Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Entity Registrant Name | PUBLIC SERVICE CO OF COLORADO | ||
Entity Central Index Key | 0000081018 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-03280 | ||
Entity Incorporation, State or Country Code | CO | ||
Entity Tax Identification Number | 84-0296600 | ||
Entity Address, Address Line One | 1800 Larimer, Suite 1100 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 571-7511 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Public Float | $ 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | |||
Electric | $ 3,033 | $ 3,031.2 | $ 3,003.8 |
Natural Gas | 1,160.9 | 1,014.6 | 995.2 |
Steam and other | 43.3 | 40.4 | 43.5 |
Total operating revenues | 4,237.2 | 4,086.2 | 4,042.5 |
Operating expenses | |||
Electric Fuel and Purchased Power | 1,083 | 1,157.2 | 1,126.7 |
Cost of natural Gas Sold and Transported | 526 | 428.4 | 458.7 |
Cost of sales — steam and other | 16.6 | 15.3 | 16.1 |
Operating and maintenance expenses | 809.9 | 787.5 | 760.8 |
Demand side management expenses | 136 | 142.2 | 125 |
Depreciation and amortization | 602.4 | 561.1 | 471.5 |
Taxes (other than income taxes) | 206.5 | 201.9 | 195.7 |
Total operating expenses | 3,380.4 | 3,293.6 | 3,154.5 |
Operating income | 856.8 | 792.6 | 888 |
Other income, net | 3.1 | 2.1 | 7.8 |
Allowance for funds used during construction — equity | 21.7 | 56.4 | 29.8 |
Interest charges and financing costs | |||
Interest charges — includes other financing costs of $6.6, $6.5 and $6.3, respectively | (235.4) | (207.9) | (190.7) |
Allowance for funds used during construction - debt | (11.2) | (22.2) | (11.4) |
Total interest charges and financing costs | 224.2 | 185.7 | 179.3 |
Income before income taxes | 657.4 | 665.4 | 746.3 |
Income taxes | 79.6 | 113.7 | 252.2 |
Net income | $ 577.8 | $ 551.7 | $ 494.1 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest charges and financing costs | |||
Other financing costs | $ 6.6 | $ 6.5 | $ 6.3 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive income: | |||
Net income | $ 577.8 | $ 551.7 | $ 494.1 |
Defined pension and other postretirement benefits: | |||
Net pension and retiree medical gain arising during the period, net of tax of $0.1, $0 and $0, respectively | 0.4 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | (2.7) | 0 | 0 |
Derivative instruments: | |||
Reclassification of loss to net income, net of tax of $0.4, $0.4 and $0.6, respectively | 1.2 | 1.2 | 1 |
Other comprehensive (loss) income | (1.1) | 1.2 | 1 |
Comprehensive income | $ 576.7 | $ 552.9 | $ 495.1 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative instruments: | |||
Reclassification of loss to net income, tax | $ 0.4 | $ 0.4 | $ 0.6 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0.4 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0.9 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 577.8 | $ 551.7 | $ 494.1 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 607 | 566.1 | 475.6 |
Deferred income taxes | 97 | 23.8 | 207.8 |
Allowance for equity funds used during construction | (21.7) | (56.4) | (29.8) |
Provision for bad debts | 16.5 | 16.4 | 14.3 |
Net realized and unrealized hedging and derivative transactions | 62.1 | (6.2) | 2.4 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (21.5) | (42.8) | (2.2) |
Accrued unbilled revenues | 19.6 | (17.7) | 1.3 |
Inventories | (27) | (20.1) | (9.1) |
Prepayments and other | (29) | 12.8 | 0.2 |
Accounts payable | (44) | 68.7 | 20.4 |
Net regulatory assets and liabilities | 34.9 | (14.6) | (22.6) |
Other current liabilities | (0.1) | (12.9) | 71.8 |
Pension and other employee benefit obligations | (47) | (44.2) | (16.5) |
Other, net | 3.3 | (16.3) | (5.9) |
Net cash provided by operating activities | 1,227.9 | 1,008.3 | 1,201.8 |
Investing activities | |||
Utility capital/construction expenditures | (1,690.7) | (1,577.2) | (1,445.9) |
Investments in utility money pool arrangement | (641) | (634) | (954) |
Repayments from utility money pool arrangement | 641 | 654 | 934 |
Other, net | 0 | 0 | (0.7) |
Net cash used in investing activities | (1,690.7) | (1,557.2) | (1,466.6) |
Financing activities | |||
Proceeds from (repayments of) short-term borrowings, net | (307) | 307 | (129) |
Borrowings under utility money pool arrangement | 100 | 780 | 40 |
Repayments under utility money pool arrangement | (61) | (780) | (40) |
Proceeds from issuance of long-term debt | 928.2 | 691.1 | 393.8 |
Repayments of long-term debt | (400) | (300) | 0 |
Capital contributions from parent | 638.2 | 252.1 | 335.6 |
Dividends paid to parent | (457.6) | (375.3) | (333.9) |
Other, net | 0 | (0.1) | (0.1) |
Net cash provided by financing activities | 440.8 | 574.8 | 266.4 |
Net change in cash, cash equivalents and restricted cash | (22) | 25.9 | 1.6 |
Cash, cash equivalents and restricted cash at beginning of period | 33.4 | 7.5 | 5.9 |
Cash, cash equivalents and restricted cash at end of period | 11.4 | 33.4 | 7.5 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of amounts capitalized) | (209.3) | (187.2) | (175) |
Cash (paid) received for income taxes, net | (4.7) | (115.8) | (7.7) |
Supplemental disclosure of non-cash investing transactions: | |||
Accrued property, plant and equipment additions | 233.8 | 142.1 | 199.1 |
Inventory transfers to plant, property and equipment | 32.4 | 37.2 | 26.6 |
Operating lease right-of-use assets | 653.8 | 0 | 0 |
Allowance for Equity Funds Used During Construction | $ 21.7 | $ 56.4 | $ 29.8 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 11.4 | $ 33.4 | |
Accounts receivable, net | 303.9 | 310.3 | |
Accounts receivable from affiliates | 52.7 | 80.8 | |
Accrued unbilled revenues | 293.9 | 313.5 | |
Inventories | 192 | 197.4 | |
Regulatory assets | 64 | 120.6 | |
Derivative instruments | 7.2 | 42.6 | |
Prepayments and other | 55.9 | 23.8 | |
Total current assets | 981 | 1,122.4 | |
Property, plant and equipment, net | 16,155 | 15,120 | |
Other assets | |||
Regulatory assets | 1,038.1 | 1,010.7 | |
Derivative instruments | 0 | 1.2 | |
Operating lease, right-of-use assets | 574 | 0 | |
Other | 259.4 | 37.2 | |
Total other assets | 1,871.5 | 1,049.1 | |
Total assets | 19,007.5 | 17,291.5 | |
Current liabilities | |||
Current portion of long-term debt | 400 | 406.2 | |
Borrowings Payable Under Utility Money Pool Arrangement | 39 | 0 | |
Short-term debt | 0 | 307 | |
Accounts payable | 573.3 | 503.4 | |
Accounts payable to affiliates | 43.9 | 46 | |
Regulatory liabilities | [1] | 69.2 | 67.3 |
Taxes accrued | 202.1 | 202 | |
Accrued interest | 53.4 | 43.2 | |
Dividends payable to parent | 111.5 | 91.5 | |
Derivative instruments | 8.7 | 34.6 | |
Operating Lease, Liability, Current | 85.8 | 0 | |
Other | 98.8 | 101.5 | |
Total current liabilities | 1,685.7 | 1,802.7 | |
Deferred credits and other liabilities | |||
Deferred income taxes | 1,850.8 | 1,719.3 | |
Deferred investment tax credits | 22.8 | 25.3 | |
Regulatory liabilities | [1] | 2,036.8 | 2,021.5 |
Asset retirement obligations | 324 | 338.7 | |
Derivative instruments | 52.5 | 0.6 | |
Customer advances | 173.6 | 168.1 | |
Pension and employee benefit obligations | 211.9 | 275.3 | |
Noncurrent operating and finance lease liabilities | 517.6 | 0 | |
Other | 150.9 | 50.4 | |
Total deferred credits and other liabilities | 5,340.9 | 4,599.2 | |
Capitalization | |||
Long-term debt | 4,984.7 | 4,591.4 | |
Common stock — 100 shares authorized at $0.01 par value; 100 shares outstanding at Dec. 31, 2019 and 2018, respectively | 0 | 0 | |
Additional paid in capital | 4,939.4 | 4,340.5 | |
Retained earnings | 2,083.4 | 1,983.2 | |
Accumulated other comprehensive loss | (26.6) | (25.5) | |
Total common stockholder’s equity | 6,996.2 | 6,298.2 | |
Total liabilities and equity | $ 19,007.5 | $ 17,291.5 | |
[1] | Revenue subject to refund of $16.2 million for 2018 was included in other current liabilities and none for 2019. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Capitalization | ||
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 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Millions | Total | Common stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance (in shares) at Dec. 31, 2016 | 100 | ||||
Beginning Balance at Dec. 31, 2016 | $ 5,269.5 | $ 0 | $ 3,633.2 | $ 1,659.3 | $ (23) |
Increase (Decrease) in Stockholder's Equity | |||||
Net income | 494.1 | 494.1 | |||
Other comprehensive (loss) income | 1 | 1 | |||
Common dividends declared to parent | 335.9 | 335.9 | |||
Contribution of capital by parent | 399.6 | 399.6 | |||
Adoption of ASU No. 2018-02 | 0 | 4.7 | (4.7) | ||
Balance (in shares) at Dec. 31, 2017 | 100 | ||||
Ending Balance at Dec. 31, 2017 | 5,828.3 | $ 0 | 4,032.8 | 1,822.2 | (26.7) |
Increase (Decrease) in Stockholder's Equity | |||||
Net income | 551.7 | 551.7 | |||
Other comprehensive (loss) income | 1.2 | 1.2 | |||
Common dividends declared to parent | 390.7 | 390.7 | |||
Contribution of capital by parent | $ 307.7 | 307.7 | |||
Balance (in shares) at Dec. 31, 2018 | 100 | 100 | |||
Ending Balance at Dec. 31, 2018 | $ 6,298.2 | $ 0 | 4,340.5 | 1,983.2 | (25.5) |
Increase (Decrease) in Stockholder's Equity | |||||
Net income | 577.8 | 577.8 | |||
Other comprehensive (loss) income | (1.1) | (1.1) | |||
Common dividends declared to parent | 477.6 | 477.6 | |||
Contribution of capital by parent | $ 598.9 | 598.9 | |||
Balance (in shares) at Dec. 31, 2019 | 100 | 100 | |||
Ending Balance at Dec. 31, 2019 | $ 6,996.2 | $ 0 | $ 4,939.4 | $ 2,083.4 | $ (26.6) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | neral — PSCo is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity and in the regulated purchase, transportation, distribution and sale of natural gas. PSCo’s consolidated financial statements include its wholly-owned subsidiaries. In the consolidation process, all intercompany transactions and balances are eliminated. PSCo has investments in several plants and transmission facilities jointly owned with nonaffiliated utilities. PSCo’s proportionate share of jointly owned facilities is recorded as property, plant and equipment on the consolidated balance sheets, and PSCo’s proportionate share of the operating costs associated with these facilities is included in its consolidated statements of income. PSCo’s consolidated financial statements are presented in accordance with GAAP. All of PSCo’s underlying accounting records also conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions. Certain amounts in the 2018 and 2017 consolidated financial statements or notes have been reclassified to conform to the 2019 presentation for comparative purposes; however, such reclassifications did not affect net income, total assets, liabilities, equity or cash flows. PSCo has evaluated events occurring after Dec. 31, 2019 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. Use of Estimates — PSCo uses estimates based on the best information available in recording transactions and balances resulting from business operations. Estimates are used on items such as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. Recorded estimates are revised when better information becomes available or actual amounts can be determined. Revisions can affect operating results. Regulatory Accounting — PSCo accounts for income and expense items in accordance with accounting guidance for regulated operations . Under this guidance: • Certain costs, which would otherwise be charged to expense or other comprehensive income, are deferred as regulatory assets based on the expected ability to recover the costs in future rates; and • Certain credits, which would otherwise be reflected as income or other comprehensive income, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred. Estimates of recovering deferred costs and returning deferred credits are based on specific ratemaking decisions or precedent for each item. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If changes in the regulatory environment occur, PSCo may no longer be eligible to apply this accounting treatment and may be required to eliminate regulatory assets and liabilities from its balance sheet. Such changes could have a material effect on PSCo’s results of operations, financial condition and cash flows. See Note 4 for further information. Income Taxes — PSCo accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. PSCo defers income taxes for all temporary differences between pretax financial and taxable income and between the book and tax bases of assets and liabilities. PSCo uses rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. The effects of PSCo’s tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most of its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability, which will be refundable to utility customers over the remaining life of the related assets. A tax rate increase would result in the establishment of a similar regulatory asset. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize it over the book depreciable lives of the related property. The requirement to defer and amortize tax credits only applies to federal ITCs related to public utility property. Utility rate regulation also has resulted in the recognition of regulatory assets and liabilities related to income taxes. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. PSCo follows the applicable accounting guidance to measure and disclose uncertain tax positions that it has taken or expects to take in its income tax returns. PSCo recognizes a tax position in its consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax expense. PSCo reports interest and penalties related to income taxes within the other income and interest charges in the consolidated statements of income. Xcel Energy Inc. and its subsidiaries, including PSCo, file consolidated federal income tax returns as well as consolidated or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to its subsidiaries based on separate company computations. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with consolidated state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries. See Note 7 for further information. Property, Plant and Equipment and Depreciation in Regulated Operations — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs are charged to expense as incurred. Maintenance and replacement of items determined to be less than a unit of property are charged to operating expenses as incurred. Planned maintenance activities are charged to operating expense unless the cost represents the acquisition of an additional unit of property or the replacement of an existing unit of property. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. PSCo records depreciation expense using the straight-line method over the plant’s useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 2.9% in 2019, 2.6% in 2018 and 2.7% in 2017. See Note 3 for further information. AROs — PSCo accounts for AROs under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion, and the capitalized costs are depreciated over the useful life of the long-lived asset. Changes resulting from revisions to the timing or amount of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. PSCo also recovers through rates certain future plant removal costs in addition to AROs. The accumulated removal costs for these obligations are reflected in the consolidated balance sheets as a regulatory liability. See Note 10 for further information. Benefit Plans and Other Postretirement Benefits — PSCo maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans requires management to make various assumptions and estimates. Certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are deferred as regulatory assets and liabilities, rather than recorded as other comprehensive income, based on regulatory recovery mechanisms. See Note 9 for further information. Environmental Costs — Environmental costs are recorded when it is probable PSCo is liable for remediation costs and the liability can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. If an environmental expense is related to facilities currently in use, such as emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs are regularly adjusted as estimates are revised and remediation proceeds. If other participating potentially responsible parties exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for PSCo’s expected share of the cost. Future costs of restoring sites are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 10 for further information. Revenue from Contracts with Customers — Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. PSCo recognizes revenue that corresponds 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. PSCo does not recognize a separate financing component of its collections from customers as contract terms are short-term in nature. PSCo presents its revenues net of any excise or sales taxes or fees. See Note 6 for further information. Cash and Cash Equivalents — PSCo considers investments in instruments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. PSCo establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. As of Dec. 31, 2019 and 2018, the allowance for bad debts was $21.0 million and $20.5 million , respectively. Inventory — Inventory is recorded at average cost and consisted of the following: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 62.6 $ 61.9 Fuel 77.1 69.5 Natural gas 52.3 66.0 Total inventories $ 192.0 $ 197.4 Fair Value Measurements — PSCo presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its consolidated financial statements. Cash equivalents are recorded at cost plus accrued interest; money market funds are measured using quoted NAVs. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used to establish fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price, PSCo may use quoted prices for similar contracts or internally prepared valuation models to determine fair value. For the pension and postretirement plan assets, published trading data and pricing models, generally using the most observable inputs available, are utilized to estimate fair value for each security. See Notes 8 and 9 for further information. Derivative Instruments — PSCo uses derivative instruments in connection with its interest rate, utility commodity price, vehicle fuel price and commodity trading activities, including forward contracts, futures, swaps and options. Any derivative instruments not qualifying for the normal purchases and normal sales exception are recorded on the consolidated balance sheets at fair value as derivative instruments. Classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. Classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Gains or losses on commodity trading transactions are recorded as a component of electric operating revenues; hedging transactions for vehicle fuel costs are recorded as a component of capital projects and O&M costs; and interest rate hedging transactions are recorded as a component of interest expense. Normal Purchases and Normal Sales — PSCo enters into contracts for purchases and sales of commodities for use in its operations. At inception, contracts are evaluated to determine whether a derivative exists and/or whether an instrument may be exempted from derivative accounting if designated as a normal purchase or normal sale. See Note 8 for further information. Commodity Trading Operations — All applicable gains and losses related to commodity trading activities are shown on a net basis in electric operating revenues in the consolidated statements of income. Commodity trading activities are not associated with energy produced from PSCo’s generation assets or energy and capacity purchased to serve native load. Commodity trading contracts are recorded at fair market value and commodity trading results include the impact of all margin-sharing mechanisms. See Note 8 for further information. Other Utility Items AFUDC — AFUDC represents the cost of capital used to finance utility construction activity. AFUDC is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in PSCo’s rate base for establishing utility rates. Alternative Revenue — Certain rate rider mechanisms (including DSM programs) qualify as alternative revenue programs. 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 expected collection within 24 months , revenue is recognized equal to the revenue requirement, which may include incentives and return on rate base items. Billing amounts are revised periodically for differences between total amount collected and revenue earned, which may increase or decrease the level of revenue collected from customers. Alternative revenues arising from these programs are presented on a gross basis and disclosed separately from revenue from contracts with customers. See Note 6 for further information. Conservation Programs — PSCo has implemented programs to assist its retail customers in conserving energy and reducing peak demand on the electric and natural gas systems. These programs include approximately 20 unique DSM products, pilots and services for C&I customers, as well as approximately 23 DSM products, pilots and services for residential and low-income customers. Overall, the DSM portfolio provides rebates and/or incentives for nearly 1,000 unique measures. The costs incurred for DSM programs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Revenues recognized for incentive programs designed for recovery of DSM program costs and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the annual period in which they are earned. PSCo’s DSM program costs are recovered through a combination of base rate revenue and rider mechanisms. Regulatory assets are recognized to reflect the amount of costs or earned incentives that have not yet been collected from customers. Emission Allowances — Emission allowances are recorded at cost, including broker commission fees. The inventory accounting model is utilized for all emission allowances and sales of these allowances are included in electric revenues. RECs — Cost of RECs that are utilized for compliance is recorded as electric fuel and purchased power expense. PSCo records that cost as a regulatory asset when the amount is recoverable in future rates. Sales of RECs are recorded in electric revenues on a gross basis. Cost of these RECs and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense. |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Recently Issued Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. ASC Topic 326 is effective for interim and annual periods beginning on or after Dec. 15, 2019 and will be applied using a modified-retrospective approach, with a cumulative-effect adjustment to retained earnings as of Jan. 1, 2020. PSCo expects the impact of adoption of the new standard to include first-time recognition of expected credit losses (i.e., bad debt expense) on unbilled revenues, with the initial allowance established at Jan. 1, 2020 charged to retained earnings. Recognition of this allowance and other impacts of adoption are expected to be immaterial to the consolidated financial statements. Recently Adopted Leases — In 2016, the FASB issued Leases , Topic 842 (ASC Topic 842) , which provides new accounting and disclosure guidance for leasing activities, most significantly requiring that operating leases be recognized on the balance sheet. PSCo adopted the guidance on Jan. 1, 2019 utilizing the package of transition practical expedients provided by the new standard, including carrying forward prior conclusions on whether agreements existing before the adoption date contain leases and whether existing leases are operating or finance leases; ASC Topic 842 refers to capital leases as finance leases. Specifically for land easement contracts, PSCo has elected the practical expedient provided by ASU No. 2018-01 Leases: Land Easement Practical Expedient for Transition to Topic 842 , and as a result, only those easement contracts entered on or after Jan. 1, 2019 will be evaluated to determine if lease treatment is appropriate. PSCo also utilized the transition practical expedient offered by ASU No. 2018-11 Leases: Targeted Improvements to implement the standard on a prospective basis. As a result, reporting periods in the consolidated financial statements beginning Jan. 1, 2019 reflect the implementation of ASC Topic 842, while prior periods continue to be reported in accordance with Leases, Topic 840 (ASC Topic 840) . Other than first-time recognition of operating leases on its consolidated balance sheet, the implementation of ASC Topic 842 did not have a significant impact on PSCo’s consolidated financial statements. Adoption resulted in recognition of approximately $0.7 billion of operating lease ROU assets and current/noncurrent operating lease liabilities. See Note 10 for leasing disclosures. |
Property Plant and Equipment Pr
