Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PUBLIC SERVICE CO OF COLORADO | |
Entity Central Index Key | 81,018 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 100 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues [Abstract] | ||||
Total operating revenues | $ 1,060,679 | $ 1,030,293 | $ 3,045,843 | $ 3,041,743 |
Operating expenses | ||||
Cost of natural gas sold and transported | 32,310 | 37,243 | 282,134 | 303,903 |
Cost of sales — steam and other | 3,327 | 4,098 | 10,867 | 11,991 |
Operating and maintenance expenses | 201,390 | 173,392 | 573,456 | 545,874 |
Demand side management expenses | 39,391 | 34,520 | 105,345 | 92,552 |
Depreciation and amortization | 167,961 | 118,289 | 406,121 | 350,796 |
Taxes (other than income taxes) | 50,820 | 47,213 | 153,220 | 146,481 |
Total operating expenses | 783,788 | 703,752 | 2,372,793 | 2,308,943 |
Operating income | 276,891 | 326,541 | 673,050 | 732,800 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $1,682 and $1,605, $4,855, and $4,669 respectively | 53,182 | 49,097 | 154,324 | 141,403 |
Allowance for funds used during construction — debt | (6,370) | (3,266) | (16,156) | (7,610) |
Total interest charges and financing costs | 46,812 | 45,831 | 138,168 | 133,793 |
Other income, net | 1,399 | 1,023 | 2,429 | 5,546 |
Allowance for funds used during construction — equity | 16,353 | 8,642 | 40,851 | 19,591 |
Income before income taxes | 247,831 | 290,375 | 578,162 | 624,144 |
Income taxes | 40,719 | 104,298 | 115,033 | 225,934 |
Net income | 207,112 | 186,077 | 463,129 | 398,210 |
Electric | ||||
Revenues [Abstract] | ||||
Total operating revenues | 894,786 | 877,604 | 2,309,255 | 2,318,912 |
Operating expenses | ||||
Electric fuel and purchased power | 288,589 | 288,997 | 841,650 | 857,346 |
Natural gas | ||||
Revenues [Abstract] | ||||
Total operating revenues | 157,205 | 142,389 | 707,852 | 691,302 |
Steam and other | ||||
Revenues [Abstract] | ||||
Total operating revenues | $ 8,688 | $ 10,300 | $ 28,736 | $ 31,529 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest charges and financing costs | ||||
Other financing costs | $ 1,682 | $ 1,065 | $ 4,855 | $ 4,669 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Comprehensive income: | ||||
Net income | $ 207,112 | $ 186,077 | $ 463,129 | $ 398,210 |
Pension and retiree medical benefits: | ||||
Net pension and retiree medical losses arising during the period, net of tax of $(50), $0, $(50) and $0, respectively | (153) | 0 | (153) | 0 |
Amortization of losses included in net periodic benefit cost, net of tax of $51, $1, $51, and $3, respectively | 155 | 1 | 159 | 3 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 2 | 1 | 6 | 3 |
Derivative instruments: | ||||
Reclassification of losses to net income, net of tax of $97, $150, $294 and $455, respectively | 310 | 257 | 913 | 753 |
Other comprehensive income | 312 | 258 | 919 | 756 |
Comprehensive income | $ 207,424 | $ 186,335 | $ 464,048 | $ 398,966 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension and retiree medical benefits: | ||||
Net pension and retiree medical losses arising during period, tax | $ (50) | $ 0 | $ (50) | $ 0 |
Amortization of losses included in net periodic benefit cost, tax | 51 | 1 | 51 | 3 |
Derivative instruments: | ||||
Reclassification of losses (gains) to net income, tax | $ 97 | $ 150 | $ 294 | $ 455 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income | $ 463,129 | $ 398,210 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 409,836 | 353,653 |
Deferred income taxes | 66,563 | 223,121 |
Amortization of investment tax credits | (2,099) | (2,102) |
Allowance for equity funds used during construction | (40,851) | (19,591) |
Net realized and unrealized hedging and derivative transactions | (9,852) | 907 |
Other Operating Activities, Cash Flow Statement | 1 | 661 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (737) | 4,431 |
Accrued unbilled revenues | 60,079 | 74,918 |
Inventories | 13,557 | (250) |
Prepayments and other | 12,633 | 11,717 |
Accounts payable | 25,303 | (53,706) |
Net regulatory assets and liabilities | (23,604) | (28,594) |
Other current liabilities | (87,867) | (40,789) |
Pension and other employee benefit obligations | (28,958) | (16,691) |
Change in other noncurrent assets | 6,551 | (1,149) |
Change in other noncurrent liabilities | (26,296) | (1,916) |
Net cash provided by operating activities | 837,388 | 902,830 |
Investing activities | ||
Utility capital/construction expenditures | (1,231,585) | (995,680) |
Allowance for equity funds used during construction | 40,851 | 19,591 |
Investments in utility money pool arrangement | (578,000) | (659,000) |
Repayments from utility money pool arrangement | 575,000 | 609,000 |
Payments for (Proceeds from) Other Investing Activities | 0 | 657 |
Net cash used in investing activities | (1,193,734) | (1,026,746) |
Financing activities | ||
Repayments of short-term borrowings, net | 0 | (129,000) |
Borrowings under utility money pool arrangement | 526,000 | 40,000 |
Repayments under utility money pool arrangement | (526,000) | (40,000) |
Capital contributions from parent | 246,829 | 158,080 |
Proceeds from Issuance of Long-term Debt | 691,439 | 393,795 |
Repayments of Long-term Debt | 300,000 | 0 |
Dividends paid to parent | (271,884) | (245,291) |
Other | (118) | (110) |
Net cash provided by financing activities | 366,266 | 177,474 |
Net change in cash and cash equivalents | 9,920 | 53,558 |
Cash and cash equivalents at beginning of period | 7,513 | 5,926 |
Cash and cash equivalents at end of period | 17,433 | 59,484 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (145,251) | (145,461) |
Cash paid for income taxes, net | (86,418) | (7,752) |
Supplemental disclosure of non-cash investing transactions: | ||
Property, plant and equipment additions in accounts payable | $ 134,994 | $ 133,933 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 17,433 | $ 7,513 |
Accounts receivable, net | 299,980 | 294,403 |
Accounts receivable from affiliates | 8,605 | 14,719 |
Investments in utility money pool arrangement | 23,000 | 20,000 |
Accrued unbilled revenues | 235,722 | 295,801 |
Inventories | 187,412 | 214,489 |
Regulatory assets | 111,996 | 77,337 |
Derivative instruments | 16,562 | 3,197 |
Prepayments and other | 28,207 | 35,720 |
Total current assets | 928,917 | 963,179 |
Property, plant and equipment, net | 14,839,033 | 14,025,751 |
Other assets | ||
Regulatory assets | 987,696 | 950,258 |
Derivative instruments | 3,688 | 1,009 |
Other | 20,542 | 27,429 |
Total other assets | 1,011,926 | 978,696 |
Total assets | 16,779,876 | 15,967,626 |
Current liabilities | ||
Current portion of long-term debt | 406,021 | 305,577 |
Accounts payable | 467,173 | 492,829 |
Accounts payable to affiliates | 48,220 | 58,749 |
Regulatory liabilities | 55,587 | 66,126 |
Taxes accrued | 155,131 | 222,517 |
Accrued interest | 38,881 | 48,552 |
Dividends payable to parent | 103,470 | 76,195 |
Derivative instruments | 8,918 | 7,348 |
Other | 88,500 | 92,333 |
Total current liabilities | 1,371,901 | 1,370,226 |
Deferred credits and other liabilities | ||
Deferred income taxes | 1,732,686 | 1,644,476 |
Deferred investment tax credits | 25,759 | 27,858 |
Regulatory liabilities | 1,982,649 | 1,933,488 |
Asset retirement obligations | 358,715 | 347,769 |
Derivative instruments | 3,156 | 3,468 |
Customer Advances for Construction | 166,325 | 162,614 |
Pension and employee benefit obligations | 258,509 | 287,783 |
Other | 49,028 | 58,923 |
Total deferred credits and other liabilities | 4,576,827 | 4,466,379 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 4,592,382 | 4,302,698 |
Common stock — 100 shares authorized at $0.01 par value; 100 shares outstanding at Sept. 30, 2018 and Dec. 31, 2017, respectively | 0 | 0 |
Additional paid in capital | 4,278,380 | 4,032,826 |
Retained earnings | 1,986,199 | 1,822,229 |
Accumulated other comprehensive loss | (25,813) | (26,732) |
Total common stockholder’s equity | 6,238,766 | 5,828,323 |
Total liabilities and equity | $ 16,779,876 | $ 15,967,626 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Capitalization, Long-term Debt and Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Management's Opinion
Management's Opinion | 9 Months Ended |
Sep. 30, 2018 | |
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 accounting principles generally accepted in the United States of America (GAAP), the financial position of PSCo and its subsidiaries as of Sept. 30, 2018 and Dec. 31, 2017 ; the results of its operations, including the components of net income and comprehensive income, for the three and nine months ended Sept. 30, 2018 and 2017 ; and its cash flows for the nine months ended Sept. 30, 2018 and 2017 . All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2018 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, 2017 balance sheet information has been derived from the audited 2017 consolidated financial statements included in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2017 . These 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 PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2017 , filed with the SEC on Feb. 23, 2018. Due to the seasonality of PSCo’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the consolidated financial statements in the PSCo Annual Report on Form 10-K for the year ended Dec. 31, 2017, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements Recently Issued Leases — In February 2016, the Financial Accounting Standards Board (FASB) issued Leases, Topic 842 (Accounting Standards Update (ASU) No. 2016-02) , which for lessees requires balance sheet recognition of right-of-use assets and lease liabilities for most leases. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2018. Adoption will occur on Jan. 1, 2019 utilizing the practical expedients provided by the standard and included in Targeted Improvements, Topic 842 ( ASU No. 2018-11 ). On Jan. 1, 2019, agreements historically disclosed as operating leases for the use of real estate, equipment and certain fossil-fueled generating facilities operated under purchased power agreements (PPAs) are expected to be recognized on the consolidated balance sheet. Other than first-time recognition of these types of operating leases on the consolidated balance sheet, the implementation is not expected to have a significant impact on PSCo’s consolidated financial statements. Recently Adopted Revenue Recognition — In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU No. 2014-09) , which provides a new framework for the recognition of revenue. PSCo implemented the guidance on a modified retrospective basis on Jan. 1, 2018. Results for reporting periods beginning after Dec. 31, 2017 are presented in accordance with Topic 606, while prior period results have not been adjusted and continue to be reported in accordance with prior accounting guidance. Other than increased disclosures regarding revenues related to contracts with customers, the implementation did not have a material impact on PSCo’s consolidated financial statements. For related disclosures, see Note 13 to the consolidated financial statements. Classification and Measurement of Financial Instruments — In January 2016, the FASB issued Recognition and Measurement of Financial Assets and Financial Liabilities, Subtopic 825-10 (ASU No. 2016-01) , which eliminated the available-for-sale classification for marketable equity securities and also replaced the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes. Under the new standard, other than when the consolidation or equity method of accounting is utilized, changes in the fair value of equity securities are recognized in earnings. PSCo implemented the guidance on Jan. 1, 2018 and the implementation did not have a material impact on its consolidated financial statements. Presentation of Net Periodic Benefit Cost — I n March 2017, the FASB issued Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 715 (ASU No. 2017-07) , which establishes that only the service cost element of pension cost may be presented as a component of operating income in the income statement. Also under the guidance, only the service cost component of pension cost is eligible for capitalization. As a result of the application of accounting principles for rate regulated entities, a similar amount of pension cost, including non-service components, will be recognized consistent with the historical ratemaking treatment, and the impacts of adoption will be limited to changes in classification of non-service costs in the consolidated statement of income. PSCo implemented the new guidance on Jan. 1, 2018, and as a result, $0.5 million and $1.5 million of pension costs were retrospectively reclassified from operating and maintenance expenses to other income, net on the consolidated income statement for the three and nine months ended Sept. 30, 2017, respectively. Under a practical expedient permitted by the standard, PSCo used benefit cost amounts disclosed for prior periods as the basis for retrospective application. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 9 Months Ended |
