2012 Series A (Tucson Electric Power Company Project). (Form 8-K dated June 21, 2012, File No. 1-05924 - Exhibit 4(b)). | ||||||||
Indenture of Trust, dated as of March 1, 2013, between The Industrial Development Authority of the County of Pima and U.S. Bank Trust National Association, authorizing Industrial Development Revenue Bonds, 2013 Series A (Tucson Electric Power Company Project). (Form 8-K dated March 14, 2013, File No. 1-05924 - Exhibit 4(a)). | ||||||||
Loan Agreement, dated as of March 1, 2013, between The Industrial Development Authority of the County of Pima and TEP, relating to Industrial Development Revenue Bonds, 2013 Series A (Tucson Electric Power Company Project). (Form 8-K dated March 14, 2013, File No. 1-05924 - Exhibit 4(b)). | ||||||||
Indenture, dated November 1, 2011, between Tucson Electric Power Company and U.S. Bank National Association, as trustee, authorizing unsecured Notes (Form 8-K dated November 8, 2011, File 1-05924 - Exhibit 4.1). | ||||||||
Officers Certificate, dated September 14, 2012, authorizing 3.85% Notes due 2023 (Form 8-K dated September 14, 2012, File No. 1-05924 - Exhibit 4.1). | ||||||||
Officer's Certificate, dated March 10, 2014, authorizing 5.00% Senior Notes due 2044 (Form 8-K dated March 10, 2014, File No. 1-05924 - Exhibit 4.1). | ||||||||
Officer's Certificate, dated February 27, 2015, authorizing 3.05% Senior Notes due 2025 (Form 8-K dated February 27, 2015, File No. 1-05924 - Exhibit 4(a)). | ||||||||
Officer's Certificate, dated November 29, 2018, authorizing 4.85% Senior Notes due | ||||||||
Officer's Certificate, dated April 9, 2020, authorizing 4.00% Senior Notes due 2050 (Form 8-K dated April 9, 2020, File No. 1-05924 - Exhibit 4.1). | ||||||||
Officer's Certificate, dated August 10, 2020, authorizing 1.50% Senior Notes due 2030 (Form 8-K dated August 10, 2020, File No. 1-05924 - Exhibit 4.1). | ||||||||
Officer's Certificate, dated May 11, 2021, authorizing 3.25% Senior Notes due 2051 (Form 8-K dated May 11, 2021, File No. 1-05924 - Exhibit 4.1). | ||||||||
Credit Agreement, dated as of October 15, | ||||||||
Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm. | ||||||||
Power of Attorney. | ||||||||
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act, by | ||||||||
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act, by Frank P. Marino. | ||||||||
Statements of Corporate Officers (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002). | ||||||||
101.INS | XBRL Instance Document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | The cover page from the Company's Annual Report on Form 10-K/A Amendment No. 1 for the year ended December 31, 2021, formatted in Inline XBRL and contained in Exhibit 101. | |||||||
* | Previously filed as indicated and incorporated herein by reference. | |||||||
** | Previously filed in the Company's Annual Report on Form 10-K for the year ended December 31, | |||||||
*** | ||||||||
Pursuant to Item 601(b)(32)(ii) of Regulation S-K, this certificate is not being “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
TUCSON ELECTRIC POWER COMPANY | |||||||||||
(Registrant) | |||||||||||
Date: | May 20, 2022 | ||||||||||
/s/ Frank P. Marino | |||||||||||
Frank P. Marino | |||||||||||
Sr. Vice President, Chief Financial Officer, and Director | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: | May 20, 2022 | * | |||||||||
President, Chief Executive Officer, and Director | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | /s/ Frank P. Marino | ||||||||||
Frank P. Marino | |||||||||||
Sr. Vice President, Chief Financial Officer, and Director | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) | |||||||||||
Date: | * | ||||||||||
Todd C. Hixon | |||||||||||
Director | |||||||||||
*By: | /s/ Frank P. Marino | ||||||||||
Frank P. Marino | |||||||||||
Attorney-in-fact |