Property Plant and Equipment Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Major classes of property, plant and equipment (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Property, plant and equipment, net Electric plant $ 14,361.9 $ 13,604.5 Natural gas plant 4,631.4 4,387.6 Common and other property 1,113.5 1,023.7 Plant to be retired (a) 259.9 321.9 CWIP 912.7 573.3 Total property, plant and equipment 21,279.4 19,911.0 Less accumulated depreciation (5,124.4 ) (4,791.0 ) Property, plant and equipment, net $ 16,155.0 $ 15,120.0 (a) In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. Joint Ownership of Generation, Transmission and Gas Facilities Jointly owned assets as of Dec. 31, 2019 : (Millions of Dollars) Plant in Service Accumulated CWIP Percent Owned Electric generation: Hayden Unit 1 $ 152.5 $ 80.9 $ 0.2 76 % Hayden Unit 2 149.0 70.8 0.2 37 Hayden common facilities 41.4 22.0 — 53 Craig Units 1 and 2 80.9 41.4 0.3 10 Craig common facilities 39.1 21.7 0.1 7 Comanche Unit 3 886.7 148.6 0.6 67 Comanche common facilities 28.9 3.0 0.1 82 Electric transmission: Transmission and other facilities 173.7 61.7 0.9 Various Gas transmission: Rifle, CO to Avon, CO 22.2 7.4 — 60 Gas transmission compressor 8.5 1.0 — 50 Total $ 1,582.9 $ 458.5 $ 2.4 PSCo’s share of operating expenses and construction expenditures is included in the applicable utility accounts. Respective owners are responsible for providing their own financing. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory assets and liabilities are created for amounts that regulators may allow to be collected or may require to be paid back to customers in future electric and natural gas rates. PSCo would be required to recognize the write-off of regulatory assets and liabilities in net income or other comprehensive income if changes in the utility industry no longer allow for the application of regulatory accounting guidance under GAAP. Components of regulatory assets: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2019 Dec. 31, 2018 Regulatory Assets Current Noncurrent Current Noncurrent Pension and retiree medical obligations 9 Various $ 22.7 $ 493.6 $ 26.1 $ 559.0 Depreciation differences One to twelve years 14.6 139.6 17.5 107.0 Net AROs (a) 1, 10 Plant lives — 119.0 — 98.9 Recoverable deferred taxes on AFUDC recorded in plant Plant lives — 104.7 — 101.9 Excess deferred taxes — TCJA 7 Various 3.2 55.3 — 62.0 Property tax Various 1.4 30.4 5.6 9.8 Purchased power contract costs Term of related contract 2.1 24.3 1.7 26.3 Conservation programs (b) 1 One to two years 8.4 11.0 7.3 6.5 Gas pipeline inspection costs One to two years — 7.9 0.7 3.1 Losses on reacquired debt Term of related debt 1.1 4.2 1.2 3.7 Contract valuation adjustments (c) 1, 8 Term of related contract 3.4 — 2.6 — Recoverable purchased natural gas and electric energy costs Less than one year — — 51.2 — Other Various 7.1 48.1 6.7 32.5 Total regulatory assets $ 64.0 $ 1,038.1 $ 120.6 $ 1,010.7 (a) Includes amounts recorded for future recovery of AROs. (b) Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. (c) Includes the fair value of certain long-term PPAs used to meet energy capacity requirements and valuation adjustments on natural gas commodity purchases. Components of regulatory liabilities: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2019 Dec. 31, 2018 Regulatory Liabilities Current Noncurrent Current Noncurrent Deferred income tax adjustments and TCJA refunds (a) 7 Various $ 4.8 $ 1,403.2 $ 0.8 $ 1,441.6 Plant removal costs 1, 10 Plant lives — 350.8 — 344.4 Effects of regulation on employee benefit costs (b) Various — 183.2 — 126.9 Renewable resources and environmental initiatives Various — 44.9 — 54.0 ITC deferrals (c) 1 Various — 26.1 — 27.5 Deferred electric, natural gas and steam production costs Less than one year 7.7 — 7.2 — Conservation programs (d) 1 Less than one year 30.2 — 29.8 — Other Various 26.5 28.6 29.5 27.1 Total regulatory liabilities (e) $ 69.2 $ 2,036.8 $ 67.3 $ 2,021.5 (a) Includes the revaluation of recoverable/regulated plant ADIT and revaluation impact of non-plant ADIT due to the TCJA. (b) Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset. (c) Includes impact of lower federal tax rate due to the TCJA. (d) Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. (e) Revenue subject to refund of $16.2 million for 2018 was included in other current liabilities and none for 2019. At Dec. 31, 2019 and 2018, PSCo’s regulatory assets not earning a return primarily included the unfunded portion of pension and retiree medical obligations and net AROs. In addition, PSCo’s regulatory assets included $160.0 million and $188.7 million at Dec. 31, 2019 and 2018, respectively, of past expenditures not earning a return. Amounts primarily related to funded pension obligations, property taxes, various renewable resources and certain environmental initiatives. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Short-Term Borrowings PSCo meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. 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: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2019 Year Ended Dec. 31 2019 2018 2017 Borrowing limit $ 250 $ 250 $ 250 $ 250 Amount outstanding at period end 39 39 — — Average amount outstanding — 7 25 — Maximum amount outstanding 39 50 156 20 Weighted average interest rate, computed on a daily basis 1.63 % 2.29 % 1.93 % 0.92 % Weighted average interest rate at end of period 1.63 1.63 N/A N/A Commercial Paper — Commercial paper borrowings for PSCo were as follows: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2019 Year Ended Dec. 31 2019 2018 2017 Borrowing limit $ 700 $ 700 $ 700 $ 700 Amount outstanding at period end — — 307 — Average amount outstanding — 154 55 54 Maximum amount outstanding — 432 309 268 Weighted average interest rate, computed on a daily basis N/A 2.67 % 2.28 % 1.08 % Weighted average interest rate at end of period N/A N/A 2.95 N/A Letters of Credit — PSCo uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. As of Dec. 31, 2019 and 2018 , there were $9 million and $10 million letters of credit outstanding, respectively 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. Amended Credit Agreement — In June 2019, PSCo entered into an amended five-year credit agreement with a syndicate of banks. The amended credit agreements have substantially the same terms and conditions as the prior credit agreements with the exception of the maturity, which was extended from June 2021 to June 2024. Features of PSCo’s credit facility: Debt-to-Total Capitalization Ratio (a) Amount Facility May Be Increased (millions) Additional Periods for Which a One-Year Extension May Be Requested (b) 2019 2018 44 % 46 % $ 100 2 (a) The PSCo financial covenant requires that the debt-to-total capitalization ratio be less than or equal to 65% . (b) All extension requests are subject to majority bank group approval. The credit facility has a cross-default provision that provides PSCo will be in default on its borrowings under the facility if PSCo or any of its subsidiaries whose total assets exceed 15 percent of PSCo’s consolidated total assets, default on indebtedness in an aggregate principal amount exceeding $75 million . If PSCo does not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. As of Dec. 31, 2019 , PSCo was in compliance with all financial covenants. PSCO had the following committed credit facilities available as of Dec. 31, 2019 (millions): Credit Facility (a) Drawn (b) Available $ 700 $ 9 $ 691 (a) This credit facility matures in June 2024 . (b) Includes letters of credit and outstanding commercial paper. 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 facility outstanding at Dec. 31, 2019 and 2018 . Long-Term Borrowings and Other Financing Instruments Generally, property of PSCo is subject to the liens of its first mortgage indenture. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses for refinanced debt are deferred and amortized over the life of the new issuance. Long-term debt obligations for PSCo as of Dec. 31 (millions of dollars): Financing Instrument Interest Rate Maturity Date 2019 2018 First mortgage bonds (d) 5.13 % June 1, 2019 $ — $ 400 First mortgage bonds 3.20 Nov. 15, 2020 400 400 First mortgage bonds 2.25 Sept. 15, 2022 300 300 First mortgage bonds 2.50 March 15, 2023 250 250 First mortgage bonds 2.90 May 15, 2025 250 250 First mortgage bonds (b) 3.70 June 15, 2028 350 350 First mortgage bonds 6.25 Sept. 1, 2037 350 350 First mortgage bonds 6.50 Aug. 1, 2038 300 300 First mortgage bonds 4.75 Aug. 15, 2041 250 250 First mortgage bonds 3.60 Sept. 15, 2042 500 500 First mortgage bonds 3.95 March 15, 2043 250 250 First mortgage bonds 4.30 March 15, 2044 300 300 First mortgage bonds 3.55 June 15, 2046 250 250 First mortgage bonds 3.80 June 15, 2047 400 400 First mortgage bonds (b) 4.10 June 15, 2048 350 350 First mortgage bonds (a) 4.05 Sept. 15, 2049 400 — First mortgage bonds (a) 3.20 March 1, 2050 550 — Capital lease obligations (c) 11.20 - 14.30 2025-2060 — 145 Unamortized discount (24 ) (14 ) Unamortized debt issuance cost (41 ) (33 ) Current maturities (400 ) (406 ) Total long-term debt $ 4,985 $ 4,592 (a) 2019 financing. (b) 2018 financing. (c) PSCo adopted ASC 842 on Jan. 1, 2019, which refers to capital leases as finance leases. Under ASC 842, the present value of future finance lease payments is included in other current liabilities and other noncurrent liabilities rather than debt. (d) Bond was redeemed on March 29, 2019. Maturities of long-term debt: (Millions of Dollars) 2020 $ 400 2021 — 2022 300 2023 250 2024 — Deferred Financing Costs — Deferred financing costs of approximately $41 million and $33 million , net of amortization, are presented as a deduction from the carrying amount of long-term debt as of Dec. 31, 2019 and 2018 , respectively. PSCo is amortizing these financing costs over the remaining maturity periods of the related debt. Capital Stock — PSCo has authorized the issuance of preferred stock. Preferred Par Value Preferred 10,000,000 $ 0.01 — Dividend Restrictions — PSCo’s dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts. Dividends are solely to be paid from retained earnings. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | venue is classified by the type of goods/services rendered and market/customer type. PSCo’s operating revenues consisted of the following: Year Ended Dec. 31, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,005.5 $ 750.1 $ 11.2 $ 1,766.8 C&I 1,579.5 281.2 27.7 1,888.4 Other 50.0 — — 50.0 Total retail 2,635.0 1,031.3 38.9 3,705.2 Wholesale 166.5 — — 166.5 Transmission 51.7 — — 51.7 Other 31.8 107.3 — 139.1 Total revenue from contracts with customers 2,885.0 1,138.6 38.9 4,062.5 Alternative revenue and other 148.0 22.3 4.4 174.7 Total revenues $ 3,033.0 $ 1,160.9 $ 43.3 $ 4,237.2 Year Ended Dec. 31, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 991.2 $ 606.5 $ 10.7 $ 1,608.4 C&I 1,560.6 223.5 25.3 1,809.4 Other 47.6 — 0.1 47.7 Total retail 2,599.4 830.0 36.1 3,465.5 Wholesale 174.6 — — 174.6 Transmission 54.2 — — 54.2 Other 54.9 84.0 — 138.9 Total revenue from contracts with customers 2,883.1 914.0 36.1 3,833.2 Alternative revenue and other 148.1 100.6 4.3 253.0 Total revenues $ 3,031.2 $ 1,014.6 $ 40.4 $ 4,086.2 |
Income Taxes Income Taxes
Income Taxes Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Federal Tax Reform — In 2017, the TCJA was signed into law. The key provisions impacting Xcel Energy (which includes PSCo), generally beginning in 2018, included: • Corporate federal tax rate reduction from 35% to 21% ; • Normalization of resulting plant-related excess deferred taxes; • Elimination of the corporate alternative minimum tax; • Continued interest expense deductibility and discontinued bonus depreciation for regulated public utilities; • Limitations on certain executive compensation deductions; • Limitations on certain deductions for NOLs arising after Dec. 31, 2017 (limited to 80% of taxable income); • Repeal of the section 199 manufacturing deduction; and • Reduced deductions for meals and entertainment as well as state and local lobbying. Xcel Energy estimated the effects of the TCJA, which have been reflected in the consolidated financial statements. Reductions in deferred tax assets and liabilities due to a decrease in corporate federal tax rates typically result in a net tax benefit. However, the impacts are primarily recognized as regulatory liabilities refundable to utility customers as a result of IRS requirements and past regulatory treatment. Estimated impacts of the new tax law for PSCo in December 2017 included: • $1.1 billion ( $1.5 billion grossed-up for tax) of reclassifications of plant-related excess deferred taxes to regulatory liabilities upon valuation at the new 21% federal rate. The regulatory liabilities will be amortized consistent with IRS normalization requirements, resulting in customer refunds over the average remaining life of the related property; • $54 million and $50 million of reclassifications (grossed-up for tax) of excess deferred taxes for non-plant related deferred tax assets and liabilities, respectively, to regulatory assets and liabilities; and • $18 million of total estimated income tax benefit related to the federal tax reform implementation, and a $4 million reduction to net income related to the allocation of Xcel Energy Services Inc.’s tax rate change on its deferred taxes. Xcel Energy accounted for the state tax impacts of federal tax reform based on enacted state tax laws. Any future state tax law changes related to the TCJA will be accounted for in the periods state laws are enacted. Federal Audit — PSCo is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2013 June 2020 2014 - 2016 September 2020 In 2015, the IRS commenced an examination of tax years 2012 and 2013 . In 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. Xcel Energy filed a protest with the IRS. As of Dec. 31, 2019, the case has been forwarded to the Office of 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. In the fourth quarter of 2018, the IRS began an audit of tax years 2014 - 2016 . As of Dec. 31, 2019 no adjustments have been proposed. State Audits — PSCo is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of Dec. 31, 2019, 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 Tax Benefits — Unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which 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 to the taxing authority to an earlier period. Unrecognized tax benefits - permanent vs temporary: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Unrecognized tax benefit — Permanent tax positions $ 7.4 $ 5.4 Unrecognized tax benefit — Temporary tax positions 4.6 4.9 Total unrecognized tax benefit $ 12.0 $ 10.3 Changes in unrecognized tax benefits: (Millions of Dollars) 2019 2018 2017 Balance at Jan. 1 $ 10.3 $ 10.1 $ 19.7 Additions based on tax positions related to the current year 1.4 1.1 1.9 Reductions based on tax positions related to the current year (0.2 ) (0.3 ) (1.5 ) Additions for tax positions of prior years 0.5 0.4 4.4 Reductions for tax positions of prior years — (0.1 ) (14.4 ) Settlements with taxing authorities — (0.9 ) — Balance at Dec. 31 $ 12.0 $ 10.3 $ 10.1 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 NOL and tax credit carryforwards $ (8.3 ) $ (5.6 ) Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credits carryforwards were $5.0 million and $2.0 million for Dec. 31, 2019 and Dec. 31, 2018, respectively. As the IRS Appeals and federal audit progress and state audits resume, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $8.7 million in the next 12 months. Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. Interest payable related to unrecognized tax benefits: (Millions of Dollars) 2019 2018 2017 Payable for interest related to unrecognized tax benefits at Jan. 1 $ (0.7 ) $ (0.3 ) $ (1.1 ) Interest (expense) income related to unrecognized tax benefits (0.4 ) (0.4 ) 0.8 Payable for interest related to unrecognized tax benefits at Dec. 31 $ (1.1 ) $ (0.7 ) $ (0.3 ) No amounts were accrued for penalties related to unrecognized tax benefits as of Dec. 31, 2019, 2018 or 2017. Other Income Tax Matters — NOL amounts represent the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows: (Millions of Dollars) 2019 2018 Federal tax credit carryforwards $ 83.2 $ 35.0 State NOL carryforwards 388.1 484.7 State tax credit carryforwards, net of federal detriment (a) 17.6 16.9 Valuation allowances for state credit carryforwards, net of federal benefit (b) (8.0 ) (8.9 ) (a) State tax credit carryforwards are net of federal detriment of $4.7 million and $4.5 million as of Dec. 31, 2019 and 2018, respectively. (b) Valuation allowances for state tax credit carryforwards were net of federal benefit of $2.1 million and $2.4 million as of Dec. 31, 2019 and 2018, respectively. Federal carryforward periods expire between 2023 and 2039 and state carryforward periods expire between 2020 and 2033 . 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. Effective income tax rate for years ended Dec. 31: 2019 2018 (a) 2017 (a) Federal statutory rate 21.0 % 21.0 % 35.0 % State income tax on pretax income, net of federal tax effect 3.6 % 3.7 % 3.0 % Increases (decreases) in tax from: Wind PTCs (7.5 ) (0.6 ) — Plant regulatory differences (b) (3.3 ) (4.5 ) (1.0 ) Other tax credits, net of NOL & tax credit allowances (1.3 ) (0.6 ) (0.9 ) Amortization of excess nonplant deferred taxes (0.2 ) (1.4 ) — Change in unrecognized tax benefits 0.3 0.1 0.2 Tax reform — — (2.4 ) Other, net (0.5 ) (0.6 ) (0.1 ) Effective income tax rate 12.1 % 17.1 % 33.8 % (a) Prior periods have been reclassified to conform to current year presentation. (b) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions and additional prepaid pension asset amortization. Components of income tax expense for the years ended Dec. 31: (Millions of Dollars) 2019 2018 2017 Current federal tax (benefit) expense $ (8.9 ) $ 79.5 $ 40.4 Current state tax (benefit) expense (5.0 ) 14.2 14.6 Current change in unrecognized tax benefit (1.0 ) (1.3 ) (7.8 ) Deferred federal tax expense 60.9 4.9 176.4 Deferred state tax expense 33.1 16.6 22.5 Deferred change in unrecognized tax expense 3.0 2.3 8.9 Deferred ITCs (2.5 ) (2.5 ) (2.8 ) Total income tax expense $ 79.6 $ 113.7 $ 252.2 Components of deferred income tax expense as of Dec. 31: (Millions of Dollars) 2019 2018 2017 Deferred tax expense (benefit) excluding items below $ 131.5 $ 74.8 $ (1,244.7 ) Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities (34.9 ) (50.6 ) 1,453.1 Tax benefit (expense) allocated to other comprehensive income, net of adoption of ASU No. 2018-02, and other 0.4 (0.4 ) (0.6 ) Deferred tax expense $ 97.0 $ 23.8 $ 207.8 Components of the net deferred tax liability as of Dec. 31: (Millions of Dollars) 2019 2018 (a) Deferred tax liabilities: Differences between book and tax bases of property $ 2,039.1 $ 1,860.1 Regulatory assets 253.1 251.1 Operating lease assets 147.9 — Pension expense and other employee benefits 21.5 31.1 Other 8.3 1.7 Total deferred tax liabilities $ 2,469.9 $ 2,144.0 Deferred tax assets: Regulatory liabilities $ 327.2 $ 336.3 Operating lease liabilities 147.9 — Tax credit carryforward 100.8 51.9 NOL carryforward 14.3 18.2 Rate refund 6.1 9.3 Deferred ITCs 5.6 6.3 Tax credit valuation allowances (8.0 ) (8.9 ) Other 25.2 11.6 Total deferred tax assets $ 619.1 $ 424.7 Net deferred tax liability $ 1,850.8 $ 1,719.3 (a) Prior periods have been reclassified to conform to current year presentation. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
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 disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. • Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. • Level 2 — Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. • Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAV. 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 relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated and may result in Level 3 classification. 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. As of Dec. 31, 2019 , 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 is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in activities governed by this policy. Commodity Derivatives — 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. No amounts related to the ineffectiveness of cash flow hedges were recorded for the years ended Dec. 31, 2019 and 2018 . As of Dec. 31, 2019 , there were no net gains related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses or related amounts expected to be reclassified into earnings during the next 12 months. 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. Gross notional amounts of commodity forwards and options at Dec. 31: (Amounts in Millions) (a)(b) 2019 2018 MWh of electricity 9.3 24.4 MMBtu of natural gas 32.2 48.4 (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. 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. The impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. 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 Dec. 31, 2019 , five of PSCo’s 10 most significant counterparties for these activities, comprising $110.1 million or 78% 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 $15.7 million or 11% 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. Eight of these significant counterparties are municipal or cooperative electric entities, ISOs or other utilities. Qualifying Cash Flow Hedges — Financial impact of qualifying interest rate and vehicle fuel cash flow hedges on PSCo’s accumulated other comprehensive loss, included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income: (Millions of Dollars) 2019 2018 2017 Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 $ (25.3 ) $ (26.5 ) $ (22.8 ) After-tax net realized losses on derivative transactions reclassified into earnings 1.2 1.2 1.0 Adoption of ASU No. 2018-02 (a) — — (4.7 ) Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 $ (24.1 ) $ (25.3 ) $ (26.5 ) (a) In 2017, PSCo implemented ASU No. 2018-02 related to TCJA, which resulted in reclassification of certain credit balances within net accumulated other comprehensive loss to retained earnings. Impact of derivative activity: Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Regulatory (Assets) and Liabilities Year to date Dec. 31, 2019 Other derivative instruments Natural gas commodity $ — $ (5.3 ) Total $ — $ (5.3 ) Year to date Dec. 31, 2018 Other derivative instruments Natural gas commodity $ — $ 8.0 Total $ — $ 8.0 Year to date Dec. 31, 2017 Other derivative instruments Natural gas commodity $ — $ (10.9 ) Total $ — $ (10.9 ) Pre-Tax (Gains) Losses (Millions of Dollars) Accumulated Loss Regulatory (Liabilities) Pre-Tax Gains (Losses) Recognized Year to date Dec. 31, 2019 Derivatives designated as cash flow hedges Interest rate $ 1.6 (a) $ — $ — Total $ 1.6 $ — $ — Other derivative instruments . Commodity trading $ — $ — $ 3.1 (c) Natural gas commodity — 0.6 (d) (3.9 ) (d) Total $ — $ 0.6 $ (0.8 ) Year to date Dec. 31, 2018 Derivatives designated as cash flow hedges Interest rate $ 1.6 (a) $ — $ — Total $ 1.6 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 3.1 (c) Natural gas commodity — (4.1 ) (d) (2.9 ) (d) Total $ — $ (4.1 ) $ 0.2 Year to date Dec. 31, 2017 Derivatives designated as cash flow hedges Interest rate $ 1.6 (a) $ — $ — Total $ 1.6 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 0.4 (c) Natural gas commodity — 1.9 (d) (4.2 ) (d) Total $ — $ 1.9 $ (3.8 ) (a) Amounts are recorded to interest charges. (b) Amounts are recorded to O&M expenses. (c) 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. (d) Amounts for the year ended Dec. 31, 2019 , 2018 and 2017 included no settlement gains or losses, $1.2 million of settlement losses and $0.4 million of settlement gains, respectively, on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset or liability, as appropriate. Remaining settlement losses for the years ended Dec. 31, 2019 , 2018 and 2017 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These 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 years ended Dec. 31, 2019 , 2018 and 2017 . 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 consolidated balance sheets, 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 if there was a failure under other financing arrangements related to payment terms or other covenants. At Dec. 31, 2019 and 2018 , there were no derivative instruments in a 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 Dec. 31, 2019 and 2018 . Recurring Fair Value Measurements — The following table presents, for each of the fair value hierarchy levels, PSCo’s derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2019 and 2018 : Dec. 31, 2019 Dec. 31, 2018 Fair Value Fair Value (Millions of Dollars) Level 1 Level 2 Level 3 Fair Value Total Netting (a) Total Level 1 Level 2 Level 3 Fair Value Total Netting (a) Total Current derivative assets Other derivative instruments: Commodity trading $ 1.9 $ 11.1 $ 0.9 $ 13.9 $ (10.1 ) $ 3.8 $ 2.3 $ 65.0 $ 0.1 $ 67.4 $ (28.2 ) $ 39.2 Natural gas commodity — 3.4 — 3.4 — 3.4 — 3.4 — 3.4 — 3.4 Total current derivative assets $ 1.9 $ 14.5 $ 0.9 $ 17.3 $ (10.1 ) 7.2 $ 2.3 $ 68.4 $ 0.1 $ 70.8 $ (28.2 ) 42.6 Current derivative instruments $ 7.2 $ 42.6 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 0.4 $ 8.1 $ 1.1 $ 9.6 $ (9.6 ) $ — $ — $ 1.6 $ — $ 1.6 $ (0.4 ) $ 1.2 Total noncurrent derivative assets $ 0.4 $ 8.1 $ 1.1 $ 9.6 $ (9.6 ) — $ — $ 1.6 $ — $ 1.6 $ (0.4 ) 1.2 Noncurrent derivative instruments $ — $ 1.2 Current derivative liabilities Other derivative instruments: Commodity trading $ 1.7 $ 16.7 $ — $ 18.4 $ (13.1 ) $ 5.3 $ 2.4 $ 64.2 $ — $ 66.6 $ (34.7 ) $ 31.9 Natural gas commodity — 3.4 — 3.4 — 3.4 — — — — — — Total current derivative liabilities $ 1.7 $ 20.1 $ — $ 21.8 $ (13.1 ) 8.7 $ 2.4 $ 64.2 $ — $ 66.6 $ (34.7 ) 31.9 PPAs (b) — 2.7 Current derivative instruments $ 8.7 $ 34.6 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 0.4 $ 47.0 $ 14.7 $ 62.1 $ (9.6 ) $ 52.5 $ — $ 1.1 $ — $ 1.1 $ (0.5 ) $ 0.6 Total noncurrent derivative liabilities $ 0.4 $ 47.0 $ 14.7 $ 62.1 $ (9.6 ) 52.5 $ — $ 1.1 $ — $ 1.1 $ (0.5 ) 0.6 Noncurrent derivative instruments $ 52.5 $ 0.6 (a) 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, 2019 and 2018 . At both Dec. 31, 2019 and 2018 , derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2019 and 2018 , derivative assets and liabilities include the rights to reclaim cash collateral of $3.0 million and $6.5 million , respectively. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, 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 will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. There were $10.9 million of losses, $0.1 million of gains and immaterial gains recognized in earnings for the years ended Dec. 31, 2019 , 2018 and 2017 , respectively, for Level 3 commodity trading derivatives. 