Sep. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | Selected Balance Sheet Data (Thousands of Dollars) Sept. 30, 2018 Dec. 31, 2017 Accounts receivable, net Accounts receivable $ 320,572 $ 314,009 Less allowance for bad debts (20,592 ) (19,606 ) $ 299,980 $ 294,403 (Thousands of Dollars) Sept. 30, 2018 Dec. 31, 2017 Inventories Materials and supplies $ 58,198 $ 68,940 Fuel 62,409 73,893 Natural gas 66,805 71,656 $ 187,412 $ 214,489 (Thousands of Dollars) Sept. 30, 2018 Dec. 31, 2017 Property, plant and equipment, net Electric plant $ 12,401,598 $ 12,627,592 Natural gas plant 4,269,700 4,102,075 Common and other property 1,046,991 1,022,333 Plant to be retired (a) 337,087 10,949 Construction work in progress 1,575,102 1,014,338 Total property, plant and equipment 19,630,478 18,777,287 Less accumulated depreciation (4,791,445 ) (4,751,536 ) $ 14,839,033 $ 14,025,751 (a) In the third quarter of 2018, the Colorado Public Utilities Commission (CPUC) approved early retirement of PSCo’s Comanche Units 1, 2 and shared Common plant in approximately 2022, 2025 and 2025, respectively. PSCo also expects Craig Unit 1 to be early retired in approximately 2025. In the third quarter of 2017, PSCo early retired Valmont Unit 5 and converted Cherokee Unit 4 from a coal-fueled generating facility to natural gas. Amounts are presented net of accumulated depreciation. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Except to the extent noted below, Note 7 to the consolidated financial statements included in PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2017 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences: Nine Months Ended Sept. 30 2018 2017 Federal statutory rate 21.0 % 35.0 % State tax (net of federal tax effect) 3.7 3.0 Increases (decreases) in tax from: Regulatory differences - ARAM (a) (2.5 ) — Regulatory differences - ARAM deferral (b) 2.2 — Regulatory differences - reversal of prior quarters' ARAM deferral (b) (1.5 ) — Regulatory differences - other utility plant items (1.3 ) (1.0 ) Tax credits (net of federal income tax expense) (0.9 ) (0.8 ) Other (net) (0.8 ) — Effective income tax rate 19.9 % 36.2 % (a) The average rate assumption method (ARAM); a method to flow back excess deferred taxes to customers. (b) ARAM has been deferred when regulatory treatment has not been established. As PSCO received direction from its regulatory commission regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. Federal Audits — PSCO is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2014 October 2019 2015 September 2019 2016 September 2020 In 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011 , including the 2009 carryback claim. In 2017 Xcel Energy and the Office of Appeals (Appeals) reached an agreement and the benefit related to the agreed upon portions was recognized. PSCo did not accrue any income tax benefit related to this adjustment. In the second quarter of 2018, the Joint Committee on Taxation completed its review and took no exception to the agreement. As a result, the remaining unrecognized tax benefit was released and recorded as a payable to the IRS. In the third quarter of 2015, the IRS commenced an examination of tax years 2012 and 2013 . In the third quarter of 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s net operating loss (NOL) and effective tax rate (ETR). Xcel Energy filed a protest with the IRS. As of Sept. 30, 2018 , the case has been forwarded to Appeals and Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown. State Audits — PSCo is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Sept. 30, 2018 , PSCo’s earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2009 . There are currently no state income tax audits in progress. Unrecognized Benefits — The 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 the 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 of cash to the taxing authority to an earlier period. A reconciliation of the amount of unrecognized tax benefit is as follows: (Millions of Dollars) Sept. 30, 2018 Dec. 31, 2017 Unrecognized tax benefit — Permanent tax positions $ 5.1 $ 4.0 Unrecognized tax benefit — Temporary tax positions 4.9 6.1 Total unrecognized tax benefit $ 10.0 $ 10.1 The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: (Millions of Dollars) Sept. 30, 2018 Dec. 31, 2017 NOL and tax credit carryforwards $ (5.5 ) $ (4.0 ) It is reasonably possible that PSCo’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS Appeals progresses and the IRS and state audits resume. As the IRS Appeals progresses and the IRS audit resumes, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $8 million . 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 Sept. 30, 2018 or Dec. 31, 2017 . |
Rate Matters
Rate Matters | 9 Months Ended |
Sep. 30, 2018 | |
Public Utilities, General Disclosures [Abstract] | |
Rate Matters | Rate Matters Except to the extent noted below, the circumstances set forth in Note 11 to the consolidated financial statements included in PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2017 and in Note 5 to the consolidated financial statements to PSCo’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018 and June 30, 2018, appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. Tax Reform — Regulatory Proceedings The specific impacts of the TCJA on customer rates are subject to regulatory approval. The following details the status of regulatory decisions. Natural Gas — In February 2018, the administrative law judge (ALJ) recommended approval of PSCo and the CPUC Staff’s TCJA settlement agreement which included a $20 million reduction to provisional rates effective March 1, 2018. In September 2018, PSCo submitted a TCJA true-up filing and revised its TCJA benefit estimate to $24 million and requested an equity ratio of 56 percent to offset the negative impact of the TCJA on credit metrics. A decision is expected in the fourth quarter of 2018. The true-up of the estimated TCJA benefit is expected to be retroactive to January 2018. Electric — In April 2018, PSCo, the CPUC Staff, and the Office of Consumer Counsel (OCC) filed a TCJA settlement agreement for 2018 that included a customer refund of $42 million in 2018, with the remainder of the $59 million of TCJA benefits to be used to accelerate the amortization of an existing prepaid pension asset. In June 2018, the CPUC approved the customer refund of $42 million . In October 2018, the accelerated amortization of the prepaid pension asset was effective by operation of law. For 2019, the expected customer refund is estimated to be $67 million , and amortization of the prepaid pension asset is estimated to be $34 million . Impacts of the TCJA for 2020 and beyond are expected to be addressed in a future electric rate case. Pending Regulatory Proceedings — CPUC Colorado 2017 Multi-Year Natural Gas Rate Case — In June 2017, PSCo filed a multi-year request with the CPUC seeking to increase retail natural gas rates approximately $139 million over three years . The request was based on forward test years, a 10.0 percent ROE and an equity ratio of 55.25 percent . In August 2018, the CPUC issued an interim decision that included application of a 2016 historic test year (HTY), with a 13 -month average rate base, an ROE of 9.35 percent , an equity ratio of 54.6 percent and provided no return on the prepaid pension and retiree medical asset. With these adjustments, the total rate increase, prior to TCJA impacts, would be $47 million . PSCo filed an interim rehearing request to preserve its rights and the CPUC decided that any reconsideration can be brought after a final order incorporating TCJA impacts. The CPUC is expected to issue its order on the natural gas rate case and the final decision related to the impacts of the TCJA in the fourth quarter of 2018. PSIA Rider In October 2018, PSCo, CPUC Staff, and the OCC filed a settlement agreement to extend the PSIA rider through 2021. The CPUC is expected to rule on the settlement in the fourth quarter of 2018. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Except to the extent noted below and in Note 5 to the consolidated financial statements, the circumstances set forth in Notes 11 and 12 to the consolidated financial statements included in PSCo’s Annual Report on Form 10-K for the year ended Dec. 31, 2017 and in Notes 5 and 6 to PSCo’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018 and June 30, 2018, appropriately represent, in all material respects, the current status of commitments and contingent liabilities and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to PSCo’s financial position. PPAs PSCo purchases power from independent power producing entities that own natural gas fueled power plants for which PSCo is required to reimburse natural gas fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that it purchases. These specific PPAs create a variable interest in the associated independent power producing entity. PSCo had approximately 1,571 Megawatts (MW) of capacity under long-term PPAs as of Sept. 30, 2018 and Dec. 31, 2017 , with entities that have been determined to be variable interest entities. PSCo has 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. These agreements have various expiration dates through 2032 . Environmental Contingencies Manufactured Gas Plant (MGP), Landfill or Disposal Sites — PSCo is currently involved in investigating and/or remediating several MGP, landfill or other disposal sites. PSCo has identified four sites where investigation and/or remediation activities are currently underway. Other parties may have responsibility for some portion of the investigation and/or remediation activities. PSCo anticipates that these investigation or remediation activities will continue through at least 2019. PSCo accrued $1 million as of Sept. 30, 2018 and an immaterial amount as of Dec. 31, 2017 , for these sites. There may be insurance recovery and/or recovery from other responsible parties that will offset any costs incurred. Environmental Requirements Water and Waste Coal Ash Regulation — PSCo’s operations are subject to federal and state laws that impose requirements for handling, storage, treatment and disposal of solid waste. In 2015, the United States Environmental Protection Agency published a final rule regulating the management, storage, and disposal of coal combustion residuals (CCRs) as a nonhazardous waste (CCR Rule). Under the CCR Rule, utilities are required to complete certain groundwater sampling around their CCR landfills and surface impoundments. PSCo has identified at least one site where there are impoundments and/or landfills present and where a statistically significant increase of certain constituents exist in the groundwater. However, at that location, closure activities are already underway. PSCo is currently conducting additional groundwater sampling and will evaluate whether corrective action is required at any CCR landfills or surface impoundments. Until PSCo completes additional groundwater sampling, it is uncertain what impact, if any, there will be on the operations, financial position or cash flows. PSCo believes that any associated costs would be recoverable through regulatory mechanisms. Legal Contingencies PSCo is involved in various litigation matters that are being defended and handled 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 such losses that are 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 herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on PSCo’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Employment, Tort and Commercial Litigation Line Extension Disputes — In December 2015, Development Recovery Company (DRC) filed a lawsuit in the Denver District Court, stating PSCo failed to award proper allowances and refunds for line extensions to new developments pursuant to the terms of electric and gas service agreements entered into by PSCo and various developers. The dispute involved claims by over fifty developers. In February 2018, the Colorado Supreme Court denied DRC’s petition to appeal the Denver District Court’s dismissal of the lawsuit, effectively terminating this litigation. However, in January 2018, DRC filed a new lawsuit in Boulder County District Court, asserting a single claim that PSCo was required to file its line extension agreements with the CPUC but failed to do so. This claim is substantially similar to the arguments previously raised by DRC. PSCo filed a motion to dismiss this claim, which was granted in May 2018. DRC subsequently filed an appeal to the Colorado Court of Appeals. It is uncertain when a decision will be rendered regarding this appeal. PSCo has concluded that a loss is remote with respect to this matter as the service agreements were developed to implement CPUC approved tariffs and PSCo has complied with the tariff provisions. Also, if a loss were sustained, PSCo believes it would be allowed to recover these costs through traditional regulatory mechanisms. The amount or range in dispute is presently unknown and no accrual has been recorded for this matter. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments Short-Term Borrowings Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for PSCo were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2018 Year Ended Dec. 31, 2017 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — — Maximum amount outstanding — 20 Weighted average interest rate, computed on a daily basis N/A 0.92 % Weighted average interest rate at period end N/A N/A Commercial Paper — PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. Commercial paper outstanding for PSCo was as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2018 Year Ended Dec. 31, 2017 Borrowing limit $ 700 $ 700 Amount outstanding at period end — — Average amount outstanding — 54 Maximum amount outstanding — 268 Weighted average interest rate, computed on a daily basis N/A 1.08 % Weighted average interest rate at period end N/A N/A Letters of Credit — PSCo uses letters of credit, generally with terms of one year , to provide financial guarantees for certain operating obligations. At Sept. 30, 2018 and Dec. 31, 2017 , there were $ 10 million and $ 3 million , respectively, of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, PSCo must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. At Sept. 30, 2018 , PSCo had the following committed credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 10 $ 690 (a) This credit facility expires in June 2021 . (b) Includes outstanding commercial paper and letters of credit. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. PSCo had no direct advances on the credit facility outstanding at Sept. 30, 2018 and Dec. 31, 2017 . |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Fair Value Measurements The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain 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. The three levels in the hierarchy are as follows: 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. 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 the following: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset value. Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — The 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 extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. Derivative Instruments Fair Value Measurements PSCo 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 — PSCo enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or 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. At Sept. 30, 2018 , accumulated other comprehensive losses related to interest rate derivatives included $1.2 million of net losses expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for unsettled hedges, as applicable. Wholesale and Commodity Trading Risk — PSCo conducts 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. PSCo’s risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee, which is made up of management personnel not directly involved in the activities governed by this policy. Commodity Derivatives — PSCo 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, and vehicle fuel. PSCo enters 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 in other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. PSCo had no income related to the ineffectiveness of cash flow hedges for the three and nine months ended Sept. 30, 2018 and 2017. Additionally, PSCo 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. The following table details the gross notional amounts of commodity forwards and options at Sept. 30, 2018 and Dec. 31, 2017 : (Amounts in Thousands) (a)(b) Sept. 30, 2018 Dec. 31, 2017 Megawatt hours of electricity 21,474 22,260 Million British thermal units of natural gas 30,763 13,410 (a) Amounts are not reflective of net positions in the underlying commodities. (b) Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. The following tables detail the impact of derivative activity during the three and nine months ended Sept. 30, 2018 and 2017 on accumulated other comprehensive loss, regulatory assets and liabilities, and income: Three Months Ended Sept. 30, 2018 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Pre-Tax Gains Recognized During the Period in Income Derivatives designated as cash flow hedges Interest rate $ — $ — $ 407 (a) $ — $ — Total $ — $ — $ 407 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 2,004 (b) Natural gas commodity — (1,187 ) — — (c) — (c) Total $ — $ (1,187 ) $ — $ — $ 2,004 Nine Months Ended Sept. 30, 2018 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Derivatives designated as cash flow hedges Interest rate $ — $ — $ 1,207 (a) $ — $ — Total $ — $ — $ 1,207 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 2,728 (b) Natural gas commodity — (1,607 ) — 2,749 (c) (1,581 ) (c) Total $ — $ (1,607 ) $ — $ 2,749 $ 1,147 Three Months Ended Sept. 30, 2017 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Pre-Tax Losses Recognized During the Period in Income Derivatives designated as cash flow hedges Interest rate $ — $ — $ 407 (a) $ — $ — Total $ — $ — $ 407 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ (211 ) (b) Natural gas commodity — (1,635 ) — — — (c) Total $ — $ (1,635 ) $ — $ — $ (211 ) Nine Months Ended Sept. 30, 2017 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Pre-Tax Losses Recognized During the Period in Income Derivatives designated as cash flow hedges Interest rate $ — $ — $ 1,208 (a) $ — $ — Total $ — $ — $ 1,208 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ (23 ) (b) Natural gas commodity — (8,643 ) — 282 (c) (2,990 ) (c) Total $ — $ (8,643 ) $ — $ 282 $ (3,013 ) (a) Amounts are recorded to interest charges. (b) Amounts are recorded to interest charges. Amounts are 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) Certain derivatives are utilized to mitigate natural gas price risk for electric generation and are recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2018 included no settlement gains or losses and $1.2 million of settlement losses, respectively. Amounts for the three and nine months ended Sept. 30, 2017 included no settlement gains or losses and $0.9 million of settlement gains, respectively. The remaining derivative settlement gains and losses for the three and nine months ended Sept. 30, 2018 and 2017 relate to natural gas operations and are 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. PSCo had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2018 and 2017 . Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. Consideration of Credit Risk and Concentrations — PSCo continuously monitors the creditworthiness of the 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. Given this assessment, as well as an assessment of the impact of PSCo’s own credit risk when determining the fair value of derivative liabilities, the impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. PSCo employs additional credit risk control mechanisms when appropriate, such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. PSCo’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity activities. At Sept. 30, 2018 , four of PSCo’s 10 most significant counterparties for these activities, comprising $24.1 million or 42 percent of this credit exposure, had investment grade credit ratings from Standard & Poor’s, Moody’s or Fitch Ratings. Five of the 10 most significant counterparties, comprising $16.6 million or 29 percent of this credit exposure, were not rated by these external agencies, but based on PSCo’s internal analysis, had credit quality consistent with investment grade. The one remaining significant counterparty, comprising $1.1 million or 2 percent of this credit exposure, had credit quality less than investment grade, based on ratings from external analysis. Eight of these significant counterparties are municipal or cooperative electric entities, or other utilities. Credit Related Contingent Features — Contract provisions for derivative instruments that PSCo enters into, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the balance sheet, may require the posting of collateral or settlement of the contracts for various reasons, including if PSCo’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 that could result in the settlement of such contracts if there was a failure under other financing arrangements related to payment terms or other covenants. At Sept. 30, 2018 and Dec. 31, 2017 , there were no derivative instruments in a material liability position with such underlying contract provisions. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that PSCo’s ability to fulfill its contractual obligations is reasonably expected to be impaired. PSCo had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2018 and Dec. 31, 2017 . Recurring Fair Value Measurements — The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Sept. 30, 2018 : Sept. 30, 2018 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 695 $ 21,035 $ — $ 21,730 $ (6,861 ) $ 14,869 Natural gas commodity — 1,233 — 1,233 — 1,233 Total current derivative assets $ 695 $ 22,268 $ — $ 22,963 $ (6,861 ) 16,102 PPAs (a) 460 Current derivative instruments $ 16,562 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 6 $ 3,682 $ — $ 3,688 $ — $ 3,688 Total noncurrent derivative assets $ 6 $ 3,682 $ — $ 3,688 $ — 3,688 PPAs (a) — Noncurrent derivative instruments $ 3,688 Sept. 30, 2018 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Other derivative instruments: Commodity trading $ 580 $ 20,219 $ 13 $ 20,812 $ (15,853 ) $ 4,959 Total current derivative liabilities $ 580 $ 20,219 $ 13 $ 20,812 $ (15,853 ) 4,959 PPAs (a) 3,959 Current derivative instruments $ 8,918 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ — $ 3,156 $ — $ 3,156 $ — $ 3,156 Total noncurrent derivative liabilities $ — $ 3,156 $ — $ 3,156 $ — 3,156 PPAs (a) — Noncurrent derivative instruments $ 3,156 (a) During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the 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. (b) PSCo 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 Sept. 30, 2018 . At Sept. 30, 2018 , derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $9.0 million . The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2017 : Dec. 31, 2017 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 528 $ 4,488 $ 12 $ 5,028 $ (3,554 ) $ 1,474 Natural gas commodity — 18 — 18 (10 ) 8 Total current derivative assets $ 528 $ 4,506 $ 12 $ 5,046 $ (3,564 ) 1,482 PPAs (a) 1,715 Current derivative instruments $ 3,197 Noncurrent derivative assets Other derivative instruments: Commodity trading $ — $ 1,541 $ — $ 1,541 $ (563 ) $ 978 Total noncurrent derivative assets $ — $ 1,541 $ — $ 1,541 $ (563 ) 978 PPAs (a) 31 Noncurrent derivative instruments $ 1,009 Dec. 31, 2017 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Other derivative instruments: Commodity trading $ 446 $ 4,285 $ 6 $ 4,737 $ (3,431 ) $ 1,306 Natural gas commodity — 1,016 — 1,016 (10 ) 1,006 Total current derivative liabilities $ 446 $ 5,301 $ 6 $ 5,753 $ (3,441 ) 2,312 PPAs (a) 5,036 Current derivative instruments $ 7,348 Noncurrent derivative liabilities Commodity trading $ — $ 1,362 $ — $ 1,362 $ (563 ) $ 799 Total noncurrent derivative liabilities $ — $ 1,362 $ — $ 1,362 $ (563 ) 799 PPAs (a) $ 2,669 Noncurrent derivative instruments $ 3,468 (a) During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the 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. (b) PSCo 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 Dec. 31, 2017 . At Dec. 31, 2017 , derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. There were immaterial gains and losses recognized in earnings for Level 3 commodity trading derivatives in the three and nine months ended Sept. 30, 2018 and 2017. PSCo 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 nine months ended Sept. 30, 2018 and 2017 . Fair Value of Long-Term Debt As of Sept. 30, 2018 and Dec. 31, 2017 , other financial instruments for which the carrying amount did not equal fair value were as follows: Sept. 30, 2018 Dec. 31, 2017 (Thousands of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 4,998,403 $ 5,090,696 $ 4,608,275 $ 5,024,840 The fair value of PSCo’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of Sept. 30, 2018 and Dec. 31, 2017 , and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other Income, Net
