Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 28, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | XCEL ENERGY INC | |
Entity Central Index Key | 0000072903 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MN | |
Entity File Number | 001-3034 | |
Entity Tax Identification Number | 41-0448030 | |
Entity Address, Address Line One | 414 Nicollet Mall | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55401 | |
City Area Code | 612 | |
Local Phone Number | 330-5500 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | XEL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 525,342,304 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Recently Adopted Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 32 6 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating revenues | ||||
Electric | $ 2,286 | $ 2,249 | $ 4,489 | $ 4,574 |
Natural gas | 280 | 308 | 863 | 1,102 |
Other | 20 | 20 | 45 | 42 |
Total operating revenues | 2,586 | 2,577 | 5,397 | 5,718 |
Operating expenses | ||||
Electric fuel and purchased power | 833 | 813 | 1,630 | 1,727 |
Cost of natural gas sold and transported | 86 | 112 | 371 | 591 |
Cost of sales — other | 8 | 10 | 17 | 19 |
Operating and maintenance expenses | 550 | 586 | 1,129 | 1,184 |
Conservation and demand side management expenses | 68 | 65 | 142 | 137 |
Depreciation and amortization | 473 | 439 | 936 | 872 |
Taxes (other than income taxes) | 146 | 142 | 295 | 292 |
Total operating expenses | 2,164 | 2,167 | 4,520 | 4,822 |
Operating income | 422 | 410 | 877 | 896 |
Other income (expense), net | 5 | 2 | (7) | 6 |
Equity earnings of unconsolidated subsidiaries | 6 | 9 | 17 | 19 |
Allowance for funds used during construction — equity | 37 | 20 | 61 | 40 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $7, $6, $14 and $13, respectively | 208 | 189 | 407 | 379 |
Other financing costs | 7 | 6 | 14 | 13 |
Allowance for funds used during construction — debt | (12) | (10) | (22) | (20) |
Total interest charges and financing costs | 196 | 179 | 385 | 359 |
Income before income taxes | 274 | 262 | 563 | 602 |
Income tax (benefit) expense | (13) | 24 | (19) | 49 |
Net income | $ 287 | $ 238 | $ 582 | $ 553 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 527 | 516 | 526 | 515 |
Diluted (in shares) | 527 | 518 | 527 | 517 |
Earnings per average common share: | ||||
Basic (in dollars per share) | $ 0.54 | $ 0.46 | $ 1.10 | $ 1.07 |
Diluted (in dollars per share) | $ 0.54 | $ 0.46 | $ 1.10 | $ 1.07 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive income: | ||||
Net income | $ 287 | $ 238 | $ 582 | $ 553 |
Pension and retiree medical benefits: | ||||
Net pension and retiree medical gains arising during the period, net of tax of $—, $—, $— and $1, respectively | 0 | 1 | 0 | 3 |
Net pension gains, tax | 0 | 0 | 0 | 1 |
Reclassifications of loss to net income, net of tax of $1, $—, $1 and $—, respectively | 2 | 0 | 3 | 1 |
Pension reclassification's, Tax | 1 | 0 | 1 | 0 |
Derivative instruments: | ||||
Net fair value decrease, net of tax of $—, $(3), $(3) and $(5), respectively | 0 | (10) | (10) | (17) |
Derivative fair value decrease, tax | 0 | (3) | (3) | (5) |
Reclassification of loss to net income, net of tax of $1, $—, $1 and $—, respectively | 1 | 1 | 3 | 2 |
Derivative reclassification's, tax | 1 | 0 | 1 | 0 |
Other comprehensive income | 3 | (8) | (4) | (11) |
Total comprehensive income | $ 290 | $ 230 | $ 578 | $ 542 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | ||
Operating activities | |||
Net income | $ 582 | $ 553 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 942 | 881 | |
Nuclear fuel amortization | 65 | 58 | |
Deferred income taxes | 0 | 47 | |
Allowance for equity funds used during construction | (61) | (40) | |
Equity earnings of unconsolidated subsidiaries | (17) | (19) | |
Dividends from unconsolidated subsidiaries | 21 | 20 | |
Provision for Bad Debts | 26 | 17 | |
Share-based compensation expense | 41 | 35 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 19 | 105 | |
Accrued unbilled revenues | 97 | 115 | |
Inventories | 15 | 25 | |
Other current assets | 7 | 19 | |
Accounts payable | (160) | (157) | |
Net regulatory assets and liabilities | 12 | 25 | |
Other current liabilities | (241) | (195) | |
Pension and other employee benefit obligations | (146) | (139) | |
Other, net | (54) | (16) | |
Net cash provided by operating activities | 1,148 | 1,334 | |
Investing activities | |||
Capital/construction expenditures | (2,569) | (1,689) | |
Purchases of investment securities | (1,160) | (488) | |
Proceeds from the sale of investment securities | 1,150 | 478 | |
Other, net | (1) | (9) | |
Net cash used in investing activities | (2,580) | (1,708) | |
Financing activities | |||
Proceeds from short-term borrowings, net | 815 | 559 | |
Proceeds from issuances of long-term debt | 2,447 | 819 | |
Repayments of long-term debt, including reacquisition premiums | 0 | (400) | |
Dividends paid | (421) | (387) | |
Other, net | (23) | (11) | |
Net cash provided by financing activities | 2,818 | 580 | |
Net change in cash, cash equivalents and restricted cash | 1,386 | 206 | |
Cash, cash equivalents and restricted cash at beginning of period | 248 | 147 | |
Cash, cash equivalents and restricted cash at end of period (a) | 1,634 | [1] | 353 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of amounts capitalized) | (364) | (344) | |
Cash (paid) received for income taxes, net | (10) | 54 | |
Supplemental disclosure of non-cash investing and financing transactions: | |||
Accrued property, plant and equipment additions | 436 | 304 | |
Inventory transfers to property, plant and equipment | 194 | 40 | |
Operating lease right-of-use assets | 8 | 1,843 | |
Allowance for equity funds used during construction | 61 | 40 | |
Issuance of common stock for equity awards | 35 | $ 32 | |
MEC Holdings LLC [Member] | |||
Supplemental disclosure of non-cash investing and financing transactions: | |||
Restricted Cash | 9 | ||
Restricted Cash | $ 9 | ||
[1] | (a) As of June 30, 2020, $9 million of cash was recorded in Prepayments and other current assets related to MEC. |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 1,625 | $ 248 |
Accounts receivable, net | 799 | 837 |
Accrued unbilled revenues | 613 | 713 |
Inventories | 487 | 544 |
Regulatory assets | 513 | 488 |
Derivative instruments | 72 | 55 |
Prepaid taxes | 73 | 43 |
Prepayments and other | 208 | 185 |
Total current assets | 4,390 | 3,113 |
Property, plant and equipment, net | 41,124 | 39,483 |
Other assets | ||
Nuclear decommissioning fund and other investments | 2,683 | 2,731 |
Regulatory assets | 2,973 | 2,935 |
Derivative instruments | 38 | 22 |
Operating lease right-of-use assets | 1,229 | 1,672 |
Other | 1,019 | 492 |
Total other assets | 7,942 | 7,852 |
Total assets | 53,456 | 50,448 |
Current liabilities | ||
Current portion of long-term debt | 1,101 | 702 |
Short-term debt | 1,410 | 595 |
Accounts payable | 1,188 | 1,294 |
Regulatory liabilities | 420 | 407 |
Taxes accrued | 343 | 466 |
Accrued interest | 200 | 192 |
Dividends payable | 226 | 212 |
Derivative instruments | 40 | 38 |
Operating lease liabilities | 149 | 194 |
Other | 396 | 468 |
Total current liabilities | 5,473 | 4,568 |
Deferred credits and other liabilities | ||
Deferred income taxes | 4,569 | 4,509 |
Deferred investment tax credits | 47 | 49 |
Regulatory liabilities | 5,310 | 5,077 |
Asset retirement obligations | 2,881 | 2,701 |
Derivative instruments | 181 | 175 |
Customer advances | 201 | 203 |
Pension and employee benefit obligations | 636 | 785 |
Operating lease liabilities | 1,125 | 1,549 |
Other | 185 | 186 |
Total deferred credits and other liabilities | 15,135 | 15,234 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 19,463 | 17,407 |
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 525,204,978 and 524,539,000 shares outstanding at June 30, 2020 and Dec. 31, 2019, respectively | $ 1,313 | $ 1,311 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares, Outstanding | 525,204,978 | 524,539,000 |
Additional paid in capital | $ 6,679 | $ 6,656 |
Retained earnings | 5,538 | 5,413 |
Accumulated other comprehensive loss | (145) | (141) |
Total common stockholders’ equity | 13,385 | 13,239 |
Total liabilities and equity | $ 53,456 | $ 50,448 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2018 | 514,037,000 | ||||
Beginning balance at Dec. 31, 2018 | $ 12,222 | $ 1,285 | $ 6,168 | $ 4,893 | $ (124) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 553 | 553 | |||
Other comprehensive income | (11) | (11) | |||
Dividends declared on common stock (USD per share) | $ 0.81 | ||||
Dividends declared on common stock | (419) | (419) | |||
Issuances of common stock (in shares) | 834,000 | ||||
Issuances of common stock | 22 | $ 2 | 20 | ||
Stock Repurchased During Period, Shares | (6,000) | ||||
Stock Repurchased During Period, Value | 0 | $ 0 | 0 | ||
Share-based compensation | (1) | 2 | (3) | ||
Balance (in shares) at Jun. 30, 2019 | 514,865,000 | ||||
Ending balance at Jun. 30, 2019 | 12,366 | $ 1,287 | 6,190 | 5,024 | (135) |
Balance (in shares) at Mar. 31, 2019 | 514,668,000 | ||||
Beginning balance at Mar. 31, 2019 | 12,329 | $ 1,287 | 6,173 | 4,996 | (127) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 238 | 238 | |||
Other comprehensive income | (8) | (8) | |||
Dividends declared on common stock (USD per share) | $ 0.41 | ||||
Dividends declared on common stock | (209) | (209) | |||
Issuances of common stock (in shares) | 197,000 | ||||
Issuances of common stock | 10 | $ 0 | 10 | ||
Share-based compensation | 6 | 7 | (1) | ||
Balance (in shares) at Jun. 30, 2019 | 514,865,000 | ||||
Ending balance at Jun. 30, 2019 | $ 12,366 | $ 1,287 | 6,190 | 5,024 | (135) |
Balance (in shares) at Dec. 31, 2019 | 524,539,000 | 524,539,000 | |||
Beginning balance at Dec. 31, 2019 | $ 13,239 | $ 1,311 | 6,656 | 5,413 | (141) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 582 | 582 | |||
Other comprehensive income | (4) | (4) | |||
Dividends declared on common stock (USD per share) | $ 0.86 | ||||
Dividends declared on common stock | (453) | (453) | |||
Issuances of common stock (in shares) | 666,000 | ||||
Issuances of common stock | 23 | $ 2 | 21 | ||
Share-based compensation | 0 | 2 | (2) | ||
Adoption of ASC Topic 326 | $ (2) | (2) | |||
Balance (in shares) at Jun. 30, 2020 | 525,204,978 | 525,205,000 | |||
Ending balance at Jun. 30, 2020 | $ 13,385 | $ 1,313 | 6,679 | 5,538 | (145) |
Balance (in shares) at Mar. 31, 2020 | 525,034,000 | ||||
Beginning balance at Mar. 31, 2020 | 13,302 | $ 1,313 | 6,659 | 5,478 | (148) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 287 | 287 | |||
Other comprehensive income | 3 | 3 | |||
Dividends declared on common stock (USD per share) | $ 0.43 | ||||
Dividends declared on common stock | (226) | (226) | |||
Issuances of common stock (in shares) | 171,000 | ||||
Issuances of common stock | 11 | $ 0 | 11 | ||
Share-based compensation | $ 8 | 9 | (1) | ||
Balance (in shares) at Jun. 30, 2020 | 525,204,978 | 525,205,000 | |||
Ending balance at Jun. 30, 2020 | $ 13,385 | $ 1,313 | $ 6,679 | $ 5,538 | $ (145) |
Management's Opinion