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 years ended Dec. 31, 2019 , 2018 and 2017 . Fair Value of Long-Term Debt As of Dec. 31, other financial instruments for which the carrying amount did not equal fair value: 2019 2018 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 5,384.7 $ 6,039.3 $ 4,997.6 $ 5,123.2 Fair value of PSCo’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of Dec. 31, 2019 and 2018 , and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | ion and Postretirement Health Care Benefits Xcel Energy, which includes PSCo, has several noncontributory, defined benefit pension plans that cover almost all employees. Generally, benefits are based on a combination of years of service, the employee’s average pay and, in some cases, social security benefits. Xcel Energy Inc.’s and PSCo’s policy is to fully fund into an external trust the actuarially determined pension costs recognized for ratemaking and financial reporting purposes, subject to the limitations of applicable employee benefit and tax laws. In addition to the qualified pension plans, Xcel Energy maintains a SERP and a nonqualified pension plan. The SERP is maintained for certain executives that were participants in the plan in 2008, when the SERP was closed to new participants. The nonqualified pension plan provides benefits for compensation that is in excess of the limits applicable to the qualified pension plans, with distributions attributable to PSCo funded by PSCo’s consolidated operating cash flows. The total obligations of the SERP and nonqualified plan as of Dec. 31, 2019 and 2018 were $39 million and $33 million , respectively, of which $3 million was attributable to PSCo in both years. Xcel Energy recognized net benefit cost for financial reporting for the SERP and nonqualified plans of $4 million in 2019 and 2018, respectively, of which $1 million was attributable to PSCo. Xcel Energy Inc. and PSCo base the investment-return assumption on expected long-term performance for each of the asset classes in their pension and postretirement health care portfolios. For pension assets, Xcel Energy Inc. and PSCo consider the historical returns achieved by the asset portfolio over the past 20 -years or longer period, as well as the long-term return levels projected and recommended by investment experts. Xcel Energy Inc. and PSCo continually review pension assumptions. Pension cost determination assumes a forecasted mix of investment types over the long term. • Investment returns in 2019 were above the assumed level of 6.84% ; • Investment returns in 2018 were below the assumed level of 6.84% ; • Investment returns in 2017 were above the assumed level of 6.84% ; and • In 2020 , PSCo’s expected investment-return assumption is 6.84% . Pension plan and postretirement benefit assets are invested in a portfolio according to Xcel Energy Inc.’s and PSCo’s return, liquidity and diversification objectives to provide a source of funding for plan obligations and minimize contributions to the plan, within appropriate levels of risk. The principal mechanism for achieving these objectives is the asset allocation given the long-term risk, return, correlation and liquidity characteristics of each particular asset class. There were no significant concentrations of risk in any industry, index, or entity. Market volatility can impact even well-diversified portfolios and significantly affect the return levels achieved by the assets in any year. State agencies also have issued guidelines to the funding of postretirement benefit costs. PSCo is required to fund postretirement benefit costs in irrevocable external trusts that are dedicated to the payment of these postretirement benefits. These assets are invested in a manner consistent with the investment strategy for the pension plan. The ongoing investment strategy is based on plan-specific investment recommendations that seek to minimize potential investment and interest rate risk as a plan’s funded status increases over time. The investment recommendations result in a greater percentage of long-duration fixed income securities being allocated to specific plans having relatively higher funded status ratios and a greater percentage of growth assets being allocated to plans having relatively lower funded status ratios. Plan Assets For each of the fair value hierarchy levels, PSCo’s pension plan assets measured at fair value: Dec. 31, 2019 (a) Dec. 31, 2018 (a) (Millions of Dollars) Level 1 Level 2 Level 3 Measured at NAV Total Level 1 Level 2 Level 3 Measured at NAV Total Cash equivalents $ 45.6 $ — $ — $ — $ 45.6 $ 53.0 $ — $ — $ — $ 53.0 Commingled funds 497.0 — — 355.3 852.3 316.2 — — 326.1 642.3 Debt securities — 241.2 1.5 — 242.7 — 242.3 — — 242.3 Equity securities 29.7 — — — 29.7 35.2 — — — 35.2 Other (41.3 ) 1.7 — (6.9 ) (46.5 ) 0.6 2.0 — (9.9 ) (7.3 ) Total $ 531.0 $ 242.9 $ 1.5 $ 348.4 $ 1,123.8 $ 405.0 $ 244.3 $ — $ 316.2 $ 965.5 (a) See Note 8 for further information on fair value measurement inputs and methods. For each of the fair value hierarchy levels, PSCo’s proportionate allocation of the total postretirement benefit plan assets that were measured at fair value: Dec. 31, 2019 (a) Dec. 31, 2018 (a) (Millions of Dollars) Level 1 Level 2 Level 3 Measured at NAV Total Level 1 Level 2 Level 3 Measured at NAV Total Cash equivalents $ 20.3 $ — $ — $ — $ 20.3 $ 17.0 $ — $ — $ — $ 17.0 Insurance contracts — 45.4 — — 45.4 — 40.2 — — 40.2 Commingled funds 61.9 — — 68.0 129.9 118.7 — — 35.8 154.5 Debt securities — 203.4 1.0 — 204.4 — 159.7 — — 159.7 Equity securities — — — — — — — — — — Other — 0.5 — — 0.5 — 0.7 — — 0.7 Total $ 82.2 $ 249.3 $ 1.0 $ 68.0 $ 400.5 $ 135.7 $ 200.6 $ — $ 35.8 $ 372.1 (a) See Note 8 for further information on fair value measurement inputs and methods. Immaterial assets were transferred in or out of Level 3 for 2019. No assets were transferred in or out of Level 3 for 2018. Funded Status — Comparisons of the actuarially computed benefit obligation, changes in plan assets and funded status of the pension and postretirement health care plans for Xcel Energy are as follows: Pension Benefits Postretirement Benefits (Millions of Dollars) 2019 2018 2019 2018 Change in Benefit Obligation: Obligation at Jan. 1 $ 1,229.3 $ 1,334.2 $ 376.5 $ 429.2 Service cost 25.6 29.0 0.5 0.7 Interest cost 51.6 47.3 15.6 15.0 Plan amendments — — — — Actuarial loss (gain) 108.2 (96.5 ) 12.7 (40.6 ) Plan participants’ contributions — — 6.6 6.5 Medicare subsidy reimbursements — — 1.6 0.9 Benefit payments (84.9 ) (84.7 ) (33.5 ) (35.2 ) Obligation at Dec. 31 $ 1,329.8 $ 1,229.3 $ 380.0 $ 376.5 Change in Fair Value of Plan Assets: Fair value of plan assets at Jan. 1 $ 965.5 $ 1,079.4 $ 372.1 $ 406.4 Actual return on plan assets 197.4 (50.9 ) 51.0 (11.1 ) Employer contributions 45.8 21.7 4.3 5.5 Plan participants’ contributions — — 6.6 6.5 Benefit payments (84.9 ) (84.7 ) (33.5 ) (35.2 ) Fair value of plan assets at Dec. 31 $ 1,123.8 $ 965.5 $ 400.5 $ 372.1 Funded status of plans at Dec. 31 $ (206.0 ) $ (263.8 ) $ 20.5 $ (4.4 ) Amounts recognized in the Consolidated Balance Sheet at Dec. 31: Noncurrent liabilities (206.0 ) (263.8 ) 20.5 (4.4 ) Net amounts recognized $ (206.0 ) $ (263.8 ) $ 20.5 $ (4.4 ) Significant Assumptions Used to Measure Benefit Obligations: Discount rate for year-end valuation 3.49 % 4.31 % 3.47 % 4.32 % Expected average long-term increase in compensation level 3.75 3.75 N/A N/A Mortality table Pri-2012 RP-2014 Pri-2012 RP-2014 Health care costs trend rate — initial: Pre-65 N/A N/A 6.00 % 6.50 % Health care costs trend rate — initial: Post-65 N/A N/A 5.10 % 5.30 % Ultimate trend assumption — initial: Pre-65 N/A N/A 4.50 % 4.50 % Ultimate trend assumption — initial: Post-65 N/A N/A 4.50 % 4.50 % Years until ultimate trend is reached N/A N/A 3 4 Accumulated benefit obligation for the pension plan was $1,267.2 million and $1,183.3 million as of Dec. 31, 2019 and 2018, respectively. Net Periodic Benefit Cost (Credit) — Net periodic benefit cost (credit) other than the service cost component is included in other income in the consolidated statement of income. Components of net periodic benefit cost (credit) and the amounts recognized in other comprehensive income and regulatory assets and liabilities: Pension Benefits Postretirement Benefits (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost $ 25.6 $ 29.0 $ 27.3 $ 0.5 $ 0.7 $ 0.7 Interest cost 51.6 47.3 50.6 15.6 15.0 16.8 Expected return on plan assets (68.5 ) (68.5 ) (68.5 ) (18.9 ) (22.7 ) (21.9 ) Amortization of prior service credit (3.4 ) (3.4 ) (3.2 ) (5.4 ) (6.2 ) (6.2 ) Amortization of net loss 25.4 31.2 28.3 2.9 4.0 3.8 Settlement charge (a) 3.2 4.5 — — — — Net periodic pension cost (credit) 33.9 40.1 34.5 (5.3 ) (9.2 ) (6.8 ) Costs (credits) not recognized due to effects of regulation 3.5 (3.9 ) (2.7 ) 1.2 1.8 — Net benefit cost (credit) recognized for financial reporting $ 37.4 $ 36.2 $ 31.8 $ (4.1 ) $ (7.4 ) $ (6.8 ) Significant Assumptions Used to Measure Costs: Discount rate 4.31 % 3.63 % 4.13 % 4.32 % 3.62 % 4.13 % Expected average long-term increase in compensation level 3.75 3.75 3.75 N/A N/A N/A Expected average long-term rate of return on assets 6.84 6.84 6.84 4.50 5.30 5.80 (a) A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In 2019 and 2018, as a result of lump-sum distributions during the 2019 and 2018 plan years, PSCo recorded a total pension settlement charge of $3.2 million and $4.5 million in 2019 and 2018. A total of $0.1 million and $0.2 million of that amount was recorded in the income statement in 2019 and 2018, respectively. Pension costs include an expected return impact for the current year that may differ from actual investment performance in the plan. Return assumption used for 2020 pension cost calculations is 6.84% . Pension Benefits Postretirement Benefits (Millions of Dollars) 2019 2018 2019 2018 Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: Net loss $ 481.5 $ 530.8 $ 44.6 $ 66.9 Prior service credit (3.8 ) (7.2 ) (9.9 ) (15.3 ) Total $ 477.7 $ 523.6 $ 34.7 $ 51.6 Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: Current regulatory assets $ 22.3 $ 25.8 $ — Noncurrent regulatory assets 452.1 497.5 34.7 51.6 Deferred income taxes 0.8 0.1 — — Net-of-tax accumulated other comprehensive income 2.5 0.2 — — Total $ 477.7 $ 523.6 $ 34.7 $ 51.6 Measurement date Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 Cash Flows — Cash funding requirements can be impacted by changes to actuarial assumptions, actual asset levels and other calculations prescribed by the funding requirements of income tax and other pension-related regulations. Required contributions were made in 2017 - 2020 to meet minimum funding requirements. Total voluntary and required pension funding contributions across all four of Xcel Energy’s pension plans were as follows: • $150 million in January 2020, of which $50 million was attributable to PSCo; • $154 million in 2019, of which $46 million was attributable to PSCo; • $150 million in 2018, of which $22 million was attributable to PSCo; and • $162 million in 2017, of which $18 million was attributable to PSCo. The postretirement health care plans have no funding requirements other than fulfilling benefit payment obligations, when claims are presented and approved. Additional cash funding requirements are prescribed by certain state and federal rate regulatory authorities. Xcel Energy expects to contribute approximately $10 million during 2020 , of which amounts attributable to PSCo will be zero . Xcel Energy, which includes PSCo, contributed: • $15 million during 2019 , of which $4 million was attributable to PSCo; • $11 million during 2018 , of which $5 million was attributable to PSCo; and • $20 million during 2017 , of which $5 million was attributable to PSCo. Targeted asset allocations: Pension Benefits Postretirement Benefits 2019 2018 2019 2018 Domestic and international equity securities 37 % 35 % 15 % 18 % Long-duration fixed income securities 30 32 — — Short-to-intermediate fixed income securities 14 16 72 70 Alternative investments 17 15 9 8 Cash 2 2 4 4 Total 100 % 100 % 100 % 100 % Plan Amendments — The Xcel Energy Pension Plan and Xcel Energy Inc. Nonbargaining Pension Plan (South), which includes PSCo, were amended in 2017 to reduce supplemental benefits for non-bargaining participants as well as to allow the transfer of a portion of non-qualified pension obligations into the qualified plans. In 2018, the PSCo postretirement plan was amended to add the 5% cash balance formula. In 2019, there were no plan amendments made which affected the projected benefit obligation. Projected Benefit Payments PSCo’s projected benefit payments: (Millions of Dollars) Projected Pension Gross Projected Expected Medicare Net Projected 2020 $ 82.0 $ 30.5 $ 1.9 $ 28.6 2021 81.9 30.3 2.0 28.3 2022 82.3 29.8 2.1 27.7 2023 82.7 29.4 2.2 27.2 2024 82.4 28.8 2.2 26.6 2025-2029 402.9 129.9 12.1 117.8 Defined Contribution Plans Xcel Energy, which includes PSCo, maintains 401(k) and other defined contribution plans that cover most employees. Total expense to these plans for PSCo was approximately $11 million in 2019 and 2018 , respectively, and $10 million in 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and 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 complex judgments about future events. Management maintains accruals for losses that are probable of being incurred and subject to reasonable estimation. Management may be unable to estimate an amount or range of a reasonably possible loss in certain situations, including 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 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. Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy Inc. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. Two cases remain active which include an MDL matter consisting of a Colorado purported class (Breckenridge) and a Wisconsin purported class (Arandell Corp.). Breckenridge/Colorado — In February 2019, the MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Arandell Corp. — In February 2019, the case was remanded back to the U.S. District Court in Wisconsin. Xcel Energy has concluded that a loss is remote for both remaining lawsuits. Line Extension Disputes — In December 2015, the DRC filed a lawsuit seeking monetary damages 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. The dispute involves 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. Environmental New and changing federal and state environmental mandates can create financial liabilities for PSCo, which are normally recovered through the regulated rate process. Site Remediation — Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. PSCo may sometimes pay all or a portion of the cost to remediate sites where past activities of PSCo’s predecessors or other parties have caused environmental contamination. Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which PSCo is alleged to have sent wastes to that site. MGP, Landfill or Disposal Sites — PSCo is cooperating with the City of Denver on an environmental investigation of the Rice Yards Site in Denver, Colorado, which had various historic industrial uses by multiple parties, including railroad, maintenance shop, scrap metal yard, and MGP operations. The area is being redeveloped into residential and commercial mixed uses, and PSCo is in discussions with the current property owner regarding legal claims related to the Rice Yards Site. In addition, PSCo is currently investigating or remediating two other MGP, landfill or other disposal sites across its service territories. PSCo has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — PSCo’s operations are subject to federal and state laws that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, PSCo has six regulated ash units in operation. PSCo is conducting groundwater sampling and, where appropriate, initiating the assessment of corrective measures and evaluating whether corrective action is required at any CCR landfills or surface impoundments. In 2019, groundwater monitoring consistent with the CCR Rule was conducted. Statistically significant increase above background concentration was detected at four locations. Subsequently, assessment monitoring samples were collected, and PSCo is evaluating the results to determine whether corrective action is required. Until PSCo completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. In August 2018, the United States Court of Appeals for the District of Columbia Circuit ruled that the EPA cannot allow utilities to continue to use unlined impoundments (including clay lined impoundments) for the storage or disposal of coal ash. In November 2019, the EPA proposed rules in response to this decision that, if finalized in their current form, may require PSCo to expedite closure of one coal ash impoundment. Closure costs for existing impoundments are included in the calculation of the ARO liability. See Note 10 for further information. Federal CWA WOTUS Rule — In 2015, the EPA and U.S. Army Corps of Engineers published a final rule that significantly broadened the scope of waters under the CWA that are subject to federal jurisdiction, referred to as “WOTUS”. In 2019, the EPA repealed the 2015 rule and published a draft replacement rule. Until a final rule is issued, PSCo cannot estimate potential impacts, but anticipates costs will be recoverable through regulatory mechanisms. Federal CWA ELG — In 2015, the EPA issued a final ELG rule for power plants that discharge treated effluent to surface waters as well as utility-owned landfills that receive CCRs. In 2017, the EPA delayed the compliance date for flue gas desulfurization wastewater and bottom ash transport until November 2020. After 2020, PSCo estimates that ELG compliance will cost approximately $1.5 million to complete. The EPA, however, is conducting a rulemaking process to revise certain effluent limitations and pretreatment standards, which may impact compliance costs. PSCo anticipates these costs will be fully recoverable through regulatory mechanisms. Federal CWA Section 316(b) — The federal CWA requires the EPA to regulate cooling water intake structures to assure that these structures reflect the best technology available for minimizing impingement and entrainment of aquatic species. PSCo estimates the likely cost for complying with impingement and entrainment requirements is immaterial. PSCo anticipates these costs will be fully recoverable through regulatory mechanisms. Environmental Requirements — Air Regional Haze Rules — The regional haze program requires sulfur dioxide, nitrogen oxide and particulate matter emission controls at power plants to reduce visibility impairment in national parks and wilderness areas. The program includes reasonable further progress. The requirements of the first regional haze plans developed by Colorado have been approved and implemented. AROs — AROs have been recorded for PSCo’s assets. PSCo’s AROs were as follows: 2019 (Millions of Dollars) Jan. 1, 2019 Accretion Cash Flow Revisions (a) Dec. 31, 2019 (b) Electric Steam, hydro and other production $ 102.2 $ 4.9 $ (7.3 ) $ 99.8 Wind 14.5 0.8 1.1 16.4 Distribution 13.4 0.6 — 14.0 Miscellaneous 3.2 — (3.2 ) — Natural gas Transmission and distribution 200.9 8.9 (19.4 ) 190.4 Miscellaneous 4.0 0.1 (1.2 ) 2.9 Common Miscellaneous 0.5 — — 0.5 Total liability $ 338.7 $ 15.3 $ (30.0 ) $ 324.0 (a) In 2019, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily related to increased gas line mileage and number of services, which were more than offset by decreased inflation rates. Changes in steam, hydro, and other production AROs primarily related to the cost estimates to remediate ponds at production facilities. (b) There were no ARO amounts incurred or settled in 2019. 2018 (Millions of Dollars) Jan. 1, 2018 Amounts Incurred (a) Amounts Settled (b) Accretion Cash Flow Revisions (c) Dec. 31, 2018 Electric Steam, hydro and other production $ 103.2 $ — $ (7.1 ) $ 4.7 $ 1.4 $ 102.2 Wind 2.1 12.3 — 0.1 — 14.5 Distribution 7.9 — — 0.3 5.2 13.4 Miscellaneous 1.4 — (0.1 ) 0.1 1.8 3.2 Natural gas Transmission and distribution 228.9 — — 9.3 (37.3 ) 200.9 Miscellaneous 3.9 — — 0.1 — 4.0 Common Miscellaneous 0.4 — — 0.1 — 0.5 Total liability $ 347.8 $ 12.3 $ (7.2 ) $ 14.7 $ (28.9 ) $ 338.7 (a) Amounts incurred related to the Rush Creek wind farm, which was placed in service in 2018. (b) Amounts settled related to closure of certain ash containment facilities. (c) In 2018, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily related to increased gas line mileage and number of services, which were more than offset by increased discount rates. Changes in electric distribution AROs were primarily related to increased labor costs. Indeterminate AROs — Outside of the recorded asbestos AROs, other plants or buildings may contain asbestos due to the age of many of PSCo’s facilities, but no confirmation or measurement of the cost of removal could be determined as of Dec. 31, 2019. Therefore, an ARO has not been recorded for these facilities. Removal Costs — PSCo records a regulatory liability for the plant removal costs that are recovered currently in rates. Removal costs have accumulated based on varying rates as authorized by the appropriate regulatory entities. PSCo has estimated the amount of removal costs accumulated through historic depreciation expense based on current factors used in the existing depreciation rates. Removal costs as of Dec. 31, 2019 and 2018 were $350.8 million and $344.4 million , respectively. Leases PSCo evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. Under ASC Topic 842, adopted by PSCo on Jan. 1, 2019, a contract contains a lease if it conveys the exclusive right to control the use of a specific asset. A contract determined to contain a lease is evaluated further to determine if the arrangement is a finance lease. ROU assets represent PSCo's rights to use leased assets. Starting in 2019, the present value of future operating lease payments is recognized in current and noncurrent operating lease liabilities. These amounts, adjusted for any prepayments or incentives, are recognized as operating lease ROU assets. Most of PSCo’s leases do not contain a readily determinable discount rate. Therefore, the present value of future lease payments is generally calculated using the estimated incremental borrowing rate (weighted-average of 4.1% ). PSCo has elected to utilize the practical expedient under which non-lease components, such as asset maintenance costs included in payments, are not deducted from minimum lease payments for the purposes of lease accounting and disclosure. Leases with an initial term of 12 months or less are classified as short-term leases and are not recognized on the consolidated balance sheet. Operating lease ROU assets: (Millions of Dollars) Dec. 31, 2019 PPAs $ 585.1 Other 68.7 Gross operating lease ROU assets 653.8 Accumulated amortization (79.8 ) Net operating lease ROU assets $ 574.0 In 2019, ROU assets for finance leases are included in other noncurrent assets, and the present value of future finance lease payments is included in other current liabilities and other noncurrent liabilities. Prior to 2019, finance leases were included in property, plant and equipment, the current portion of long-term debt and long-term debt. PSCo’s most significant finance lease activities are related to WYCO, a joint venture with CIG, to develop and lease natural gas pipeline, storage and compression facilities. Xcel Energy Inc. has a 50% ownership interest in WYCO. WYCO leases its facilities to CIG, and CIG operates the facilities, providing natural gas storage and transportation services to PSCo under separate service agreements. PSCo accounts for its Totem natural gas storage service and Front Range pipeline arrangements with CIG and WYCO, respectively, as finance leases. Finance lease ROU assets: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Gas storage facilities $ 200.5 $ 200.5 Gas pipeline 20.7 20.7 Gross finance lease ROU assets 221.2 221.2 Accumulated amortization (82.4 ) (76.2 ) Net finance lease ROU assets $ 138.8 $ 145.0 Components of lease expense: (Millions of Dollars) 2019 2018 2017 Operating leases PPA capacity payments $ 98.0 $ 96.6 $ 96.1 Other operating leases (a) 14.4 14.0 12.5 Total operating lease expense (b) $ 112.4 $ 110.6 $ 108.6 Finance leases Amortization of ROU assets $ 6.2 $ 5.6 $ 5.3 Interest expense on lease liability 18.7 19.5 20.3 Total finance lease expense $ 24.9 $ 25.1 $ 25.6 (a) Includes short-term lease expense of $ 1.3 million , $ 1.5 million and $1.0 million for 2019, 2018 and 2017, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Commitments under operating and finance leases as of Dec. 31, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases 2020 $ 95.9 $ 13.2 $ 109.1 $ 24.8 2021 96.4 12.6 109.0 23.6 2022 82.6 11.6 94.2 20.5 2023 70.0 10.9 80.9 20.3 2024 62.6 11.0 73.6 20.1 Thereafter 226.0 18.1 244.1 399.7 Total minimum obligation 633.5 77.4 710.9 509.0 Interest component of obligation (95.0 ) (12.5 ) (107.5 ) (370.2 ) Present value of minimum obligation $ 538.5 $ 64.9 603.4 138.8 Less current portion (85.8 ) (6.9 ) Noncurrent operating and finance lease liabilities $ 517.6 $ 131.9 Weighted-average remaining lease term in years 7.9 38.7 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2032. Commitments under operating and finance leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases 2019 $ 95.5 $ 10.8 $ 106.3 $ 24.9 2020 95.9 10.7 106.6 24.8 2021 96.4 9.5 105.9 23.6 2022 82.6 8.4 91.0 20.5 2023 70.0 8.1 78.1 20.3 Thereafter 288.6 53.4 342.0 420.4 Total minimum obligation 534.5 Interest component of obligation (389.5 ) Present value of minimum obligation $ 145.0 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2032. Non-Lease PPAs — PSCo has entered into PPAs with other utilities and energy suppliers with various expiration dates through 2034 for purchased power to meet system load and energy requirements and operating reserve obligations. In general, these agreements provide for energy payments, based on actual energy delivered and capacity payments. Certain PPAs accounted for as executory contracts contain minimum energy purchase commitments. Included in electric fuel and purchased power expenses for PPAs accounted for as executory contracts were payments for capacity of $12.0 million , $20.9 million and $25.2 million in 2019 , 2018 and 2017 , respectively. Capacity and energy payments are contingent on the IPP meeting contract obligations, including plant availability requirements. Certain contractual payments are adjusted based on market indices. The effects of price adjustments on financial results are mitigated through purchased energy cost recovery mechanisms. At Dec. 31, 2019 , the estimated future payments for capacity that PSCo is obligated to purchase pursuant to these executory contracts, subject to availability, were as follows: (Millions of Dollars) Capacity 2020 $ 3.2 2021 3.2 2022 3.2 2023 3.2 2024 3.2 Thereafter 10.4 Total $ 26.4 Fuel Contracts — PSCo has entered into various long-term commitments for the purchase and delivery of a significant portion of its coal and natural gas requirements. These contracts expire between 2020 and 2060 . PSCo is required to pay additional amounts depending on actual quantities shipped under these agreements. Estimated minimum purchases under these contracts as of Dec. 31, 2019 : (Millions of Dollars) Coal Natural gas supply Natural gas storage and 2020 $ 155.7 $ 287.3 $ 116.0 2021 66.6 252.7 113.3 2022 44.1 102.5 113.4 2023 22.4 52.6 65.7 2024 22.9 2.9 35.0 Thereafter 71.3 — 537.7 Total $ 383.0 $ 698.0 $ 981.1 VIEs Under certain PPAs, PSCo purchases power from IPPs for which PSCo is required to reimburse fuel costs, or to participate in tolling arrangements under which PSCo procures the natural gas required to produce the energy that it purchases. PSCo has determined that certain IPPs are VIEs. PSCo is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity. PSCo evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices, and financing activities. PSCo 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. PSCo had approximately 1,442 MW and 1,571 MW of capacity under long-term PPAs at Dec. 31, 2019 and 2018 , respectively, with entities that have been determined to be VIEs. These agreements have expiration dates through 2032 . |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31: 2019 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (25.3 ) $ (0.2 ) $ (25.5 ) Other comprehensive loss before reclassifications (net of taxes of $0 and $0.1, respectively) — 0.4 0.4 Losses (gains) reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0.4 and $0, respectively) 1.2 (a) — 1.2 Amortization of net actuarial gains (net of taxes of $0 and $(0.9), respectively) — (2.7 ) (b) (2.7 ) Net current period other comprehensive income (loss) 1.2 (2.3 ) (1.1 ) Accumulated other comprehensive loss at Dec. 31 $ (24.1 ) $ (2.5 ) $ (26.6 ) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information. 