Other Income, Net | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net Other income, net consisted of the following: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 (Thousands of Dollars) 2018 2017 2018 2017 Interest income $ 1,366 $ 1,422 $ 1,738 $ 2,406 Other nonoperating income 1,098 193 2,051 4,940 Other nonoperating expense (3 ) — — — Insurance policy expense (74 ) (79 ) (224 ) (261 ) Benefits non-service cost (988 ) (513 ) (1,136 ) (1,539 ) Other income, net $ 1,399 $ 1,023 $ 2,429 $ 5,546 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Operating results from the regulated electric utility and regulated natural gas utility are each separately and regularly reviewed by PSCo’s chief operating decision maker. PSCo evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. PSCo has the following reportable segments: regulated electric utility, regulated natural gas utility and all other. • PSCo’s regulated electric utility segment generates, transmits and distributes electricity primarily in portions of Colorado. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated electric utility also includes PSCo’s commodity trading operations. • PSCo’s regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Colorado. • Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include steam revenue, appliance repair services and nonutility real estate activities. Asset and capital expenditure information is not provided for PSCo’s reportable segments because as an integrated electric and natural gas utility, PSCo operates significant assets that are not dedicated to a specific business segment, and 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. To report income from operations for regulated electric and regulated natural gas utility segments, the majority of costs are directly assigned to each segment. However, some costs, such as common depreciation, common operating and maintenance (O&M) expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended Sept. 30, 2018 Operating revenues (a)(b) $ 894,786 $ 157,205 $ 8,688 $ — $ 1,060,679 Intersegment revenues 32 292 — (324 ) — Total revenues $ 894,818 $ 157,497 $ 8,688 $ (324 ) $ 1,060,679 Net income $ 191,742 $ 15,070 $ 300 $ — $ 207,112 (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended Sept. 30, 2017 Operating revenues (a)(b) $ 877,604 $ 142,389 $ 10,300 $ — $ 1,030,293 Intersegment revenues 47 222 — (269 ) — Total revenues $ 877,651 $ 142,611 $ 10,300 $ (269 ) $ 1,030,293 Net income $ 178,648 $ 5,815 $ 1,614 $ — $ 186,077 (a) Operating revenues include an immaterial amount of affiliate electric revenue for the three months ended Sept. 30, 2018 and 2017 . (b) Operating revenues include $1 million of other affiliate revenue for the three months ended Sept. 30, 2018 and 2017 . (Thousands of Dollars) Regulated Regulated All Reconciling Consolidated Nine Months Ended Sept. 30, 2018 Operating revenues (a)(b) $ 2,309,255 $ 707,852 $ 28,736 $ — $ 3,045,843 Intersegment revenues 220 435 — (655 ) — Total revenues $ 2,309,475 $ 708,287 $ 28,736 $ (655 ) $ 3,045,843 Net income $ 373,249 $ 89,745 $ 135 $ — $ 463,129 (Thousands of Dollars) Regulated Regulated All Reconciling Consolidated Nine Months Ended Sept. 30, 2017 Operating revenues (a)(b) $ 2,318,912 $ 691,302 $ 31,529 $ — $ 3,041,743 Intersegment revenues 206 318 — (524 ) — Total revenues $ 2,319,118 $ 691,620 $ 31,529 $ (524 ) $ 3,041,743 Net income $ 342,195 $ 53,133 $ 2,882 $ — $ 398,210 (a) Operating revenues include an immaterial amount and $ 1 million of affiliate electric revenue for the nine months ended Sept. 30, 2018 and 2017 . (b) Operating revenues include $ 3 million of other affiliate revenue for the nine months ended Sept. 30, 2018 and 2017 . |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30 2018 2017 2018 2017 (Thousands of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 7,272 $ 6,820 $ 153 $ 192 Interest cost (a) 11,813 12,639 3,748 4,191 Expected return on plan assets (a) (17,130 ) (17,134 ) (5,675 ) (5,476 ) Amortization of prior service credit (a) (844 ) (803 ) (1,545 ) (1,562 ) Amortization of net loss (a) 7,814 7,089 1,021 961 Net periodic benefit cost (credit) 8,925 8,611 (2,298 ) (1,694 ) (Costs) credits not recognized due to the effects of regulation (4,088 ) 736 1,426 — Net benefit cost (credit) recognized for financial reporting $ 4,837 $ 9,347 $ (872 ) $ (1,694 ) Nine Months Ended Sept. 30 2018 2017 2018 2017 (Thousands of Dollars) Pension Benefits Postretirement Health Service cost $ 21,814 $ 20,460 $ 457 $ 576 Interest cost (a) 35,441 37,919 11,245 12,573 Expected return on plan assets (a) (51,390 ) (51,402 ) (17,024 ) (16,428 ) Amortization of prior service credit (a) (2,534 ) (2,409 ) (4,634 ) (4,686 ) Amortization of net loss (a) 23,444 21,267 3,063 2,883 Net periodic benefit cost (credit) 26,775 25,835 (6,893 ) (5,082 ) (Costs) credits not recognized due to the effects of regulation (1,718 ) 1,898 1,426 — Net benefit cost (credit) recognized for financial reporting $ 25,057 $ 27,733 $ (5,467 ) $ (5,082 ) (a) The components of net periodic cost other than the service cost component are included in the line item “other income, net” in the income statement or capitalized on the balance sheet as a regulatory asset. In January 2018, contributions of $150 million were made across four of Xcel Energy’s pension plans, of which $22.0 million was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2018. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (Loss) Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2018 and 2017 were as follows: Three Months Ended Sept. 30, 2018 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (25,862 ) $ (263 ) $ (26,125 ) Other comprehensive loss before reclassifications — (153 ) (153 ) Losses reclassified from net accumulated other comprehensive loss 310 155 465 Net current period other comprehensive income 310 2 312 Accumulated other comprehensive loss at Sept. 30 $ (25,552 ) $ (261 ) $ (25,813 ) Three Months Ended Sept. 30, 2017 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (22,284 ) $ (218 ) $ (22,502 ) Losses reclassified from net accumulated other comprehensive loss 257 1 258 Net current period other comprehensive income 257 1 258 Accumulated other comprehensive loss at Sept. 30 $ (22,027 ) $ (217 ) $ (22,244 ) Nine Months Ended Sept. 30, 2018 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (26,465 ) $ (267 ) $ (26,732 ) Other comprehensive loss before reclassifications — (153 ) (153 ) Losses reclassified from net accumulated other comprehensive loss 913 159 1,072 Net current period other comprehensive income 913 6 919 Accumulated other comprehensive loss at Sept. 30 $ (25,552 ) $ (261 ) $ (25,813 ) Nine Months Ended Sept. 30, 2017 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (22,780 ) $ (220 ) $ (23,000 ) Losses reclassified from net accumulated other comprehensive loss 753 3 756 Net current period other comprehensive income 753 3 756 Accumulated other comprehensive loss at Sept. 30 $ (22,027 ) $ (217 ) $ (22,244 ) Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2018 and 2017 were as follows: Amounts Reclassified from Accumulated Other (Thousands of Dollars) Three Months Ended Sept. 30, 2018 Three Months Ended Sept. 30, 2017 Losses on cash flow hedges: Interest rate derivatives $ 407 (a) $ 407 (a) Total, pre-tax 407 407 Tax benefit (97 ) (150 ) Total, net of tax 310 257 Defined benefit pension and postretirement losses: Amortization of net loss 206 (b) 2 (b) Total, pre-tax 206 2 Tax benefit (51 ) (1 ) Total, net of tax 155 1 Total amounts reclassified, net of tax $ 465 $ 258 Amounts Reclassified from Accumulated Other Comprehensive Loss (Thousands of Dollars) Nine Months Ended Sept. 30, 2018 Nine Months Ended Sept. 30, 2017 Losses on cash flow hedges: Interest rate derivatives $ 1,207 (a) $ 1,208 (a) Total, pre-tax 1,207 1,208 Tax benefit (294 ) (455 ) Total, net of tax $ 913 $ 753 Defined benefit pension and postretirement losses: Amortization of net loss $ 210 (b) $ 6 (b) Total, pre-tax 210 6 Tax benefit (51 ) (3 ) Total, net of tax 159 3 Total amounts reclassified, net of tax $ 1,072 $ 756 (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 to the consolidated financial statements for details regarding these benefit plans. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues PSCo principally generates revenue from the generation, transmission, distribution and sale of electricity and the transportation, distribution and sale of natural gas to wholesale and retail customers. Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. PSCo recognizes revenue in an amount that corresponds directly to the price of the energy delivered to the customer. The measurement of energy sales to customers is generally based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading are estimated, and the corresponding unbilled revenue is recognized. Contract terms are generally short-term in nature, and as such PSCo does not recognize a separate financing component of its collections from customers. PSCo presents its revenues net of any excise or other fiduciary-type taxes or fees. PSCo has various rate-adjustment mechanisms in place that provide for the recovery of natural gas, electric fuel and purchased energy costs. These cost-adjustment tariffs may increase or decrease the level of revenue collected from customers and are revised periodically for differences between the total amount collected under the clauses and the costs incurred. When applicable, under governing regulatory commission rate orders, fuel cost over-recoveries (the excess of fuel revenue billed to customers over fuel costs incurred) are deferred as regulatory liabilities and under-recoveries (the excess of fuel costs incurred over fuel revenues billed to customers) are deferred as regulatory assets. Certain rate rider mechanisms qualify as alternative revenue programs under GAAP. These mechanisms arise from costs imposed upon the utility by action of a regulator or legislative body related to an environmental, public safety or other mandate. When certain criteria are met (including collection within 24 months), revenue is recognized equal to the revenue requirement, which may include return on rate base items and incentives. The mechanisms are revised periodically for differences between the total amount collected and the revenue recognized, which may increase or decrease the level of revenue collected from customers. Alternative revenue is recorded on a gross basis and is disclosed separate from revenue from contracts with customers in the period earned. In the following tables, revenue is classified by the type of goods/services rendered and market/customer type. The tables also reconcile revenue to the reportable segments. Three Months Ended Sept. 30, 2018 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 315,726 $ 84,411 $ 2,668 $ 402,805 Commercial and industrial (C&I) 458,448 29,111 4,897 492,456 Other 11,822 — — 11,822 Total retail 785,996 113,522 7,565 907,083 Wholesale 41,200 — — 41,200 Transmission 16,298 — — 16,298 Other 10,593 18,332 — 28,925 Total revenue from contracts with customers 854,087 131,854 7,565 993,506 Alternative revenue and other 40,699 25,351 1,123 67,173 Total revenues $ 894,786 $ 157,205 $ 8,688 $ 1,060,679 Three Months Ended Sept. 30, 2017 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 302,371 $ 83,000 $ 3,184 $ 388,555 C&I 457,285 30,651 5,993 493,929 Other 12,237 — — 12,237 Total retail 771,893 113,651 9,177 894,721 Wholesale 40,443 — — 40,443 Transmission 14,541 — — 14,541 Other 17,616 17,564 — 35,180 Total revenue from contracts with customers 844,493 131,215 9,177 984,885 Alternative revenue and other 33,111 11,174 1,123 45,408 Total revenues $ 877,604 $ 142,389 $ 10,300 $ 1,030,293 Nine Months Ended Sept. 30, 2018 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 766,062 $ 416,157 $ 7,924 $ 1,190,143 C&I 1,185,381 154,043 17,382 1,356,806 Other 35,453 — 60 35,513 Total retail 1,986,896 570,200 25,366 2,582,462 Wholesale 125,238 — — 125,238 Transmission 41,709 — — 41,709 Other 44,120 62,106 — 106,226 Total revenue from contracts with customers 2,197,963 632,306 25,366 2,855,635 Alternative revenue and other 111,292 75,546 3,370 190,208 Total revenues $ 2,309,255 $ 707,852 $ 28,736 $ 3,045,843 Nine Months Ended Sept. 30, 2017 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 762,726 $ 426,303 $ 8,387 $ 1,197,416 C&I 1,209,262 161,925 19,710 1,390,897 Other 36,623 — 63 36,686 Total retail 2,008,611 588,228 28,160 2,624,999 Wholesale 125,598 — — 125,598 Transmission 42,360 — — 42,360 Other 51,148 60,214 — 111,362 Total revenue from contracts with customers 2,227,717 648,442 28,160 2,904,319 Alternative revenue and other 91,195 42,860 3,369 137,424 Total revenues $ 2,318,912 $ 691,302 $ 31,529 $ 3,041,743 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net | (Thousands of Dollars) Sept. 30, 2018 Dec. 31, 2017 Accounts receivable, net Accounts receivable $ 320,572 $ 314,009 Less allowance for bad debts (20,592 ) (19,606 ) $ 299,980 $ 294,403 |