Management's Opinion | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of June 30, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income and comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2020, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2019, balance sheet information has been derived from the audited 2019 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the SEC on Feb. 21, 2020. Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Accounts receivable, net Accounts receivable $ 859 $ 892 Less allowance for bad debts (60) (55) Accounts receivable, net $ 799 $ 837 (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Inventories Materials and supplies $ 277 $ 270 Fuel 173 191 Natural gas 37 83 Total inventories $ 487 $ 544 (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Property, plant and equipment, net Electric plant $ 45,413 $ 44,355 Natural gas plant 6,747 6,560 Common and other property 2,385 2,341 Plant to be retired (a) 292 259 CWIP 3,060 2,329 Total property, plant and equipment 57,897 55,844 Less accumulated depreciation (17,097) (16,735) Nuclear fuel 2,925 2,909 Less accumulated amortization (2,601) (2,535) Property, plant and equipment, net $ 41,124 $ 39,483 (a) In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consists of the following: Three Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 718 $ 167 $ 10 $ 895 C&I 1,075 73 6 1,154 Other 31 — 1 32 Total retail 1,824 240 17 2,081 Wholesale 160 — — 160 Transmission 153 — — 153 Other 21 26 — 47 Total revenue from contracts with customers 2,158 266 17 2,441 Alternative revenue and other 128 14 3 145 Total revenues $ 2,286 $ 280 $ 20 $ 2,586 Three Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 624 $ 182 $ 10 $ 816 C&I 1,201 90 6 1,297 Other 31 — 1 32 Total retail 1,856 272 17 2,145 Wholesale 154 — — 154 Transmission 127 — — 127 Other 11 26 — 37 Total revenue from contracts with customers 2,148 298 17 2,463 Alternative revenue and other 101 10 3 114 Total revenues $ 2,249 $ 308 $ 20 $ 2,577 Six Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,394 $ 522 $ 21 $ 1,937 C&I 2,141 253 15 2,409 Other 60 — 2 62 Total retail 3,595 775 38 4,408 Wholesale 326 — — 326 Transmission 285 — — 285 Other 38 58 — 96 Total revenue from contracts with customers 4,244 833 38 5,115 Alternative revenue and other 245 30 7 282 Total revenues $ 4,489 $ 863 $ 45 $ 5,397 |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Short-Term Borrowings Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2020 Year Ended Dec. 31, 2019 Borrowing limit $ 4,300 $ 3,600 Amount outstanding at period end 1,410 595 Average amount outstanding 1,496 1,115 Maximum amount outstanding 1,770 1,780 Weighted average interest rate, computed on a daily basis 1.65 % 2.72 % Weighted average interest rate at period end 0.76 2.34 Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At both June 30, 2020 and Dec. 31, 2019, there were $20 million of letters of credit outstanding under the credit facilities. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Revolving Credit Facilities — In order to use commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper borrowing limits and cannot issue commercial paper in an aggregate amount exceeding available capacity under these credit facilities. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. As of June 30, 2020, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Outstanding (b) Available Xcel Energy Inc. $ 1,250 $ 210 $ 1,040 PSCo 700 8 692 NSP-Minnesota 500 2 498 SPS 500 10 490 NSP-Wisconsin 150 — 150 Total $ 3,100 $ 230 $ 2,870 (a) Expires in June 2024. (b) Includes outstanding commercial paper and letters of credit. Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the revolving credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2020 and Dec. 31, 2019. Term Loan Agreements — In December 2019, Xcel Energy Inc. entered into a $500 million 364-Day Term Loan Agreement that matures Dec. 1, 2020. Xcel Energy has an option to request an extension through Nov. 30, 2021. In March 2020, Xcel Energy Inc. entered into a $700 million, 364-Day Term Loan Agreement. The loan is unsecured and matures March 22, 2021. Xcel Energy has an option to request an extension through March 21, 2022. The term loans include one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65 percent. Interest is at a rate equal to either the Eurodollar rate, plus 60.0 basis points, or an alternate base rate. As of June 30, 2020, Xcel Energy Inc.’s term loan borrowings were as follows: (Millions of Dollars) Limit Amount Used Available Xcel Energy Inc. $ 1,200 $ 1,200 $ — Bilateral Credit Agreement In March 2019, NSP-Minnesota entered into a one year uncommitted bilateral credit agreement. The credit agreement is limited in use to support letters of credit. In March 2020, NSP-Minnesota renewed its bilateral credit agreement for an additional one year term. As of June 30, 2020, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows: (Millions of Dollars) Limit Amount Outstanding Available NSP-Minnesota $ 75 $ 31 $ 44 Long-Term Borrowings During the six months ended June 30, 2020, Xcel Energy Inc. and its utility subsidiaries issued the following: • Xcel Energy Inc. issued $600 million of 3.40% senior unsecured notes due June 1, 2030; • PSCo issued $375 million of 2.70% first mortgage bonds due Jan. 15, 2051 and $375 million of 1.90% first mortgage bonds due Jan. 15, 2031; • SPS issued $350 million of 3.15% first mortgage bonds due May 1, 2050; • NSP-Wisconsin issued $100 million of 3.05% first mortgage bonds due May 1, 2051; and • NSP-Minnesota issued $700 million of 2.60% first mortgage bonds due June 1, 2051. Forward Equity Agreements — In November 2019, Xcel Energy Inc. entered into forward sale agreements in connection with a completed $743 million public offering of 11.8 million shares of Xcel Energy common stock. The initial forward agreement was for 10.3 million shares with an additional agreement for 1.5 million shares that was exercised at the option of the banking counterparty. At June 30, 2020, the forward agreements could have been settled with physical delivery of 11.8 million common shares to the banking counterparty in exchange for cash of $728 million. The forward instruments could also have been settled at June 30, 2020, with delivery of approximately $24 million of cash or approximately 0.4 million shares of common stock to the counterparty, if Xcel Energy unilaterally elected net cash or net share settlement, respectively. The forward price used to determine amounts due at settlement is calculated based on the November 2019 public offering price for Xcel Energy’s common stock of $62.69, increased for the overnight bank funding rate, less a spread of 0.75% and less expected dividends on Xcel Energy’s common stock during the period the instruments are outstanding. Xcel Energy may settle the agreements at any time up to the maturity date of Dec. 31, 2020. Depending on settlement timing, cash proceeds are expected to be approximately $720 million to $730 million. Forward equity instruments were recognized within stockholders’ equity at fair value at execution of the agreements and will not be subsequently adjusted until settlement. Other Equity — Xcel Energy Inc. issued $20 million and $19 million of equity through the DRIP during the six months ended June 30, 2020 and 2019, respectively. The program allows shareholders to elect dividend reinvestment in Xcel Energy Inc. common stock through a non-cash transaction. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 to the consolidated financial statements included in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2019, represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference. The following table reconciles the difference between the statutory rate and the ETR: Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.1 5.0 5.0 5.0 Decreases in tax from: Wind PTCs (21.1) (11.9) (19.1) (10.0) Plant regulatory differences (a) (7.1) (5.5) (7.8) (5.6) Other tax credits, net NOL & tax credit allowances (1.9) (0.6) (1.4) (1.8) Other (net) (0.7) 1.2 (1.1) (0.5) Effective income tax rate (4.7) % 9.2 % (3.4) % 8.1 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Years Expiration 2009 — 2013 September 2020 2014 — 2016 June 2021 In 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. Xcel Energy filed a protest with the IRS. In April 2020, Xcel Energy and Appeals reached an agreement and no material adjustments were required. In 2018, the IRS began an audit of tax years 2014 - 2016. As of June 30, 2020, no adjustments have been proposed. State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns. As of June 30, 2020, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows: State Year Colorado 2009 Minnesota 2009 Texas 2009 Wisconsin 2014 • In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of June 30, 2020, no material adjustments have been proposed. • No other state income tax audits were in progress as of June 30, 2020. Unrecognized Benefits — Unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority to an earlier period. Unrecognized tax benefits — permanent vs. temporary: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Unrecognized tax benefit — Permanent tax positions $ 36 $ 35 Unrecognized tax benefit — Temporary tax positions 10 9 Total unrecognized tax benefit $ 46 $ 44 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 NOL and tax credit carryforwards $ (41) $ (40) Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $31 million at June 30, 2020 and $29 million at Dec. 31, 2019. As the IRS and state audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $23 million in the next 12 months. Payables for interest related to unrecognized tax benefits were not material and no amounts were accrued for penalties related to unrecognized tax benefits as of June 30, 2020 or Dec. 31, 2019. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. has common stock equivalents related to forward equity agreements and time-based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions for settlement have been satisfied by the end of the reporting period; and • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. Diluted common shares outstanding included common stock equivalents of 0.5 million and 0.7 million for the three and six months ended June 30, 2020, respectively, and 1.8 million and 1.5 million for the three and six months ended June 30, 2019, respectively. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. • Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices; • Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs; and • Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAV. Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled fund investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds investments may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of certain inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms as applicable in each jurisdiction and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of FTRs relative to the electric utility operations of NSP-Minnesota and SPS, the numerous unobservable quantitative inputs pertinent to the value of FTRs are insignificant to the consolidated financial statements. Non-Derivative Fair Value Measurements The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the escrow and investment targets by asset class for both the escrow and qualified trust. NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset. Unrealized gains for the nuclear decommissioning fund were $637 million and $706 million as of June 30, 2020 and Dec. 31, 2019, respectively, and unrealized losses were $16 million and $6 million as of June 30, 2020 and Dec. 31, 2019, respectively. Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 22 $ 22 $ — $ — $ — $ 22 Commingled funds 766 — — — 897 897 Debt securities 513 — 531 10 — 541 Equity securities 473 934 1 — — 935 Total $ 1,774 $ 956 $ 532 $ 10 $ 897 $ 2,395 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $155 million of equity investments in unconsolidated subsidiaries and $133 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 33 $ 33 $ — $ — $ — $ 33 Commingled funds 733 — — — 935 935 Debt securities 489 — 495 13 — 508 Equity securities 485 962 2 — — 964 Total $ 1,740 $ 995 $ 497 $ 13 $ 935 $ 2,440 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $155 million of equity investments in unconsolidated subsidiaries and $136 million of rabbi trust assets and miscellaneous investments. For the three and six months ended June 30, 2020 and 2019, there were immaterial Level 3 nuclear decommissioning fund investments or transfer of amounts between levels. Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2020: Final Contractual Maturity (Millions of Dollars) Due in 1 Year Due in 1 to 5 Due in 5 to 10 Due after 10 Total Debt securities $ (4) $ 98 $ 212 $ 235 $ 541 Rabbi Trusts Xcel Energy has established rabbi trusts to provide partial funding for future distributions of its supplemental executive retirement plan and deferred compensation plan. Cost and fair value of assets held in rabbi trusts: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 57 61 — — 61 Total $ 74 $ 78 $ — $ — $ 78 Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 57 65 — — 65 Total $ 74 $ 82 $ — $ — $ 82 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. Derivative Instruments Fair Value Measurements Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. Interest Rate Derivatives — Xcel Energy enters into various instruments that effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes, with changes in fair value prior to settlement recorded as other comprehensive income. As of June 30, 2020, accumulated other comprehensive loss related to settled interest rate derivatives included $5 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2020. Xcel Energy had no unsettled interest rate derivatives. Wholesale and Commodity Trading Risk — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in activities governed by this policy. Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs, vehicle fuel and weather derivatives. Xcel Energy may enter into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, but may not be designated as qualifying hedging transactions. Changes in the fair value of non-trading commodity derivative instruments are recorded as other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on approved regulatory recovery mechanisms. As of June 30, 2020, Xcel Energy had no commodity contracts designated as cash flow hedges. Xcel Energy enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenues, net of amounts credited to customers under margin-sharing mechanisms. Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) June 30, 2020 Dec. 31, 2019 Megawatt hours of electricity 127 95 Million British thermal units of natural gas 153 110 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise. Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of June 30, 2020, six of Xcel Energy’s 10 most significant counterparties for these activities, comprising $152 million, or 57%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Three of the 10 most significant counterparties, comprising $36 million, or 14%, of this credit exposure, were not rated by these external agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. One of these significant counterparties, comprising $13 million or 5% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Eight of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities. Impact of derivative activity: Pre-Tax Fair Value (Millions of Dollars) Accumulated Regulatory Three Months Ended June 30, 2020 Other derivative instruments Natural gas commodity $ — $ (3) Total $ — $ (3) Six Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ (13) $ — Total $ (13) $ — Other derivative instruments Natural gas commodity $ — $ (3) Total $ — $ (3) Three Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (13) $ — Total $ (13) $ — Other derivative instruments Electric commodity $ — $ 26 Natural gas commodity — (2) Total $ — $ 24 Six Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (22) $ — Total $ (22) $ — Other derivative instruments Electric commodity $ — $ 4 Natural gas commodity — (2) Total $ — $ 2 Pre-Tax (Gains) Losses Pre-Tax Gains (Millions of Dollars) Accumulated Regulatory Three Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (3) (b) Electric commodity — (3) (c) — Total $ — $ (3) $ (3) Six Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 4 (a) $ — $ — Total $ 4 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (5) (b) Electric commodity — (7) (c) — Natural gas commodity — 5 (d) (6) (d) Total $ — $ (2) $ (11) Three Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 5 (b) Total $ — $ — $ 5 Six Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 4 (b) Electric commodity — 1 (c) — Natural gas commodity — (1) (d) (4) (d) Total $ — $ — $ — (a) Recorded to interest charges. (b) Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. (c) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. (d) Amounts for both the three and six months ended June 30, 2020 and 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three and six months ended June 30, 2020 and 2019 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. Xcel Energy had no derivative instruments designated as fair value hedges during the three and six months ended June 30, 2020 and 2019. Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies, or for cross default contractual provisions if there was a failure under other financing arrangements related to payment terms or other covenants. As of June 30, 2020 and Dec. 31, 2019, there were $8 million and $7 million derivative instruments in a liability position with such underlying contract provisions, respectively. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. Provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of June 30, 2020 and Dec. 31, 2019 . Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis: June 30, 2020 Dec. 31, 2019 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 5 $ 52 $ 11 $ 68 $ (50) $ 18 $ 3 $ 51 $ 24 $ 78 $ (52) $ 26 Electric commodity — — 46 46 (2) 44 — — 21 21 (1) 20 Natural gas commodity — 7 — 7 — 7 — 6 — 6 — 6 Total current derivative assets $ 5 $ 59 $ 57 $ 121 $ (52) 69 $ 3 $ 57 $ 45 $ 105 $ (53) 52 PPAs (b) 3 3 Current derivative instruments $ 72 $ 55 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 11 $ 42 $ 23 $ 76 $ (49) $ 27 $ 9 $ 38 $ 7 $ 54 $ (45) $ 9 Total noncurrent derivative assets $ 11 $ 42 $ 23 $ 76 $ (49) 27 $ 9 $ 38 $ 7 $ 54 $ (45) 9 PPAs (b) 11 13 Noncurrent derivative instruments $ 38 $ 22 June 30, 2020 Dec. 31, 2019 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Other derivative instruments: Commodity trading $ 6 $ 54 $ 8 $ 68 $ (50) $ 18 $ 4 $ 59 $ 15 $ 78 $ (63) $ 15 Electric commodity — — 2 2 (2) — — — 1 1 (1) — Natural gas commodity — 5 — 5 — 5 — 5 — 5 — 5 Total current derivative liabilities $ 6 $ 59 $ 10 $ 75 $ (52) 23 $ 4 $ 64 $ 16 $ 84 $ (64) 20 PPAs (b) 17 18 Current derivative instruments $ 40 $ 38 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 4 $ 95 $ 36 $ 135 $ (20) $ 115 $ 2 $ 79 $ 32 $ 113 $ (13) $ 100 Total noncurrent derivative liabilities $ 4 $ 95 $ 36 $ 135 $ (20) 115 $ 2 $ 79 $ 32 $ 113 $ (13) 100 PPAs (b) 66 75 Noncurrent derivative instruments $ 181 $ 175 (a) Xcel Energy nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $32 million of obligations to return cash collateral and rights to reclaim cash collateral of $4 million and $11 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. Changes in Level 3 commodity derivatives: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at April 1 $ 4 $ (7) Purchases 37 34 Settlements (25) (16) Net transactions recorded during the period: Gains recognized in earnings (a) 9 7 Net gains recognized as regulatory assets and liabilities 9 10 Balance at June 30 $ 34 $ 28 Six Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at Jan. 1 $ 4 $ 29 Purchases 49 38 Settlements (42) (27) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 14 (11) Net gains (losses) recognized as regulatory assets and liabilities 9 (1) Balance at June 30 $ 34 $ 28 (a) Amounts relate to commodity derivatives held at the end of the period. Xcel Energy recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and six months ended June 30, 2020 and 2019. Fair Value of Long-Term Debt Other financial instruments which the carrying amount did not equal fair value: June 30, 2020 Dec. 31, 2019 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 20,564 $ 24,327 $ 18,109 $ 20,227 Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of June 30, 2020 and Dec. 31, 2019, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost (Credit) Three Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 24 $ 22 $ — $ — Interest cost (a) 31 36 5 6 Expected return on plan assets (a) (52) (51) (5) (5) Amortization of prior service credit (a) (1) (1) (2) (3) Amortization of net loss (a) 25 22 1 1 Net periodic benefit cost (credit) 27 28 (1) (1) Credits not recognized due to effects 1 1 1 — Net benefit cost (credit) recognized for financial reporting $ 28 $ 29 $ — $ (1) Six Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 45 $ 43 $ 1 $ 1 Interest cost (a) 68 72 9 11 Expected return on plan assets (a) (103) (102) (10) (11) Amortization of prior service credit (a) (2) (2) (4) (5) Amortization of net loss (a) 47 44 2 3 Net periodic benefit cost (credit) 55 55 (2) (1) Credits not recognized due to effects 2 2 1 1 Net benefit cost (credit) recognized for financial reporting $ 57 $ 57 $ (1) $ — (a) Components of net periodic cost other than the service cost component are included in the line item “other (expense) income, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Leases Operating lease liabilities at Dec. 31, 2019 include a present value of remaining lease payments of approximately $400 million for the MEC PPAs. At June 30, 2020, NSP-Minnesota operating lease liabilities and related right-of-use assets are eliminated from Xcel Energy’s consolidated balance sheet following the completed January 2020 purchase of MEC by Xcel Energy. | The following include commitments, contingencies and unresolved contingencies that are material to Xcel Energy’s financial position. Legal Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported, management does not anticipate that the ultimate liabilities would have a material effect on Xcel Energy’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy Inc. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. Two cases remain active which include an MDL matter consisting of a Colorado purported class (Breckenridge) and a Wisconsin purported class (Arandell Corp.). Breckenridge/Colorado — In February 2019, the MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Arandell Corp. — In February 2019, the case was remanded back to the U.S. District Court in Wisconsin. Plaintiffs are seeking class certification. It is uncertain when the court will rule on this issue. Xcel Energy has concluded that a loss is remote for both remaining lawsuits. Rate Matters MEC Transactions — In January 2020, Xcel Energy, Inc. purchased MEC, a 760 MW natural gas combined cycle facility, for approximately $650 million from Southern Power Company (a subsidiary of Southern Company). In July 2020, Xcel Energy sold MEC to Southwest Generation for $680 million, subject to working capital adjustments. Proceeds from the sale will primarily be used to reduce Xcel Energy’s overall financing needs. The assets and liabilities of MEC, including plant assets and working capital, were classified as held for sale at June 30, 2020 pending the sale of the facility in July 2020. Amounts included in the consolidated balance sheet were classified as follows: (Millions of Dollars) June 30, 2020 Prepayments and other current assets $ 24 Other assets 644 Total assets 668 Other current liabilities 2 Other deferred credits and other liabilities 9 Total liabilities $ 11 NSP-Minnesota — Sherco — In NSP-Minnesota’s 2013 fuel reconciliation filing, the MPUC made recovery of replacement power costs associated with the 2011 incident at its Sherco Unit 3 plant provisional and subject to further review following conclusion of litigation commenced by NSP-Minnesota, SMMPA (Co-owner of Sherco Unit 3) and insurance companies against GE. In 2018, NSP-Minnesota and SMMPA reached a settlement with GE. NSP-Minnesota notified the MPUC of its proposal to refund the GE settlement proceeds back to customers through the FCA. The insurance providers continued their litigation against GE and the case went to trial. In 2018, GE prevailed in the lawsuit with the insurance companies, however, the jury found comparable fault, finding that GE was 52% and NSP-Minnesota was 48% at fault. At that point in the litigation, NSP-Minnesota was no longer involved in the case and was not present to make arguments about its role in the event. The specific issue leading to the fault apportionment was also not before the jury and not relevant to the outcome of the trial. In January 2019, the DOC recommended that NSP-Minnesota refund $20 million of previously recovered purchased power costs to its customers, based on the jury’s apportionment of fault. The OAG recommended the MPUC withhold any decision until the underlying litigation by the insurance providers (currently under appeal) is concluded. The DOC subsequently filed comments agreeing with the OAG’s recommendation to withhold a decision pending the outcome of any appeals. NSP-Minnesota filed reply comments arguing that the DOC recommendations are without merit and that it acted prudently in operating the plant and its settlement with GE was reasonable. In March 2019, MPUC approved NSP-Minnesota’s proposal to refund the GE settlement proceeds back to customers through the FCA. It also decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of the pending litigation between GE and NSP-Minnesota’s insurers. The lower court’s decision was affirmed on appeal. In March 2020, NSP-Minnesota’s insurers filed a petition seeking additional review by the Minnesota Supreme Court. On April 28, 2020, the Minnesota Supreme Court denied the insurers’ petition for further review, ending the litigation. In accordance with a prior MPUC order, NSP-Minnesota will now make a compliance filing on Aug. 21, 2020, detailing all costs that resulted from the outage and all insurance recoveries received by NSP-Minnesota in connection with the outage. The MPUC has indicated it intends to review the prudence of the Company’s actions and costs in connection with the outage now that the ligation is complete. The MPUC, however, has not specified what process it will use to complete that review. Westmoreland Arbitration — On Nov. 14, 2014, certain insurers for Westmoreland Coal Company filed an arbitration demand against NSP-Minnesota and other entities (SMMPA and Western Fuels Association), seeking recovery of alleged business losses following the Nov. 19, 2011 incident involving a failure of a low-pressure turbine in Sherco Unit 3. The Westmoreland insurers claim NSP-Minnesota’s invocation of the force majeure clause of the applicable coal supply agreement to stop the supply of coal was improper because the incident was allegedly caused by NSP-Minnesota’s failure to conform to industry maintenance standards. Westmoreland’s insurers quantified their losses as approximately $36 million. All parties tolled the arbitration pending resolution of a separate lawsuit brought by NSP-Minnesota, SMMPA, and their insurers against various GE entities based on the inspection and maintenance advice GE provided for Sherco Unit 3. That litigation has been resolved and notice of resolution was served July 6, 2020, triggering the arbitration to resume. NSP-Minnesota denies the claims asserted by the Westmoreland insurers, believes it properly stopped the supply of coal based upon the force majeure provision in the coal supply agreement and intends to defend the matter. It is uncertain when a final resolution will occur, but it is unlikely that an