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (26.5 ) $ (0.2 ) $ (26.7 ) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0.4 and $0, respectively) 1.2 (a) — 1.2 Net current period other comprehensive income 1.2 — 1.2 Accumulated other comprehensive loss at Dec. 31 $ (25.3 ) $ (0.2 ) $ (25.5 ) (a) Included in interest charges. |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 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. • Regulated Electric - The regulated electric utility segment generates electricity which is transmitted and distributed in Colorado. 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 wholesale commodity and trading operations. • Regulated Natural Gas - The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Colorado. PSCo presents Other, which includes operating segments, with revenues below the necessary quantitative thresholds. Those operating segments primarily includes 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 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. PSCo’s segment information: (Millions of Dollars) 2019 2018 2017 Regulated Electric Operating revenues (a) $ 3,033.0 $ 3,031.2 $ 3,003.8 Intersegment revenues 0.4 0.3 0.3 Total operating revenue $ 3,033.4 $ 3,031.5 $ 3,004.1 Depreciation and amortization 454.9 415.6 353.6 Interest charges and financing costs 173.7 142.3 138.6 Income tax expense 45.0 103.0 243.6 Net income 464.9 428.6 370.6 Regulated Natural Gas Operating revenues (a) $ 1,160.9 $ 1,014.6 $ 995.2 Intersegment revenues 0.4 0.6 0.4 Total operating revenue $ 1,161.3 $ 1,015.2 $ 995.6 Depreciation and amortization 141.4 140.6 113.2 Interest charges and financing costs 49.7 42.9 40.2 Income tax expense 32.6 13.1 18.4 Net income 119.4 121.4 107.8 All Other Operating revenues (a) $ 43.3 $ 40.4 $ 43.5 Depreciation and amortization 6.1 4.9 4.7 Interest charges and financing costs 0.8 0.5 0.5 Income tax (benefit) 2.0 (2.4 ) (9.8 ) Net (loss) income (6.5 ) 1.7 15.7 Consolidated Total Operating revenues (a) $ 4,238.0 $ 4,087.1 $ 4,043.2 Intersegment revenues (0.8 ) (0.9 ) (0.7 ) Total operating revenue $ 4,237.2 $ 4,086.2 $ 4,042.5 Depreciation and amortization 602.4 561.1 471.5 Interest charges and financing costs 224.2 185.7 179.3 Income tax expense 79.6 113.7 252.2 Net income 577.8 551.7 494.1 (a) Operating revenues include $4.5 million , $4.4 million and $5.9 million of intercompany revenue for the years ended Dec. 31, 2019 , 2018 and 2017 , respectively. See Note 13 for further information. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Xcel Energy Services Inc. provides management, administrative and other services for the subsidiaries of Xcel Energy Inc., including PSCo. The services are provided and billed to each subsidiary in accordance with service agreements executed by each subsidiary. PSCo uses services provided by Xcel Energy Services Inc. whenever possible. Costs are charged directly to the subsidiary and are allocated if they cannot be directly assigned. Xcel Energy Inc., NSP-Minnesota, PSCo and SPS have established a utility money pool arrangement. See Note 5 for further information. Significant affiliate transactions among the companies and related parties for the years ended Dec. 31: (Millions of Dollars) 2019 2018 2017 Operating revenues: Electric $ — $ — $ 1.4 Other 4.5 4.4 4.5 Operating expenses: Other operating expenses — paid to Xcel Energy Services Inc. 531.9 518.7 485.1 Interest expense 0.4 — — Interest income 0.2 — — Accounts receivable and payable with affiliates at Dec. 31: 2019 2018 (Millions of Dollars) Accounts Accounts Accounts Accounts NSP-Minnesota $ 18.8 $ — $ 17.9 $ — NSP-Wisconsin — 0.2 — 0.2 SPS 0.4 — 0.7 — Other subsidiaries of Xcel Energy Inc. 33.5 43.7 62.2 45.8 $ 52.7 $ 43.9 $ 80.8 $ 46.0 |
Summarized Quarterly Financial
Summarized Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data (Unaudited) | Quarter Ended (Millions of Dollars) March 31, 2019 June 30, 2019 Sept. 30, 2019 Dec. 31, 2019 Operating revenues $ 1,223.0 $ 910.0 $ 1,044.3 $ 1,059.9 Operating income 209.9 162.7 284.3 199.9 Net income 138.8 101.5 204.5 133.0 Quarter Ended (Millions of Dollars) March 31, 2018 June 30, 2018 Sept. 30, 2018 Dec. 31, 2018 Operating revenues $ 1,073.3 $ 911.9 $ 1,060.7 $ 1,040.3 Operating income (a) 206.9 189.3 276.9 119.5 Net income 133.7 122.3 207.1 88.6 (a) In 2018, PSCo implemented ASU No. 2017-07 related to net periodic benefit cost, which resulted in retrospective reclassification of pension costs from O&M expense to other income. |
Schedule II, Valuation and Qual
Schedule II, Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II, Valuation and Qualifying Accounts | Public Service Co. of Colorado and Subsidiaries Valuation and Qualifying Accounts Years Ended Dec. 31 Allowance for bad debts (Millions of Dollars) 2019 2018 2017 Balance at Jan. 1 $ 20.5 $ 19.6 $ 19.6 Additions charged to costs and expenses 16.5 16.4 14.3 Additions charged to other accounts (a) 5.8 4.7 4.0 Deductions from reserves (b) (21.8 ) (20.2 ) (18.3 ) Balance at Dec. 31 $ 21.0 $ 20.5 $ 19.6 (a) Recovery of amounts previously written off. (b) Deductions related primarily to bad debt write-offs. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business and System of Accounts | General — PSCo is engaged in the regulated generation, purchase, transmission, distribution and sale of electricity and in the regulated purchase, transportation, distribution and sale of natural gas. PSCo’s consolidated financial statements are presented in accordance with GAAP. All of PSCo’s underlying accounting records also conform to the FERC uniform system of accounts or to systems required by various state regulatory commissions. Certain amounts in the 2018 and 2017 consolidated financial statements or notes have been reclassified to conform to the 2019 presentation for comparative purposes; however, such reclassifications did not affect net income, total assets, liabilities, equity or cash flows. |
Principles of Consolidation | PSCo’s consolidated financial statements include its wholly-owned subsidiaries. In the consolidation process, all intercompany transactions and balances are eliminated. PSCo has investments in several plants and transmission facilities jointly owned with nonaffiliated utilities. PSCo’s proportionate share of jointly owned facilities is recorded as property, plant and equipment on the consolidated balance sheets, and PSCo’s proportionate share of the operating costs associated with these facilities is included in its consolidated statements of income. |
Subsequent Events | PSCo has evaluated events occurring after Dec. 31, 2019 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. |
Use of Estimates | Use of Estimates — PSCo uses estimates based on the best information available in recording transactions and balances resulting from business operations. Estimates are used on items such as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. Recorded estimates are revised when better information becomes available or actual amounts can be determined. Revisions can affect operating results. |
Regulatory Accounting | Regulatory Accounting — PSCo accounts for income and expense items in accordance with accounting guidance for regulated operations . Under this guidance: • Certain costs, which would otherwise be charged to expense or other comprehensive income, are deferred as regulatory assets based on the expected ability to recover the costs in future rates; and • Certain credits, which would otherwise be reflected as income or other comprehensive income, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred. Estimates of recovering deferred costs and returning deferred credits are based on specific ratemaking decisions or precedent for each item. Regulatory assets and liabilities are amortized consistent with the treatment in the rate setting process. If changes in the regulatory environment occur, PSCo may no longer be eligible to apply this accounting treatment and may be required to eliminate regulatory assets and liabilities from its balance sheet. Such changes could have a material effect on PSCo’s results of operations, financial condition and cash flows. See Note 4 for further information. |
Income Taxes | Income Taxes — PSCo accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. PSCo defers income taxes for all temporary differences between pretax financial and taxable income and between the book and tax bases of assets and liabilities. PSCo uses rates that are scheduled to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. The effects of PSCo’s tax rate changes are generally subject to a normalization method of accounting. Therefore, the revaluation of most of its net deferred taxes upon a tax rate reduction results in the establishment of a net regulatory liability, which will be refundable to utility customers over the remaining life of the related assets. A tax rate increase would result in the establishment of a similar regulatory asset. Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize it over the book depreciable lives of the related property. The requirement to defer and amortize tax credits only applies to federal ITCs related to public utility property. Utility rate regulation also has resulted in the recognition of regulatory assets and liabilities related to income taxes. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. PSCo follows the applicable accounting guidance to measure and disclose uncertain tax positions that it has taken or expects to take in its income tax returns. PSCo recognizes a tax position in its consolidated financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. Recognition of changes in uncertain tax positions are reflected as a component of income tax expense. PSCo reports interest and penalties related to income taxes within the other income and interest charges in the consolidated statements of income. Xcel Energy Inc. and its subsidiaries, including PSCo, file consolidated federal income tax returns as well as consolidated or separate state income tax returns. Federal income taxes paid by Xcel Energy Inc. are allocated to its subsidiaries based on separate company computations. A similar allocation is made for state income taxes paid by Xcel Energy Inc. in connection with consolidated state filings. Xcel Energy Inc. also allocates its own income tax benefits to its direct subsidiaries. See Note 7 for further information. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation in Regulated Operations — Property, plant and equipment is stated at original cost. The cost of plant includes direct labor and materials, contracted work, overhead costs and AFUDC. The cost of plant retired is charged to accumulated depreciation and amortization. Amounts recovered in rates for future removal costs are recorded as regulatory liabilities. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance costs are charged to expense as incurred. Maintenance and replacement of items determined to be less than a unit of property are charged to operating expenses as incurred. Planned maintenance activities are charged to operating expense unless the cost represents the acquisition of an additional unit of property or the replacement of an existing unit of property. Property, plant and equipment is tested for impairment when it is determined that the carrying value of the assets may not be recoverable. A loss is recognized in the current period if it becomes probable that part of a cost of a plant under construction or recently completed plant will be disallowed for recovery from customers and a reasonable estimate of the disallowance can be made. For investments in property, plant and equipment that are abandoned and not expected to go into service, incurred costs and related deferred tax amounts are compared to the discounted estimated future rate recovery, and a loss is recognized, if necessary. PSCo records depreciation expense using the straight-line method over the plant’s useful life. Actuarial life studies are performed and submitted to the state and federal commissions for review. Upon acceptance by the various commissions, the resulting lives and net salvage rates are used to calculate depreciation. Depreciation expense, expressed as a percentage of average depreciable property, was approximately 2.9% in 2019, 2.6% in 2018 and 2.7% in 2017. See Note 3 for further information. |
Asset Retirement Obligations | AROs — PSCo accounts for AROs under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as a long-lived asset. The liability is generally increased over time by applying the effective interest method of accretion, and the capitalized costs are depreciated over the useful life of the long-lived asset. Changes resulting from revisions to the timing or amount of expected asset retirement cash flows are recognized as an increase or a decrease in the ARO. PSCo also recovers through rates certain future plant removal costs in addition to AROs. The accumulated removal costs for these obligations are reflected in the consolidated balance sheets as a regulatory liability. See Note 10 for further information. |
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits — PSCo maintains pension and postretirement benefit plans for eligible employees. Recognizing the cost of providing benefits and measuring the projected benefit obligation of these plans requires management to make various assumptions and estimates. Certain unrecognized actuarial gains and losses and unrecognized prior service costs or credits are deferred as regulatory assets and liabilities, rather than recorded as other comprehensive income, based on regulatory recovery mechanisms. See Note 9 for further information. |
Environmental Costs | Environmental Costs — Environmental costs are recorded when it is probable PSCo is liable for remediation costs and the liability can be reasonably estimated. Costs are deferred as a regulatory asset if it is probable that the costs will be recovered from customers in future rates. Otherwise, the costs are expensed. If an environmental expense is related to facilities currently in use, such as emission-control equipment, the cost is capitalized and depreciated over the life of the plant. Estimated remediation costs are regularly adjusted as estimates are revised and remediation proceeds. If other participating potentially responsible parties exist and acknowledge their potential involvement with a site, costs are estimated and recorded only for PSCo’s expected share of the cost. Future costs of restoring sites are treated as a capitalized cost of plant retirement. The depreciation expense levels recoverable in rates include a provision for removal expenses. Removal costs recovered in rates before the related costs are incurred are classified as a regulatory liability. See Note 10 for further information. |
Revenue From Contracts With Customers | Revenue from Contracts with Customers — Performance obligations related to the sale of energy are satisfied as energy is delivered to customers. PSCo recognizes revenue that corresponds 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. PSCo does not recognize a separate financing component of its collections from customers as contract terms are short-term in nature. PSCo presents its revenues net of any excise or sales taxes or fees. See Note 6 for further information. |
Cash and Cash Equivalents | Cash and Cash Equivalents — PSCo considers investments in instruments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. |
Accounts Receivable and Allowance for Bad Debts | Accounts Receivable and Allowance for Bad Debts — Accounts receivable are stated at the actual billed amount net of an allowance for bad debts. PSCo establishes an allowance for uncollectible receivables based on a policy that reflects its expected exposure to the credit risk of customers. As of Dec. 31, 2019 and 2018, the allowance for bad debts was $21.0 million and $20.5 million , respectively. |
Inventory | Inventory — Inventory is recorded at average cost and consisted of the following: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 62.6 $ 61.9 Fuel 77.1 69.5 Natural gas 52.3 66.0 Total inventories $ 192.0 $ 197.4 |
Fair Value Measurements | Fair Value Measurements — PSCo presents cash equivalents, interest rate derivatives and commodity derivatives at estimated fair values in its consolidated financial statements. Cash equivalents are recorded at cost plus accrued interest; money market funds are measured using quoted NAVs. For interest rate derivatives, quoted prices based primarily on observable market interest rate curves are used to establish fair value. For commodity derivatives, the most observable inputs available are generally used to determine the fair value of each contract. In the absence of a quoted price, PSCo may use quoted prices for similar contracts or internally prepared valuation models to determine fair value. For the pension and postretirement plan assets, published trading data and pricing models, generally using the most observable inputs available, are utilized to estimate fair value for each security. See Notes 8 and 9 for further information. |
Derivative Instruments | Derivative Instruments — PSCo uses derivative instruments in connection with its interest rate, utility commodity price, vehicle fuel price and commodity trading activities, including forward contracts, futures, swaps and options. Any derivative instruments not qualifying for the normal purchases and normal sales exception are recorded on the consolidated balance sheets at fair value as derivative instruments. Classification of changes in fair value for those derivative instruments is dependent on the designation of a qualifying hedging relationship. Changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings or as a regulatory asset or liability. Classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. Gains or losses on commodity trading transactions are recorded as a component of electric operating revenues; hedging transactions for vehicle fuel costs are recorded as a component of capital projects and O&M costs; and interest rate hedging transactions are recorded as a component of interest expense. Normal Purchases and Normal Sales — PSCo enters into contracts for purchases and sales of commodities for use in its operations. At inception, contracts are evaluated to determine whether a derivative exists and/or whether an instrument may be exempted from derivative accounting if designated as a normal purchase or normal sale. See Note 8 for further information. |
Commodity Trading Operations | Commodity Trading Operations — All applicable gains and losses related to commodity trading activities are shown on a net basis in electric operating revenues in the consolidated statements of income. Commodity trading activities are not associated with energy produced from PSCo’s generation assets or energy and capacity purchased to serve native load. Commodity trading contracts are recorded at fair market value and commodity trading results include the impact of all margin-sharing mechanisms. See Note 8 for further information. |
AFUDC | AFUDC — AFUDC represents the cost of capital used to finance utility construction activity. AFUDC is computed by applying a composite financing rate to qualified CWIP. The amount of AFUDC capitalized as a utility construction cost is credited to other nonoperating income (for equity capital) and interest charges (for debt capital). AFUDC amounts capitalized are included in PSCo’s rate base for establishing utility rates. |
Alternative Revenue Programs | Alternative Revenue — Certain rate rider mechanisms (including DSM programs) qualify as alternative revenue programs. 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 expected collection within 24 months , revenue is recognized equal to the revenue requirement, which may include incentives and return on rate base items. Billing amounts are revised periodically for differences between total amount collected and revenue earned, which may increase or decrease the level of revenue collected from customers. Alternative revenues arising from these programs are presented on a gross basis and disclosed separately from revenue from contracts with customers. See Note 6 for further information. Conservation Programs — PSCo has implemented programs to assist its retail customers in conserving energy and reducing peak demand on the electric and natural gas systems. These programs include approximately 20 unique DSM products, pilots and services for C&I customers, as well as approximately 23 DSM products, pilots and services for residential and low-income customers. Overall, the DSM portfolio provides rebates and/or incentives for nearly 1,000 unique measures. The costs incurred for DSM programs are deferred if it is probable future revenue will be provided to permit recovery of the incurred cost. Revenues recognized for incentive programs designed for recovery of DSM program costs and/or conservation performance incentives are limited to amounts expected to be collected within 24 months from the annual period in which they are earned. PSCo’s DSM program costs are recovered through a combination of base rate revenue and rider mechanisms. Regulatory assets are recognized to reflect the amount of costs or earned incentives that have not yet been collected from customers. |
Emission Allowances | Emission Allowances — Emission allowances are recorded at cost, including broker commission fees. The inventory accounting model is utilized for all emission allowances and sales of these allowances are included in electric revenues. |
Renewable Energy Credits | RECs — Cost of RECs that are utilized for compliance is recorded as electric fuel and purchased power expense. PSCo records that cost as a regulatory asset when the amount is recoverable in future rates. Sales of RECs are recorded in electric revenues on a gross basis. Cost of these RECs and amounts credited to customers under margin-sharing mechanisms are recorded in electric fuel and purchased power expense. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosure - Inventory [Abstract] | |
Public Utilities, Inventory | Inventory is recorded at average cost and consisted of the following: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Inventories Materials and supplies $ 62.6 $ 61.9 Fuel 77.1 69.5 Natural gas 52.3 66.0 Total inventories $ 192.0 $ 197.4 |
Property Plant and Equipment _2
Property Plant and Equipment Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Public Utility Property, Plant, and Equipment | Major classes of property, plant and equipment (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Property, plant and equipment, net Electric plant $ 14,361.9 $ 13,604.5 Natural gas plant 4,631.4 4,387.6 Common and other property 1,113.5 1,023.7 Plant to be retired (a) 259.9 321.9 CWIP 912.7 573.3 Total property, plant and equipment 21,279.4 19,911.0 Less accumulated depreciation (5,124.4 ) (4,791.0 ) Property, plant and equipment, net $ 16,155.0 $ 15,120.0 (a) In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Schedule of Jointly Owned Utility Plants | Joint Ownership of Generation, Transmission and Gas Facilities Jointly owned assets as of Dec. 31, 2019 : (Millions of Dollars) Plant in Service Accumulated CWIP Percent Owned Electric generation: Hayden Unit 1 $ 152.5 $ 80.9 $ 0.2 76 % Hayden Unit 2 149.0 70.8 0.2 37 Hayden common facilities 41.4 22.0 — 53 Craig Units 1 and 2 80.9 41.4 0.3 10 Craig common facilities 39.1 21.7 0.1 7 Comanche Unit 3 886.7 148.6 0.6 67 Comanche common facilities 28.9 3.0 0.1 82 Electric transmission: Transmission and other facilities 173.7 61.7 0.9 Various Gas transmission: Rifle, CO to Avon, CO 22.2 7.4 — 60 Gas transmission compressor 8.5 1.0 — 50 Total $ 1,582.9 $ 458.5 $ 2.4 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets | Components of regulatory assets: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2019 Dec. 31, 2018 Regulatory Assets Current Noncurrent Current Noncurrent Pension and retiree medical obligations 9 Various $ 22.7 $ 493.6 $ 26.1 $ 559.0 Depreciation differences One to twelve years 14.6 139.6 17.5 107.0 Net AROs (a) 1, 10 Plant lives — 119.0 — 98.9 Recoverable deferred taxes on AFUDC recorded in plant Plant lives — 104.7 — 101.9 Excess deferred taxes — TCJA 7 Various 3.2 55.3 — 62.0 Property tax Various 1.4 30.4 5.6 9.8 Purchased power contract costs Term of related contract 2.1 24.3 1.7 26.3 Conservation programs (b) 1 One to two years 8.4 11.0 7.3 6.5 Gas pipeline inspection costs One to two years — 7.9 0.7 3.1 Losses on reacquired debt Term of related debt 1.1 4.2 1.2 3.7 Contract valuation adjustments (c) 1, 8 Term of related contract 3.4 — 2.6 — Recoverable purchased natural gas and electric energy costs Less than one year — — 51.2 — Other Various 7.1 48.1 6.7 32.5 Total regulatory assets $ 64.0 $ 1,038.1 $ 120.6 $ 1,010.7 (a) Includes amounts recorded for future recovery of AROs. (b) Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. (c) Includes the fair value of certain long-term PPAs used to meet energy capacity requirements and valuation adjustments on natural gas commodity purchases. |