Inventories | (Thousands of Dollars) Sept. 30, 2018 Dec. 31, 2017 Inventories Materials and supplies $ 58,198 $ 68,940 Fuel 62,409 73,893 Natural gas 66,805 71,656 $ 187,412 $ 214,489 |
Property, Plant and Equipment, Net | (Thousands of Dollars) Sept. 30, 2018 Dec. 31, 2017 Property, plant and equipment, net Electric plant $ 12,401,598 $ 12,627,592 Natural gas plant 4,269,700 4,102,075 Common and other property 1,046,991 1,022,333 Plant to be retired (a) 337,087 10,949 Construction work in progress 1,575,102 1,014,338 Total property, plant and equipment 19,630,478 18,777,287 Less accumulated depreciation (4,791,445 ) (4,751,536 ) $ 14,839,033 $ 14,025,751 (a) In the third quarter of 2018, the Colorado Public Utilities Commission (CPUC) approved early retirement of PSCo’s Comanche Units 1, 2 and shared Common plant in approximately 2022, 2025 and 2025, respectively. PSCo also expects Craig Unit 1 to be early retired in approximately 2025. In the third quarter of 2017, PSCo early retired Valmont Unit 5 and converted Cherokee Unit 4 from a coal-fueled generating facility to natural gas. Amounts are presented net of accumulated depreciation. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. The following reconciles such differences: Nine Months Ended Sept. 30 2018 2017 Federal statutory rate 21.0 % 35.0 % State tax (net of federal tax effect) 3.7 3.0 Increases (decreases) in tax from: Regulatory differences - ARAM (a) (2.5 ) — Regulatory differences - ARAM deferral (b) 2.2 — Regulatory differences - reversal of prior quarters' ARAM deferral (b) (1.5 ) — Regulatory differences - other utility plant items (1.3 ) (1.0 ) Tax credits (net of federal income tax expense) (0.9 ) (0.8 ) Other (net) (0.8 ) — Effective income tax rate 19.9 % 36.2 % (a) The average rate assumption method (ARAM); a method to flow back excess deferred taxes to customers. (b) ARAM has been deferred when regulatory treatment has not been established. As PSCO received direction from its regulatory commission regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. |
Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | PSCO is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2014 October 2019 2015 September 2019 2016 September 2020 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows: (Millions of Dollars) Sept. 30, 2018 Dec. 31, 2017 Unrecognized tax benefit — Permanent tax positions $ 5.1 $ 4.0 Unrecognized tax benefit — Temporary tax positions 4.9 6.1 Total unrecognized tax benefit $ 10.0 $ 10.1 |
Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with NOL and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: (Millions of Dollars) Sept. 30, 2018 Dec. 31, 2017 NOL and tax credit carryforwards $ (5.5 ) $ (4.0 ) |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Borrowings and Other Financing Instruments [Abstract] | |
Short-Term Borrowings | Commercial paper outstanding for PSCo was as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2018 Year Ended Dec. 31, 2017 Borrowing limit $ 700 $ 700 Amount outstanding at period end — — Average amount outstanding — 54 Maximum amount outstanding — 268 Weighted average interest rate, computed on a daily basis N/A 1.08 % Weighted average interest rate at period end N/A N/A |
Credit Facilities | At Sept. 30, 2018 , PSCo had the following committed credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 10 $ 690 (a) This credit facility expires in June 2021 . (b) Includes outstanding commercial paper and letters of credit. |
Money Pool | |
Borrowings and Other Financing Instruments [Abstract] | |
Short-Term Borrowings | Money pool borrowings for PSCo were as follows: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2018 Year Ended Dec. 31, 2017 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — — Maximum amount outstanding — 20 Weighted average interest rate, computed on a daily basis N/A 0.92 % Weighted average interest rate at period end N/A N/A |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Gross Notional Amounts of Commodity Forwards and Options | The following table details the gross notional amounts of commodity forwards and options at Sept. 30, 2018 and Dec. 31, 2017 : (Amounts in Thousands) (a)(b) Sept. 30, 2018 Dec. 31, 2017 Megawatt hours of electricity 21,474 22,260 Million British thermal units of natural gas 30,763 13,410 (a) Amounts are not reflective of net positions in the underlying commodities. (b) Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | The following tables detail the impact of derivative activity during the three and nine months ended Sept. 30, 2018 and 2017 on accumulated other comprehensive loss, regulatory assets and liabilities, and income: Three Months Ended Sept. 30, 2018 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Pre-Tax Gains Recognized During the Period in Income Derivatives designated as cash flow hedges Interest rate $ — $ — $ 407 (a) $ — $ — Total $ — $ — $ 407 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 2,004 (b) Natural gas commodity — (1,187 ) — — (c) — (c) Total $ — $ (1,187 ) $ — $ — $ 2,004 Nine Months Ended Sept. 30, 2018 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Derivatives designated as cash flow hedges Interest rate $ — $ — $ 1,207 (a) $ — $ — Total $ — $ — $ 1,207 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ 2,728 (b) Natural gas commodity — (1,607 ) — 2,749 (c) (1,581 ) (c) Total $ — $ (1,607 ) $ — $ 2,749 $ 1,147 Three Months Ended Sept. 30, 2017 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Pre-Tax Losses Recognized During the Period in Income Derivatives designated as cash flow hedges Interest rate $ — $ — $ 407 (a) $ — $ — Total $ — $ — $ 407 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ (211 ) (b) Natural gas commodity — (1,635 ) — — — (c) Total $ — $ (1,635 ) $ — $ — $ (211 ) Nine Months Ended Sept. 30, 2017 Pre-Tax Fair Value (Losses) Recognized During the Period in: Pre-Tax Losses Reclassified into Income During the Period from: (Thousands of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Pre-Tax Losses Recognized During the Period in Income Derivatives designated as cash flow hedges Interest rate $ — $ — $ 1,208 (a) $ — $ — Total $ — $ — $ 1,208 $ — $ — Other derivative instruments Commodity trading $ — $ — $ — $ — $ (23 ) (b) Natural gas commodity — (8,643 ) — 282 (c) (2,990 ) (c) Total $ — $ (8,643 ) $ — $ 282 $ (3,013 ) (a) Amounts are recorded to interest charges. (b) Amounts are recorded to interest charges. Amounts are 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) Certain derivatives are utilized to mitigate natural gas price risk for electric generation and are recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2018 included no settlement gains or losses and $1.2 million of settlement losses, respectively. Amounts for the three and nine months ended Sept. 30, 2017 included no settlement gains or losses and $0.9 million of settlement gains, respectively. The remaining derivative settlement gains and losses for the three and nine months ended Sept. 30, 2018 and 2017 relate to natural gas operations and are 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. |
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Sept. 30, 2018 : Sept. 30, 2018 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 695 $ 21,035 $ — $ 21,730 $ (6,861 ) $ 14,869 Natural gas commodity — 1,233 — 1,233 — 1,233 Total current derivative assets $ 695 $ 22,268 $ — $ 22,963 $ (6,861 ) 16,102 PPAs (a) 460 Current derivative instruments $ 16,562 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 6 $ 3,682 $ — $ 3,688 $ — $ 3,688 Total noncurrent derivative assets $ 6 $ 3,682 $ — $ 3,688 $ — 3,688 PPAs (a) — Noncurrent derivative instruments $ 3,688 Sept. 30, 2018 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Other derivative instruments: Commodity trading $ 580 $ 20,219 $ 13 $ 20,812 $ (15,853 ) $ 4,959 Total current derivative liabilities $ 580 $ 20,219 $ 13 $ 20,812 $ (15,853 ) 4,959 PPAs (a) 3,959 Current derivative instruments $ 8,918 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ — $ 3,156 $ — $ 3,156 $ — $ 3,156 Total noncurrent derivative liabilities $ — $ 3,156 $ — $ 3,156 $ — 3,156 PPAs (a) — Noncurrent derivative instruments $ 3,156 (a) During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the 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. (b) PSCo 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 Sept. 30, 2018 . At Sept. 30, 2018 , derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $9.0 million . The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. The following table presents, for each of the fair value hierarchy levels, PSCo’s assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2017 : Dec. 31, 2017 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative assets Other derivative instruments: Commodity trading $ 528 $ 4,488 $ 12 $ 5,028 $ (3,554 ) $ 1,474 Natural gas commodity — 18 — 18 (10 ) 8 Total current derivative assets $ 528 $ 4,506 $ 12 $ 5,046 $ (3,564 ) 1,482 PPAs (a) 1,715 Current derivative instruments $ 3,197 Noncurrent derivative assets Other derivative instruments: Commodity trading $ — $ 1,541 $ — $ 1,541 $ (563 ) $ 978 Total noncurrent derivative assets $ — $ 1,541 $ — $ 1,541 $ (563 ) 978 PPAs (a) 31 Noncurrent derivative instruments $ 1,009 Dec. 31, 2017 Fair Value Fair Value Total Counterparty Netting (b) (Thousands of Dollars) Level 1 Level 2 Level 3 Total Current derivative liabilities Other derivative instruments: Commodity trading $ 446 $ 4,285 $ 6 $ 4,737 $ (3,431 ) $ 1,306 Natural gas commodity — 1,016 — 1,016 (10 ) 1,006 Total current derivative liabilities $ 446 $ 5,301 $ 6 $ 5,753 $ (3,441 ) 2,312 PPAs (a) 5,036 Current derivative instruments $ 7,348 Noncurrent derivative liabilities Commodity trading $ — $ 1,362 $ — $ 1,362 $ (563 ) $ 799 Total noncurrent derivative liabilities $ — $ 1,362 $ — $ 1,362 $ (563 ) 799 PPAs (a) $ 2,669 Noncurrent derivative instruments $ 3,468 (a) During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the 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. (b) PSCo 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 Dec. 31, 2017 . At Dec. 31, 2017 , derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Carrying Amount and Fair Value of Long-term Debt | As of Sept. 30, 2018 and Dec. 31, 2017 , other financial instruments for which the carrying amount did not equal fair value were as follows: Sept. 30, 2018 Dec. 31, 2017 (Thousands of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 4,998,403 $ 5,090,696 $ 4,608,275 $ 5,024,840 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other income, net consisted of the following: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 (Thousands of Dollars) 2018 2017 2018 2017 Interest income $ 1,366 $ 1,422 $ 1,738 $ 2,406 Other nonoperating income 1,098 193 2,051 4,940 Other nonoperating expense (3 ) — — — Insurance policy expense (74 ) (79 ) (224 ) (261 ) Benefits non-service cost (988 ) (513 ) (1,136 ) (1,539 ) Other income, net $ 1,399 $ 1,023 $ 2,429 $ 5,546 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended Sept. 30, 2018 Operating revenues (a)(b) $ 894,786 $ 157,205 $ 8,688 $ — $ 1,060,679 Intersegment revenues 32 292 — (324 ) — Total revenues $ 894,818 $ 157,497 $ 8,688 $ (324 ) $ 1,060,679 Net income $ 191,742 $ 15,070 $ 300 $ — $ 207,112 (Thousands of Dollars) Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total Three Months Ended Sept. 30, 2017 Operating revenues (a)(b) $ 877,604 $ 142,389 $ 10,300 $ — $ 1,030,293 Intersegment revenues 47 222 — (269 ) — Total revenues $ 877,651 $ 142,611 $ 10,300 $ (269 ) $ 1,030,293 Net income $ 178,648 $ 5,815 $ 1,614 $ — $ 186,077 (a) Operating revenues include an immaterial amount of affiliate electric revenue for the three months ended Sept. 30, 2018 and 2017 . (b) Operating revenues include $1 million of other affiliate revenue for the three months ended Sept. 30, 2018 and 2017 . (Thousands of Dollars) Regulated Regulated All Reconciling Consolidated Nine Months Ended Sept. 30, 2018 Operating revenues (a)(b) $ 2,309,255 $ 707,852 $ 28,736 $ — $ 3,045,843 Intersegment revenues 220 435 — (655 ) — Total revenues $ 2,309,475 $ 708,287 $ 28,736 $ (655 ) $ 3,045,843 Net income $ 373,249 $ 89,745 $ 135 $ — $ 463,129 (Thousands of Dollars) Regulated Regulated All Reconciling Consolidated Nine Months Ended Sept. 30, 2017 Operating revenues (a)(b) $ 2,318,912 $ 691,302 $ 31,529 $ — $ 3,041,743 