arbitration hearing will take place before 2021. At June 30, 2020, a reasonable estimate of the damages or range of damages cannot be determined. MISO ROE Complaints — In November 2013 and February 2015, customers filed complaints against MISO TOs including NSP-Minnesota and NSP-Wisconsin. The first complaint argued for a reduction in the base ROE in MISO transmission formula rates from 12.38% to 9.15%, and removal of ROE adders (including those for RTO membership). The second complaint sought to reduce base ROE from 12.38% to 8.67%. In September 2016, the FERC issued an order granting a 10.32% base ROE (10.82% with the RTO adder) effective for the first complaint period of Nov. 12, 2013 to Feb. 11, 2015 and subsequent to the date of the order. The D.C. Circuit subsequently vacated and remanded FERC Opinion No. 531, which had established the ROE methodology on which the September 2016 FERC order was based. In November 2019, the FERC issued Opinion No. 569 adopting a new ROE methodology and settling the MISO base ROE at 9.88% (10.38% with the RTO adder), effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also dismissed the second complaint. In December 2019, MISO TOs filed a request for rehearing. Customers also filed requests for rehearing, claiming among other points, that the FERC erred by dismissing the second complaint without refunds. FERC accepted the requests for rehearing in January 2020. In March 2020, the FERC issued a Notice of Proposed Rulemaking regarding changes to its policies for transmission incentives, including a proposal to increase the RTO participation adder from 50 to 100 basis points and to make the adder available regardless of whether a utility’s ongoing participation in the RTO is voluntary or required by legislation or a regulator. In May 2020, the FERC issued Opinion No. 569-A, which granted rehearing in part to Opinion 569 and further refined the FERC’s ROE methodology, most significantly to incorporate the risk premium model (in addition to the discounted cash flow and capital asset pricing models), resulting in a new base ROE of 10.02%, effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also affirmed its decision in Opinion 569 to dismiss the second complaint. Although the May 2020 Order remains subject to pending requests for rehearing, as well as the pending judicial review, NSP-Minnesota has recognized a liability for its best estimate of final refunds to customers. SPP OATT Upgrade Costs — Under the SPP OATT, costs of transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. SPP had not been charging its customers for these upgrades, even though the SPP OATT had allowed SPP to do so since 2008. In 2016, the FERC granted SPP’s request to recover these previously unbilled charges SPP subsequently billed SPS approximately $13 million. In July 2018, SPS’ appeal to the D.C. Circuit over the FERC rulings granting SPP the right to recover these previously unbilled charges was remanded to the FERC. In February 2019, the FERC reversed its 2016 decision and ordered SPP to refund the charges retroactively collected from its transmission customers, including SPS, related to periods before September 2015. In March 2020, SPP and Oklahoma Gas & Electric separately filed petitions for review of FERC’s orders at the D.C. Circuit. SPS has intervened in both appeals in support of FERC. Any refunds received by SPS are expected to be given back to SPS customers through future rates. In October 2017, SPS filed a separate related complaint against SPP asserting that SPP has assessed upgrade charges to SPS in violation of the SPP OATT. In March 2018, FERC issued an order denying the SPS complaint in its entirety, and finding SPP’s calculations to be consistent with the SPS Tariff. SPS filed a request for rehearing in April 2018. The FERC issued a tolling order granting a rehearing for further consideration in May 2018. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the amounts through future SPS customer rates. In June 2020, the D.C. Circuit issued a decision in an unrelated proceeding (Allegheny Defense Project v. FERC), which held that FERC’s longstanding use of tolling orders to extend FERC’s deadline to act on the merits of requests for rehearing is improper. The effect on this decision on tolling orders previously issued by FERC is unclear. Environmental MGP, Landfill and Disposal Sites Ashland MGP Site — NSP-Wisconsin was named a responsible party for contamination at the Ashland/Northern States Power Lakefront Superfund Site (the Site) in Ashland, Wisconsin. Remediation was completed in 2019 and restoration activities were completed in 2020. Groundwater treatment activities will continue for many years. The cost estimate for remediation and restoration of the entire site is approximately $199 million. At June 30, 2020 and Dec. 31, 2019, NSP-Wisconsin had a total liability of $21 million and $23 million, respectively, for the entire site. NSP-Wisconsin has deferred the unrecovered portion of the estimated Site remediation and restoration costs as a regulatory asset. The PSCW has authorized NSP-Wisconsin rate recovery for all remediation and restoration costs incurred at the Site and application of a 3% carrying charge to the regulatory asset. Rice Yards (Denver) MGP Site — PSCo is cooperating with the City of Denver on an environmental investigation of the Rice Yards Site in Denver, Colorado, which had various historic industrial uses by multiple parties, including railroad, maintenance shop, scrap metal yard and MGP operations. In June 2020, PSCo resolved claims by the current property owner and agreed to contribute up to a maximum of $9 million towards future environmental investigation, remediation and mitigation measures over the next 15 years. In addition to the Rice Yards and Ashland Sites, Xcel Energy is currently investigating, remediating or performing post-closure actions at 12 other MGP, landfill or other disposal sites across its service territories. Xcel Energy has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — Xcel Energy’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, Xcel Energy has nine regulated ash units in operation. Xcel Energy is conducting groundwater sampling and, where appropriate, implementing assessment of corrective measures at certain CCR landfills and surface impoundments. In 2019, groundwater monitoring consistent with the CCR Rule was conducted. In NSP-Minnesota, no results above the groundwater protection standards in the rule were identified. In PSCo, statistically significant levels above background concentrations were detected at four locations. Subsequently, assessment monitoring samples were collected at these locations and, based on the results, PSCo is evaluating options for corrective action at two locations. At one location, monitoring results indicate potential offsite impacts to groundwater. Until PSCo completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. In August 2018, the D.C. Circuit ruled that the EPA cannot allow utilities to continue to use unlined impoundments (including clay lined impoundments) for the storage or disposal of coal ash. In November 2019, the EPA proposed rules in response to this decision. If finalized in their current form, these rules would require NSP-Minnesota to expedite closure plans for one impoundment at an estimated cost of $4 million and the construction of a new impoundment at the cost of $9 million. In 2019, NSP-Minnesota initiated the construction of this new impoundment, an ash pond, expected to be in service in 2020. Upon placing the new ash pond in service, the existing ash pond will be taken out of service, and closure activities as prescribed by the CCR Rule and the facility’s National Pollutant Discharge Elimination System permit will be initiated. In addition, the rules proposed by the EPA under the D.C. Circuit ruling may require PSCo to expedite the closure of one coal ash impoundment that was not previously required to close. In March 2020, the EPA published a proposed CCR Rule amendment that, if adopted, would allow unlined impoundments that ‘perform as effectively’ as lined ones to continue to operate under a state or federal CCR permit program. PSCo is pursuing options to provide alternative storage capacity consistent with the CCR Rule until the generating units are retired in 2025. Closure costs for existing impoundments are included in the calculation of the asset retirement obligation liability. VIEs Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the IPP. The utility subsidiaries had approximately 3,342 MW and 3,986 MW of capacity under long-term PPAs at June 30, 2020 and Dec. 31, 2019, respectively, with entities that have been determined to be VIEs. Xcel Energy concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. Agreements have expiration dates through 2041. Other Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount. As of June 30, 2020 and Dec. 31, 2019, Xcel Energy Inc. and its subsidiaries had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were $62 million at June 30, 2020 and Dec. 31, 2019. Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (Millions of Dollars) Gains and Losses Defined Benefit Pension and Total Gains and Losses Defined Benefit Pension and Total Accumulated other comprehensive loss at April 1 $ (88) $ (60) $ (148) $ (66) $ (61) $ (127) Other comprehensive (loss) gain before reclassifications (net of taxes of $—, $—, $(3) and $—, respectively) — — — (10) 1 (9) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $—, $— and $—, respectively) (a) 1 — 1 1 — 1 Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b) — 2 2 — — — Net current period other comprehensive income (loss) 1 2 3 (9) 1 (8) Accumulated other comprehensive loss at June 30 $ (87) $ (58) $ (145) $ (75) $ (60) $ (135) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (Millions of Dollars) Gains and Losses Defined Benefit Pension and Total Gains and Losses Defined Benefit Pension and Total Accumulated other comprehensive loss at Jan. 1 $ (80) $ (61) $ (141) $ (60) $ (64) $ (124) Other comprehensive (loss) gain before reclassifications (net of taxes of $(3), $—, $(5) and $1, respectively) (10) — (10) (17) 3 (14) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $—, $— and $—, respectively) (a) 3 — 3 2 — 2 Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b) — 3 3 — 1 1 Net current period other comprehensive (loss) income (7) 3 (4) (15) 4 (11) Accumulated other comprehensive loss at June 30 $ (87) $ (58) $ (145) $ (75) $ (60) $ (135) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided, including the regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. Xcel Energy has the following reportable segments: • Regulated Electric — The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations; and • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. Xcel Energy presents Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits and the operations of MEC. Xcel Energy had equity investments in unconsolidated subsidiaries of $155 million as of June 30, 2020 and Dec. 31, 2019 included in the natural gas utility and all other segments. Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment. Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. Xcel Energy’s segment information for the three and six months ended June 30: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues from external customers $ 2,286 $ 2,249 Intersegment revenue 1 1 Total revenues $ 2,287 $ 2,250 Net income 289 249 Regulated Natural Gas Operating revenues from external customers $ 280 $ 308 Net income 20 23 All Other Total operating revenue $ 20 $ 20 Net loss (22) (34) Consolidated Total Total revenue $ 2,587 $ 2,578 Reconciling eliminations (1) (1) Total operating revenues $ 2,586 $ 2,577 Net income 287 238 Six Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues from external customers $ 4,489 $ 4,574 Intersegment revenue 1 1 Total revenues $ 4,490 $ 4,575 Net income 516 482 Regulated Natural Gas Operating revenues from external customers $ 863 $ 1,102 Intersegment revenue 1 1 Total revenues $ 864 $ 1,103 Net income 111 128 All Other Total operating revenue $ 45 $ 42 Net loss (45) (57) Consolidated Total Total revenue $ 5,399 $ 5,720 Reconciling eliminations (2) (2) Total operating revenues $ 5,397 $ 5,718 Net income 582 553 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Accounts receivable, net Accounts receivable $ 859 $ 892 Less allowance for bad debts (60) (55) Accounts receivable, net $ 799 $ 837 |
Inventories | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Inventories Materials and supplies $ 277 $ 270 Fuel 173 191 Natural gas 37 83 Total inventories $ 487 $ 544 |
