Company Quick10K Filing
Northern States Power
Price-0.00 EPS505
Shares1 P/E-0
MCap-0 P/FCF-0
Net Debt5,192 EBIT735
TEV5,192 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-28
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-03-01
8-K 2019-10-31 Other Events
8-K 2019-09-27 Other Events
8-K 2019-09-10 Other Events, Exhibits
8-K 2019-08-30 Other Events
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-06-07 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-01-31 Earnings, Exhibits

NSPM 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 6 - Exhibits
EX-31.01 nspmex3101q12020.htm
EX-31.02 nspmex3102q12020.htm
EX-32.01 nspmex3201q12020.htm

Northern States Power Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.51.20.90.60.30.02012201420172020
Rev, G Profit, Net Income
0.50.2-0.1-0.4-0.7-1.02012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Northern States Power Company
Minnesota
(Exact name of registrant as specified in its charter)
Minnesota
 
001-31387
 
41-1967505
(State or Other Jurisdiction of Incorporation or Organization)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
414 Nicollet Mall
Minneapolis
Minnesota
 
55401
 
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
612
330-5500
(Registrant’s telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
N/A
 
N/A
 
N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller Reporting Company
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
May 7, 2020
Common Stock, $0.01 par value
 
1,000,000 shares
Northern States Power Company meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to such Form 10-Q.
 
 
 
 
 



TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
 
Item 1 —
 
 
 
 
 
 
Item 2 —
Item 4 —
 
 
 
PART II
OTHER INFORMATION
 
Item 1 —
Item 1A —
Item 6 —
 
 
 
 
 
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
This Form 10-Q is filed by Northern States Power Company, a Minnesota corporation (NSP-Minnesota). NSP-Minnesota is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available in various filings with the SEC. This report should be read in its entirety.



Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
NSP-Minnesota
Northern States Power Company, a Minnesota corporation
NSP-Wisconsin
Northern States Power Company, a Wisconsin corporation
PSCo
Public Service Company of Colorado
SPS
Southwestern Public Service Company
Utility subsidiaries
NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel Energy
Xcel Energy Inc. and its subsidiaries
 
 
Federal and State Regulatory Agencies
D.C. Circuit
United States Court of Appeals for the District of Columbia Circuit
DOC
Minnesota Department of Commerce
EPA
Environmental Protection Agency
FERC
Federal Energy Regulatory Commission
IRS
Internal Revenue Service
MPUC
Minnesota Public Utilities Commission
OAG
Minnesota Office of the Attorney General
SEC
Securities and Exchange Commission
 
 
Electric, Purchased Gas and Resource Adjustment Clauses
DSM
Demand side management
FCA
Fuel clause adjustment
GUIC
Gas utility infrastructure cost rider
RES
Renewable energy standard
TCR
Transmission cost recovery adjustment
Other
ASC
FASB Accounting Standards Codification
ASU
FASB Accounting Standards Update
CC
Combined cycle
CCR
Coal combustion residuals
CCR Rule
Final rule (40 CFR 257.50 - 257.107) published by the United States Environmental Protection Agency regulating the management, storage and disposal of CCRs as nonhazardous waste
CEO
Chief executive officer
CFO
Chief financial officer
COVID-19
Novel coronavirus
CT
Combustion turbine
DR
Demand response
ETR
Effective tax rate
FASB
Financial Accounting Standards Board
FTR
Financial transmission right
GAAP
Generally accepted accounting principles
GE
General Electric
IPP
Independent power producing entity
LLC
Limited liability company
MEC
Mankato Energy Center
MGP
Manufactured gas plant
MISO
Midcontinent Independent System Operator, Inc.
NAV
Net asset value
NOI
Notice of inquiry
NOL
Net operating loss
O&M
Operating and maintenance
PPA
Power purchase agreement
PTC
Production tax credit
ROE
Return on equity
ROFR
Right of first refusal
ROU
Right-of-use
RTO
Regional Transmission Organization
 
SMMPA
Southern Minnesota Municipal Power Agency
TO
Transmission owner
VIE
Variable interest entity
 
 
Measurements
KV
Kilovolts
MMBtu
Million British thermal units
MW
Megawatts
MWh
Megawatt hours

Forward-Looking Statements
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Quarterly Report on Form 10-Q and in other securities filings (including NSP-Minnesota’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, and subsequent securities filings), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of NSP-Minnesota and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.