Intersegment revenues 206 318 — (524 ) — Total revenues $ 2,319,118 $ 691,620 $ 31,529 $ (524 ) $ 3,041,743 Net income $ 342,195 $ 53,133 $ 2,882 $ — $ 398,210 (a) Operating revenues include an immaterial amount and $ 1 million of affiliate electric revenue for the nine months ended Sept. 30, 2018 and 2017 . (b) Operating revenues include $ 3 million of other affiliate revenue for the nine months ended Sept. 30, 2018 and 2017 . |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30 2018 2017 2018 2017 (Thousands of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 7,272 $ 6,820 $ 153 $ 192 Interest cost (a) 11,813 12,639 3,748 4,191 Expected return on plan assets (a) (17,130 ) (17,134 ) (5,675 ) (5,476 ) Amortization of prior service credit (a) (844 ) (803 ) (1,545 ) (1,562 ) Amortization of net loss (a) 7,814 7,089 1,021 961 Net periodic benefit cost (credit) 8,925 8,611 (2,298 ) (1,694 ) (Costs) credits not recognized due to the effects of regulation (4,088 ) 736 1,426 — Net benefit cost (credit) recognized for financial reporting $ 4,837 $ 9,347 $ (872 ) $ (1,694 ) Nine Months Ended Sept. 30 2018 2017 2018 2017 (Thousands of Dollars) Pension Benefits Postretirement Health Service cost $ 21,814 $ 20,460 $ 457 $ 576 Interest cost (a) 35,441 37,919 11,245 12,573 Expected return on plan assets (a) (51,390 ) (51,402 ) (17,024 ) (16,428 ) Amortization of prior service credit (a) (2,534 ) (2,409 ) (4,634 ) (4,686 ) Amortization of net loss (a) 23,444 21,267 3,063 2,883 Net periodic benefit cost (credit) 26,775 25,835 (6,893 ) (5,082 ) (Costs) credits not recognized due to the effects of regulation (1,718 ) 1,898 1,426 — Net benefit cost (credit) recognized for financial reporting $ 25,057 $ 27,733 $ (5,467 ) $ (5,082 ) (a) The components of net periodic cost other than the service cost component are included in the line item “other income, net” in the income statement or capitalized on the balance sheet as a regulatory asset. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Loss, Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2018 and 2017 were as follows: Three Months Ended Sept. 30, 2018 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (25,862 ) $ (263 ) $ (26,125 ) Other comprehensive loss before reclassifications — (153 ) (153 ) Losses reclassified from net accumulated other comprehensive loss 310 155 465 Net current period other comprehensive income 310 2 312 Accumulated other comprehensive loss at Sept. 30 $ (25,552 ) $ (261 ) $ (25,813 ) Three Months Ended Sept. 30, 2017 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (22,284 ) $ (218 ) $ (22,502 ) Losses reclassified from net accumulated other comprehensive loss 257 1 258 Net current period other comprehensive income 257 1 258 Accumulated other comprehensive loss at Sept. 30 $ (22,027 ) $ (217 ) $ (22,244 ) Nine Months Ended Sept. 30, 2018 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (26,465 ) $ (267 ) $ (26,732 ) Other comprehensive loss before reclassifications — (153 ) (153 ) Losses reclassified from net accumulated other comprehensive loss 913 159 1,072 Net current period other comprehensive income 913 6 919 Accumulated other comprehensive loss at Sept. 30 $ (25,552 ) $ (261 ) $ (25,813 ) Nine Months Ended Sept. 30, 2017 (Thousands of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (22,780 ) $ (220 ) $ (23,000 ) Losses reclassified from net accumulated other comprehensive loss 753 3 756 Net current period other comprehensive income 753 3 756 Accumulated other comprehensive loss at Sept. 30 $ (22,027 ) $ (217 ) $ (22,244 ) |
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and nine months ended Sept. 30, 2018 and 2017 were as follows: Amounts Reclassified from Accumulated Other (Thousands of Dollars) Three Months Ended Sept. 30, 2018 Three Months Ended Sept. 30, 2017 Losses on cash flow hedges: Interest rate derivatives $ 407 (a) $ 407 (a) Total, pre-tax 407 407 Tax benefit (97 ) (150 ) Total, net of tax 310 257 Defined benefit pension and postretirement losses: Amortization of net loss 206 (b) 2 (b) Total, pre-tax 206 2 Tax benefit (51 ) (1 ) Total, net of tax 155 1 Total amounts reclassified, net of tax $ 465 $ 258 Amounts Reclassified from Accumulated Other Comprehensive Loss (Thousands of Dollars) Nine Months Ended Sept. 30, 2018 Nine Months Ended Sept. 30, 2017 Losses on cash flow hedges: Interest rate derivatives $ 1,207 (a) $ 1,208 (a) Total, pre-tax 1,207 1,208 Tax benefit (294 ) (455 ) Total, net of tax $ 913 $ 753 Defined benefit pension and postretirement losses: Amortization of net loss $ 210 (b) $ 6 (b) Total, pre-tax 210 6 Tax benefit (51 ) (3 ) Total, net of tax 159 3 Total amounts reclassified, net of tax $ 1,072 $ 756 (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 to the consolidated financial statements for details regarding these benefit plans. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following tables, revenue is classified by the type of goods/services rendered and market/customer type. The tables also reconcile revenue to the reportable segments. Three Months Ended Sept. 30, 2018 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 315,726 $ 84,411 $ 2,668 $ 402,805 Commercial and industrial (C&I) 458,448 29,111 4,897 492,456 Other 11,822 — — 11,822 Total retail 785,996 113,522 7,565 907,083 Wholesale 41,200 — — 41,200 Transmission 16,298 — — 16,298 Other 10,593 18,332 — 28,925 Total revenue from contracts with customers 854,087 131,854 7,565 993,506 Alternative revenue and other 40,699 25,351 1,123 67,173 Total revenues $ 894,786 $ 157,205 $ 8,688 $ 1,060,679 Three Months Ended Sept. 30, 2017 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 302,371 $ 83,000 $ 3,184 $ 388,555 C&I 457,285 30,651 5,993 493,929 Other 12,237 — — 12,237 Total retail 771,893 113,651 9,177 894,721 Wholesale 40,443 — — 40,443 Transmission 14,541 — — 14,541 Other 17,616 17,564 — 35,180 Total revenue from contracts with customers 844,493 131,215 9,177 984,885 Alternative revenue and other 33,111 11,174 1,123 45,408 Total revenues $ 877,604 $ 142,389 $ 10,300 $ 1,030,293 Nine Months Ended Sept. 30, 2018 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 766,062 $ 416,157 $ 7,924 $ 1,190,143 C&I 1,185,381 154,043 17,382 1,356,806 Other 35,453 — 60 35,513 Total retail 1,986,896 570,200 25,366 2,582,462 Wholesale 125,238 — — 125,238 Transmission 41,709 — — 41,709 Other 44,120 62,106 — 106,226 Total revenue from contracts with customers 2,197,963 632,306 25,366 2,855,635 Alternative revenue and other 111,292 75,546 3,370 190,208 Total revenues $ 2,309,255 $ 707,852 $ 28,736 $ 3,045,843 Nine Months Ended Sept. 30, 2017 (Thousands of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 762,726 $ 426,303 $ 8,387 $ 1,197,416 C&I 1,209,262 161,925 19,710 1,390,897 Other 36,623 — 63 36,686 Total retail 2,008,611 588,228 28,160 2,624,999 Wholesale 125,598 — — 125,598 Transmission 42,360 — — 42,360 Other 51,148 60,214 — 111,362 Total revenue from contracts with customers 2,227,717 648,442 28,160 2,904,319 Alternative revenue and other 91,195 42,860 3,369 137,424 Total revenues $ 2,318,912 $ 691,302 $ 31,529 $ 3,041,743 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - Accounting Standards Update 2017-07 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating and Maintenance Expense | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net benefit cost (credit) recognized for financial reporting | $ 0.5 | $ 1.5 |
Other Income | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net benefit cost (credit) recognized for financial reporting | $ (0.5) | $ (1.5) |
Selected Balance Sheet Data (De
Selected Balance Sheet Data (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, net | ||
Accounts receivable | $ 320,572 | $ 314,009 |
Less allowance for bad debts | (20,592) | (19,606) |
Accounts receivable, net | $ 299,980 | $ 294,403 |
Selected Balance Sheet Data Bal
Selected Balance Sheet Data Balance Sheet Related Disclosures, Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 187,412 | $ 214,489 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 58,198 | 68,940 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 62,409 | 73,893 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 66,805 | $ 71,656 |
Selected Balance Sheet Data B_2
Selected Balance Sheet Data Balance Sheet Related Disclosures, Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 19,630,478 | $ 18,777,287 | |
Less accumulated depreciation | (4,791,445) | (4,751,536) | |
Property, plant and equipment, net | 14,839,033 | 14,025,751 | |
Electric plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 12,401,598 | 12,627,592 | |
Natural gas plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,269,700 | 4,102,075 | |
Common and other property | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,046,991 | 1,022,333 | |
Plant to be retired | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | [1] | 337,087 | 10,949 |
Construction work in progress | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,575,102 | $ 1,014,338 | |
[1] | (a) In the third quarter of 2018, the Colorado Public Utilities Commission (CPUC) approved early retirement of PSCo’s Comanche Units 1, 2 and shared Common plant in approximately 2022, 2025 and 2025, respectively. PSCo also expects Craig Unit 1 to be early retired in approximately 2025. In the third quarter of 2017, PSCo early retired Valmont Unit 5 and converted Cherokee Unit 4 from a coal-fueled generating facility to natural gas. Amounts are presented net of accumulated depreciation. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2015 | Dec. 31, 2012 | Dec. 31, 2017 | ||
Income Tax Examination [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.70% | 3.00% | ||||
Regulatory differences - ARAM (a) | [1] | (2.50%) | 0.00% | |||
Regulatory differences - ARAM deferral (b) | [2] | 2.20% | 0.00% | |||
Regulatory differences - reversal of prior quarters' ARAM deferral (b) | [2] | (1.50%) | 0.00% | |||
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent | (1.30%) | (1.00%) | ||||
Effective Income Tax Rate Reconciliation Regulatory Differences Utility Plant Items | (0.90%) | (0.80%) | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.80%) | 0.00% | ||||
Effective Income Tax Rate Reconciliation, Percent | 19.90% | 36.20% | ||||
Unrecognized Tax Benefits [Abstract] | ||||||
Unrecognized tax benefit — Permanent tax positions | $ 5,100,000 | $ 4,000,000 | ||||
Unrecognized tax benefit — Temporary tax positions | 4,900,000 | 6,100,000 | ||||
Total unrecognized tax benefit | 10,000,000 | 10,100,000 | ||||
NOL and tax credit carryforwards | (5,500,000) | (4,000,000) | ||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 8,000,000 | |||||
Amounts accrued for penalties related to unrecognized tax benefits | $ 0 | $ 0 | ||||
Internal Revenue Service (IRS) | ||||||
Tax Audits [Abstract] | ||||||
Year(s) under examination | 2012 and 2013 | 2010 and 2011 | ||||
Year of carryback claim under examination | 2,009 | |||||
State Jurisdiction (Colorado) | ||||||
Tax Audits [Abstract] | ||||||
Earliest year subject to examination | 2,009 | |||||
[1] | The average rate assumption method (ARAM); a method to flow back excess deferred taxes to customers. | |||||
[2] | ARAM has been deferred when regulatory treatment has not been established. As PSCO received direction from its regulatory commission regarding the return of excess deferred taxes to customers, the ARAM deferral was reversed. This resulted in a reduction to tax expense with a corresponding reduction to revenue. |
Rate Matters (Details)
Rate Matters (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Aug. 31, 2018 | Jun. 30, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | |
CPUC Proceeding - 2017 Multi-Year Gas Rate Case | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 55.25% | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 139 | ||||||
Public Utilities, Number of Years Which Rates are Requested to Increase | 3 years | ||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | ||||||
Colorado Public Utilities Commission [Member] | CPUC Proceeding - 2017 Multi-Year Gas Rate Case | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Public Utilities, Revised Reduction of Provisional Rates | $ 24 | ||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 56.00% | ||||||
Public Utilities, Approved Length of Average Rate Base | 13 months | ||||||
Public Utilities, Approved Return on Equity, Percentage | 9.35% | ||||||
Public Utilities, Approved Equity Capital Structure, Percentage | 54.60% | ||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 47 | ||||||
Colorado Public Utilities Commission [Member] | CPUC Proceeding - Tax Cuts and Jobs Act of 2017 [Member] | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Tax Cuts and Jobs Act of 2017, 2018 Electric Refund of TCJA Benefits Under Settlement | $ 42 | ||||||