Regulatory Liabilities | Components of regulatory liabilities: (Millions of Dollars) See Note(s) Remaining Amortization Period Dec. 31, 2019 Dec. 31, 2018 Regulatory Liabilities Current Noncurrent Current Noncurrent Deferred income tax adjustments and TCJA refunds (a) 7 Various $ 4.8 $ 1,403.2 $ 0.8 $ 1,441.6 Plant removal costs 1, 10 Plant lives — 350.8 — 344.4 Effects of regulation on employee benefit costs (b) Various — 183.2 — 126.9 Renewable resources and environmental initiatives Various — 44.9 — 54.0 ITC deferrals (c) 1 Various — 26.1 — 27.5 Deferred electric, natural gas and steam production costs Less than one year 7.7 — 7.2 — Conservation programs (d) 1 Less than one year 30.2 — 29.8 — Other Various 26.5 28.6 29.5 27.1 Total regulatory liabilities (e) $ 69.2 $ 2,036.8 $ 67.3 $ 2,021.5 (a) Includes the revaluation of recoverable/regulated plant ADIT and revaluation impact of non-plant ADIT due to the TCJA. (b) Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset. (c) Includes impact of lower federal tax rate due to the TCJA. (d) Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. (e) Revenue subject to refund of $16.2 million for 2018 was included in other current liabilities and none for 2019. |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Money Pool [Table Text Block] | Money pool borrowings for PSCo were as follows: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2019 Year Ended Dec. 31 2019 2018 2017 Borrowing limit $ 250 $ 250 $ 250 $ 250 Amount outstanding at period end 39 39 — — Average amount outstanding — 7 25 — Maximum amount outstanding 39 50 156 20 Weighted average interest rate, computed on a daily basis 1.63 % 2.29 % 1.93 % 0.92 % Weighted average interest rate at end of period 1.63 1.63 N/A N/A |
Schedule of Short-term Debt [Table Text Block] | Commercial paper borrowings for PSCo were as follows: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2019 Year Ended Dec. 31 2019 2018 2017 Borrowing limit $ 700 $ 700 $ 700 $ 700 Amount outstanding at period end — — 307 — Average amount outstanding — 154 55 54 Maximum amount outstanding — 432 309 268 Weighted average interest rate, computed on a daily basis N/A 2.67 % 2.28 % 1.08 % Weighted average interest rate at end of period N/A N/A 2.95 N/A |
Schedule Of Debt To Total Capitalization Ratio [Table Text Block] | Debt-to-Total Capitalization Ratio (a) Amount Facility May Be Increased (millions) Additional Periods for Which a One-Year Extension May Be Requested (b) 2019 2018 44 % 46 % $ 100 2 |
Schedule of Line of Credit Facilities [Table Text Block] | Dec. 31, 2019 (millions): Credit Facility (a) Drawn (b) Available $ 700 $ 9 $ 691 (a) This credit facility matures in June 2024 . (b) Includes letters of credit and outstanding commercial paper. |
Schedule of Capitalization [Table Text Block] | Long-term debt obligations for PSCo as of Dec. 31 (millions of dollars): Financing Instrument Interest Rate Maturity Date 2019 2018 First mortgage bonds (d) 5.13 % June 1, 2019 $ — $ 400 First mortgage bonds 3.20 Nov. 15, 2020 400 400 First mortgage bonds 2.25 Sept. 15, 2022 300 300 First mortgage bonds 2.50 March 15, 2023 250 250 First mortgage bonds 2.90 May 15, 2025 250 250 First mortgage bonds (b) 3.70 June 15, 2028 350 350 First mortgage bonds 6.25 Sept. 1, 2037 350 350 First mortgage bonds 6.50 Aug. 1, 2038 300 300 First mortgage bonds 4.75 Aug. 15, 2041 250 250 First mortgage bonds 3.60 Sept. 15, 2042 500 500 First mortgage bonds 3.95 March 15, 2043 250 250 First mortgage bonds 4.30 March 15, 2044 300 300 First mortgage bonds 3.55 June 15, 2046 250 250 First mortgage bonds 3.80 June 15, 2047 400 400 First mortgage bonds (b) 4.10 June 15, 2048 350 350 First mortgage bonds (a) 4.05 Sept. 15, 2049 400 — First mortgage bonds (a) 3.20 March 1, 2050 550 — Capital lease obligations (c) 11.20 - 14.30 2025-2060 — 145 Unamortized discount (24 ) (14 ) Unamortized debt issuance cost (41 ) (33 ) Current maturities (400 ) (406 ) Total long-term debt $ 4,985 $ 4,592 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of long-term debt: (Millions of Dollars) 2020 $ 400 2021 — 2022 300 2023 250 2024 — |
Preferred Stock | Capital Stock — PSCo has authorized the issuance of preferred stock. Preferred Par Value Preferred 10,000,000 $ 0.01 — |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | PSCo’s operating revenues consisted of the following: Year Ended Dec. 31, 2019 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,005.5 $ 750.1 $ 11.2 $ 1,766.8 C&I 1,579.5 281.2 27.7 1,888.4 Other 50.0 — — 50.0 Total retail 2,635.0 1,031.3 38.9 3,705.2 Wholesale 166.5 — — 166.5 Transmission 51.7 — — 51.7 Other 31.8 107.3 — 139.1 Total revenue from contracts with customers 2,885.0 1,138.6 38.9 4,062.5 Alternative revenue and other 148.0 22.3 4.4 174.7 Total revenues $ 3,033.0 $ 1,160.9 $ 43.3 $ 4,237.2 Year Ended Dec. 31, 2018 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 991.2 $ 606.5 $ 10.7 $ 1,608.4 C&I 1,560.6 223.5 25.3 1,809.4 Other 47.6 — 0.1 47.7 Total retail 2,599.4 830.0 36.1 3,465.5 Wholesale 174.6 — — 174.6 Transmission 54.2 — — 54.2 Other 54.9 84.0 — 138.9 Total revenue from contracts with customers 2,883.1 914.0 36.1 3,833.2 Alternative revenue and other 148.1 100.6 4.3 253.0 Total revenues $ 3,031.2 $ 1,014.6 $ 40.4 $ 4,086.2 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Stock | Capital Stock — PSCo has authorized the issuance of preferred stock. Preferred Par Value Preferred 10,000,000 $ 0.01 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Statute of Limitations Applicable to Open Tax Years | PSCo is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Year(s) Expiration 2009 - 2013 June 2020 2014 - 2016 September 2020 |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits - permanent vs temporary: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Unrecognized tax benefit — Permanent tax positions $ 7.4 $ 5.4 Unrecognized tax benefit — Temporary tax positions 4.6 4.9 Total unrecognized tax benefit $ 12.0 $ 10.3 Changes in unrecognized tax benefits: (Millions of Dollars) 2019 2018 2017 Balance at Jan. 1 $ 10.3 $ 10.1 $ 19.7 Additions based on tax positions related to the current year 1.4 1.1 1.9 Reductions based on tax positions related to the current year (0.2 ) (0.3 ) (1.5 ) Additions for tax positions of prior years 0.5 0.4 4.4 Reductions for tax positions of prior years — (0.1 ) (14.4 ) Settlements with taxing authorities — (0.9 ) — Balance at Dec. 31 $ 12.0 $ 10.3 $ 10.1 |
Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 NOL and tax credit carryforwards $ (8.3 ) $ (5.6 ) |
Interest Payable related to Unrecognized Tax Benefits | Interest payable related to unrecognized tax benefits: (Millions of Dollars) 2019 2018 2017 Payable for interest related to unrecognized tax benefits at Jan. 1 $ (0.7 ) $ (0.3 ) $ (1.1 ) Interest (expense) income related to unrecognized tax benefits (0.4 ) (0.4 ) 0.8 Payable for interest related to unrecognized tax benefits at Dec. 31 $ (1.1 ) $ (0.7 ) $ (0.3 ) |
NOL and Tax Credit Carryforwards | NOL amounts represent the tax loss that is carried forward and tax credits represent the deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows: (Millions of Dollars) 2019 2018 Federal tax credit carryforwards $ 83.2 $ 35.0 State NOL carryforwards 388.1 484.7 State tax credit carryforwards, net of federal detriment (a) 17.6 16.9 Valuation allowances for state credit carryforwards, net of federal benefit (b) (8.0 ) (8.9 ) (a) State tax credit carryforwards are net of federal detriment of $4.7 million and $4.5 million as of Dec. 31, 2019 and 2018, respectively. (b) Valuation allowances for state tax credit carryforwards were net of federal benefit of $2.1 million and $2.4 million as of Dec. 31, 2019 and 2018, respectively. |
Schedule of Effective Income Tax Rate Reconciliation | 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. Effective income tax rate for years ended Dec. 31: 2019 2018 (a) 2017 (a) Federal statutory rate 21.0 % 21.0 % 35.0 % State income tax on pretax income, net of federal tax effect 3.6 % 3.7 % 3.0 % Increases (decreases) in tax from: Wind PTCs (7.5 ) (0.6 ) — Plant regulatory differences (b) (3.3 ) (4.5 ) (1.0 ) Other tax credits, net of NOL & tax credit allowances (1.3 ) (0.6 ) (0.9 ) Amortization of excess nonplant deferred taxes (0.2 ) (1.4 ) — Change in unrecognized tax benefits 0.3 0.1 0.2 Tax reform — — (2.4 ) Other, net (0.5 ) (0.6 ) (0.1 ) Effective income tax rate 12.1 % 17.1 % 33.8 % (a) Prior periods have been reclassified to conform to current year presentation. |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense for the years ended Dec. 31: (Millions of Dollars) 2019 2018 2017 Current federal tax (benefit) expense $ (8.9 ) $ 79.5 $ 40.4 Current state tax (benefit) expense (5.0 ) 14.2 14.6 Current change in unrecognized tax benefit (1.0 ) (1.3 ) (7.8 ) Deferred federal tax expense 60.9 4.9 176.4 Deferred state tax expense 33.1 16.6 22.5 Deferred change in unrecognized tax expense 3.0 2.3 8.9 Deferred ITCs (2.5 ) (2.5 ) (2.8 ) Total income tax expense $ 79.6 $ 113.7 $ 252.2 Components of deferred income tax expense as of Dec. 31: (Millions of Dollars) 2019 2018 2017 Deferred tax expense (benefit) excluding items below $ 131.5 $ 74.8 $ (1,244.7 ) Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities (34.9 ) (50.6 ) 1,453.1 Tax benefit (expense) allocated to other comprehensive income, net of adoption of ASU No. 2018-02, and other 0.4 (0.4 ) (0.6 ) Deferred tax expense $ 97.0 $ 23.8 $ 207.8 |
Schedule of Deferred Tax Assets and Liabilities | Components of the net deferred tax liability as of Dec. 31: (Millions of Dollars) 2019 2018 (a) Deferred tax liabilities: Differences between book and tax bases of property $ 2,039.1 $ 1,860.1 Regulatory assets 253.1 251.1 Operating lease assets 147.9 — Pension expense and other employee benefits 21.5 31.1 Other 8.3 1.7 Total deferred tax liabilities $ 2,469.9 $ 2,144.0 Deferred tax assets: Regulatory liabilities $ 327.2 $ 336.3 Operating lease liabilities 147.9 — Tax credit carryforward 100.8 51.9 NOL carryforward 14.3 18.2 Rate refund 6.1 9.3 Deferred ITCs 5.6 6.3 Tax credit valuation allowances (8.0 ) (8.9 ) Other 25.2 11.6 Total deferred tax assets $ 619.1 $ 424.7 Net deferred tax liability $ 1,850.8 $ 1,719.3 (a) Prior periods have been reclassified to conform to current year presentation. |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Gross Notional Amounts of Commodity Forwards and Options | Gross notional amounts of commodity forwards and options at Dec. 31: (Amounts in Millions) (a)(b) 2019 2018 MWh of electricity 9.3 24.4 MMBtu of natural gas 32.2 48.4 (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. |
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Loss | (Millions of Dollars) 2019 2018 2017 Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 $ (25.3 ) $ (26.5 ) $ (22.8 ) After-tax net realized losses on derivative transactions reclassified into earnings 1.2 1.2 1.0 Adoption of ASU No. 2018-02 (a) — — (4.7 ) Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 $ (24.1 ) $ (25.3 ) $ (26.5 ) (a) In 2017, PSCo implemented ASU No. 2018-02 related to TCJA, which resulted in reclassification of certain credit balances within net accumulated other comprehensive loss to retained earnings. |
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Regulatory (Assets) and Liabilities Year to date Dec. 31, 2019 Other derivative instruments Natural gas commodity $ — $ (5.3 ) Total $ — $ (5.3 ) Year to date Dec. 31, 2018 Other derivative instruments Natural gas commodity $ — $ 8.0 Total $ — $ 8.0 Year to date Dec. 31, 2017 Other derivative instruments Natural gas commodity $ — $ (10.9 ) Total $ — $ (10.9 ) Pre-Tax (Gains) Losses (Millions of Dollars) Accumulated Loss Regulatory (Liabilities) Pre-Tax Gains (Losses) Recognized Year to date Dec. 31, 2019 Derivatives designated as cash flow hedges Interest rate $ 1.6 (a) $ — $ — Total $ 1.6 $ — $ — Other derivative instruments . Commodity trading $ — $ — $ 3.1 (c) Natural gas commodity — 0.6 (d) (3.9 ) (d) Total $ — $ 0.6 $ (0.8 ) Year to date Dec. 31, 2018 Derivatives designated as cash flow hedges Interest rate $ 1.6 (a) $ — $ — Total $ 1.6 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 3.1 (c) Natural gas commodity — (4.1 ) (d) (2.9 ) (d) Total $ — $ (4.1 ) $ 0.2 Year to date Dec. 31, 2017 Derivatives designated as cash flow hedges Interest rate $ 1.6 (a) $ — $ — Total $ 1.6 $ — $ — Other derivative instruments Commodity trading $ — $ — $ 0.4 (c) Natural gas commodity — 1.9 (d) (4.2 ) (d) Total $ — $ 1.9 $ (3.8 ) (a) Amounts are recorded to interest charges. (b) Amounts are recorded to O&M expenses. (c) 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. (d) Amounts for the year ended Dec. 31, 2019 , 2018 and 2017 included no settlement gains or losses, $1.2 million of settlement losses and $0.4 million of settlement gains, respectively, on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset or liability, as appropriate. Remaining settlement losses for the years ended Dec. 31, 2019 , 2018 and 2017 |
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | The following table presents, for each of the fair value hierarchy levels, PSCo’s derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2019 and 2018 : Dec. 31, 2019 Dec. 31, 2018 Fair Value Fair Value (Millions of Dollars) Level 1 Level 2 Level 3 Fair Value Total Netting (a) Total Level 1 Level 2 Level 3 Fair Value Total Netting (a) Total Current derivative assets Other derivative instruments: Commodity trading $ 1.9 $ 11.1 $ 0.9 $ 13.9 $ (10.1 ) $ 3.8 $ 2.3 $ 65.0 $ 0.1 $ 67.4 $ (28.2 ) $ 39.2 Natural gas commodity — 3.4 — 3.4 — 3.4 — 3.4 — 3.4 — 3.4 Total current derivative assets $ 1.9 $ 14.5 $ 0.9 $ 17.3 $ (10.1 ) 7.2 $ 2.3 $ 68.4 $ 0.1 $ 70.8 $ (28.2 ) 42.6 Current derivative instruments $ 7.2 $ 42.6 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 0.4 $ 8.1 $ 1.1 $ 9.6 $ (9.6 ) $ — $ — $ 1.6 $ — $ 1.6 $ (0.4 ) $ 1.2 Total noncurrent derivative assets $ 0.4 $ 8.1 $ 1.1 $ 9.6 $ (9.6 ) — $ — $ 1.6 $ — $ 1.6 $ (0.4 ) 1.2 Noncurrent derivative instruments $ — $ 1.2 Current derivative liabilities Other derivative instruments: Commodity trading $ 1.7 $ 16.7 $ — $ 18.4 $ (13.1 ) $ 5.3 $ 2.4 $ 64.2 $ — $ 66.6 $ (34.7 ) $ 31.9 Natural gas commodity — 3.4 — 3.4 — 3.4 — — — — — — Total current derivative liabilities $ 1.7 $ 20.1 $ — $ 21.8 $ (13.1 ) 8.7 $ 2.4 $ 64.2 $ — $ 66.6 $ (34.7 ) 31.9 PPAs (b) — 2.7 Current derivative instruments $ 8.7 $ 34.6 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 0.4 $ 47.0 $ 14.7 $ 62.1 $ (9.6 ) $ 52.5 $ — $ 1.1 $ — $ 1.1 $ (0.5 ) $ 0.6 Total noncurrent derivative liabilities $ 0.4 $ 47.0 $ 14.7 $ 62.1 $ (9.6 ) 52.5 $ — $ 1.1 $ — $ 1.1 $ (0.5 ) 0.6 Noncurrent derivative instruments $ 52.5 $ 0.6 (a) 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, 2019 and 2018 . At both Dec. 31, 2019 and 2018 , derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2019 and 2018 , derivative assets and liabilities include the rights to reclaim cash collateral of $3.0 million and $6.5 million , respectively. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, 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 will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Carrying Amount and Fair Value of Long-term Debt | 2019 2018 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 5,384.7 $ 6,039.3 $ 4,997.6 $ 5,123.2 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Benefit Plans and Other Postretirement Benefits [Abstract] | |
Target Asset Allocations and Plan Assets Measured at Fair Value | , PSCo’s pension plan assets measured at fair value: Dec. 31, 2019 (a) Dec. 31, 2018 (a) (Millions of Dollars) Level 1 Level 2 Level 3 Measured at NAV Total Level 1 Level 2 Level 3 Measured at NAV Total Cash equivalents $ 45.6 $ — $ — $ — $ 45.6 $ 53.0 $ — $ — $ — $ 53.0 Commingled funds 497.0 — — 355.3 852.3 316.2 — — 326.1 642.3 Debt securities — 241.2 1.5 — 242.7 — 242.3 — — 242.3 Equity securities 29.7 — — — 29.7 35.2 — — — 35.2 Other (41.3 ) 1.7 — (6.9 ) (46.5 ) 0.6 2.0 — (9.9 ) (7.3 ) Total $ 531.0 $ 242.9 $ 1.5 $ 348.4 $ 1,123.8 $ 405.0 $ 244.3 $ — $ 316.2 $ 965.5 (a) See Note 8 for further information on fair value measurement inputs and methods. Dec. 31, 2019 (a) Dec. 31, 2018 (a) (Millions of Dollars) Level 1 Level 2 Level 3 Measured at NAV Total Level 1 Level 2 Level 3 Measured at NAV Total Cash equivalents $ 20.3 $ — $ — $ — $ 20.3 $ 17.0 $ — $ — $ — $ 17.0 Insurance contracts — 45.4 — — 45.4 — 40.2 — — 40.2 Commingled funds 61.9 — — 68.0 129.9 118.7 — — 35.8 154.5 Debt securities — 203.4 1.0 — 204.4 — 159.7 — — 159.7 Equity securities — — — — — — — — — — Other — 0.5 — — 0.5 — 0.7 — — 0.7 Total $ 82.2 $ 249.3 $ 1.0 $ 68.0 $ 400.5 $ 135.7 $ 200.6 $ — $ 35.8 $ 372.1 (a) Pension Benefits Postretirement Benefits 2019 2018 2019 2018 Domestic and international equity securities 37 % 35 % 15 % 18 % Long-duration fixed income securities 30 32 — — Short-to-intermediate fixed income securities 14 16 72 70 Alternative investments 17 15 9 8 Cash 2 2 4 4 Total 100 % 100 % 100 % 100 % |
Change in Projected Benefit Obligation | Pension Benefits Postretirement Benefits (Millions of Dollars) 2019 2018 2019 2018 Change in Benefit Obligation: Obligation at Jan. 1 $ 1,229.3 $ 1,334.2 $ 376.5 $ 429.2 Service cost 25.6 29.0 0.5 0.7 Interest cost 51.6 47.3 15.6 15.0 Plan amendments — — — — Actuarial loss (gain) 108.2 (96.5 ) 12.7 (40.6 ) Plan participants’ contributions — — 6.6 6.5 Medicare subsidy reimbursements — — 1.6 0.9 Benefit payments (84.9 ) (84.7 ) (33.5 ) (35.2 ) Obligation at Dec. 31 $ 1,329.8 $ 1,229.3 $ 380.0 $ 376.5 Change in Fair Value of Plan Assets: Fair value of plan assets at Jan. 1 $ 965.5 $ 1,079.4 $ 372.1 $ 406.4 Actual return on plan assets 197.4 (50.9 ) 51.0 (11.1 ) Employer contributions 45.8 21.7 4.3 5.5 Plan participants’ contributions — — 6.6 6.5 Benefit payments (84.9 ) (84.7 ) (33.5 ) (35.2 ) Fair value of plan assets at Dec. 31 $ 1,123.8 $ 965.5 $ 400.5 $ 372.1 Funded status of plans at Dec. 31 $ (206.0 ) $ (263.8 ) $ 20.5 $ (4.4 ) Amounts recognized in the Consolidated Balance Sheet at Dec. 31: Noncurrent liabilities (206.0 ) (263.8 ) 20.5 (4.4 ) Net amounts recognized $ (206.0 ) $ (263.8 ) $ 20.5 $ (4.4 ) Significant Assumptions Used to Measure Benefit Obligations: Discount rate for year-end valuation 3.49 % 4.31 % 3.47 % 4.32 % Expected average long-term increase in compensation level 3.75 3.75 N/A N/A Mortality table Pri-2012 RP-2014 Pri-2012 RP-2014 Health care costs trend rate — initial: Pre-65 N/A N/A 6.00 % 6.50 % Health care costs trend rate — initial: Post-65 N/A N/A 5.10 % 5.30 % Ultimate trend assumption — initial: Pre-65 N/A N/A 4.50 % 4.50 % Ultimate trend assumption — initial: Post-65 N/A N/A 4.50 % 4.50 % Years until ultimate trend is reached N/A N/A 3 4 |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates | Pension Benefits Postretirement Benefits (Millions of Dollars) 2019 2018 2019 2018 Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: Net loss $ 481.5 $ 530.8 $ 44.6 $ 66.9 Prior service credit (3.8 ) (7.2 ) (9.9 ) (15.3 ) Total $ 477.7 $ 523.6 $ 34.7 $ 51.6 Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: Current regulatory assets $ 22.3 $ 25.8 $ — Noncurrent regulatory assets 452.1 497.5 34.7 51.6 Deferred income taxes 0.8 0.1 — — Net-of-tax accumulated other comprehensive income 2.5 0.2 — — Total $ 477.7 $ 523.6 $ 34.7 $ 51.6 Measurement date Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 |
Components of Net Periodic Benefit Costs | Pension Benefits Postretirement Benefits (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost $ 25.6 $ 29.0 $ 27.3 $ 0.5 $ 0.7 $ 0.7 Interest cost 51.6 47.3 50.6 15.6 15.0 16.8 Expected return on plan assets (68.5 ) (68.5 ) (68.5 ) (18.9 ) (22.7 ) (21.9 ) Amortization of prior service credit (3.4 ) (3.4 ) (3.2 ) (5.4 ) (6.2 ) (6.2 ) Amortization of net loss 25.4 31.2 28.3 2.9 4.0 3.8 Settlement charge (a) 3.2 4.5 — — — — Net periodic pension cost (credit) 33.9 40.1 34.5 (5.3 ) (9.2 ) (6.8 ) Costs (credits) not recognized due to effects of regulation 3.5 (3.9 ) (2.7 ) 1.2 1.8 — Net benefit cost (credit) recognized for financial reporting $ 37.4 $ 36.2 $ 31.8 $ (4.1 ) $ (7.4 ) $ (6.8 ) Significant Assumptions Used to Measure Costs: Discount rate 4.31 % 3.63 % 4.13 % 4.32 % 3.62 % 4.13 % Expected average long-term increase in compensation level 3.75 3.75 3.75 N/A N/A N/A Expected average long-term rate of return on assets 6.84 6.84 6.84 4.50 5.30 5.80 (a) A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In 2019 and 2018, as a result of lump-sum distributions during the 2019 and 2018 plan years, PSCo recorded a total pension settlement charge of $3.2 million and $4.5 million |
Projected Benefit Payments for the Pension and Postretirement Benefit Plans | PSCo’s projected benefit payments: (Millions of Dollars) Projected Pension Gross Projected Expected Medicare Net Projected 2020 $ 82.0 $ 30.5 $ 1.9 $ 28.6 2021 81.9 30.3 2.0 28.3 2022 82.3 29.8 2.1 27.7 2023 82.7 29.4 2.2 27.2 2024 82.4 28.8 2.2 26.6 2025-2029 402.9 129.9 12.1 117.8 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Finance Lease, Liability, Maturity [Table Text Block] | Commitments under operating and finance leases as of Dec. 31, 2019: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases 2020 $ 95.9 $ 13.2 $ 109.1 $ 24.8 2021 96.4 12.6 109.0 23.6 2022 82.6 11.6 94.2 20.5 2023 70.0 10.9 80.9 20.3 2024 62.6 11.0 73.6 20.1 Thereafter 226.0 18.1 244.1 399.7 Total minimum obligation 633.5 77.4 710.9 509.0 Interest component of obligation (95.0 ) (12.5 ) (107.5 ) (370.2 ) Present value of minimum obligation $ 538.5 $ 64.9 603.4 138.8 Less current portion (85.8 ) (6.9 ) Noncurrent operating and finance lease liabilities $ 517.6 $ 131.9 Weighted-average remaining lease term in years 7.9 38.7 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2032. |
Assets and Liabilities, Lessee [Table Text Block] | Finance lease ROU assets: (Millions of Dollars) Dec. 31, 2019 Dec. 31, 2018 Gas storage facilities $ 200.5 $ 200.5 Gas pipeline 20.7 20.7 Gross finance lease ROU assets 221.2 221.2 Accumulated amortization (82.4 ) (76.2 ) Net finance lease ROU assets $ 138.8 $ 145.0 Operating lease ROU assets: (Millions of Dollars) Dec. 31, 2019 PPAs $ 585.1 Other 68.7 Gross operating lease ROU assets 653.8 Accumulated amortization (79.8 ) Net operating lease ROU assets $ 574.0 |
Estimated Minimum Purchases Under Fuel Contracts | Estimated minimum purchases under these contracts as of Dec. 31, 2019 : (Millions of Dollars) Coal Natural gas supply Natural gas storage and 2020 $ 155.7 $ 287.3 $ 116.0 2021 66.6 252.7 113.3 2022 44.1 102.5 113.4 2023 22.4 52.6 65.7 2024 22.9 2.9 35.0 Thereafter 71.3 — 537.7 Total $ 383.0 $ 698.0 $ 981.1 |
Estimated Future Payments for Capacity and Energy Pursuant to Purchased Power Agreements | At Dec. 31, 2019 , the estimated future payments for capacity that PSCo is obligated to purchase pursuant to these executory contracts, subject to availability, were as follows: (Millions of Dollars) Capacity 2020 $ 3.2 2021 3.2 2022 3.2 2023 3.2 2024 3.2 Thereafter 10.4 Total $ 26.4 |
Future Commitments Under Operating and Capital Leases | Commitments under operating and finance leases as of Dec. 31, 2018: (Millions of Dollars) PPA (a) (b) Operating Leases Other Operating Leases Total Leases Finance Leases 2019 $ 95.5 $ 10.8 $ 106.3 $ 24.9 2020 95.9 10.7 106.6 24.8 2021 96.4 9.5 105.9 23.6 2022 82.6 8.4 91.0 20.5 2023 70.0 8.1 78.1 20.3 Thereafter 288.6 53.4 342.0 420.4 Total minimum obligation 534.5 Interest component of obligation (389.5 ) Present value of minimum obligation $ 145.0 (a) Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b) PPA operating leases contractually expire at various dates through 2032. |
Asset Retirement Obligations | PSCo’s AROs were as follows: 2019 (Millions of Dollars) Jan. 1, 2019 Accretion Cash Flow Revisions (a) Dec. 31, 2019 (b) Electric Steam, hydro and other production $ 102.2 $ 4.9 $ (7.3 ) $ 99.8 Wind 14.5 0.8 1.1 16.4 Distribution 13.4 0.6 — 14.0 Miscellaneous 3.2 — (3.2 ) — Natural gas Transmission and distribution 200.9 8.9 (19.4 ) 190.4 Miscellaneous 4.0 0.1 (1.2 ) 2.9 Common Miscellaneous 0.5 — — 0.5 Total liability $ 338.7 $ 15.3 $ (30.0 ) $ 324.0 (a) In 2019, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily related to increased gas line mileage and number of services, which were more than offset by decreased inflation rates. Changes in steam, hydro, and other production AROs primarily related to the cost estimates to remediate ponds at production facilities. (b) There were no ARO amounts incurred or settled in 2019. 2018 (Millions of Dollars) Jan. 1, 2018 Amounts Incurred (a) Amounts Settled (b) Accretion Cash Flow Revisions (c) Dec. 31, 2018 Electric Steam, hydro and other production $ 103.2 $ — $ (7.1 ) $ 4.7 $ 1.4 $ 102.2 Wind 2.1 12.3 — 0.1 — 14.5 Distribution 7.9 — — 0.3 5.2 13.4 Miscellaneous 1.4 — (0.1 ) 0.1 1.8 3.2 Natural gas Transmission and distribution 228.9 — — 9.3 (37.3 ) 200.9 Miscellaneous 3.9 — — 0.1 — 4.0 Common Miscellaneous 0.4 — — 0.1 — 0.5 Total liability $ 347.8 $ 12.3 $ (7.2 ) $ 14.7 $ (28.9 ) $ 338.7 (a) Amounts incurred related to the Rush Creek wind farm, which was placed in service in 2018. (b) Amounts settled related to closure of certain ash containment facilities. (c) In 2018, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily related to increased gas line mileage and number of services, which were more than offset by increased discount rates. Changes in electric distribution AROs were primarily related to increased labor costs. |
Lease, Cost [Table Text Block] | Components of lease expense: (Millions of Dollars) 2019 2018 2017 Operating leases PPA capacity payments $ 98.0 $ 96.6 $ 96.1 Other operating leases (a) 14.4 14.0 12.5 Total operating lease expense (b) $ 112.4 $ 110.6 $ 108.6 Finance leases Amortization of ROU assets $ 6.2 $ 5.6 $ 5.3 Interest expense on lease liability 18.7 19.5 20.3 Total finance lease expense $ 24.9 $ 25.1 $ 25.6 (a) Includes short-term lease expense of $ 1.3 million , $ 1.5 million and $1.0 million for 2019, 2018 and 2017, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the years ended Dec. 31: 2019 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (25.3 ) $ (0.2 ) $ (25.5 ) Other comprehensive loss before reclassifications (net of taxes of $0 and $0.1, respectively) — 0.4 0.4 Losses (gains) reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0.4 and $0, respectively) 1.2 (a) — 1.2 Amortization of net actuarial gains (net of taxes of $0 and $(0.9), respectively) — (2.7 ) (b) (2.7 ) Net current period other comprehensive income (loss) 1.2 (2.3 ) (1.1 ) Accumulated other comprehensive loss at Dec. 31 $ (24.1 ) $ (2.5 ) $ (26.6 ) (a) Included in interest charges. (b) 2018 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (26.5 ) $ (0.2 ) $ (26.7 ) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $0.4 and $0, respectively) 1.2 (a) — 1.2 Net current period other comprehensive income 1.2 — 1.2 Accumulated other comprehensive loss at Dec. 31 $ (25.3 ) $ (0.2 ) $ (25.5 ) (a) Included in interest charges. |