PART I FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 
Three Months Ended March 31
 
2020
 
2019
Operating revenues
 
 
 
Electric, non-affiliates
$
925.6

 
$
958.6

Electric, affiliates
109.6

 
120.1

Natural gas
206.1

 
264.0

Other
8.9

 
7.8

Total operating revenues
1,250.2

 
1,350.5

 
 
 
 
Operating expenses
 
 
 
Electric fuel and purchased power
363.6

 
391.9

Cost of natural gas sold and transported
125.5

 
174.4

Cost of sales — other
5.6

 
5.2

Operating and maintenance expenses
295.7

 
311.9

Conservation program expenses
31.4

 
32.5

Depreciation and amortization
202.1

 
197.7

Taxes (other than income taxes)
68.9

 
69.6

Total operating expenses
1,092.8

 
1,183.2

 
 
 
 
Operating income
157.4

 
167.3

 
 
 
 
Other (expense) income, net
(5.4
)
 
1.5

 
 
 
 
Allowance for funds used during construction — equity
7.0

 
5.1

 
 
 
 
Interest charges and financing costs
 
 
 
Interest charges — includes other financing costs of
 $1.9 and $1.8, respectively
60.7

 
57.2

Allowance for funds used during construction — debt
(3.1
)
 
(2.5
)
Total interest charges and financing costs
57.6

 
54.7

 
 
 
 
Income before income taxes
101.4

 
119.2

Income tax (benefit) expense
(5.6
)
 
6.0

Net income
$
107.0

 
$
113.2


See Notes to Consolidated Financial Statements

4


NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
 
Three Months Ended March 31
 
2020
 
2019
Net income
$
107.0

 
$
113.2

Other comprehensive income
 
 
 
Derivative instruments:
 
 
 
Reclassification of losses to net income, net of tax of $0.1
0.2

 
0.2

 
 
 
 
Total other comprehensive income
0.2

 
0.2

Total comprehensive income
$
107.2

 
$
113.4


See Notes to Consolidated Financial Statements

5


NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 
Three Months Ended March 31
 
2020
 
2019
Operating activities
 
 
 
Net income
$
107.0

 
$
113.2

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Depreciation and amortization
203.9

 
199.0

Nuclear fuel amortization
32.5

 
30.5

Deferred income taxes
(14.9
)
 
(14.6
)
Amortization of investment tax credits
(0.3
)
 
(0.3
)
Allowance for equity funds used during construction
(7.0
)
 
(5.1
)
Net realized and unrealized hedging and derivative transactions
8.9

 
6.4

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
8.4

 
(39.0
)
Accrued unbilled revenues
51.7

 
49.2

Inventories
20.0

 
52.8

Other current assets
(14.7
)
 
(30.2
)
Accounts payable
(43.0
)
 
(48.2
)
Net regulatory assets and liabilities
32.8

 
54.7

Other current liabilities
(3.8
)
 
18.0

Pension and other employee benefit obligations
(48.0
)
 
(46.6
)
Other, net
6.9

 
(9.1
)
Net cash provided by operating activities
340.4

 
330.7

 
 
 
 
Investing activities
 
 
 
Utility capital/construction expenditures
(274.3
)
 
(197.3
)
Purchases of investment securities
(835.0
)
 
(304.7
)
Proceeds from the sale of investment securities
829.9

 
299.6

Investments in utility money pool arrangement
(305.0
)
 
(38.0
)
Repayments from utility money pool arrangement
257.0

 

Other, net
1.6

 
(0.3
)
Net cash used in investing activities
(325.8
)
 
(240.7
)
 
 
 
 
Financing activities
 
 
 
Repayments of short-term borrowings, net
(30.0
)
 
(150.0
)
Borrowings under utility money pool arrangement
118.0

 
31.0

Repayments under utility money pool arrangement
(118.0
)
 
(31.0
)
Proceeds from issuance of long-term debt

 

Repayments of long-term debt

 

Capital contributions from parent
114.0

 
134.9

Dividends paid to parent
(94.3
)
 
(82.8
)
Other, net
(3.4
)
 

Net cash used in financing activities
(13.7
)
 
(97.9
)
 
 
 
 
Net change in cash, cash equivalents and restricted cash
0.9

 
(7.9
)
Cash, cash equivalents and restricted cash at beginning of period
126.3

 
50.0

Cash, cash equivalents and restricted cash at end of period
$
127.2

 
$
42.1

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Cash paid for interest (net of amounts capitalized)
$
(74.7
)
 
$
(68.2
)
Cash paid for income taxes, net
(5.5
)
 
(22.0
)
Supplemental disclosure of non-cash investing and financing transactions:
 
 
 
Accrued property, plant and equipment additions
$
66.6

 
$
110.8

Inventory transfers to property, plant and equipment
4.0

 
4.4

Operating lease right-of-use assets

 
444.2

Allowance for equity funds used during construction
7.0

 
5.1


See Notes to Consolidated Financial Statements

6


NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 
 
March 31, 2020
 
Dec. 31, 2019
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
127.2

 
$
126.3

Accounts receivable, net
 
351.2

 
359.8

Accounts receivable from affiliates
 
9.8

 
43.8

Investments in utility money pool arrangement
 
48.0

 

Accrued unbilled revenues
 
197.9

 
250.7

Inventories
 
280.7

 
304.8

Regulatory assets
 
342.7

 
320.1

Derivative instruments
 
22.3

 
32.5

Prepayments and other
 
51.0

 
31.5

Total current assets
 
1,430.8

 
1,469.5

 
 
 
 
 
Property, plant and equipment
 
14,290.1

 
14,244.0

 
 
 
 
 
Other assets
 
 
 