Property, plant and equipment, net | (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Property, plant and equipment, net Electric plant $ 45,413 $ 44,355 Natural gas plant 6,747 6,560 Common and other property 2,385 2,341 Plant to be retired (a) 292 259 CWIP 3,060 2,329 Total property, plant and equipment 57,897 55,844 Less accumulated depreciation (17,097) (16,735) Nuclear fuel 2,925 2,909 Less accumulated amortization (2,601) (2,535) Property, plant and equipment, net $ 41,124 $ 39,483 (a) In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Xcel Energy’s operating revenues consists of the following: Three Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 718 $ 167 $ 10 $ 895 C&I 1,075 73 6 1,154 Other 31 — 1 32 Total retail 1,824 240 17 2,081 Wholesale 160 — — 160 Transmission 153 — — 153 Other 21 26 — 47 Total revenue from contracts with customers 2,158 266 17 2,441 Alternative revenue and other 128 14 3 145 Total revenues $ 2,286 $ 280 $ 20 $ 2,586 Three Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 624 $ 182 $ 10 $ 816 C&I 1,201 90 6 1,297 Other 31 — 1 32 Total retail 1,856 272 17 2,145 Wholesale 154 — — 154 Transmission 127 — — 127 Other 11 26 — 37 Total revenue from contracts with customers 2,148 298 17 2,463 Alternative revenue and other 101 10 3 114 Total revenues $ 2,249 $ 308 $ 20 $ 2,577 Six Months Ended June 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,394 $ 522 $ 21 $ 1,937 C&I 2,141 253 15 2,409 Other 60 — 2 62 Total retail 3,595 775 38 4,408 Wholesale 326 — — 326 Transmission 285 — — 285 Other 38 58 — 96 Total revenue from contracts with customers 4,244 833 38 5,115 Alternative revenue and other 245 30 7 282 Total revenues $ 4,489 $ 863 $ 45 $ 5,397 Six Months Ended June 30, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,351 $ 677 $ 19 $ 2,047 C&I 2,341 345 15 2,701 Other 63 — 2 65 Total retail 3,755 1,022 36 4,813 Wholesale 343 — — 343 Transmission 258 — — 258 Other 29 60 — 89 Total revenue from contracts with customers 4,385 1,082 36 5,503 Alternative revenue and other 189 20 6 215 Total revenues $ 4,574 $ 1,102 $ 42 $ 5,718 |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Commercial paper and term loan borrowings | Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2020 Year Ended Dec. 31, 2019 Borrowing limit $ 4,300 $ 3,600 Amount outstanding at period end 1,410 595 Average amount outstanding 1,496 1,115 Maximum amount outstanding 1,770 1,780 Weighted average interest rate, computed on a daily basis 1.65 % 2.72 % Weighted average interest rate at period end 0.76 2.34 As of June 30, 2020, Xcel Energy Inc.’s term loan borrowings were as follows: (Millions of Dollars) Limit Amount Used Available Xcel Energy Inc. $ 1,200 $ 1,200 $ — |
Credit Facilities | As of June 30, 2020, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Outstanding (b) Available Xcel Energy Inc. $ 1,250 $ 210 $ 1,040 PSCo 700 8 692 NSP-Minnesota 500 2 498 SPS 500 10 490 NSP-Wisconsin 150 — 150 Total $ 3,100 $ 230 $ 2,870 (a) Expires in June 2024. (b) Includes outstanding commercial paper and letters of credit. As of June 30, 2020, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows: (Millions of Dollars) Limit Amount Outstanding Available NSP-Minnesota $ 75 $ 31 $ 44 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the difference between the statutory rate and the ETR: Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.1 5.0 5.0 5.0 Decreases in tax from: Wind PTCs (21.1) (11.9) (19.1) (10.0) Plant regulatory differences (a) (7.1) (5.5) (7.8) (5.6) Other tax credits, net NOL & tax credit allowances (1.9) (0.6) (1.4) (1.8) Other (net) (0.7) 1.2 (1.1) (0.5) Effective income tax rate (4.7) % 9.2 % (3.4) % 8.1 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. |
Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Years Expiration 2009 — 2013 September 2020 2014 — 2016 June 2021 |
Earliest Open Tax Years Subject to Examination by State Taxing Authorities in the Major Operating Jurisdictions | As of June 30, 2020, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows: State Year Colorado 2009 Minnesota 2009 Texas 2009 Wisconsin 2014 • In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of June 30, 2020, no material adjustments have been proposed. • No other state income tax audits were in progress as of June 30, 2020. |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits — permanent vs. temporary: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 Unrecognized tax benefit — Permanent tax positions $ 36 $ 35 Unrecognized tax benefit — Temporary tax positions 10 9 Total unrecognized tax benefit $ 46 $ 44 |
Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) June 30, 2020 Dec. 31, 2019 NOL and tax credit carryforwards $ (41) $ (40) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 22 $ 22 $ — $ — $ — $ 22 Commingled funds 766 — — — 897 897 Debt securities 513 — 531 10 — 541 Equity securities 473 934 1 — — 935 Total $ 1,774 $ 956 $ 532 $ 10 $ 897 $ 2,395 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $155 million of equity investments in unconsolidated subsidiaries and $133 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 33 $ 33 $ — $ — $ — $ 33 Commingled funds 733 — — — 935 935 Debt securities 489 — 495 13 — 508 Equity securities 485 962 2 — — 964 Total $ 1,740 $ 995 $ 497 $ 13 $ 935 $ 2,440 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $155 million of equity investments in unconsolidated subsidiaries and $136 million of rabbi trust assets and miscellaneous investments. |
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2020: Final Contractual Maturity (Millions of Dollars) Due in 1 Year Due in 1 to 5 Due in 5 to 10 Due after 10 Total Debt securities $ (4) $ 98 $ 212 $ 235 $ 541 |
Rabbi Trust Securities Amortized Cost and Fair Value Measured on Recurrring Basis [Table Text Block] | Cost and fair value of assets held in rabbi trusts: June 30, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 57 61 — — 61 Total $ 74 $ 78 $ — $ — $ 78 Dec. 31, 2019 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 57 65 — — 65 Total $ 74 $ 82 $ — $ — $ 82 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. |
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) June 30, 2020 Dec. 31, 2019 Megawatt hours of electricity 127 95 Million British thermal units of natural gas 153 110 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise. |
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | Impact of derivative activity: Pre-Tax Fair Value (Millions of Dollars) Accumulated Regulatory Three Months Ended June 30, 2020 Other derivative instruments Natural gas commodity $ — $ (3) Total $ — $ (3) Six Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ (13) $ — Total $ (13) $ — Other derivative instruments Natural gas commodity $ — $ (3) Total $ — $ (3) Three Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (13) $ — Total $ (13) $ — Other derivative instruments Electric commodity $ — $ 26 Natural gas commodity — (2) Total $ — $ 24 Six Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ (22) $ — Total $ (22) $ — Other derivative instruments Electric commodity $ — $ 4 Natural gas commodity — (2) Total $ — $ 2 Pre-Tax (Gains) Losses Pre-Tax Gains (Millions of Dollars) Accumulated Regulatory Three Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (3) (b) Electric commodity — (3) (c) — Total $ — $ (3) $ (3) Six Months Ended June 30, 2020 Derivatives designated as cash flow hedges Interest rate $ 4 (a) $ — $ — Total $ 4 $ — $ — Other derivative instruments Commodity trading $ — $ — $ (5) (b) Electric commodity — (7) (c) — Natural gas commodity — 5 (d) (6) (d) Total $ — $ (2) $ (11) Three Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 5 (b) Total $ — $ — $ 5 Six Months Ended June 30, 2019 Derivatives designated as cash flow hedges Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 4 (b) Electric commodity — 1 (c) — Natural gas commodity — (1) (d) (4) (d) Total $ — $ — $ — (a) Recorded to interest charges. (b) Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. (c) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis: June 30, 2020 Dec. 31, 2019 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 5 $ 52 $ 11 $ 68 $ (50) $ 18 $ 3 $ 51 $ 24 $ 78 $ (52) $ 26 Electric commodity — — 46 46 (2) 44 — — 21 21 (1) 20 Natural gas commodity — 7 — 7 — 7 — 6 — 6 — 6 Total current derivative assets $ 5 $ 59 $ 57 $ 121 $ (52) 69 $ 3 $ 57 $ 45 $ 105 $ (53) 52 PPAs (b) 3 3 Current derivative instruments $ 72 $ 55 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 11 $ 42 $ 23 $ 76 $ (49) $ 27 $ 9 $ 38 $ 7 $ 54 $ (45) $ 9 Total noncurrent derivative assets $ 11 $ 42 $ 23 $ 76 $ (49) 27 $ 9 $ 38 $ 7 $ 54 $ (45) 9 PPAs (b) 11 13 Noncurrent derivative instruments $ 38 $ 22 June 30, 2020 Dec. 31, 2019 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Other derivative instruments: Commodity trading $ 6 $ 54 $ 8 $ 68 $ (50) $ 18 $ 4 $ 59 $ 15 $ 78 $ (63) $ 15 Electric commodity — — 2 2 (2) — — — 1 1 (1) — Natural gas commodity — 5 — 5 — 5 — 5 — 5 — 5 Total current derivative liabilities $ 6 $ 59 $ 10 $ 75 $ (52) 23 $ 4 $ 64 $ 16 $ 84 $ (64) 20 PPAs (b) 17 18 Current derivative instruments $ 40 $ 38 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 4 $ 95 $ 36 $ 135 $ (20) $ 115 $ 2 $ 79 $ 32 $ 113 $ (13) $ 100 Total noncurrent derivative liabilities $ 4 $ 95 $ 36 $ 135 $ (20) 115 $ 2 $ 79 $ 32 $ 113 $ (13) 100 PPAs (b) 66 75 Noncurrent derivative instruments $ 181 $ 175 (a) Xcel Energy nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $32 million of obligations to return cash collateral and rights to reclaim cash collateral of $4 million and $11 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Change in Level 3 Commodity Derivative | Changes in Level 3 commodity derivatives: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at April 1 $ 4 $ (7) Purchases 37 34 Settlements (25) (16) Net transactions recorded during the period: Gains recognized in earnings (a) 9 7 Net gains recognized as regulatory assets and liabilities 9 10 Balance at June 30 $ 34 $ 28 Six Months Ended June 30 (Millions of Dollars) 2020 2019 Balance at Jan. 1 $ 4 $ 29 Purchases 49 38 Settlements (42) (27) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 14 (11) Net gains (losses) recognized as regulatory assets and liabilities 9 (1) Balance at June 30 $ 34 $ 28 (a) Amounts relate to commodity derivatives held at the end of the period. |
Carrying Amount and Fair Value of Long-term Debt | Other financial instruments which the carrying amount did not equal fair value: June 30, 2020 Dec. 31, 2019 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 20,564 $ 24,327 $ 18,109 $ 20,227 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 6 Months Ended | |
Jun. 30, 2020 | ||
Retirement Benefits [Abstract] | ||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit) Three Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 24 $ 22 $ — $ — Interest cost (a) 31 36 5 6 Expected return on plan assets (a) (52) (51) (5) (5) Amortization of prior service credit (a) (1) (1) (2) (3) Amortization of net loss (a) 25 22 1 1 Net periodic benefit cost (credit) 27 28 (1) (1) Credits not recognized due to effects 1 1 1 — Net benefit cost (credit) recognized for financial reporting $ 28 $ 29 $ — $ (1) Six Months Ended June 30 2020 2019 2020 2019 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 45 $ 43 $ 1 $ 1 Interest cost (a) 68 72 9 11 Expected return on plan assets (a) (103) (102) (10) (11) Amortization of prior service credit (a) (2) (2) (4) (5) Amortization of net loss (a) 47 44 2 3 Net periodic benefit cost (credit) 55 55 (2) (1) Credits not recognized due to effects 2 2 1 1 Net benefit cost (credit) recognized for financial reporting $ 57 $ 57 $ (1) $ — (a) Components of net periodic cost other than the service cost component are included in the line item “other (expense) income, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. | [1] |
[1] | Components of net periodic cost other than the service cost component are included in the line item “other (expense) income, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (Millions of Dollars) Gains and Losses Defined Benefit Pension and Total Gains and Losses Defined Benefit Pension and Total Accumulated other comprehensive loss at April 1 $ (88) $ (60) $ (148) $ (66) $ (61) $ (127) Other comprehensive (loss) gain before reclassifications (net of taxes of $—, $—, $(3) and $—, respectively) — — — (10) 1 (9) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $—, $— and $—, respectively) (a) 1 — 1 1 — 1 Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b) — 2 2 — — — Net current period other comprehensive income (loss) 1 2 3 (9) 1 (8) Accumulated other comprehensive loss at June 30 $ (87) $ (58) $ (145) $ (75) $ (60) $ (135) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (Millions of Dollars) Gains and Losses Defined Benefit Pension and Total Gains and Losses Defined Benefit Pension and Total Accumulated other comprehensive loss at Jan. 1 $ (80) $ (61) $ (141) $ (60) $ (64) $ (124) Other comprehensive (loss) gain before reclassifications (net of taxes of $(3), $—, $(5) and $1, respectively) (10) — (10) (17) 3 (14) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $—, $— and $—, respectively) (a) 3 — 3 2 — 2 Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b) — 3 3 — 1 1 Net current period other comprehensive (loss) income (7) 3 (4) (15) 4 (11) Accumulated other comprehensive loss at June 30 $ (87) $ (58) $ (145) $ (75) $ (60) $ (135) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | Xcel Energy’s segment information for the three and six months ended June 30: Three Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues from external customers $ 2,286 $ 2,249 Intersegment revenue 1 1 Total revenues $ 2,287 $ 2,250 Net income 289 249 Regulated Natural Gas Operating revenues from external customers $ 280 $ 308 Net income 20 23 All Other Total operating revenue $ 20 $ 20 Net loss (22) (34) Consolidated Total Total revenue $ 2,587 $ 2,578 Reconciling eliminations (1) (1) Total operating revenues $ 2,586 $ 2,577 Net income 287 238 Six Months Ended June 30 (Millions of Dollars) 2020 2019 Regulated Electric Operating revenues from external customers $ 4,489 $ 4,574 Intersegment revenue 1 1 Total revenues $ 4,490 $ 4,575 Net income 516 482 Regulated Natural Gas Operating revenues from external customers $ 863 $ 1,102 Intersegment revenue 1 1 Total revenues $ 864 $ 1,103 Net income 111 128 All Other Total operating revenue $ 45 $ 42 Net loss (45) (57) Consolidated Total Total revenue $ 5,399 $ 5,720 Reconciling eliminations (2) (2) Total operating revenues $ 5,397 $ 5,718 Net income 582 553 |