Segments and Related Informat_2
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | (Millions of Dollars) 2019 2018 2017 Regulated Electric Operating revenues (a) $ 3,033.0 $ 3,031.2 $ 3,003.8 Intersegment revenues 0.4 0.3 0.3 Total operating revenue $ 3,033.4 $ 3,031.5 $ 3,004.1 Depreciation and amortization 454.9 415.6 353.6 Interest charges and financing costs 173.7 142.3 138.6 Income tax expense 45.0 103.0 243.6 Net income 464.9 428.6 370.6 Regulated Natural Gas Operating revenues (a) $ 1,160.9 $ 1,014.6 $ 995.2 Intersegment revenues 0.4 0.6 0.4 Total operating revenue $ 1,161.3 $ 1,015.2 $ 995.6 Depreciation and amortization 141.4 140.6 113.2 Interest charges and financing costs 49.7 42.9 40.2 Income tax expense 32.6 13.1 18.4 Net income 119.4 121.4 107.8 All Other Operating revenues (a) $ 43.3 $ 40.4 $ 43.5 Depreciation and amortization 6.1 4.9 4.7 Interest charges and financing costs 0.8 0.5 0.5 Income tax (benefit) 2.0 (2.4 ) (9.8 ) Net (loss) income (6.5 ) 1.7 15.7 Consolidated Total Operating revenues (a) $ 4,238.0 $ 4,087.1 $ 4,043.2 Intersegment revenues (0.8 ) (0.9 ) (0.7 ) Total operating revenue $ 4,237.2 $ 4,086.2 $ 4,042.5 Depreciation and amortization 602.4 561.1 471.5 Interest charges and financing costs 224.2 185.7 179.3 Income tax expense 79.6 113.7 252.2 Net income 577.8 551.7 494.1 (a) Operating revenues include $4.5 million , $4.4 million and $5.9 million of intercompany revenue for the years ended Dec. 31, 2019 , 2018 and 2017 , respectively. See Note 13 for further information. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Significant affiliate transactions among the companies and related parties for the years ended Dec. 31: (Millions of Dollars) 2019 2018 2017 Operating revenues: Electric $ — $ — $ 1.4 Other 4.5 4.4 4.5 Operating expenses: Other operating expenses — paid to Xcel Energy Services Inc. 531.9 518.7 485.1 Interest expense 0.4 — — Interest income 0.2 — — Accounts receivable and payable with affiliates at Dec. 31: 2019 2018 (Millions of Dollars) Accounts Accounts Accounts Accounts NSP-Minnesota $ 18.8 $ — $ 17.9 $ — NSP-Wisconsin — 0.2 — 0.2 SPS 0.4 — 0.7 — Other subsidiaries of Xcel Energy Inc. 33.5 43.7 62.2 45.8 $ 52.7 $ 43.9 $ 80.8 $ 46.0 |
Summarized Quarterly Financia_2
Summarized Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data (Unaudited) | Quarter Ended (Millions of Dollars) March 31, 2019 June 30, 2019 Sept. 30, 2019 Dec. 31, 2019 Operating revenues $ 1,223.0 $ 910.0 $ 1,044.3 $ 1,059.9 Operating income 209.9 162.7 284.3 199.9 Net income 138.8 101.5 204.5 133.0 Quarter Ended (Millions of Dollars) March 31, 2018 June 30, 2018 Sept. 30, 2018 Dec. 31, 2018 Operating revenues $ 1,073.3 $ 911.9 $ 1,060.7 $ 1,040.3 Operating income (a) 206.9 189.3 276.9 119.5 Net income 133.7 122.3 207.1 88.6 (a) In 2018, PSCo implemented ASU No. 2017-07 related to net periodic benefit cost, which resulted in retrospective reclassification of pension costs from O&M expense to other income. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense expressed as a percentage of average depreciable property | 2.90% | 2.60% | 2.70% |
Cash and Cash Equivalents [Abstract] | |||
Maximum number of months of remaining maturity at time of purchase to consider investments in certain instruments as cash equivalents | three months | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract] | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 21 | $ 20.5 | |
Alternative Revenue Programs [Abstract] | |||
Maximum number of months following end of annual period in which revenues are earned to be included in incentive programs | 24 months | ||
Number of DSM Products, Commercial and Industrial Customers | 20 | ||
Number of DSM Products, Residential and Low-income Customers | 23 | ||
DSM Measurements | 1,000 | ||
Public Utilities, Inventory [Line Items] | |||
Inventories | $ 192 | 197.4 | |
Materials and supplies | |||
Public Utilities, Inventory [Line Items] | |||
Inventories | 62.6 | 61.9 | |
Public Utilities, Inventory, Fuel [Member] | |||
Public Utilities, Inventory [Line Items] | |||
Inventories | 77.1 | 69.5 | |
Public Utilities, Inventory, Natural Gas [Member] | |||
Public Utilities, Inventory [Line Items] | |||
Inventories | $ 52.3 | $ 66 |
Accounting Pronouncements - Rec
Accounting Pronouncements - Recently Adopted (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of minimum obligation | $ 603.4 | ||
Operating lease, right-of-use assets | $ 574 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of minimum obligation | $ 700 | ||
Operating lease, right-of-use assets | $ 700 |
Property Plant and Equipment _3
Property Plant and Equipment Property Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 21,279.4 | $ 19,911 | |
Accumulated depreciation | 5,124.4 | 4,791 | |
Property, plant and equipment, net | 16,155 | 15,120 | |
Electric plant | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 14,361.9 | 13,604.5 | |
Natural gas plant | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 4,631.4 | 4,387.6 | |
Common and other property | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,113.5 | 1,023.7 | |
Plant to be retired | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | [1] | 259.9 | 321.9 |
CWIP | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 912.7 | $ 573.3 | |
[1] | In 2018, the CPUC approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively. PSCo also expects Craig Unit 1 to be retired early in 2025. Amounts are presented net of accumulated depreciation. |
Property Plant and Equipment Jo
Property Plant and Equipment Joint Ownership (Details) $ in Millions | Dec. 31, 2019USD ($) |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 1,582.9 |
Accumulated Depreciation | 458.5 |
CWIP | 2.4 |
Electric Generation | Hayden Unit 1 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | 152.5 |
Accumulated Depreciation | 80.9 |
CWIP | $ 0.2 |
Percent Owned | 76.00% |
Electric Generation | Hayden Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 149 |
Accumulated Depreciation | 70.8 |
CWIP | $ 0.2 |
Percent Owned | 37.00% |
Electric Generation | Hayden Common Facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 41.4 |
Accumulated Depreciation | 22 |
CWIP | $ 0 |
Percent Owned | 53.00% |
Electric Generation | Craig Units 1 and 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 80.9 |
Accumulated Depreciation | 41.4 |
CWIP | $ 0.3 |
Percent Owned | 10.00% |
Electric Generation | Craig Common Facilities 1, 2 and 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 39.1 |
Accumulated Depreciation | 21.7 |
CWIP | $ 0.1 |
Percent Owned | 7.00% |
Electric Generation | Comanche Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 886.7 |
Accumulated Depreciation | 148.6 |
CWIP | $ 0.6 |
Percent Owned | 67.00% |
Electric Generation | Comanche Common Facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 28.9 |
Accumulated Depreciation | 3 |
CWIP | $ 0.1 |
Percent Owned | 82.00% |
Electric Transmission | Transmission and Other Facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 173.7 |
Accumulated Depreciation | 61.7 |
CWIP | 0.9 |
Gas Transportation | Rifle to Avon | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | 22.2 |
Accumulated Depreciation | 7.4 |
CWIP | $ 0 |
Percent Owned | 60.00% |
Gas Transportation | Gas Transportation Compressor | |
Jointly Owned Utility Plant Interests [Line Items] | |
Plant in Service | $ 8.5 |
Accumulated Depreciation | 1 |
CWIP | $ 0 |
Percent Owned | 50.00% |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities, Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | $ 64 | $ 120.6 | |
Regulatory Asset, Noncurrent | 1,038.1 | 1,010.7 | |
Pension and Retiree Medical Obligations | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 22.7 | 26.1 | |
Regulatory Asset, Noncurrent | 493.6 | 559 | |
Depreciation differences | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 14.6 | 17.5 | |
Regulatory Asset, Noncurrent | 139.6 | 107 | |
Recoverable Deferred Taxes on AFUDC Recorded in Plant | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 0 | 0 | |
Regulatory Asset, Noncurrent | 104.7 | 101.9 | |
Net AROs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | [1] | 0 | 0 |
Regulatory Asset, Noncurrent | [1] | 119 | 98.9 |
Excess deferred taxes - TCJA | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 3.2 | 0 | |
Regulatory Asset, Noncurrent | 55.3 | 62 | |
Purchased Power Agreements | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 2.1 | 1.7 | |
Regulatory Asset, Noncurrent | 24.3 | 26.3 | |
Property Tax | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 1.4 | 5.6 | |
Regulatory Asset, Noncurrent | 30.4 | 9.8 | |
Conservation programs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | [2] | 8.4 | 7.3 |
Regulatory Asset, Noncurrent | [2] | 11 | 6.5 |
Losses on Reacquired Debt | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 1.1 | 1.2 | |
Regulatory Asset, Noncurrent | 4.2 | 3.7 | |
Gas pipeline inspection costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 0 | 0.7 | |
Regulatory Asset, Noncurrent | 7.9 | 3.1 | |
Contract Valuation Adjustments | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | [3] | 3.4 | 2.6 |
Regulatory Asset, Noncurrent | [3] | 0 | 0 |
Recoverable Purchased Natural Gas and Electric Energy Costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 0 | 51.2 | |
Regulatory Asset, Noncurrent | 0 | 0 | |
Other | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset, Current | 7.1 | 6.7 | |
Regulatory Asset, Noncurrent | $ 48.1 | $ 32.5 | |
[1] | Includes amounts recorded for future recovery of AROs. | ||
[2] | Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. | ||
[3] | Includes the fair value of certain long-term PPAs used to meet energy capacity requirements and valuation adjustments on natural gas commodity purchases. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities, Regulatory Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [1] | $ 69.2 | $ 67.3 |
Regulatory Liability, Noncurrent | [1] | 2,036.8 | 2,021.5 |
Regulatory assets not currently earning a return | 160 | 188.7 | |
Other Current Liabilities | |||
Regulatory Liabilities [Line Items] | |||
Entity's Recorded Provision for Revenue Subject To Refund | 0 | 16.2 | |
Deferred Income Tax Adjustments and TCJA Refunds | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [2] | 4.8 | 0.8 |
Regulatory Liability, Noncurrent | [2] | 1,403.2 | 1,441.6 |
Plant Removal Costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 0 | 0 | |
Regulatory Liability, Noncurrent | 350.8 | 344.4 | |
Effects of regulation on employee benefit costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [3] | 0 | 0 |
Regulatory Liability, Noncurrent | [3] | 183.2 | 126.9 |
Renewable Resources and Environmental Initiatives | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 0 | 0 | |
Regulatory Liability, Noncurrent | 44.9 | 54 | |
ITC Deferrals | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [4] | 0 | 0 |
Regulatory Liability, Noncurrent | [4] | 26.1 | 27.5 |
Deferred Electric, Gas, and Steam Production Costs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 7.7 | 7.2 | |
Regulatory Liability, Noncurrent | 0 | 0 | |
Conservation programs | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | [5] | 30.2 | 29.8 |
Regulatory Liability, Noncurrent | [5] | 0 | 0 |
Other | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability, Current | 26.5 | 29.5 | |
Regulatory Liability, Noncurrent | $ 28.6 | $ 27.1 | |
[1] | Revenue subject to refund of $16.2 million for 2018 was included in other current liabilities and none for 2019. | ||
[2] | Includes the revaluation of recoverable/regulated plant ADIT and revaluation impact of non-plant ADIT due to the TCJA. | ||
[3] | Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the prepaid pension asset. | ||
[4] | Includes impact of lower federal tax rate due to the TCJA. | ||
[5] | Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions. |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities Regulatory Assets and Liabilities - Phantom (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Depreciation differences | |
Regulatory Assets [Line Items] | |
Regulatory Asset Amortization Period, minimum | 1 year |
Regulatory Asset Amortization Period, maximum | 12 years |
Conservation programs | |
Regulatory Assets [Line Items] | |
Regulatory Asset Amortization Period, minimum | 1 year |
Regulatory Asset Amortization Period, maximum | 2 years |
Gas pipeline inspection costs | |
Regulatory Assets [Line Items] | |
Regulatory Asset Amortization Period, minimum | 1 year |
Regulatory Asset Amortization Period, maximum | 2 years |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | ||||
Short-term debt | $ 0 | $ 0 | $ 307,000,000 | |
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Borrowing limit | 700,000,000 | 700,000,000 | 700,000,000 | $ 700,000,000 |
Short-term debt | 0 | 0 | 307,000,000 | 0 |
Average amount outstanding | 0 | 154,000,000 | 55,000,000 | 54,000,000 |
Maximum amount outstanding | 0 | $ 432,000,000 | $ 309,000,000 | $ 268,000,000 |
Short-term Debt, Weighted Average Interest Rate, over Time | 2.67% | 2.28% | 1.08% | |
Weighted average interest rate at period end (percentage) | 2.95% | |||
Money Pool | ||||
Short-term Debt [Line Items] | ||||
Borrowing limit | 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 |
Short-term debt | 39,000,000 | 39,000,000 | 0 | 0 |
Average amount outstanding | 0 | 7,000,000 | 25,000,000 | 0 |
Maximum amount outstanding | $ 39,000,000 | $ 50,000,000 | $ 156,000,000 | $ 20,000,000 |
Short-term Debt, Weighted Average Interest Rate, over Time | 1.63% | 2.29% | 1.93% | 0.92% |
Weighted average interest rate at period end (percentage) | 1.63% | 1.63% |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments, Letters of Credit (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 0 | $ 307 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 9 | $ 10 |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Period | 1 year |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments, Credit Facility (Details) - Credit Facility | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Debt To Total Capitalization Ratio (as a percent) | 44.00% | 46.00% | |
Number Of Additional Periods Revolving Termination Date Can Be Extended Subject To Majority Bank Group Approval | 2 | ||
Line Of Credit Facility Maximum Amount Credit Facility May Be Increased | $ 100,000,000 | ||
Term Of Each Additional Period Revolving Termination Date Can Be Extended Subject To Majority Bank Group Approval | 1 | ||
Line Of Credit Facility Maximum Debt To Total Capitalization Ratio Allowed | 65.00% | ||
Line Of Credit Facility Minimum Threshhold Percentage Of Subsidiary Assets To Consolidated Assets Required To Initiate Cross Default Provisions | 15.00% | ||
Line of Credit Facility, Minimum Amount of Indebtedness in Default to Initiate Cross Default Provisions | $ 75,000,000 | ||
Credit facility | [1] | 700,000,000 | |
Drawn | [2] | 9,000,000 | |
Available | 691,000,000 | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
[1] | This credit facility matures in June 2024 . | ||
[2] | Includes letters of credit and outstanding commercial paper. |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments, Long-Term Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | |||
Capital Lease Obligations | $ 145 | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ (24) | (14) | |
Unamortized Debt Issuance Expense | (41) | (33) | |
Long-term Debt, Current Maturities | (400) | (406) | |
Long-term Debt | 4,984.7 | 4,591.4 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 400 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 300 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 250 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Deferred Finance Costs, Noncurrent, Net | 41 | 33 | |
First Mortgage Bonds | Series Due June 1, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | [1] | $ 0 | 400 |
Interest rate, stated percentage (in hundredths) | [1] | 5.13% | |
First Mortgage Bonds | Series Due June 15, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | [2] | $ 350 | 350 |
Interest rate, stated percentage (in hundredths) | [2] | 3.70% | |
First Mortgage Bonds | Series Due March 1, 2050 [Domain] | |||
Debt Instrument [Line Items] | |||
Face amount | [3] | $ 550 | 0 |
Interest rate, stated percentage (in hundredths) | [3] | 3.20% | |
First Mortgage Bonds | Series Due September 15, 2049 [Domain] | |||
Debt Instrument [Line Items] | |||
Face amount | [3] | $ 400 | 0 |
Interest rate, stated percentage (in hundredths) | [3] | 4.05% | |
First Mortgage Bonds | Series Due June 15, 2046 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 3.55% | ||
First Mortgage Bonds | Series Due March 15, 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300 | 300 | |
Interest rate, stated percentage (in hundredths) | 4.30% | ||
First Mortgage Bonds | Series Due March 15, 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 3.95% | ||
First Mortgage Bonds | Series Due Sept. 15, 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 500 | 500 | |
Interest rate, stated percentage (in hundredths) | 3.60% | ||
First Mortgage Bonds | Series Due Aug. 15, 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 4.75% | ||
First Mortgage Bonds | Series Due Aug. 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300 | 300 | |
Interest rate, stated percentage (in hundredths) | 6.50% | ||
First Mortgage Bonds | Series Due Sept. 1, 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 350 | 350 | |
Interest rate, stated percentage (in hundredths) | 6.25% | ||
First Mortgage Bonds | Series Due May 15, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 2.90% | ||
First Mortgage Bonds | Series Due March 15, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 250 | 250 | |
Interest rate, stated percentage (in hundredths) | 2.50% | ||
First Mortgage Bonds | Series Due Sept. 15, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300 | 300 | |
Interest rate, stated percentage (in hundredths) | 2.25% | ||
First Mortgage Bonds | Series Due Nov. 15, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 400 | 400 | |
Interest rate, stated percentage (in hundredths) | 3.20% | ||
First Mortgage Bonds | Series Due June 15, 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | [2] | $ 350 | 350 |
Interest rate, stated percentage (in hundredths) | [2] | 4.10% | |
First Mortgage Bonds | Series Due June 15, 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 400 | 400 | |
Interest rate, stated percentage (in hundredths) | 3.80% | ||
Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Capital Lease Obligations | [4] | $ 0 | $ 145 |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2025 | ||
Debt Instrument, Maturity Date Range, End | Jan. 1, 2060 | ||
Capital Lease Obligations | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage (in hundredths) | 11.20% | 11.20% | |
Capital Lease Obligations | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage (in hundredths) | 14.30% | 14.30% | |
Long-term Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,592 | ||
[1] | Bond was redeemed on March 29, 2019. | ||
[2] | 2018 financing | ||
[3] | 2019 financing. | ||
[4] | PSCo adopted ASC 842 on Jan. 1, 2019, which refers to capital leases as finance leases. Under ASC 842, the present value of future finance lease payments is included in other current liabilities and other noncurrent liabilities rather than debt. |
Borrowings and Other Financin_7
Borrowings and Other Financing Instruments Preferred Stock (Details) | Dec. 31, 2019$ / sharesshares |
Preferred Stock [Abstract] | |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 |
Preferred stock, shares outstanding (in shares) | 0 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,705.2 | $ 3,465.5 |
Retail | Residential Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,766.8 | 1,608.4 |
Retail | Commercial and Industrial Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,888.4 | 1,809.4 |
Retail | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 50 | 47.7 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 166.5 | 174.6 |
Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 51.7 | 54.2 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 139.1 | 138.9 |
Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,062.5 | 3,833.2 |
Alternative and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue Not from Contract with Customer | 174.7 | 253 |
Regulated Electric | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,635 | 2,599.4 |
Regulated Electric | Retail | Residential Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,005.5 | 991.2 |
Regulated Electric | Retail | Commercial and Industrial Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,579.5 | 1,560.6 |
Regulated Electric | Retail | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 50 | 47.6 |
Regulated Electric | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 166.5 | 174.6 |
Regulated Electric | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 51.7 | 54.2 |
Regulated Electric | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 31.8 | 54.9 |
Regulated Electric | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,885 | 2,883.1 |
Regulated Electric | Alternative and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue Not from Contract with Customer | 148 | 148.1 |
Regulated Natural Gas | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,031.3 | 830 |
Regulated Natural Gas | Retail | Residential Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 750.1 | 606.5 |
Regulated Natural Gas | Retail | Commercial and Industrial Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 281.2 | 223.5 |
Regulated Natural Gas | Retail | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Regulated Natural Gas | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Regulated Natural Gas | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Regulated Natural Gas | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 107.3 | 84 |
Regulated Natural Gas | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,138.6 | 914 |
Regulated Natural Gas | Alternative and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue Not from Contract with Customer | 22.3 | 100.6 |
All Other | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 38.9 | 36.1 |
All Other | Retail | Residential Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 11.2 | 10.7 |
All Other | Retail | Commercial and Industrial Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 27.7 | 25.3 |
All Other | Retail | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0.1 |
All Other | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
All Other | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
All Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
All Other | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 38.9 | 36.1 |
All Other | Alternative and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue Not from Contract with Customer | 4.4 | 4.3 |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 4,237.2 | 4,086.2 |
Operating Segments | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 3,033 | 3,031.2 |
Operating Segments | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 1,160.9 | 1,014.6 |
Operating Segments | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 43.3 | $ 40.4 |
Preferred Stock (Details)
Preferred Stock (Details) | Dec. 31, 2019$ / sharesshares |
Equity [Abstract] | |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 |
Preferred stock, shares outstanding (in shares) | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Federal Tax Reform [Abstract] | |||||||||||||
Tax Cuts and Jobs Act of 2017, Corporate Federal Tax Rate | 21.00% | 21.00% | |||||||||||
Tax Cuts and Jobs Act of 2017, Net Operating Loss Deduction Limitation, Percent of Taxable income | 80.00% | ||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Liability, Provisional Income Tax (Expense) Benefit, Gross | $ 1,500,000,000 | ||||||||||||
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | 18,000,000 | ||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Net Income Reduction | 4,000,000 | ||||||||||||
Tax Audits [Abstract] | |||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ (1,100,000) | $ (700,000) | $ (300,000) | $ (1,100,000) | |||||||||
Interest Income (Expense) related to unrecognized tax benefits | $ 400,000 | $ 400,000 | $ (800,000) | ||||||||||
Unrecognized Tax Benefits [Abstract] | |||||||||||||
Unrecognized tax benefit — Permanent tax positions | 7,400,000 | 5,400,000 | |||||||||||
Unrecognized tax benefit — Temporary tax positions | 4,600,000 | 4,900,000 | |||||||||||
Total unrecognized tax benefit | 10,100,000 | $ 10,300,000 | 10,300,000 | 10,300,000 | 19,700,000 | 12,000,000 | 10,300,000 | 10,100,000 | $ 19,700,000 | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||||||
Balance at Jan. 1 | 10,300,000 | 10,100,000 | 19,700,000 | ||||||||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 1,400,000 | 1,100,000 | 1,900,000 | ||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (200,000) | (300,000) | (1,500,000) | ||||||||||
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 500,000 | 400,000 | 4,400,000 | ||||||||||
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions | 0 | (100,000) | (14,400,000) | ||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (900,000) | 0 | ||||||||||
Balance at Dec. 31 | 10,100,000 | 10,300,000 | $ 12,000,000 | $ 10,300,000 | $ 10,100,000 | ||||||||
Tax Benefits Associated With Nol And Tax Credit Carryforwards [Abstract] | |||||||||||||
NOL and tax credit carryforwards | (8,300,000) | (5,600,000) | |||||||||||
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | (5,000,000) | (2,000,000) | |||||||||||
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | 8,700,000 | ||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | $ 0 | ||||||||||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | [1] | 35.00% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.60% | 3.70% | [1] | 3.00% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Other Regulatory Items, Percent | (1.30%) | (0.60%) | [1] | (0.90%) | [1] | ||||||||
Amortization of excess nonplant deferred taxes | (0.20%) | (1.40%) | [1] | 0.00% | [1] | ||||||||