 
Nuclear decommissioning fund and other investments
 
2,196.2

 
2,495.2

Regulatory assets
 
1,343.5

 
1,125.0

Derivative instruments
 
25.3

 
9.2

Operating lease right-of-use assets
 
544.7

 
563.8

Other
 
7.2

 
9.7

Total other assets
 
4,116.9

 
4,202.9

Total assets
 
$
19,837.8

 
$
19,916.4

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current liabilities
 
 
 
 
Current portion of long-term debt
 
$
300.0

 
$
300.0

Short-term debt
 

 
30.0

Accounts payable
 
329.9

 
388.0

Accounts payable to affiliates
 
65.3

 
76.0

Regulatory liabilities
 
144.6

 
141.0

Taxes accrued
 
292.0

 
232.1

Accrued interest
 
53.0

 
72.2

Dividends payable to parent
 
99.6

 
94.3

Derivative instruments
 
26.4

 
25.0

Customer deposits
 
38.4

 
46.4

Operating lease liabilities
 
81.1

 
79.9

Other
 
152.4

 
154.9

Total current liabilities
 
1,582.7

 
1,639.8

 
 
 
 
 
Deferred credits and other liabilities
 
 
 
 
Deferred income taxes
 
1,687.5

 
1,779.1

Deferred investment tax credits
 
19.3

 
19.7

Regulatory liabilities
 
1,946.6

 
1,937.1

Asset retirement obligations
 
2,308.3

 
2,280.3

Derivative instruments
 
122.9

 
110.2

Pension and employee benefit obligations
 
187.7

 
235.9

Operating lease liabilities
 
505.0

 
525.7

Other
 
86.7

 
85.5

Total deferred credits and other liabilities
 
6,864.0

 
6,973.5

 
 
 
 
 
Commitments and contingencies
 


 


Capitalization
 
 
 
 
Long-term debt
 
5,222.5

 
5,221.3

Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares
outstanding at March 31, 2020 and Dec. 31, 2019, respectively
 

 

Additional paid in capital
 
4,147.9

 
4,067.9

Retained earnings
 
2,043.0

 
2,036.4

Accumulated other comprehensive loss
 
(22.3
)
 
(22.5
)
Total common stockholder’s equity
 
6,168.6

 
6,081.8

Total liabilities and equity
 
$
19,837.8

 
$
19,916.4

See Notes to Consolidated Financial Statements

7



NSP-MINNESOTA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)
(amounts in millions, except share data)

 
Common Stock Issued
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Common
Stockholder’s
Equity
 
Shares
 
Par Value
 
Additional Paid In Capital
 
 
 
Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2018
1,000,000

 
$

 
$
3,624.2

 
$
1,972.0

 
$
(23.1
)
 
$
5,573.1

Net income
 
 
 
 
 
 
113.2

 
 
 
113.2

Other comprehensive income
 
 
 
 
 
 
 
 
0.2

 
0.2

Dividends declared to parent
 
 
 
 
 
 
(94.6
)
 
 
 
(94.6
)
Contribution of capital by parent
 
 
 
 
170.0

 
 
 
 
 
170.0

Balance at March 31, 2019
1,000,000

 
$

 
$
3,794.2

 
$
1,990.6

 
$
(22.9
)
 
$
5,761.9

 
 
 
 
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2019
1,000,000

 
$

 
$
4,067.9

 
$
2,036.4

 
$
(22.5
)
 
$
6,081.8

Net income
 
 
 
 
 
 
107.0

 
 
 
107.0

Other comprehensive income
 
 
 
 
 
 
 
 
0.2

 
0.2

Dividends declared to parent
 
 
 
 
 
 
(99.6
)
 
 
 
(99.6
)
Contribution of capital by parent
 
 
 
 
80.0

 
 
 
 
 
80.0

Adoption of ASC Topic 326
 
 
 
 
 
 
(0.8
)
 
 
 
(0.8
)
Balance at March 31, 2020
1,000,000

 
$

 
$
4,147.9

 
$
2,043.0

 
$
(22.3
)
 
$
6,168.6

 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements


8



NSP-MINNESOTA AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of NSP-Minnesota and its subsidiaries as of March 31, 2020 and Dec. 31, 2019; the results of its operations, including the components of net income and comprehensive income, and changes in stockholder’s equity for the three months ended March 31, 2020 and 2019; and its cash flows for the three months ended March 31, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2020 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2019 balance sheet information has been derived from the audited 2019 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2019. These notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the SEC on Feb. 21, 2020. Due to the seasonality of NSP-Minnesota’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
1. Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2019, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
Recently Adopted
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.
NSP-Minnesota implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $0.8 million (after tax) to retained earnings. Other than first-time recognition of an allowance for doubtful accounts on accrued unbilled revenues, the Jan. 1, 2020 adoption of ASC Topic 326 did not have a significant impact on NSP-Minnesota’s consolidated financial statements.
 
3. Selected Balance Sheet Data
(Millions of Dollars)
 
March 31, 2020
 
Dec. 31, 2019
Accounts receivable, net
 
 
 
 
Accounts receivable
 
$
375.0