Tax Cuts and Jobs Act of 2017, Amount of Accelerated Prepaid Pension Asset Amortization Under Settlement | $ 59 | ||||||
Tax Cuts and Jobs Act of 2017, 2018 Electric Refund of TCJA Benefits Approved By Commission | $ 42 | ||||||
Tax Cuts and Jobs Act of 2017, 2019 Expected Electric Refund of TCJA Benefits | $ 67 | ||||||
Tax Cuts and Jobs Act of 2017, Amount of Accelerated Prepaid Pension Asset Amortization for 2019 | $ 34 | ||||||
Administrative Law Judge [Member] | CPUC Proceeding - 2017 Multi-Year Gas Rate Case | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Public Utilities, Reduction of Provisional Rates | $ 20 |
Commitments and Contingencies,
Commitments and Contingencies, Purchased Power Agreements (Details) - Independent Power Producing Entities - MW | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Purchased Power Agreements [Abstract] | ||
Generating capacity under long term purchased power agreements (in MW) | 1,571 | 1,571 |
Purchase Power Agreement Expiration (year) | 2,032 |
Commitments and Contingencies_2
Commitments and Contingencies, Environmental Contingencies (Details) - Other MGP, Landfill, or Disposal Sites [Domain] $ in Millions | Sep. 30, 2018USD ($)Site |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of identified MGP sites under current investigation and/or remediation | Site | 4 |
Accrual for Environmental Loss Contingencies, Gross | $ | $ 1 |
Commitments and Contingencies_3
Commitments and Contingencies, Legal Contingencies (Details) | 1 Months Ended |
Dec. 31, 2015 | |
PSCo | Minimum [Member] | Line Extension Disputes | |
Legal Contingencies [Abstract] | |
Loss Contingency, Number of Plaintiffs | 50 |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | $ 250,000,000 | $ 250,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 0 | 0 |
Maximum amount outstanding | 0 | $ 20,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 0.92% | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 700,000,000 | $ 700,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 0 | 54,000,000 |
Maximum amount outstanding | $ 0 | $ 268,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 1.08% |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments, Letters of Credit (Details) - Letter of Credit - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 10 | $ 3 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | ||
Line of Credit Facility [Line Items] | |||
Credit Facility | [1] | $ 700,000,000 | |
Drawn | [2] | 10,000,000 | |
Available | $ 690,000,000 | ||
Maturity Date | Jun. 30, 2021 | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
[1] | This credit facility expires in June 2021. | ||
[2] | Includes outstanding commercial paper and letters of credit. |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) MWh in Thousands, MMBTU in Thousands, $ in Millions | Sep. 30, 2018USD ($)MMBTUMWhCounterparty | Dec. 31, 2017MMBTUMWh | |
Credit Concentration Risk | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | ||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 8 | ||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 4 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 24.1 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 42.00% | ||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 5 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 16.6 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 29.00% | ||
Credit Concentration Risk | Credit Quality Less Than Investment Grade [Member] | |||
Consideration of Credit Risk and Concentrations [Abstract] | |||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 1 | ||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 1.1 | ||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 2.00% | ||
Interest Rate Swap | |||
Interest Rate Derivatives [Abstract] | |||
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | $ (1.2) | ||
Electric Commodity (in megawatt hours) | |||
Gross Notional Amounts of Commodity Forwards and Options [Abstract] | |||
Derivative, Nonmonetary Notional amount | MWh | [1],[2] | 21,474 | 22,260 |
Natural Gas Commodity (in million British thermal units) | |||
Gross Notional Amounts of Commodity Forwards and Options [Abstract] | |||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 30,763 | 13,410 |
[1] | Amounts are not reflective of net positions in the underlying commodities. | ||
[2] | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | |||||||
Derivative instruments designated as fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | |||
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | 0 | 0 | |||
Designated as Hedging Instrument | Cash Flow Hedges | |||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [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 | 0 | 0 | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 407,000 | 407,000 | 1,207,000 | 1,208,000 | |||
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 on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [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 | 0 | 0 | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | [1] | 407,000 | 407,000 | 1,207,000 | 1,208,000 | ||
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 on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [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 | (1,187,000) | (1,635,000) | (1,607,000) | (8,643,000) | |||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 2,749,000 | 282,000 | |||
Pre-tax gains (losses) recognized during the period in income | 2,004,000 | (211,000) | 1,147,000 | (3,013,000) | |||
Other Derivative Instruments | Commodity Trading | |||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [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 | 0 | 0 | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 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 | [2] | 2,004,000 | (211,000) | 2,728,000 | (23,000) | ||
Other Derivative Instruments | Natural Gas Commodity | |||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [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 | (1,187,000) | (1,635,000) | (1,607,000) | (8,643,000) | |||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 2,749,000 | [3] | 282,000 | [3] | |
Pre-tax gains (losses) recognized during the period in income | [3] | 0 | 0 | (1,581,000) | (2,990,000) | ||
Other Derivative Instruments | Natural Gas Commodity for Electric Generation | |||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 0 | $ 0 | $ (1,200,000) | $ 900,000 | |||
[1] | (a) Amounts are recorded to interest charges. | ||||||
[2] | (b) Amounts are recorded to interest charges. Amounts are 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. | ||||||
[3] | (c) Certain derivatives are utilized to mitigate natural gas price risk for electric generation and are recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Amounts for the three and nine months ended Sept. 30, 2018 included no settlement gains or losses and $1.2 million of settlement losses, respectively. Amounts for the three and nine months ended Sept. 30, 2017 included no settlement gains or losses and $0.9 million of settlement gains, respectively. The remaining derivative settlement gains and losses for the three and nine months ended Sept. 30, 2018 and 2017 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Derivative instruments in a gross liability position | $ 0 | $ 0 |
Collateral posted on derivative instruments | 0 | 0 |
Collateral posted related to adequate assurance clauses in derivative contracts | $ 0 | $ 0 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 0 | $ 0 | |||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 9,000 | 0 | |||
Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 16,562 | 3,197 | |||
Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,688 | 1,009 | |||
Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 8,918 | 7,348 | |||
Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,156 | 3,468 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 16,102 | 1,482 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 6,861 | [1] | 3,564 | [2] | |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 14,869 | 1,474 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 6,861 | [1] | 3,554 | [2] | |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,233 | 8 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | [1] | 10 | [2] | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,688 | 978 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | [1] | 563 | [2] | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,688 | 978 | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | 0 | 563 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 4,959 | 2,312 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (15,853) | [1] | (3,441) | [2] | |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 4,959 | 1,306 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (15,853) | [1] | (3,431) | [2] | |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,006 | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (10) | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,156 | 799 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (563) | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,156 | 799 | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | [1] | (563) | [2] | |
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 695 | 528 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 695 | 528 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 6 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 6 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 580 | 446 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 580 | 446 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 22,268 | 4,506 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 21,035 | 4,488 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,233 | 18 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,682 | 1,541 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,682 | 1,541 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 20,219 | 5,301 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 20,219 | 4,285 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,016 | ||||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,156 | 1,362 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,156 | 1,362 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 12 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 12 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 13 | 6 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 13 | 6 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 460 | [3] | 1,715 | [4] | |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | [3] | 31 | [4] | |
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,959 | [3] | 5,036 | [4] | |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | Purchased Power Agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | [3] | 2,669 | [4] | |
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 22,963 | 5,046 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 21,730 | 5,028 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,233 | 18 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,688 | 1,541 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3,688 | 1,541 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 20,812 | 5,753 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 20,812 | 4,737 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1,016 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3,156 | 1,362 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | $ 3,156 | $ 1,362 | |||
[1] | PSCo 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 Sept. 30, 2018. At Sept. 30, 2018, derivative assets and liabilities include no obligations to return cash collateral and rights to reclaim cash collateral of $9.0 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||
[2] | PSCo nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2017. At Dec. 31, 2017, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||
[3] | During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||
[4] | During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Financial Asset_7
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) - Commodity Contract - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Transfers into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Transfers out of Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Asset_8
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 4,998,403 | $ 4,608,275 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $ 5,090,696 | $ 5,024,840 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 1,366 | $ 1,422 | $ 1,738 | $ 2,406 |