Effective Income Tax Rate Reconciliation Regulatory Differences Utility Plant Items | [2] | (3.30%) | (4.50%) | [1] | (1.00%) | [1] | |||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (7.50%) | (0.60%) | [1] | 0.00% | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Percent | 0.00% | 0.00% | [1] | (2.40%) | [1] | ||||||||
Effective Income Tax Rate Reconciliation Change In Unrecognized Tax Benefits, Percent | 0.30% | 0.10% | [1] | 0.20% | [1] | ||||||||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.50%) | (0.60%) | [1] | (0.10%) | [1] | ||||||||
Effective Income Tax Rate Reconciliation, Percent | 12.10% | 17.10% | 33.80% | ||||||||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||
Current Federal Tax Expense (Benefit) | $ (8,900,000) | $ 79,500,000 | $ 40,400,000 | ||||||||||
Current State and Local Tax Expense (Benefit) | (5,000,000) | 14,200,000 | 14,600,000 | ||||||||||
Current Change In Unrecognized Tax Expense (Benefit) | (1,000,000) | (1,300,000) | (7,800,000) | ||||||||||
Deferred Federal Income Tax Expense (Benefit) | 60,900,000 | 4,900,000 | 176,400,000 | ||||||||||
Deferred State and Local Income Tax Expense (Benefit) | 33,100,000 | 16,600,000 | 22,500,000 | ||||||||||
Deferred Change In Unrecognized Tax Expense (Benefit) | 3,000,000 | 2,300,000 | 8,900,000 | ||||||||||
Deferred investment tax credits | (2,500,000) | (2,500,000) | (2,800,000) | ||||||||||
Income Tax Expense (Benefit) | 79,600,000 | 113,700,000 | 252,200,000 | ||||||||||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||
Deferred tax expense (benefit) excluding selected items | 131,500,000 | 74,800,000 | (1,244,700,000) | ||||||||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (34,900,000) | (50,600,000) | 1,453,100,000 | ||||||||||
Other Comprehensive Income (Loss), Tax | 400,000 | (400,000) | (600,000) | ||||||||||
Deferred Income Tax Expense (Benefit) | $ 97,000,000 | $ 23,800,000 | $ 207,800,000 | ||||||||||
Deferred Tax Liabilities, Gross [Abstract] | |||||||||||||
Deferred Tax Liabilities, Property, Plant and Equipment | 2,039,100,000 | 1,860,100,000 | [3] | ||||||||||
Deferred Tax Liabilities, Regulatory Assets | 253,100,000 | 251,100,000 | [3] | ||||||||||
Deferred Tax Liabilities, Operating Lease Asset | 147,900,000 | 0 | [3] | ||||||||||
Deferred Tax Liabilities, Compensation and Benefits, Employee Benefits | 21,500,000 | 31,100,000 | [3] | ||||||||||
Deferred Tax Liabilities, Other | 8,300,000 | 1,700,000 | [3] | ||||||||||
Deferred Tax Liabilities, Gross | 2,469,900,000 | 2,144,000,000 | [3] | ||||||||||
Deferred Tax Assets, Gross [Abstract] | |||||||||||||
Deferred Tax Assets Regulatory Liabilities | 327,200,000 | 336,300,000 | [3] | ||||||||||
Deferred Tax Assets, Operating Lease Liabilities | 147,900,000 | 0 | [3] | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 100,800,000 | 51,900,000 | [3] | ||||||||||
Deferred Tax Assets Tax credit carryforward | 14,300,000 | 18,200,000 | [3] | ||||||||||
Deferred Tax Assets Rate Refund | 6,100,000 | 9,300,000 | [3] | ||||||||||
Deferred Tax Assets, Valuation Allowance | (8,000,000) | (8,900,000) | [3] | ||||||||||
Deferred Tax Assets Deferred Investment Tax Credits | 5,600,000 | 6,300,000 | [3] | ||||||||||
Deferred Tax Assets, Other | 25,200,000 | 11,600,000 | [3] | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 619,100,000 | 424,700,000 | [3] | ||||||||||
Deferred Tax Liabilities, Net | 1,850,800,000 | 1,719,300,000 | [3] | ||||||||||
Internal Revenue Service (IRS) | |||||||||||||
Tax Audits [Abstract] | |||||||||||||
Tax Credit Carryforward, Amount | 83,200,000 | 35,000,000 | |||||||||||
Potential Tax Adjustments | $ 0 | ||||||||||||
State and Local Jurisdiction | |||||||||||||
Tax Audits [Abstract] | |||||||||||||
Operating Loss Carryforwards | 388,100,000 | 484,700,000 | |||||||||||
Tax Credit Carryforward Net Of Federal Detriment | [1] | 17,600,000 | 16,900,000 | ||||||||||
Valuation Allowance for Tax Credit Carryforward Net of Federal Benefit | [2] | (8,000,000) | (8,900,000) | ||||||||||
Federal detriment | 4,700,000 | 4,500,000 | |||||||||||
Federal Benefit | $ 2,100,000 | $ 2,400,000 | |||||||||||
Plant Related Regulatory Liability [Member] | |||||||||||||
Federal Tax Reform [Abstract] | |||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Liability, Provisional Income Tax (Expense) Benefit | 1,100,000,000 | ||||||||||||
Non-Plant Related Regulated Liability [Member] | |||||||||||||
Federal Tax Reform [Abstract] | |||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Liability, Provisional Income Tax (Expense) Benefit | 50,000,000 | ||||||||||||
Non-Plant Related Regulatory Asset [Member] | |||||||||||||
Federal Tax Reform [Abstract] | |||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Regulatory Asset, Provisional Income Tax Expense (Benefit) | $ 54,000,000 | ||||||||||||
[1] | State tax credit carryforwards are net of federal detriment of $4.7 million and $4.5 million as of Dec. 31, 2019 and 2018, respectively. | ||||||||||||
[2] | Valuation allowances for state tax credit carryforwards were net of federal benefit of $2.1 million and $2.4 million as of Dec. 31, 2019 and 2018, respectively. | ||||||||||||
[3] | Prior periods have been reclassified to conform to current year presentation. |
Interest Rate Derivatives (Deta
Interest Rate Derivatives (Details) $ in Millions | Dec. 31, 2019USD ($) |
Interest Rate Swap | |
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (1.2) |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)MMBTUMWh | Dec. 31, 2018USD ($)MMBTUMWh | ||
Derivative [Line Items] | |||
Amount Related to the Ineffectiveness of Cash Flow Hedge | $ 0 | $ 0 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $ 0 | ||
Electric Commodity | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MWh | [1],[2] | 9.3 | 24.4 |
Natural Gas Commodity | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU | [1],[2] | 32.2 | 48.4 |
[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 Consideration of Credit Risk and Concentrations (Details) - Credit Concentration Risk $ in Millions | Dec. 31, 2019USD ($)Counterparty |
Derivative [Line Items] | |
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 10 |
Municipal or Cooperative Entities or Other Utilities | |
Derivative [Line Items] | |
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 8 |
External Credit Rating, Investment Grade | |
Derivative [Line Items] | |
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 | $ | $ 110.1 |
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 78.00% |
No Investment Grade Ratings from External Credit Rating Agencies | |
Derivative [Line Items] | |
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 | $ | $ 15.7 |
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 11.00% |
Qualifying Cash Flow Hedges (De
Qualifying Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Financial Impact of Qualifying Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ (25.3) | $ (26.5) | $ (22.8) | |
After-tax net realized losses on derivative transactions reclassified into earnings | 1.2 | 1.2 | 1 | |
Adoption of ASU. 2018-02 (a) | [1] | 0 | 0 | (4.7) |
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | (24.1) | (25.3) | (26.5) | |
Impact of Derivative Activity [Abstract] | ||||
Fair Value Hedges, Net | 0 | 0 | 0 | |
Not Designated as Hedging Instrument | ||||
Impact of Derivative Activity [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | |
Derivative Instruments Gain (Loss) Reclassified To Regulatory Assets And Liabilities Net | (5.3) | 8 | (10.9) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0.6 | 4.1 | 1.9 | |
Derivative, Gain (Loss) on Derivative, Net | (0.8) | 0.2 | (3.8) | |
Not Designated as Hedging Instrument | Commodity Trading Contract | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | [2] | 3.1 | 3.1 | 0.4 |
Not Designated as Hedging Instrument | Natural Gas Commodity for Electric Generation | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments Gain (Loss) Reclassified To Regulatory Assets And Liabilities Net | 0 | (1.2) | 0.4 | |
Not Designated as Hedging Instrument | Natural Gas Commodity Contract | ||||
Impact of Derivative Activity [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | |
Derivative Instruments Gain (Loss) Reclassified To Regulatory Assets And Liabilities Net | (5.3) | 8 | (10.9) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | [3] | 0.6 | 4.1 | 1.9 |
Derivative, Gain (Loss) on Derivative, Net | [3] | (3.9) | (2.9) | (4.2) |
Designated as Hedging Instrument | Cash Flow Hedges | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1.6) | (1.6) | (1.6) | |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate Contract | ||||
Impact of Derivative Activity [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [4] | (1.6) | (1.6) | (1.6) |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ 0 | |
[1] | In 2017, PSCo implemented ASU No. 2018-02 related to TCJA, which resulted in reclassification of certain credit balances within net accumulated other comprehensive loss to retained earnings. | |||
[2] | 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] | Amounts for the year ended Dec. 31, 2019 , 2018 and 2017 included no settlement gains or losses, $1.2 million of settlement losses and $0.4 million of settlement gains, respectively, on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset or liability, as appropriate. Remaining settlement losses for the years ended Dec. 31, 2019 , 2018 and 2017 relate to natural gas operations and are recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. | |||
[4] | Amounts are recorded to interest charges. |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities Credit Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 0 | $ 0 |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 0 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Derivatives, Fair Value [Line Items] | ||||
Return Cash Collateral | $ 0 | $ 0 | ||
Reclaim Cash Collateral | 3 | 6.5 | ||
Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) Level 3 | 10.9 | 0.1 | ||
Transfers Between Levels, Net | 0 | 0 | $ 0 | |
Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Net | 7.2 | 42.6 | ||
Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Net | 0 | 1.2 | ||
Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Net | 8.7 | 34.6 | ||
Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Net | 52.5 | 0.6 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 17.3 | 70.8 | ||
Netting | [1] | (10.1) | (28.2) | |
Derivative Asset, Net | 7.2 | 42.6 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 1.9 | 2.3 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 14.5 | 68.4 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0.9 | 0.1 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 13.9 | 67.4 | ||
Netting | [1] | (10.1) | (28.2) | |
Derivative Asset, Net | 3.8 | 39.2 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 1.9 | 2.3 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 11.1 | 65 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0.9 | 0.1 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 3.4 | 3.4 | ||
Netting | [1] | 0 | 0 | |
Derivative Asset, Net | 3.4 | 3.4 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 3.4 | 3.4 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 9.6 | 1.6 | ||
Netting | [1] | (9.6) | (0.4) | |
Derivative Asset, Net | 0 | 1.2 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0.4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 8.1 | 1.6 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 1.1 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 9.6 | 1.6 | ||
Netting | [1] | (9.6) | (0.4) | |
Derivative Asset, Net | 0 | 1.2 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 0.4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 8.1 | 1.6 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 1.1 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 21.8 | 66.6 | ||
Netting | [1] | (13.1) | (34.7) | |
Derivative Liability, Net | 8.7 | 31.9 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 1.7 | 2.4 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 20.1 | 64.2 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 18.4 | 66.6 | ||
Netting | [1] | (13.1) | (34.7) | |
Derivative Liability, Net | 5.3 | 31.9 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 1.7 | 2.4 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 16.7 | 64.2 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 3.4 | 0 | ||
Netting | [1] | 0 | 0 | |
Derivative Liability, Net | 3.4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 3.4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 62.1 | 1.1 | ||
Netting | [1] | (9.6) | (0.5) | |
Derivative Liability, Net | 52.5 | 0.6 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0.4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 47 | 1.1 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 14.7 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 62.1 | 1.1 | ||
Netting | [1] | (9.6) | (0.5) | |
Derivative Liability, Net | 52.5 | 0.6 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 0.4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 47 | 1.1 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 14.7 | 0 | ||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Net | [2] | $ 0 | $ 2.7 | |
[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 Dec. 31, 2019 and 2018 . At both Dec. 31, 2019 and 2018 , derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2019 and 2018 , derivative assets and liabilities include the rights to reclaim cash collateral of $3.0 million and $6.5 million , respectively. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[2] | During 2006, PSCo qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term Debt, Gross | $ 5,384.7 | $ 4,997.6 |
Long-term debt, Fair Value | $ 6,039.3 | $ 5,123.2 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities Fair Value Phantom (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount Related to the Ineffectiveness of Cash Flow Hedge | $ 0 | $ 0 | |
Fair Value Hedges, Net | 0 | 0 | $ 0 |
Derivative, Gross Liability Position, Aggregate Fair Value | 0 | 0 | |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | 0 | 0 | |
Return Cash Collateral | 0 | 0 | |
Commodity Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers Between Levels, Net | $ 0 | $ 0 | $ 0 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits, Pension Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Abstract] | ||||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.84% | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at net asset value | $ 348.4 | $ 316.2 | ||
Fair value of plan assets | 1,123.8 | 965.5 | $ 1,079.4 | |
Pension Benefits [Abstract] | ||||
Total benefit obligation | 1,329.8 | 1,229.3 | 1,334.2 | |
Net benefit cost recognized for financial reporting | $ 37.4 | $ 36.2 | $ 31.8 | |
Minimum number of years historical achieved weighted average annual returns used to determine investment return assumptions (in years) | 20 years | |||
Expected average long-term rate of return on assets (as a percent) | 6.84% | 6.84% | 6.84% | |
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 100.00% | 100.00% | ||
Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | ||||
Pension Benefits [Abstract] | ||||
Total benefit obligation | $ 3 | |||
Net benefit cost recognized for financial reporting | 1 | $ 1 | ||
Xcel Energy Inc. | Supplemental Executive Retirement Plan (SERP) and Nonqualified Pension Plan | ||||
Pension Benefits [Abstract] | ||||
Total benefit obligation | 39 | 33 | ||
Net benefit cost recognized for financial reporting | 4 | 4 | ||
Equity Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at net asset value | 0 | 0 | ||
Fair value of plan assets | $ 29.7 | $ 35.2 | ||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 37.00% | 35.00% | ||
Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | Pension Plan [Member] | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 30.00% | 32.00% | ||
Short-to-intermediate fixed income securities [Member] | Pension Plan [Member] | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 14.00% | 16.00% | ||
Alternative Investments [Member] | Pension Plan [Member] | ||||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 17.00% | 15.00% | ||
Cash | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at net asset value | $ 0 | $ 0 | ||
Fair value of plan assets | $ 45.6 | $ 53 | ||
Target Pension Asset Allocations [Abstract] | ||||
Target pension asset allocations (as a percent) | 2.00% | 2.00% | ||
Subsequent Event | Pension Plan [Member] | ||||
Pension Benefits [Abstract] | ||||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.84% |
Benefit Plans and Other Postr_4
Benefit Plans and Other Postretirement Benefits, Fair Value of Pension Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 1,123.8 | $ 965.5 | $ 1,079.4 |
Plan assets at net asset value | (348.4) | (316.2) | |
Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 531 | 405 | |
Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 242.9 | 244.3 | |
Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 1.5 | 0 | |
Cash | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 45.6 | 53 | |
Plan assets at net asset value | 0 | 0 | |
Cash | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 45.6 | 53 | |
Cash | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Commingled funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 852.3 | 642.3 | |
Plan assets at net asset value | (355.3) | (326.1) | |
Commingled funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 497 | 316.2 | |
Commingled funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Commingled funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 242.7 | 242.3 | |
Plan assets at net asset value | 0 | 0 | |
Debt Securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 241.2 | 242.3 | |
Debt Securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 1.5 | 0 | |
Equity Securities [Member] | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 29.7 | 35.2 | |
Plan assets at net asset value | 0 | 0 | |
Equity Securities [Member] | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 29.7 | 35.2 | |
Equity Securities [Member] | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | (46.5) | (7.3) | |
Plan assets at net asset value | (6.9) | (9.9) | |
Other | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | (41.3) | 0.6 | |
Other | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 1.7 | 2 | |
Other | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans and Other Postr_5
Benefit Plans and Other Postretirement Benefits, Pension Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Plan | Dec. 31, 2018USD ($)Plan | Dec. 31, 2017USD ($)Plan | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Postretirement Cash Balance Formula | 5.00% | ||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | $ 809.9 | $ 787.5 | $ 760.8 | ||
Significant Assumptions Used to Measure Costs [Abstract] | |||||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.84% | ||||
Defined Contribution Plan, Cost | $ 11 | 11 | 10 | ||
Liability, Defined Benefit Plan, Noncurrent | 211.9 | 275.3 | |||
Other Pension, Postretirement and Supplemental Plans [Member] | |||||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Obligation at Jan. 1 | $ 3 | $ 3 | |||
Obligation at Dec. 31 | 3 | ||||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Net benefit cost recognized for financial reporting | 1 | 1 | |||
Other Pension, Postretirement and Supplemental Plans [Member] | Xcel Energy Inc. | |||||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Obligation at Jan. 1 | 39 | 39 | 33 | ||
Obligation at Dec. 31 | 39 | 33 | |||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Net benefit cost recognized for financial reporting | 4 | 4 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated Benefit Obligation at Dec. 31 | 1,267.2 | 1,183.3 | |||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Obligation at Jan. 1 | 1,329.8 | 1,329.8 | 1,229.3 | 1,334.2 | |
Service cost | 25.6 | 29 | 27.3 | ||
Interest cost | 51.6 | 47.3 | 50.6 | ||
Plan amendments | 0 | 0 | |||
Actuarial (gain) loss | 108.2 | (96.5) | |||
Benefit payments | (84.9) | (84.7) | |||
Obligation at Dec. 31 | 1,329.8 | 1,229.3 | 1,334.2 | ||
Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at Jan. 1 | 1,123.8 | $ 1,123.8 | 965.5 | 1,079.4 | |
Actual return (loss) on plan assets | 197.4 | (50.9) | |||
Employer contributions | 45.8 | 21.7 | |||
Plan participants' contributions | 0 | 0 | |||
Benefit payments | (84.9) | (84.7) | |||
Fair value of plan assets at Dec. 31 | 1,123.8 | 965.5 | 1,079.4 | ||
Funded Status of Plans at Dec. 31 [Abstract] | |||||
Funded status | 206 | 263.8 | |||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | |||||
Net loss | 481.5 | 530.8 | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (3.8) | (7.2) | |||
Total | 477.7 | 523.6 | |||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | |||||
Current regulatory assets | 22.3 | 25.8 | |||
Noncurrent regulatory assets | 452.1 | 497.5 | |||
Deferred income taxes | 0.8 | 0.1 | |||
Net-of-tax accumulated OCI | 2.5 | 0.2 | |||
Total | $ 477.7 | $ 523.6 | |||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | |||||
Discount rate for year-end valuation (as a percent) | 3.49% | 4.31% | |||
Expected average long-term increase in compensation level (as a percent) | 3.75% | 3.75% | |||
Mortality table | Pri-2012 | RP-2014 | |||
Cash Flows [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | $ 46 | $ 22 | 18 | ||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | 25.6 | 29 | 27.3 | ||
Interest cost | 51.6 | 47.3 | 50.6 | ||
Expected return on plan assets | (68.5) | (68.5) | (68.5) | ||
Amortization of prior service (credit) cost | (3.4) | (3.4) | (3.2) | ||
Amortization of net loss | 25.4 | 31.2 | 28.3 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (3.2) | (4.5) | 0 | ||
Net periodic pension cost | 33.9 | 40.1 | 34.5 | ||
Defined Benefit Plan, Costs Not Recognized Due To Regulation | 3.5 | (3.9) | (2.7) | ||
Net benefit cost recognized for financial reporting | 37.4 | 36.2 | $ 31.8 | ||
Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses | $ 0.1 | $ 0.2 | |||
Significant Assumptions Used to Measure Costs [Abstract] | |||||
Discount rate (as a percent) | 4.31% | 3.63% | 4.13% | ||
Expected average long-term increase in compensation level (as a percent) | 3.75% | 3.75% | 3.75% | ||
Expected average long-term rate of return on assets (as a percent) | 6.84% | 6.84% | 6.84% | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | $ 0 | $ 0 | |||
Medicare subsidy reimbursements | 0 | 0 | |||
Liability, Defined Benefit Plan, Noncurrent | 206 | 263.8 | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (206) | $ (263.8) | |||
Pension Plan [Member] | Xcel Energy Inc. | |||||
Cash Flows [Abstract] | |||||
Number of pension plans to which contributions were made | Plan | 4 | 4 | 4 | ||
Total contributions to Xcel Energy's pension plans during the period | $ 154 | $ 150 | $ 162 | ||
Pension Plan [Member] | Subsequent Event | |||||
Cash Flows [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | 50 | ||||
Significant Assumptions Used to Measure Costs [Abstract] | |||||
Expected average long-term rate of return on assets for next fiscal year (as a percent) | 6.84% | ||||
Pension Plan [Member] | Subsequent Event | Xcel Energy Inc. | |||||
Cash Flows [Abstract] | |||||
Total contributions to Xcel Energy's pension plans during the period | $ 150 |
Benefit Plans and Other Postr_6
Benefit Plans and Other Postretirement Benefits, Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plans [Abstract] | |||
Contributions to 401(k) and other defined contribution plans | $ 11 | $ 11 | $ 10 |
Benefit Plans and Other Postr_7
Benefit Plans and Other Postretirement Benefits, Postretirement Health Care Benefits (Details) - Other Postretirement Benefits Plan [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 100.00% | 100.00% |
Domestic and international equity securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 15.00% | 18.00% |
Long-Duration Fixed Income and Interest Rate Swap Securities [Member] | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 0.00% | 0.00% |
Short-to-intermediate fixed income securities | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 72.00% | 70.00% |
Alternative investments | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 9.00% | 8.00% |
Cash | ||
Postretirement Health Care Benefits [Abstract] | ||
Target pension asset allocations (as a percent) | 4.00% | 4.00% |
Benefit Plans and Other Postr_8
Benefit Plans and Other Postretirement Benefits, Fair Value of Postretirement Benefit Plan Assets (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 400.5 | $ 372.1 | $ 406.4 |
Plan assets at net asset value | 68 | 35.8 | |
Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 82.2 | 135.7 | |
Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 249.3 | 200.6 | |
Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 1 | 0 | |
Debt Securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 204.4 | 159.7 | |
Plan assets at net asset value | 0 | 0 | |
Debt Securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Debt Securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 203.4 | 159.7 | |
Debt Securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 1 | 0 | |
Cash | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 20.3 | 17 | |
Plan assets at net asset value | 0 | 0 | |
Cash | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 20.3 | 17 | |
Cash | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Cash | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 45.4 | 40.2 | |
Plan assets at net asset value | 0 | 0 | |
Insurance contracts | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 45.4 | 40.2 | |
Insurance contracts | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0.5 | 0.7 | |
Plan assets at net asset value | 0 | 0 | |
Other | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Other | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0.5 | 0.7 | |
Other | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Commingled funds | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 129.9 | 154.5 | |
Plan assets at net asset value | 68 | 35.8 | |
Commingled funds | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 61.9 | 118.7 | |
Commingled funds | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Commingled funds | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Domestic and international equity securities | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Plan assets at net asset value | 0 | 0 | |