Accounting Pronouncements Accou
Accounting Pronouncements Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 2 | |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 2 | $ 2 |
Selected Balance Sheet Data Sel
Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 859 | $ 892 |
Less allowance for bad debts | (60) | (55) |
Accounts receivable, net | $ 799 | $ 837 |
Selected Balance Sheet Data S_2
Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Public Utilities, Inventory [Line Items] | ||
Total inventories | $ 487 | $ 544 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 277 | 270 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 173 | 191 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 37 | $ 83 |
Selected Balance Sheet Data, Pr
Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 57,897 | $ 55,844 | |
Less accumulated depreciation and amortization | (17,097) | (16,735) | |
Property, plant and equipment, net | 41,124 | 39,483 | |
Electric plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 45,413 | 44,355 | |
Natural gas plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 6,747 | 6,560 | |
Common and other property | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,385 | 2,341 | |
Plant to be retired | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | [1] | 292 | 259 |
CWIP | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,060 | 2,329 | |
Nuclear fuel | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,925 | 2,909 | |
Less accumulated depreciation and amortization | $ (2,601) | $ (2,535) | |
[1] | In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,586 | $ 2,577 | $ 5,397 | $ 5,718 |
Regulated Electric | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,286 | 2,249 | 4,489 | 4,574 |
Regulated Natural Gas | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 280 | 308 | 863 | 1,102 |
All Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 20 | 20 | 45 | 42 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,441 | 2,463 | 5,115 | 5,503 |
Total revenue from contracts with customers | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,158 | 2,148 | 4,244 | 4,385 |
Total revenue from contracts with customers | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 266 | 298 | 833 | 1,082 |
Total revenue from contracts with customers | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 17 | 38 | 36 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,081 | 2,145 | 4,408 | 4,813 |
Retail | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 895 | 816 | 1,937 | 2,047 |
Retail | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,154 | 1,297 | 2,409 | 2,701 |
Retail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 32 | 32 | 62 | 65 |
Retail | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,824 | 1,856 | 3,595 | 3,755 |
Retail | Regulated Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 718 | 624 | 1,394 | 1,351 |
Retail | Regulated Electric | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,075 | 1,201 | 2,141 | 2,341 |
Retail | Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 31 | 31 | 60 | 63 |
Retail | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 240 | 272 | 775 | 1,022 |
Retail | Regulated Natural Gas | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 167 | 182 | 522 | 677 |
Retail | Regulated Natural Gas | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 73 | 90 | 253 | 345 |
Retail | Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Retail | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 17 | 38 | 36 |
Retail | All Other | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 10 | 10 | 21 | 19 |
Retail | All Other | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6 | 6 | 15 | 15 |
Retail | All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 1 | 2 | 2 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 160 | 154 | 326 | 343 |
Wholesale | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 160 | 154 | 326 | 343 |
Wholesale | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wholesale | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 153 | 127 | 285 | 258 |
Transmission | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 153 | 127 | 285 | 258 |
Transmission | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Transmission | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 47 | 37 | 96 | 89 |
Other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 21 | 11 | 38 | 29 |
Other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26 | 26 | 58 | 60 |
Other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 145 | 114 | 282 | 215 |
Alternative revenue and other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 128 | 101 | 245 | 189 |
Alternative revenue and other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 14 | 10 | 30 | 20 |
Alternative revenue and other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | $ 3 | $ 3 | $ 7 | $ 6 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,410 | $ 595 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 4,300 | 3,600 |
Amount outstanding at period end | 1,410 | 595 |
Average amount outstanding | 1,496 | 1,115 |
Maximum amount outstanding | $ 1,770 | $ 1,780 |
Weighted average interest rate, computed on a daily basis | 1.65% | 2.72% |
Weighted average interest rate at period end | 0.76% | 2.34% |
Letters of Credit (Details)
Letters of Credit (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 1,410 | $ 595 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 20 | $ 20 |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | $ 3,100 | |
Outstanding | [2] | 230 | |
Available | 2,870 | ||
Direct advances on the credit facility outstanding | 0 | $ 0 | |
PSCo [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 700 | |
Outstanding | [2] | 8 | |
Available | 692 | ||
NSP-Minnesota | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 500 | |
Outstanding | [2] | 2 | |
Available | 498 | ||
SPS | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 500 | |
Outstanding | [2] | 10 | |
Available | 490 | ||
NSP-Wisconsin | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 150 | |
Outstanding | [2] | 0 | |
Available | 150 | ||
Xcel Energy Inc. | |||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | 1,250 | |
Outstanding | [2] | 210 | |
Available | $ 1,040 | ||
[1] | Expires in June 2024. | ||
[2] | Includes outstanding commercial paper and letters of credit. |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments Term Loan (Details) - USD ($) $ in Millions | Mar. 23, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 1,410 | $ 595 | |
364-Day Term Loan [Member] | Xcel Energy Inc. | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Expiration Period | 364 days | ||
364-Day Term Loan [Member] | Short-term Debt [Member] | Xcel Energy Inc. | |||
Short-term Debt [Line Items] | |||
Credit Facility | $ 700 | 1,200 | |
Required debt to total capitalization ratio | 65.00% | ||
Basis points | 60 | ||
Amount outstanding at period end | 1,200 | ||
Available | $ 0 |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Amount outstanding at period end | $ 1,410 | $ 595 | |
Letter of Credit | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Term | 1 year | ||
Amount outstanding at period end | $ 20 | $ 20 | |
Bilateral Credit Agreement [Member] | NSP Minnesota [Member] | Letter of Credit | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Term | 1 year | 1 year | |
Credit Facility | $ 75 | ||
Amount outstanding at period end | 31 | ||
Available | $ 44 |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - Bonds [Member] - USD ($) | Jun. 15, 2020 | May 26, 2020 | May 18, 2020 | May 15, 2020 | Apr. 01, 2020 |
XCEL ENERGY INC [Member] | Series due June 1, 2030 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||
PSCo [Member] | Series Due June 1, 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||
PSCo [Member] | Series due Jan. 15, 2031 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | ||||
SPS | Series Due 2050 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||
NSP-Wisconsin | Series Due May 1, 2051 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | ||||
NSP Minnesota [Member] | Series Due June 1, 2051 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 700,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% |
Borrowings and Other Financin_7
Borrowings and Other Financing Instruments Forward Equity Agreement (Details) - Forward Equity Agreements [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jun. 30, 2020 | Nov. 04, 2019 |
Forward Contract Indexed to Issuer's Equity [Line Items] | ||
Common Stock, Value, to be Issued through Forward Equity Agreement | $ 743 | |
Common Stock, Shares to be Issued through forward Equity Agreement | 11.8 | |
Common shares, price per share used in forward calculation | $ 62.69 | |
Common stock, interest rate spread used in forward calculation | 0.75% | |
Period End Settlement Price, In Shares | 11.8 | |
Period End Settlement Price, in Cash | $ 728 | |
Period End Net Cash Settlement Price | $ 24 | |
Period End Net Share Settlement Price | 0.4 | |
Common stock, initial shares in an agreement | 10.3 | |
Common stock, additional shares in an agreement | 1.5 | |
Minimum [Member] | ||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||
Expected settlement price | $ 720 | |
Maximum [Member] | ||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||
Expected settlement price | $ 730 |
Borrowings and Other Financin_8
Borrowings and Other Financing Instruments Other Equity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
DRIP | ||
Dividend Reinvestment Program [Line Items] | ||
Stock Issued, Value | $ 20 | $ 19 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | |
State tax (net of federal tax effect) | 5.10% | 5.00% | 5.00% | 5.00% | |
Wind PTCs | (21.10%) | (11.90%) | (19.10%) | (10.00%) | |
Plant regulatory differences | [1] | (7.10%) | (5.50%) | (7.80%) | (5.60%) |
Other tax credits, net NOL & tax credit allowances | (1.90%) | (0.60%) | (1.40%) | (1.80%) | |
Other (net) | (0.70%) | 1.20% | (1.10%) | (0.50%) | |
Effective income tax rate | (4.70%) | 9.20% | (3.40%) | 8.10% | |
[1] | Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. |
Income Taxes State Audits (Deta
Income Taxes State Audits (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
WISCONSIN | |
Income Tax Examination [Line Items] | |
Potential Tax Adjustments | $ 0 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefits (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit — Permanent tax positions | $ 36,000,000 | $ 35,000,000 | |
Unrecognized tax benefit — Temporary tax positions | 10,000,000 | 9,000,000 | |
Total unrecognized tax benefit | 46,000,000 | 44,000,000 | |
NOL and tax credit carryforwards | 41,000,000 | 40,000,000 | |
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | (31,000,000) | (29,000,000) | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 23,000,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 |
Common Stock Equivalents (Detai
Common Stock Equivalents (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Dilutive Effect of Contingently Issuable Shares | 0.5 | 1.8 | 0.7 | 1.5 |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized Gain on Securities | $ 637 | $ 706 | ||
Unrealized Loss on Securities | 16 | 6 | ||
Nuclear decommissinoning fund [Abstract] | ||||
Equity investments in unconsolidated subsidiaries | 155 | 155 | ||
Miscellaneous investments | 133 | 136 | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Due in one year or less | (4) | |||
Due in 1 to 5 years | 98 | |||
Due in 5 to 10 years | 212 | |||
Due after 10 years | 235 | |||