Other Nonoperating Income | 1,098 | 193 | 2,051 | 4,940 |
Other Nonoperating Expense | (3) | 0 | 0 | 0 |
Insurance policy expense | (74) | (79) | (224) | (261) |
Defined Benefit Plan, Non-service Costs | (988) | (513) | (1,136) | (1,539) |
Other income, net | $ 1,399 | $ 1,023 | $ 2,429 | $ 5,546 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 1,060,679 | $ 1,030,293 | $ 3,045,843 | $ 3,041,743 | |
Net income | 207,112 | 186,077 | 463,129 | 398,210 | |
Affiliate electric revenue | 0 | 0 | 0 | 1,000 | |
Affiliate other revenue | 1,000 | 1,000 | 3,000 | 3,000 | |
Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 894,818 | 877,651 | 2,309,475 | 2,319,118 | |
Net income | 191,742 | 178,648 | 373,249 | 342,195 | |
Regulated Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 157,497 | 142,611 | 708,287 | 691,620 | |
Net income | 15,070 | 5,815 | 89,745 | 53,133 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 8,688 | 10,300 | 28,736 | 31,529 | |
Net income | 300 | 1,614 | 135 | 2,882 | |
Total revenues | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | [1],[2] | 1,060,679 | 1,030,293 | 3,045,843 | 3,041,743 |
Total revenues | Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | [2] | 894,786 | 877,604 | 2,309,255 | 2,318,912 |
Total revenues | Regulated Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 157,205 | 142,389 | 707,852 | 691,302 | |
Total revenues | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | [1] | 8,688 | 10,300 | 28,736 | 31,529 |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | (324) | (269) | (655) | (524) | |
Net income | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 32 | 47 | 220 | 206 | |
Intersegment Eliminations | Regulated Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 292 | 222 | 435 | 318 | |
Intersegment Eliminations | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Operating revenues include $1 million of other affiliate revenue for the three months ended Sept. 30, 2018 and 2017. | ||||
[2] | Operating revenues include an immaterial amount of affiliate electric revenue for the three months ended Sept. 30, 2018 and 2017. |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2018USD ($)Plan | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | ||
Other Postretirement Benefits Plan [Member] | ||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | $ 153 | $ 192 | $ 457 | $ 576 | ||
Interest cost | [1] | 3,748 | 4,191 | 11,245 | 12,573 | |
Expected return on plan assets | [1] | (5,675) | (5,476) | (17,024) | (16,428) | |
Amortization of prior service credit | [1] | (1,545) | (1,562) | (4,634) | (4,686) | |
Amortization of net loss | [1] | 1,021 | 961 | 3,063 | 2,883 | |
Net periodic benefit cost (credit) | (2,298) | (1,694) | (6,893) | (5,082) | ||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | 1,426 | 0 | 1,426 | 0 | ||
Net benefit cost (credit) recognized for financial reporting | (872) | (1,694) | (5,467) | (5,082) | ||
Pension Plan [Member] | ||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | 7,272 | 6,820 | 21,814 | 20,460 | ||
Interest cost | [1] | 11,813 | 12,639 | 35,441 | 37,919 | |
Expected return on plan assets | [1] | (17,130) | (17,134) | (51,390) | (51,402) | |
Amortization of prior service credit | [1] | (844) | (803) | (2,534) | (2,409) | |
Amortization of net loss | [1] | 7,814 | 7,089 | 23,444 | 21,267 | |
Net periodic benefit cost (credit) | 8,925 | 8,611 | 26,775 | 25,835 | ||
Defined Benefit Plan Credits Not Recognized Due To Effects of Regulation | (4,088) | 736 | (1,718) | 1,898 | ||
Net benefit cost (credit) recognized for financial reporting | $ 4,837 | $ 9,347 | $ 25,057 | $ 27,733 | ||
Total contributions to the pension plans during the period | $ 22,000 | |||||
Pension Plan [Member] | Xcel Energy Inc. | ||||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Total contributions to the pension plans during the period | $ 150,000 | |||||
Number of Xcel Energy's pension plans to which contributions were made | Plan | 4 | |||||
[1] | The components of net periodic cost other than the service cost component are included in the line item “other income, net” in the income statement or capitalized on the balance sheet as a regulatory asset. |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | $ 5,828,323 | |||
Losses reclassified from net accumulated other comprehensive loss | $ 465 | $ 258 | 1,072 | $ 756 |
Accumulated other comprehensive loss at end of period | 6,238,766 | 6,238,766 | ||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (25,862) | (22,284) | (26,465) | (22,780) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||
Losses reclassified from net accumulated other comprehensive loss | 310 | 257 | 913 | 753 |
Net current period other comprehensive loss | 310 | 257 | 913 | 753 |
Accumulated other comprehensive loss at end of period | (25,552) | (22,027) | (25,552) | (22,027) |
Defined Benefit and Postretirement Items | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (263) | (218) | (267) | (220) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (153) | (153) | ||
Losses reclassified from net accumulated other comprehensive loss | 155 | 1 | 159 | 3 |
Net current period other comprehensive loss | 2 | 1 | 6 | 3 |
Accumulated other comprehensive loss at end of period | (261) | (217) | (261) | (217) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at beginning of period | (26,125) | (22,502) | (26,732) | (23,000) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (153) | (153) | ||
Losses reclassified from net accumulated other comprehensive loss | 465 | 258 | 1,072 | 756 |
Net current period other comprehensive loss | 312 | 258 | 919 | 756 |
Accumulated other comprehensive loss at end of period | $ (25,813) | $ (22,244) | $ (25,813) | $ (22,244) |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total, pre-tax | $ (247,831) | $ (290,375) | $ (578,162) | $ (624,144) | |
Tax (benefit) expense | 40,719 | 104,298 | 115,033 | 225,934 | |
Total amounts reclassified, net of tax | 465 | 258 | 1,072 | 756 | |
Gains and Losses on Cash Flow Hedges | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total amounts reclassified, net of tax | 310 | 257 | 913 | 753 | |
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total, pre-tax | 407 | 407 | 1,207 | 1,208 | |
Tax (benefit) expense | (97) | (150) | (294) | (455) | |
Total, net of tax | 310 | 257 | 913 | 753 | |
Gains and Losses on Cash Flow Hedges | Interest Rate Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest charges | [1] | 407 | 407 | 1,207 | 1,208 |
Amortizaton of net loss | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total, pre-tax | [2] | 206 | 2 | 210 | 6 |
Defined Benefit and Postretirement Items | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total amounts reclassified, net of tax | 155 | 1 | 159 | 3 | |
Defined Benefit and Postretirement Items | Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total, pre-tax | 206 | 2 | 210 | 6 | |
Tax benefit | (51) | (1) | (51) | (3) | |
Total amounts reclassified, net of tax | $ 155 | $ 1 | $ 159 | $ 3 | |
[1] | Included in interest charges. | ||||
[2] | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 to the consolidated financial statements for details regarding these benefit plans. |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | $ 1,060,679 | $ 1,030,293 | $ 3,045,843 | $ 3,041,743 | |
Maximum number of months following end of annual period in which revenues are earned to be included in incentive programs | 24 months | ||||
Total revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 993,506 | 984,885 | $ 2,855,635 | 2,904,319 | |
Retail | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 907,083 | 894,721 | 2,582,462 | 2,624,999 | |
Retail | Residential | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 402,805 | 388,555 | 1,190,143 | 1,197,416 | |
Retail | Commercial and Industrial Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 492,456 | 493,929 | 1,356,806 | 1,390,897 | |
Retail | Other Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 11,822 | 12,237 | 35,513 | 36,686 | |
Wholesale Distribution [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 41,200 | 40,443 | 125,238 | 125,598 | |
Transmission Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 16,298 | 14,541 | 41,709 | 42,360 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 28,925 | 35,180 | 106,226 | 111,362 | |
Alternative and Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 67,173 | 45,408 | 190,208 | 137,424 | |
Regulated Electric | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 894,818 | 877,651 | 2,309,475 | 2,319,118 | |
Regulated Electric | Total revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 854,087 | 844,493 | 2,197,963 | 2,227,717 | |
Regulated Electric | Retail | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 785,996 | 771,893 | 1,986,896 | 2,008,611 | |
Regulated Electric | Retail | Residential | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 315,726 | 302,371 | 766,062 | 762,726 | |
Regulated Electric | Retail | Commercial and Industrial Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 458,448 | 457,285 | 1,185,381 | 1,209,262 | |
Regulated Electric | Retail | Other Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 11,822 | 12,237 | 35,453 | 36,623 | |
Regulated Electric | Wholesale Distribution [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 41,200 | 40,443 | 125,238 | 125,598 | |
Regulated Electric | Transmission Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 16,298 | 14,541 | 41,709 | 42,360 | |
Regulated Electric | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 10,593 | 17,616 | 44,120 | 51,148 | |
Regulated Electric | Alternative and Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 40,699 | 33,111 | 111,292 | 91,195 | |
Regulated Natural Gas | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 157,497 | 142,611 | 708,287 | 691,620 | |
Regulated Natural Gas | Total revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 131,854 | 131,215 | 632,306 | 648,442 | |
Regulated Natural Gas | Retail | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 113,522 | 113,651 | 570,200 | 588,228 | |
Regulated Natural Gas | Retail | Residential | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 84,411 | 83,000 | 416,157 | 426,303 | |
Regulated Natural Gas | Retail | Commercial and Industrial Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 29,111 | 30,651 | 154,043 | 161,925 | |
Regulated Natural Gas | Retail | Other Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Regulated Natural Gas | Wholesale Distribution [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Regulated Natural Gas | Transmission Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Regulated Natural Gas | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 18,332 | 17,564 | 62,106 | 60,214 | |
Regulated Natural Gas | Alternative and Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 25,351 | 11,174 | 75,546 | 42,860 | |
All Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 8,688 | 10,300 | 28,736 | 31,529 | |
All Other | Total revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 7,565 | 9,177 | 25,366 | 28,160 | |
All Other | Retail | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 7,565 | 9,177 | 25,366 | 28,160 | |
All Other | Retail | Residential | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 2,668 | 3,184 | 7,924 | 8,387 | |
All Other | Retail | Commercial and Industrial Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 4,897 | 5,993 | 17,382 | 19,710 | |
All Other | Retail | Other Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 60 | 63 | |
All Other | Wholesale Distribution [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
All Other | Transmission Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
All Other | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
All Other | Alternative and Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 1,123 | 1,123 | 3,370 | 3,369 | |
Total revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | [1],[2] | 1,060,679 | 1,030,293 | 3,045,843 | 3,041,743 |
Total revenues | Regulated Electric | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | [2] | 894,786 | 877,604 | 2,309,255 | 2,318,912 |
Total revenues | Regulated Natural Gas | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | 157,205 | 142,389 | 707,852 | 691,302 | |
Total revenues | All Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Total operating revenues | [1] | $ 8,688 | $ 10,300 | $ 28,736 | $ 31,529 |
[1] | Operating revenues include $1 million of other affiliate revenue for the three months ended Sept. 30, 2018 and 2017. | ||||
[2] | Operating revenues include an immaterial amount of affiliate electric revenue for the three months ended Sept. 30, 2018 and 2017. |