Domestic and international equity securities | Level 1 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Domestic and international equity securities | Level 2 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Domestic and international equity securities | Level 3 | |||
Plan Assets Measured at Fair Value for Each of the Fair Value Hierarchy Levels [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans and Other Postr_9
Benefit Plans and Other Postretirement Benefits, Postretirement Benefit Plan Benefit Obligations, Cash Flows and Benefit Costs (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | |
Cash Flows [Abstract] | ||||
Total contributions to Xcel Energy's postretirement health care plans during the year | $ 4,000,000 | $ 5,000,000 | $ 5,000,000 | |
Significant Assumptions Used to Measure Costs [Abstract] | ||||
Liability, Defined Benefit Plan, Noncurrent | 211,900,000 | 275,300,000 | ||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at net asset value | 68,000,000 | 35,800,000 | ||
Plan amendments | 0 | 0 | ||
Change in Projected Benefit Obligation [Roll Forward] | ||||
Obligation at Jan. 1 | 376,500,000 | 429,200,000 | ||
Service cost | 500,000 | 700,000 | 700,000 | |
Interest cost | 15,600,000 | 15,000,000 | 16,800,000 | |
Medicare subsidy reimbursements | 1,600,000 | 900,000 | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 6,600,000 | 6,500,000 | ||
Actuarial (gain) loss | 12,700,000 | (40,600,000) | ||
Benefit payments | (33,500,000) | (35,200,000) | ||
Obligation at Dec. 31 | 380,000,000 | 376,500,000 | 429,200,000 | |
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at Jan. 1 | 372,100,000 | 406,400,000 | ||
Actual return (loss) on plan assets | 51,000,000 | (11,100,000) | ||
Plan participants' contributions | 6,600,000 | 6,500,000 | ||
Employer contributions | 4,300,000 | 5,500,000 | ||
Benefit payments | (33,500,000) | (35,200,000) | ||
Fair value of plan assets at Dec. 31 | 400,500,000 | 372,100,000 | 406,400,000 | |
Funded Status of Plans at Dec. 31 [Abstract] | ||||
Funded status | 20,500,000 | (4,400,000) | ||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost [Abstract] | ||||
Net loss | 44,600,000 | 66,900,000 | ||
Prior service (credit) cost | 9,900,000 | 15,300,000 | ||
Total | 34,700,000 | 51,600,000 | ||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates [Abstract] | ||||
Noncurrent regulatory assets | $ 34,700,000 | $ 51,600,000 | ||
Significant Assumptions Used to Measure Benefit Obligations [Abstract] | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Pre-65 | 6.00% | 6.50% | ||
Ultimate health care trend assumption rate (as a percent) | 4.50% | 4.50% | ||
Period until ultimate trend rate is reached (in years) | 3 years | 4 years | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Post-65 | 5.10% | 5.30% | ||
Components of Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 500,000 | $ 700,000 | 700,000 | |
Interest cost | 15,600,000 | 15,000,000 | 16,800,000 | |
Expected return on plan assets | (18,900,000) | (22,700,000) | (21,900,000) | |
Amortization of prior service (credit) cost | (5,400,000) | (6,200,000) | (6,200,000) | |
Amortization of net loss | 2,900,000 | 4,000,000 | 3,800,000 | |
Net periodic pension cost | $ (5,300,000) | $ (9,200,000) | $ (6,800,000) | |
Significant Assumptions Used to Measure Costs [Abstract] | ||||
Discount rate (as a percent) | 4.32% | 3.62% | 4.13% | |
Expected average long-term rate of return on assets (as a percent) | 4.50% | 5.30% | 5.80% | |
Liability, Defined Benefit Plan, Noncurrent | $ 20,500,000 | $ 4,400,000 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 20,500,000 | $ (4,400,000) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.47% | 4.32% | ||
Mortality table | Pri-2012 | RP-2014 | ||
Amounts Not Yet Recognized As Components Of Net Periodic Benefit Cost Recorded As Current Regulatory Assets | $ 0 | |||
Deferred Income Taxes | 0 | 0 | ||
Amounts Not Yet Recognized As Components Of Net Periodic Benefit Cost Recorded As Net-Of-Tax Accumulated Other Comprehensive Income | 0 | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | $ 0 | |
Defined Benefit Plan, Costs Not Recognized Due To Regulation | 1,200,000 | 1,800,000 | 0 | |
Net benefit cost recognized for financial reporting | (4,100,000) | (7,400,000) | (6,800,000) | |
Xcel Energy Inc. | ||||
Cash Flows [Abstract] | ||||
Total contributions to Xcel Energy's postretirement health care plans during the year | $ 15,000,000 | $ 11,000,000 | $ 20,000,000 | |
Subsequent Event | ||||
Cash Flows [Abstract] | ||||
Expected contribution to postretirement health care plans during 2018 | $ 0 | |||
Subsequent Event | Xcel Energy Inc. | ||||
Cash Flows [Abstract] | ||||
Expected contribution to postretirement health care plans during 2018 | $ 10,000,000 |
Benefit Plans and Other Post_10
Benefit Plans and Other Postretirement Benefits, Projected Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |
2020 | $ 30.5 |
2021 | 30.3 |
2022 | 29.8 |
2023 | 29.4 |
2024 | 28.8 |
2025-2029 | 129.9 |
Expected Medicare Part D Subsidies [Abstract] | |
2020 | 1.9 |
2021 | 2 |
2022 | 2.1 |
2023 | 2.2 |
2023 | 2.2 |
2025-2029 | 12.1 |
Defined Benefit Plan, Net Projected Benefit Payments [Abstract] | |
2020 | 28.6 |
2021 | 28.3 |
2022 | 27.7 |
2023 | 27.2 |
2024 | 26.6 |
2025-2029 | 117.8 |
Pension Plan [Member] | |
Defined Benefit Plan, Gross Projected Benefit Payments [Abstract] | |
2020 | 82 |
2021 | 81.9 |
2022 | 82.3 |
2023 | 82.7 |
2024 | 82.4 |
2025-2029 | $ 402.9 |
Benefit Plans and Other Post_11
Benefit Plans and Other Postretirement Benefits Plan Amendments (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Postretirement Cash Balance Formula | 5.00% |
Commitments and Contingencies G
Commitments and Contingencies Gas Trading Litigation (Details) | Dec. 31, 2019 |
Gas Trading Litigation [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Commitments and Contingencies L
Commitments and Contingencies Line Extension Disputes (Details) | 1 Months Ended |
Dec. 31, 2015 | |
Line Extension Disputes | Minimum | PSCo [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Loss Contingency, Number of Plaintiffs | 50 |
Commitments and Contingencies,
Commitments and Contingencies, Legal Contingencies (Details) | 1 Months Ended |
Dec. 31, 2015 | |
PSCo [Member] | Minimum | Line Extension Disputes | |
Legal Contingencies [Abstract] | |
Loss Contingency, Number of Plaintiffs | 50 |
Commitments and Contingencies M
Commitments and Contingencies MGP Sites (Details) | Dec. 31, 2019Site |
Other MGP, Landfill, or Disposal Sites [Domain] | |
Loss Contingencies [Line Items] | |
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 2 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) $ in Millions | Dec. 31, 2019USD ($) |
Federal Coal Ash Regulation [Domain] | |
Loss Contingencies [Line Items] | |
Number of regulated ash units that will still be in operation by the end of 2019 | 6 |
Number of sites where statistically significant increases over established groundwater standards exist | 4 |
Number of impoundments where closure plans will be expedited | 1 |
Clean Water Act Effluent Limitations Guidelines [Domain] | |
Loss Contingencies [Line Items] | |
Liability for estimated cost to comply with regulation | $ 1.5 |
Commitments and Contingencies_2
Commitments and Contingencies, Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | $ 338.7 | $ 347.8 | ||
Amounts Incurred | 0 | [1] | 12.3 | [2] |
Amounts Settled | 0 | [1] | (7.2) | [3] |
Accretion | 15.3 | 14.7 | ||
Cash Flow Revisions | (30) | [4] | (28.9) | [5] |
Ending balance | 324 | [1] | 338.7 | |
Electric Plant Steam and Other Production Ash Containment | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 102.2 | 103.2 | ||
Amounts Incurred | 0 | 0 | [2] | |
Amounts Settled | 0 | (7.1) | [3] | |
Accretion | 4.9 | 4.7 | ||
Cash Flow Revisions | (7.3) | [4] | 1.4 | [5] |
Ending balance | 99.8 | [1] | 102.2 | |
Electric Plant Wind Production | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 14.5 | 2.1 | ||
Amounts Incurred | 0 | 12.3 | [2] | |
Amounts Settled | 0 | 0 | [3] | |
Accretion | 0.8 | 0.1 | ||
Cash Flow Revisions | 1.1 | [4] | 0 | [5] |
Ending balance | 16.4 | [1] | 14.5 | |
Electric Plant Electric Distribution | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 13.4 | 7.9 | ||
Amounts Incurred | 0 | 0 | [2] | |
Amounts Settled | 0 | 0 | [3] | |
Accretion | 0.6 | 0.3 | ||
Cash Flow Revisions | 0 | [4] | 5.2 | [5] |
Ending balance | 14 | [1] | 13.4 | |
Electric Plant Other | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 3.2 | 1.4 | ||
Amounts Incurred | 0 | 0 | [2] | |
Amounts Settled | 0 | (0.1) | [3] | |
Accretion | 0 | 0.1 | ||
Cash Flow Revisions | (3.2) | [4] | 1.8 | [5] |
Ending balance | 0 | [1] | 3.2 | |
Natural Gas Plant Gas Transmission and Distribution | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 200.9 | 228.9 | ||
Amounts Incurred | 0 | 0 | [2] | |
Amounts Settled | 0 | 0 | [3] | |
Accretion | 8.9 | 9.3 | ||
Cash Flow Revisions | (19.4) | [4] | (37.3) | [5] |
Ending balance | 190.4 | [1] | 200.9 | |
Natural Gas Plant Other | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 4 | 3.9 | ||
Amounts Incurred | 0 | 0 | [2] | |
Amounts Settled | 0 | 0 | [3] | |
Accretion | 0.1 | 0.1 | ||
Cash Flow Revisions | (1.2) | [4] | 0 | [5] |
Ending balance | 2.9 | [1] | 4 | |
Common and Other Property Common Miscellaneous | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 0.5 | 0.4 | ||
Amounts Incurred | 0 | 0 | [2] | |
Amounts Settled | 0 | 0 | [3] | |
Accretion | 0 | 0.1 | ||
Cash Flow Revisions | 0 | [4] | 0 | [5] |
Ending balance | $ 0.5 | [1] | $ 0.5 | |
[1] | There were no ARO amounts incurred or settled in 2019. | |||
[2] | Amounts incurred related to the Rush Creek wind farm, which was placed in service in 2018. | |||
[3] | Amounts settled related to closure of certain ash containment facilities. | |||
[4] | In 2019, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily related to increased gas line mileage and number of services, which were more than offset by decreased inflation rates. Changes in steam, hydro, and other production AROs primarily related to the cost estimates to remediate ponds at production facilities. | |||
[5] | In 2018, AROs were revised for changes in timing and estimates of cash flows. Changes in gas transmission and distribution AROs were primarily related to increased gas line mileage and number of services, which were more than offset by increased discount rates. Changes in electric distribution AROs were primarily related to increased labor costs. |
Commitments and Contingencies_3
Commitments and Contingencies, Removal Costs (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 350.8 | $ 344.4 |
Commitments and Contingencies_4
Commitments and Contingencies, Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | |||
Short-term Lease, Cost | $ 1.3 | $ 1.5 | $ 1 | |
Operating Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset, Gross | 653.8 | |||
Operating Lease, Right-of-Use Asset, Accumulated Depreciation | (79.8) | |||
Operating lease, right-of-use assets | 574 | 0 | ||
Finance Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Gross | 221.2 | 221.2 | ||
Finance Lease, Right-of-Use Asset, Accumulated Depreciation | 82.4 | 76.2 | ||
Finance Lease, Right-of-Use Asset | 138.8 | 145 | ||
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | [1] | 112.4 | 110.6 | 108.6 |
Finance Lease, Right-of-Use Asset, Amortization | 6.2 | 5.6 | 5.3 | |
Finance Lease, Interest Expense | 18.7 | 19.5 | 20.3 | |
Finance Lease, Cost | 24.9 | 25.1 | 25.6 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2020 | 109.1 | |||
2021 | 109 | |||
2022 | 94.2 | |||
2023 | 80.9 | |||
2024 | 73.6 | |||
Thereafter | 244.1 | |||
Total minimum obligation | 710.9 | |||
Interest component of obligation | (107.5) | |||
Present value of minimum obligation | 603.4 | |||
Less current portion | (85.8) | 0 | ||
Noncurrent operating and finance lease liabilities | $ 517.6 | 0 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 10 months 24 days | |||
Capital Leases, Future Minimum Payments Due [Abstract] | ||||
2019 | 24.9 | |||
2020 | 24.8 | |||
2021 | 23.6 | |||
2022 | 20.5 | |||
2023 | 20.3 | |||
Thereafter | 420.4 | |||
Total minimum obligation | 534.5 | |||
Interest component of obligation | (389.5) | |||
Capital Lease Obligations | 145 | |||
Lessee, Finance Lease, Description [Abstract] | ||||
2020 | $ 24.8 | |||
2021 | 23.6 | |||
2022 | 20.5 | |||
2023 | 20.3 | |||
2024 | 20.1 | |||
Thereafter | 399.7 | |||
Total minimum obligation | 509 | |||
Interest component of obligation | (370.2) | |||
Present value of minimum obligation | 138.8 | |||
Less current portion | (6.9) | |||
Noncurrent operating and finance lease liabilities | $ 131.9 | |||
Finance Lease, Weighted Average Remaining Lease Term | 38 years 8 months 12 days | |||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2019 | 106.3 | |||
2020 | 106.6 | |||
2021 | 105.9 | |||
2022 | 91 | |||
2023 | 78.1 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 342 | |||
Property, Plant and Equipment, Other Types [Member] | ||||
Operating Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset, Gross | $ 68.7 | |||
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | [2] | 14.4 | 14 | 12.5 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2020 | 13.2 | |||
2021 | 12.6 | |||
2022 | 11.6 | |||
2023 | 10.9 | |||
2024 | 11 | |||
Thereafter | 18.1 | |||
Total minimum obligation | 77.4 | |||
Interest component of obligation | (12.5) | |||
Present value of minimum obligation | 64.9 | |||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2019 | 10.8 | |||
2020 | 10.7 | |||
2021 | 9.5 | |||
2022 | 8.4 | |||
2023 | 8.1 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 53.4 | |||
Gas Storage Facilities [Member] | ||||
Finance Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Gross | 200.5 | 200.5 | ||
Gas Pipeline | ||||
Finance Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Gross | 20.7 | 20.7 | ||
Purchased Power Agreements | ||||
Operating Lease, Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset, Gross | 585.1 | |||
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | 98 | 96.6 | $ 96.1 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2020 | [3],[4] | 95.9 | ||
2021 | [3],[4] | 96.4 | ||
2022 | [3],[4] | 82.6 | ||
2023 | [3],[4] | 70 | ||
2024 | [3],[4] | 62.6 | ||
Thereafter | [3],[4] | 226 | ||
Total minimum obligation | [3],[4] | 633.5 | ||
Interest component of obligation | [3],[4] | (95) | ||
Present value of minimum obligation | [3],[4] | $ 538.5 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2019 | [5],[6] | 95.5 | ||
2020 | [5],[6] | 95.9 | ||
2021 | [5],[6] | 96.4 | ||
2022 | [5],[6] | 82.6 | ||
2023 | [5],[6] | 70 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | [5],[6] | $ 288.6 | ||
WYCO, Inc. [Member] | ||||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
[1] | PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. | |||
[2] | Includes short-term lease expense of $ 1.3 million , $ 1.5 million and $1.0 million for 2019, 2018 and 2017, respectively. | |||
[3] | Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. | |||
[4] | PPA operating leases contractually expire at various dates through 2032. | |||
[5] | Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. | |||
[6] | PPA operating leases contractually expire at various dates through 2032. |
Commitments and Contingencies_5
Commitments and Contingencies, Purchased Power Agreements (Details) - Capacity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Purchased Power Agreements (PPAs) [Abstract] | |||
Payments for capacity | $ 12 | $ 20.9 | $ 25.2 |
Estimated Future Payments Under PPAs [Abstract] | |||
2020 | 3.2 | ||
2021 | 3.2 | ||
2022 | 3.2 | ||
2023 | 3.2 | ||
2024 | 3.2 | ||
Thereafter | 10.4 | ||
Total | $ 26.4 |
Commitments and Contingencies_6
Commitments and Contingencies, Fuel Contracts (Details) $ in Millions | Dec. 31, 2019USD ($) |
Coal | |
Fuel Contracts [Abstract] | |
2020 | $ 155.7 |
2021 | 66.6 |
2022 | 44.1 |
2023 | 22.4 |
2024 | 22.9 |
Thereafter | 71.3 |
Total | 383 |
Natural Gas Supply | |
Fuel Contracts [Abstract] | |
2020 | 287.3 |
2021 | 252.7 |
2022 | 102.5 |
2023 | 52.6 |
2024 | 2.9 |
Thereafter | 0 |
Total | 698 |
Natural Gas Storage and Transportation | |
Fuel Contracts [Abstract] | |
2020 | 116 |
2021 | 113.3 |
2022 | 113.4 |
2023 | 65.7 |
2024 | 35 |
Thereafter | 537.7 |
Total | $ 981.1 |
Commitments and Contingencies_7
Commitments and Contingencies, Variable Interest Entities (Details) - MW | Dec. 31, 2019 | Dec. 31, 2018 |
Independent Power Producing Entities | ||
Purchased Power Agreements (PPAs) [Abstract] | ||
Generating capacity (in MW) | 1,442 | 1,571 |
Commitments and Contingencies A
Commitments and Contingencies ARO Phantom (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | $ 0 | [1] | $ 7.2 | [2] |
Amounts Incurred | 0 | [1] | 12.3 | [3] |
Electric Plant Steam and Other Production Ash Containment | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 7.1 | [2] | |
Amounts Incurred | 0 | 0 | [3] | |
Electric Plant Wind Production | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 0 | [2] | |
Amounts Incurred | 0 | 12.3 | [3] | |
Electric Plant Electric Distribution | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 0 | [2] | |
Amounts Incurred | 0 | 0 | [3] | |
Electric Plant Other | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 0.1 | [2] | |
Amounts Incurred | 0 | 0 | [3] | |
Natural Gas Plant Gas Transmission and Distribution | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 0 | [2] | |
Amounts Incurred | 0 | 0 | [3] | |
Natural Gas Plant Other | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 0 | [2] | |
Amounts Incurred | 0 | 0 | [3] | |
Common and Other Property Common Miscellaneous | ||||
Asset Retirement Obligations [Line Items] | ||||
Amounts Settled | 0 | 0 | [2] | |
Amounts Incurred | $ 0 | $ 0 | [3] | |
[1] | There were no ARO amounts incurred or settled in 2019. | |||
[2] | Amounts settled related to closure of certain ash containment facilities. | |||
[3] | Amounts incurred related to the Rush Creek wind farm, which was placed in service in 2018. |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | $ (2.7) | $ 0 | $ 0 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | 6,298.2 | |||||
Amortization of net actuarial income (loss) | (2.7) | |||||
Net current period other comprehensive income (loss) | (1.1) | 1.2 | ||||
Accumulated other comprehensive loss at end of period | 6,996.2 | 6,298.2 | ||||
Interest Rate Swap | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Amortization of net actuarial income (loss) | 1.2 | 1.2 | ||||
Gains and Losses on Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | (25.3) | (26.5) | ||||
Other Comprehensive Income (Loss) before reclassifications | 0 | |||||
Amortization of net actuarial income (loss) | 0 | |||||
Net current period other comprehensive income (loss) | 1.2 | 1.2 | ||||
Accumulated other comprehensive loss at end of period | (24.1) | (25.3) | (26.5) | |||
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Amortization of net actuarial income (loss) | 1.2 | [1] | 1.2 | [2] | ||
Defined Benefit Pension and Postretirement Items | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | (0.2) | (0.2) | ||||
Other Comprehensive Income (Loss) before reclassifications | 0.4 | |||||
Amortization of net actuarial income (loss) | [3] | (2.7) | ||||
Net current period other comprehensive income (loss) | (2.3) | 0 | ||||
Accumulated other comprehensive loss at end of period | (2.5) | (0.2) | (0.2) | |||
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Amortization of net actuarial income (loss) | 0 | 0 | ||||
Total | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive loss at beginning of period | (25.5) | (26.7) | ||||
Other Comprehensive Income (Loss) before reclassifications | 0.4 | |||||
Accumulated other comprehensive loss at end of period | $ (26.6) | $ (25.5) | $ (26.7) | |||
[1] | Included in interest charges. | |||||
[2] | Included in interest charges. | |||||
[3] | Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information. |
Other Comprehensive Income - Ph
Other Comprehensive Income - Phantom (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 0.4 | $ 0 | $ 0 |
Income tax expense (benefit) | 79.6 | 113.7 | 252.2 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0.9 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (0.4) | (0.4) | $ (0.6) |
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss) before reclassifications, Tax | 0 | 0 | |
Income tax expense (benefit) | 0.4 | 0.4 | |
Reclassification from AOCI, Current Period, Tax | 0 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension and Postretirement Items | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss) before reclassifications, Tax | 0.1 | 0 | |
Income tax expense (benefit) | 0 | 0 | |
Reclassification from AOCI, Current Period, Tax | $ (0.9) | $ 0 |
Segments and Related Informat_3
Segments and Related Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue, Regulated Natural Gas | $ 1,160.9 | $ 1,014.6 | $ 995.2 | |||||||||
Unregulated Operating Revenue | 43.3 | 40.4 | 43.5 | |||||||||
Regulated and Unregulated Operating Revenue | $ 1,059.9 | $ 1,044.3 | $ 910 | $ 1,223 | $ 1,040.3 | $ 1,060.7 | $ 911.9 | $ 1,073.3 | 4,237.2 | 4,086.2 | 4,042.5 | |
Depreciation and amortization | 602.4 | 561.1 | 471.5 | |||||||||
Interest charges and financing costs | 224.2 | 185.7 | 179.3 | |||||||||
Income tax expense (benefit) | 79.6 | 113.7 | 252.2 | |||||||||
Net income (loss) | $ 133 | $ 204.5 | $ 101.5 | $ 138.8 | $ 88.6 | $ 207.1 | $ 122.3 | $ 133.7 | 577.8 | 551.7 | 494.1 | |
Intercompany Revenue | 4.5 | 4.4 | 5.9 | |||||||||
Electricity, US Regulated | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues Including Intersegment Revenues | 3,033.4 | 3,031.5 | 3,004.1 | |||||||||
Depreciation and amortization | 454.9 | 415.6 | 353.6 | |||||||||
Interest charges and financing costs | 173.7 | 142.3 | 138.6 | |||||||||
Income tax expense (benefit) | 45 | 103 | 243.6 | |||||||||
Net income (loss) | 464.9 | 428.6 | 370.6 | |||||||||
Natural Gas, US Regulated | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues Including Intersegment Revenues | 1,161.3 | 1,015.2 | 995.6 | |||||||||
Depreciation and amortization | 141.4 | 140.6 | 113.2 | |||||||||
Interest charges and financing costs | 49.7 | 42.9 | 40.2 | |||||||||
Income tax expense (benefit) | 32.6 | 13.1 | 18.4 | |||||||||
Net income (loss) | 119.4 | 121.4 | 107.8 | |||||||||
All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 6.1 | 4.9 | 4.7 | |||||||||
Interest charges and financing costs | 0.8 | 0.5 | 0.5 | |||||||||
Income tax expense (benefit) | 2 | (2.4) | (9.8) | |||||||||
Net income (loss) | (6.5) | 1.7 | 15.7 | |||||||||
Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Regulated and Unregulated Operating Revenue | [1] | 4,238 | 4,087.1 | 4,043.2 | ||||||||
Operating Segments | Electricity, US Regulated | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue, Regulated Electric | [1] | 3,033 | 3,031.2 | 3,003.8 | ||||||||
Operating Segments | Natural Gas, US Regulated | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue, Regulated Natural Gas | [1] | 1,160.9 | 1,014.6 | 995.2 | ||||||||
Operating Segments | All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Unregulated Operating Revenue | [1] | 43.3 | 40.4 | 43.5 | ||||||||
Intersegment Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Regulated and Unregulated Operating Revenue | (0.8) | (0.9) | (0.7) | |||||||||
Intersegment Eliminations | Electricity, US Regulated | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue, Regulated Electric | 0.4 | 0.3 | 0.3 | |||||||||
Intersegment Eliminations | Natural Gas, US Regulated | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue, Regulated Natural Gas | $ 0.4 | $ 0.6 | $ 0.4 | |||||||||
[1] | Operating revenues include $4.5 million , $4.4 million and $5.9 million of intercompany revenue for the years ended Dec. 31, 2019 , 2018 and 2017 , respectively. See Note 13 for further information. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses | |||
Interest expense | $ 400 | $ 0 | $ 0 |
Interest Income, Related Party | 200 | 0 | 0 |
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 52,700 | 80,800 | |
Accounts payable | 43,900 | 46,000 | |
NSP-Minnesota | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 18,800 | 17,900 | |
Accounts payable | 0 | 0 | |
NSP-Wisconsin | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 0 | 0 | |
Accounts payable | 200 | 200 | |
SPS | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 400 | 700 | |
Accounts payable | 0 | 0 | |
Other subsidiaries of Xcel Energy Inc. | |||
Accounts Receivable and Payable with Affiliates [Abstract] | |||
Accounts receivable | 33,500 | 62,200 | |
Accounts payable | 43,700 | 45,800 | |
Other Expense | |||
Operating expenses | |||
Costs and Expenses, Related Party | 531,900 | 518,700 | 485,100 |
Electricity, US Regulated | |||
Operating revenues | |||
Operating Revenue from Related Parties | 0 | 0 | 1,400 |
Other Revenue | |||
Operating revenues | |||
Operating Revenue from Related Parties | $ 4,500 | $ 4,400 | $ 4,500 |
Summarized Quarterly Financia_3
Summarized Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Regulated and Unregulated Operating Revenue | $ 1,059.9 | $ 1,044.3 | $ 910 | $ 1,223 | $ 1,040.3 | $ 1,060.7 | $ 911.9 | $ 1,073.3 | $ 4,237.2 | $ 4,086.2 | $ 4,042.5 | ||||
Operating income | 199.9 | 284.3 | 162.7 | 209.9 | 119.5 | [1] | 276.9 | [1] | 189.3 | [1] | 206.9 | [1] | 856.8 | 792.6 | 888 |
Net income | $ 133 | $ 204.5 | $ 101.5 | $ 138.8 | $ 88.6 | $ 207.1 | $ 122.3 | $ 133.7 | $ 577.8 | $ 551.7 | $ 494.1 | ||||
[1] | In 2018, PSCo implemented ASU No. 2017-07 related to net periodic benefit cost, which resulted in retrospective reclassification of pension costs from O&M expense to other income. |
Schedule II, Valuation and Qu_2
Schedule II, Valuation and Qualifying Accounts (Details) - Allowance for Bad Debts - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Jan. 1 | $ 20.5 | $ 19.6 | $ 19.6 | |
Charged to costs and expenses | 16.5 | 16.4 | 14.3 | |
Charged to other accounts | [1] | 5.8 | 4.7 | 4 |
Deductions from reserves | [2] | (21.8) | (20.2) | (18.3) |
Balance at Dec. 31 | $ 21 | $ 20.5 | $ 19.6 | |
[1] | Recovery of amounts previously written off. | |||
[2] | Deductions related primarily to bad debt write-offs. |