Total | 541 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Decommissioning Fund Investments | 1,774 | [1] | 1,740 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Cash equivalents | 22 | [1] | 33 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Commingled funds | 766 | [1] | 733 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Debt securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Debt securities | 513 | [1] | 489 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Equity securities | 473 | [1] | 485 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Alternative investment | 897 | [1] | 935 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Cash equivalents | 22 | [1] | 33 | [2] |
Alternative investment | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Commingled funds | 897 | [1] | 935 | [2] |
Alternative investment | 897 | [1] | 935 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Debt securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Debt securities | 541 | [1] | 508 | [2] |
Alternative investment | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Equity securities | 935 | [1] | 964 | [2] |
Alternative investment | 0 | [1] | 0 | [2] |
Decommissioning Fund Investments | 2,395 | [1] | 2,440 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Decommissioning Fund Investments | 956 | [1] | 995 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Cash equivalents | 22 | [1] | 33 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Debt securities | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Equity securities | 934 | [1] | 962 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Decommissioning Fund Investments | 532 | [1] | 497 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Cash equivalents | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Debt securities | 531 | [1] | 495 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Equity securities | 1 | [1] | 2 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Decommissioning Fund Investments | 10 | [1] | 13 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Cash equivalents | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Debt securities | 10 | [1] | 13 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities | ||||
Nuclear decommissinoning fund [Abstract] | ||||
Equity securities | $ 0 | [1] | $ 0 | [2] |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $155 million of equity investments in unconsolidated subsidiaries and $133 million of rabbi trust assets and miscellaneous investments. | |||
[2] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $155 million of equity investments in unconsolidated subsidiaries and $136 million of rabbi trust assets and miscellaneous investments. |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities Rabbi Trust (Details) - Rabbi Trust [Member] - Fair Value, Measured on a Recurring Basis - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Cost | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | $ 74 | $ 74 |
Cost | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 17 | 17 |
Cost | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 57 | 57 |
Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 78 | 82 |
Fair Value | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 17 | 17 |
Fair Value | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 61 | 65 |
Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 78 | 82 |
Fair Value | Level 1 | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 17 | 17 |
Fair Value | Level 1 | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 61 | 65 |
Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 0 | 0 |
Fair Value | Level 2 | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Fair Value | Level 2 | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 0 | 0 |
Fair Value | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 0 | 0 |
Fair Value | Level 3 | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Fair Value | Level 3 | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | $ 0 | $ 0 |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions | Jun. 30, 2020USD ($) |
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 5 |
Derivative Liability, Notional Amount | $ 0 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | Jun. 30, 2020USD ($)MWhMMBTU | Dec. 31, 2019MWhMMBTU | |
Cash Flow Hedge Commodity [Member] | |||
Derivative [Line Items] | |||
Commodity contracts designated as cash flow hedges | $ | $ 0 | ||
Electric Commodity [Member] | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional Amount | MWh | [1],[2] | 127 | 95 |
Natural Gas Commodity | |||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | |||
Derivative, Nonmonetary Notional Amount | MMBTU | [1],[2] | 153 | 110 |
[1] | Not reflective of net positions in the underlying commodities. | ||
[2] | Notional amounts for options included on a gross basis but weighted for the probability of exercise. |
Consideration of Credit Risk an
Consideration of Credit Risk and Concentrations (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)Counterparty | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Counterparty | Jun. 30, 2019USD ($) | ||
Impact of Derivative Activity [Abstract] | |||||
Fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (13,000,000) | (13,000,000) | (22,000,000) | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,000,000 | 1,000,000 | 4,000,000 | 2,000,000 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (13,000,000) | (13,000,000) | (22,000,000) | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | 2,000,000 | 1,000,000 | 4,000,000 | 2,000,000 |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | |
Other Derivative Instruments | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (3,000,000) | 24,000,000 | (3,000,000) | 2,000,000 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (3,000,000) | 0 | (2,000,000) | 0 | |
Pre-tax gains (losses) recognized during the period in income | (3,000,000) | 5,000,000 | (11,000,000) | 0 | |
Other Derivative Instruments | Electric Commodity | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | |||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 26,000,000 | 4,000,000 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [2] | (3,000,000) | (7,000,000) | (1,000,000) | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | ||
Other Derivative Instruments | Natural Gas Commodity | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (3,000,000) | (2,000,000) | (3,000,000) | (2,000,000) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [3] | (5,000,000) | (1,000,000) | ||
Pre-tax gains (losses) recognized during the period in income | [3] | (6,000,000) | (4,000,000) | ||
Other Derivative Instruments | Commodity Trading | |||||
Impact of Derivative Activity [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | [4] | (3,000,000) | 5,000,000 | (5,000,000) | 4,000,000 |
Other Derivative Instruments | Natural Gas Commodity for Electric Generation | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 0 | $ 0 | $ 0 | $ 0 | |
Credit Concentration Risk | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | 10 | |||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 8 | 8 | |||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | 6 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 152,000,000 | $ 152,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 57.00% | 57.00% | |||
Credit Concentration Risk | Internal Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | 3 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 36,000,000 | $ 36,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 14.00% | 14.00% | |||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | 1 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 13,000,000 | $ 13,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 5.00% | 5.00% | |||
[1] | Recorded to interest charges. | ||||
[2] | Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||
[3] | Amounts for both the three and six months ended June 30, 2020 and 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three and six months ended June 30, 2020 and 2019 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. | ||||
[4] | Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities Credit Related Contingent Features (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 8 | $ 7 |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | 0 | 0 |
Return Cash Collateral | $ 32 | $ 32 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Derivatives, Fair Value [Line Items] | ||||||
Return Cash Collateral | $ 32,000,000 | $ 32,000,000 | $ 32,000,000 | |||
Reclaim Cash Collateral | 4,000,000 | 4,000,000 | 11,000,000 | |||
Commodity Trading | ||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||||
Balance at beginning of period | 4,000,000 | $ (7,000,000) | 4,000,000 | $ 29,000,000 | ||
Purchases | 37,000,000 | 34,000,000 | 49,000,000 | 38,000,000 | ||
Settlements | (25,000,000) | (16,000,000) | (42,000,000) | (27,000,000) | ||
Gains (losses) recognized in earnings | [1] | 9,000,000 | 7,000,000 | 14,000,000 | (11,000,000) | |
Net gains (losses) recognized as regulatory assets and liabilities | 9,000,000 | 10,000,000 | 9,000,000 | (1,000,000) | ||
Balance at end of period | 34,000,000 | 28,000,000 | 34,000,000 | 28,000,000 | ||
Transfers Level 3, Net | 0 | $ 0 | 0 | $ 0 | ||
Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | 72,000,000 | 72,000,000 | 55,000,000 | |||
Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | 38,000,000 | 38,000,000 | 22,000,000 | |||
Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | 40,000,000 | 40,000,000 | 38,000,000 | |||
Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | 181,000,000 | 181,000,000 | 175,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 121,000,000 | 121,000,000 | 105,000,000 | |||
Netting | [2] | (52,000,000) | (52,000,000) | (53,000,000) | ||
Derivative Asset, Net | 69,000,000 | 69,000,000 | 52,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 5,000,000 | 5,000,000 | 3,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 59,000,000 | 59,000,000 | 57,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 57,000,000 | 57,000,000 | 45,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 68,000,000 | 68,000,000 | 78,000,000 | |||
Netting | [2] | (50,000,000) | (50,000,000) | (52,000,000) | ||
Derivative Asset, Net | 18,000,000 | 18,000,000 | 26,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 46,000,000 | 46,000,000 | 21,000,000 | |||
Netting | [2] | (2,000,000) | (2,000,000) | (1,000,000) | ||
Derivative Asset, Net | 44,000,000 | 44,000,000 | 20,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 7,000,000 | 7,000,000 | 6,000,000 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Asset, Net | 7,000,000 | 7,000,000 | 6,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 5,000,000 | 5,000,000 | 3,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 52,000,000 | 52,000,000 | 51,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 7,000,000 | 7,000,000 | 6,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 11,000,000 | 11,000,000 | 24,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 46,000,000 | 46,000,000 | 21,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 76,000,000 | 76,000,000 | 54,000,000 | |||
Netting | [2] | (49,000,000) | (49,000,000) | (45,000,000) | ||
Derivative Asset, Net | 27,000,000 | 27,000,000 | 9,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 11,000,000 | 11,000,000 | 9,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 42,000,000 | 42,000,000 | 38,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 23,000,000 | 23,000,000 | 7,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 76,000,000 | 76,000,000 | 54,000,000 | |||
Netting | [2] | (49,000,000) | (49,000,000) | (45,000,000) | ||
Derivative Asset, Net | 27,000,000 | 27,000,000 | 9,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 11,000,000 | 11,000,000 | 9,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 42,000,000 | 42,000,000 | 38,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 23,000,000 | 23,000,000 | 7,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 75,000,000 | 75,000,000 | 84,000,000 | |||
Netting | [2] | (52,000,000) | (52,000,000) | (64,000,000) | ||
Derivative Liability, Net | 23,000,000 | 23,000,000 | 20,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 6,000,000 | 6,000,000 | 4,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 59,000,000 | 59,000,000 | 64,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 10,000,000 | 10,000,000 | 16,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 68,000,000 | 68,000,000 | 78,000,000 | |||
Netting | [2] | (50,000,000) | (50,000,000) | (63,000,000) | ||
Derivative Liability, Net | 18,000,000 | 18,000,000 | 15,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 2,000,000 | 2,000,000 | 1,000,000 | |||
Netting | [2] | (2,000,000) | (2,000,000) | (1,000,000) | ||
Derivative Liability, Net | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 5,000,000 | 5,000,000 | 5,000,000 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Liability, Net | 5,000,000 | 5,000,000 | 5,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 6,000,000 | 6,000,000 | 4,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 54,000,000 | 54,000,000 | 59,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 5,000,000 | 5,000,000 | 5,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 8,000,000 | 8,000,000 | 15,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 2,000,000 | 2,000,000 | 1,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 135,000,000 | 135,000,000 | 113,000,000 | |||
Netting | [2] | (20,000,000) | (20,000,000) | (13,000,000) | ||
Derivative Liability, Net | 115,000,000 | 115,000,000 | 100,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 4,000,000 | 4,000,000 | 2,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 95,000,000 | 95,000,000 | 79,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 36,000,000 | 36,000,000 | 32,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 135,000,000 | 135,000,000 | 113,000,000 | |||
Netting | [2] | (20,000,000) | (20,000,000) | (13,000,000) | ||
Derivative Liability, Net | 115,000,000 | 115,000,000 | 100,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 4,000,000 | 4,000,000 | 2,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 95,000,000 | 95,000,000 | 79,000,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 36,000,000 | 36,000,000 | 32,000,000 | |||
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [3] | 3,000,000 | 3,000,000 | 3,000,000 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [3] | 11,000,000 | 11,000,000 | 13,000,000 | ||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | [3] | 17,000,000 | 17,000,000 | 18,000,000 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | [3] | $ 66,000,000 | $ 66,000,000 | $ 75,000,000 | ||
[1] | Amounts relate to commodity derivatives held at the end of the period. | |||||
[2] | Xcel Energy nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $32 million of obligations to return cash collateral and rights to reclaim cash collateral of $4 million and $11 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||||
[3] | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 20,564 | $ 18,109 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 24,327 | $ 20,227 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jan. 31, 2019Plan | ||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | $ 24 | $ 22 | $ 45 | $ 43 | |||
Interest cost | [1] | 31 | 36 | 68 | 72 | ||
Expected return on plan assets | [1] | (52) | (51) | (103) | (102) | ||
Amortization of prior service credit | [1] | (1) | (1) | (2) | (2) | ||
Amortization of net loss | [1] | 25 | 22 | 47 | 44 | ||
Net periodic benefit cost (credit) | 27 | 28 | 55 | 55 | |||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 1 | 1 | 2 | 2 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 28 | 29 | 57 | 57 | |||
Pension Plan [Member] | Parent Company | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Contributions to Xcel Energy's pension plans | $ 150 | ||||||
Number of pension plans to which contributions were made | Plan | 4 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 0 | 0 | 1 | 1 | |||
Interest cost | [1] | 5 | 6 | 9 | 11 | ||
Expected return on plan assets | [1] | (5) | (5) | (10) | (11) | ||
Amortization of prior service credit | [1] | (2) | (3) | (4) | (5) | ||
Amortization of net loss | [1] | 1 | 1 | 2 | 3 | ||
Net periodic benefit cost (credit) | (1) | (1) | (2) | (1) | |||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 1 | 0 | 1 | 1 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 0 | $ (1) | $ (1) | $ 0 | |||
[1] | Components of net periodic cost other than the service cost component are included in the line item “other (expense) income, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
Gas Trading Litigation (Details
Gas Trading Litigation (Details) | Jun. 30, 2020 |
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Commitments and Contingencies N
Commitments and Contingencies NSP-Minnesota - MEC Transactions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020USD ($)MW | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||
Other Liabilities, Current | $ 396 | $ 468 | |
Liabilities, Current | 5,473 | $ 4,568 | |
MEC Holdings LLC [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Disposal Group, Including Discontinued Operation, Liabilities | 11 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 668 | ||
Other Assets, Current | 24 | ||
Other Liabilities, Current | 2 | ||
Other Assets | 644 | ||
Contract with Customer, Liability | 9 | ||
MEC Holdings LLC [Member] | Unregulated Operation [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Facility Output | MW | 760 | ||
PP&E Additions | $ 650 | ||
MEC Holdings LLC [Member] | Unregulated Operation [Member] | Southwest Generation [Domain] | |||
Public Utilities, General Disclosures [Line Items] | |||
PP&E Sale | $ 680 |
Commitments and Contingencies_2
Commitments and Contingencies NSP-Minnesota-Sherco (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2019 | Mar. 31, 2019 | |
General Electric (GE) [Domain] | ||
Rate Matters [Abstract] | ||
Percentage of Fault | 52.00% | |
NSP-Minnesota | ||
Rate Matters [Abstract] | ||
Percentage of Fault | 48.00% | |
Customer refund of previously recovered purchased power costs | $ 20 |
Commitments and Contingencies M
Commitments and Contingencies MISO ROE Complaints (Details) - NSP Minnesota and NSP Wisconsin - FERC Proceeding, MISO ROE Complaint [Member] - Federal Energy Regulatory Commission (FERC) [Member] | 1 Months Ended | 3 Months Ended | 39 Months Ended | ||
Feb. 28, 2015 | Nov. 30, 2013 | Mar. 31, 2017 | Dec. 31, 2019 | Jun. 30, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | ||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% | ||||
Public Utilities, ROE developed with new approach | 9.88% | ||||
Public Utilities, ROE developed with new approach, with RTO Adder, Approved | 10.38% | ||||
Public Utilities, ROE New Base, Complaint Number 1 | 10.02% | ||||
Minimum [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Basis points | 50 | ||||
Maximum [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Basis points | 100 |
SPP OATT Upgrade Costs (Details
SPP OATT Upgrade Costs (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
SPS | Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 13 |
MGP, Landfill and Disposal Site
MGP, Landfill and Disposal Sites (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2020USD ($)Period | Dec. 31, 2019USD ($) | |
Other MGP, Landfill, or Disposal Sites [Domain] | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 12 | |
NSP-Wisconsin | Ashland MGP Site | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Current Cost Estimate for Site Remediation | $ 199 | |
Accrual for Environmental Loss Contingencies, Gross | $ 21 | $ 23 |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% | |
Maximum [Member] | PSCo [Member] | Denver MGP Site [Member] | ||
Site Contingency [Line Items] | ||
Time period of future environmental, investigation, remediation and mitigation measures | Period | 15 | |
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Future environmental investigation, remediation or mitigation | $ 9 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) - Federal Coal Ash Regulation [Domain] $ in Millions | Jun. 30, 2020USD ($) | Dec. 31, 2019 |
Site Contingency [Line Items] | ||
Number of sites where regulated ash units will still be in operation at a specified date | 9 | |
NSP Minnesota [Member] | ||
Site Contingency [Line Items] | ||
Number of sites where statistically significant increases over established groundwater standards exist | 0 | |
Number of impoundments where closure plans will be expedited | 1 | |
Estimated cost of closure of an impoundment | $ 4 | |
Estimated cost of construction of a new impoundment | $ 9 | |
PSCo [Member] | ||
Site Contingency [Line Items] | ||
Number of sites where statistically significant increases over established groundwater standards exist | 4 | |
Number of sites where corrective action options are being evaluated for locations with statistically significant increases above background concentrations | 2 | |
Number of sites where monitoring results indicate potential offsite impacts to groundwater | 1 | |
Number of impoundments where closure plans will be expedited | 1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Operating Leases after Adoption of ASC Topic 842 | ||
Noncurrent operating and finance lease liabilities | $ 1,125 | $ 1,549 |
Mankato Energy Center [Member] | PPAs | NSP Minnesota [Member] | ||
Operating Leases after Adoption of ASC Topic 842 | ||
Noncurrent operating and finance lease liabilities | $ 400 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - MW | Jun. 30, 2020 | Dec. 31, 2019 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements (in MW) | 3,342 | 3,986 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies, Guarantees and Indemnifications [Abstract] | ||
Assets Held As Collateral For Guarantor Obligations | $ 0 | $ 0 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 62,000,000 | $ 62,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Westmoreland $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Gain (Loss) Related to Litigation Settlement | $ 36 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | $ 13,239 | ||||
Other Comprehensive Income (Loss), Tax | $ 0 | $ (3) | (3) | $ (5) | |
Interest Rate Derivatives, Tax | (13) | 24 | (19) | 49 | |
Accumulated other comprehensive income (loss) at end of period | 13,385 | 13,385 | |||
Gains and Losses on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (88) | (66) | (80) | (60) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (10) | (10) | (17) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 1 | (9) | (7) | (15) | |
Accumulated other comprehensive income (loss) at end of period | (87) | (75) | (87) | (75) | |
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Other Comprehensive Income (Loss), Tax | 0 | (3) | (3) | (5) | |
Interest Rate Derivatives, Tax | 1 | 0 | 1 | 0 | |
Amortization of Net Actuarial Loss, Tax | 0 | 0 | 0 | 0 | |
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 1 | 1 | 3 | 2 |
Defined Benefit Pension and Postretirement Items | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (60) | (61) | (61) | (64) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 1 | 0 | 3 | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 2 | 0 | 3 | 1 |
Net current period other comprehensive income (loss) | 2 | 1 | 3 | 4 | |
Accumulated other comprehensive income (loss) at end of period | (58) | (60) | (58) | (60) | |
Defined Benefit Pension and Postretirement Items | Reclassification out of Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 1 | |
Interest Rate Derivatives, Tax | 0 | 0 | 0 | 0 | |
Amortization of Net Actuarial Loss, Tax | (1) | 0 | (1) | 0 | |
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 0 | 0 | 0 | 0 |
Total | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) at beginning of period | (148) | (127) | (141) | (124) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (9) | (10) | (14) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 2 | 0 | 3 | 1 |
Net current period other comprehensive income (loss) | 3 | (8) | (4) | (11) | |
Accumulated other comprehensive income (loss) at end of period | (145) | (135) | (145) | (135) | |
Total | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Losses reclassified from net accumulated other comprehensive loss | [2] | $ 1 | $ 1 | $ 3 | $ 2 |
[1] | Included in the computation of net periodic pension and postretirement benefit costs. | ||||
[2] | Included in interest charges. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | $ 155 | $ 155 | $ 155 | ||
Regulated Operating Revenue, Electric | 2,286 | $ 2,249 | 4,489 | $ 4,574 | |
Net income | 287 | 238 | 582 | 553 | |
Regulated Operating Revenue, Gas | 280 | 308 | 863 | 1,102 | |
Unregulated Operating Revenue | 20 | 20 | 45 | 42 | |
Regulated and Unregulated Operating Revenue | 2,586 | 2,577 | 5,397 | 5,718 | |
Equity Method Investments | 155 | 155 | 155 | ||
Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income | 289 | 249 | 516 | 482 | |
Revenues Including Intersegment Revenues | 2,287 | 2,250 | 4,490 | 4,575 | |
Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | 155 | 155 | 155 | ||
Net income | 20 | 23 | 111 | 128 | |
Revenues Including Intersegment Revenues | 864 | 1,103 | |||
Equity Method Investments | 155 | 155 | $ 155 | ||
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net income | (22) | (34) | (45) | (57) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | 2,587 | 2,578 | 5,399 | 5,720 | |
Operating Segments | Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Electric | 2,286 | 2,249 | 4,489 | 4,574 | |
Operating Segments | Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Gas | 280 | 308 | 863 | 1,102 | |
Operating Segments | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Unregulated Operating Revenue | 20 | 20 | 45 | 42 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | (1) | (1) | (2) | (2) | |
Intersegment Eliminations | Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Electric | $ 1 | $ 1 | 1 | 1 | |
Intersegment Eliminations | Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Gas | $ 1 | $ 1 |