Company Quick10K Filing
Quick10K
Northern States Power
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-23 Other Events
8-K 2019-04-25 Earnings, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-09-12 Other Events, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-07 Earnings, Exhibits
AHPA Avista Healthcare Public Acquisition 918
LCA Landcadia 708
STLR Stellar Acquisition III 405
QNBC QNB 162
FNGR Fingermotion 62
ABAC Renmin Tianli Group 24
ZMTP Zoom Telephonics 19
BLIN Bridgeline Digital 2
CCT C&C Tours 0
CHNG Change Healthcare 0
NSPW 2019-06-30
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 nspwex3101q22019.htm
EX-31.02 nspwex3102q22019.htm
EX-32.01 nspwex3201q22019.htm

Northern States Power Earnings 2019-06-30

NSPW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 June 30, 2019 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
001-03140
 
39-0508315
(Commission File Number)
 
(I.R.S. Employer Identification No.)
(Registrant, State of Incorporation or Organization, Address of Principal Executive Officers and Telephone Number)
Northern States Power Company
Wisconsin
1414 West Hamilton Avenue
Eau Claire
Wisconsin
54701
715
839-2625
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 and 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, 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
 
August 1, 2019
Common Stock, $100 par value
 
933,000 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
 
Certifications Pursuant to Section 906
 
This Form 10-Q is filed by Northern States Power Company, a Wisconsin corporation (NSP-Wisconsin). NSP-Wisconsin is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available on various filings with the SEC. This report should be read in its entirety.



ABBREVIATIONS AND INDUSTRY TERMS
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e prime
e prime inc.
NSP-Minnesota
Northern States Power Company, a Minnesota corporation
NSP System
The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
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
EPA
United States Environmental Protection Agency
FERC
Federal Energy Regulatory Commission
IRS
Internal Revenue Service
PSCW
Public Service Commission of Wisconsin
SEC
Securities and Exchange Commission
 
 
Other
ACE
Affordable Clean Energy
ASC
FASB Accounting Standards Codification
ASU
FASB Accounting Standards Update
C&I
Commercial and Industrial
ETR
Effective tax rate
FASB
Financial Accounting Standards Board
GAAP
Generally accepted accounting principles
MDL
Multi-district litigation
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
ROE
Return on equity
RTO
Regional Transmission Organization
TO
Transmission owner

 
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-Wisconsin's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018, and subsequent securities filings), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: 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; ability to recover costs from customers; 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-Wisconsin 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; operational safety, including nuclear generation; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices; costs of potential regulatory penalties; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; fuel costs; and employee work force and third party contractor factors.





Table of Contents


PART I — FINANCIAL INFORMATION
Item 1 — FINANCIAL STATEMENTS
NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2019
 
2018
 
2019
 
2018
Operating revenues
 
 
 
 
 
 
 
Electric, non-affiliates
$
164.4

 
$
171.1

 
$
335.3

 
$
349.8

Electric, affiliates
43.5

 
38.4

 
87.6

 
76.1

Natural gas
20.9

 
22.0

 
82.0

 
78.5

Other
0.1

 
0.3

 
0.2

 
0.5

Total operating revenues
228.9

 
231.8

 
505.1

 
504.9

 
 
 
 
 
 
 
 
Operating expenses
 

 
 

 
 
 
 
Electric fuel and purchased power, non-affiliates
3.1

 
3.6

 
5.0

 
6.5

Purchased power, affiliates
99.9

 
101.6

 
203.4

 
202.9

Cost of natural gas sold and transported
8.2

 
8.5

 
40.5

 
37.2

Operating and maintenance expenses
51.3

 
48.9

 
103.2

 
99.3

Conservation expenses
3.1

 
3.1

 
6.0

 
6.1

Depreciation and amortization
34.4

 
31.5

 
68.5

 
62.0

Taxes (other than income taxes)
7.1

 
7.1

 
14.7

 
14.4

Total operating expenses
207.1

 
204.3

 
441.3

 
428.4

 
 
 
 
 
 
 
 
Operating income
21.8

 
27.5

 
63.8

 
76.5

 
 
 
 
 
 
 
 
Other expense, net
(0.3
)
 
(0.5
)
 
(0.6
)
 
(0.9
)
 
 
 
 
 
 
 
 
Allowance for funds used during construction — equity
0.9

 
2.2

 
1.4

 
4.1

 
 
 
 
 
 
 
 
Interest charges and financing costs
 

 
 

 
 
 
 
Interest charges — includes other financing costs of $0.3, $0.5, $0.7 and $1.0 respectively
9.8

 
9.7

 
19.8

 
19.3

Allowance for funds used during construction — debt
(0.3
)
 
(1.0
)
 
(0.6
)
 
(1.8
)
Total interest charges and financing costs
9.5

 
8.7

 
19.2

 
17.5

 
 
 
 
 
 
 
 
Income before income taxes
12.9

 
20.5

 
45.4

 
62.2

Income taxes
4.3

 
5.3

 
12.8

 
15.6

Net income
$
8.6

 
$
15.2

 
$
32.6

 
$
46.6


See Notes to Consolidated Financial Statements


4

Table of Contents


NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
 
 
Three Months Ended June 30
 
Six Months Ended June 30
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
8.6

 
$
15.2

 
$
32.6

 
$
46.6

 
 
 
 
 
 
 
 
 
Other comprehensive income
 
 

 
 

 
 
 
 

 
 
 
 
 
 
 
 
 
Derivative instruments:
 
 

 
 

 
 
 
 

Reclassification of losses to net income, net of tax of $0
 

 
0.1

 

 
0.1

 
 
 
 
 
 
 
 
 
Other comprehensive income
 

 
0.1

 

 
0.1

Comprehensive income
 
$
8.6

 
$
15.3

 
$
32.6

 
$
46.7


See Notes to Consolidated Financial Statements


5

Table of Contents


NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 
Six Months Ended June 30
 
2019
 
2018
Operating activities
 
 
 
Net income
$
32.6

 
$
46.6

Adjustments to reconcile net income to cash provided by operating activities:
 

 
 

Depreciation and amortization
68.9

 
62.8

Deferred income taxes
2.0

 
2.4

Amortization of investment tax credits
(0.3
)
 
(0.3
)
Allowance for equity funds used during construction
(1.4
)
 
(4.1
)
Changes in operating assets and liabilities:
 

 
 

Accounts receivable
10.2

 
2.6

Accrued unbilled revenues
11.5

 
14.8

Inventories
0.7

 
3.9

Other current assets
(0.4
)
 
(0.1
)
Accounts payable
(8.9
)
 
(8.2
)
Net regulatory assets and liabilities
2.5

 
14.6

Other current liabilities
3.6

 
(0.3
)
Pension and other employee benefit obligations
(7.1
)
 
(8.9
)
Other, net
1.3

 
1.2

Net cash provided by operating activities
115.2

 
127.0

 
 
 
 
Investing activities
 

 
 

Utility capital/construction expenditures
(86.8
)
 
(117.1
)
Other, net

 
(0.1
)
Net cash used in investing activities
(86.8
)
 
(117.2
)
 
 
 
 
Financing activities
 

 
 

(Repayments of) and proceeds from short-term borrowings, net
(1.0
)
 
19.0

Repayments of issuances of long-term debt
(0.1
)
 

Capital contributions from parent
14.8

 
3.3

Dividends paid to parent
(41.7
)
 
(31.5
)
Other, net

 
(0.4
)
Net cash used in financing activities
(28.0
)
 
(9.6
)
 
 
 
 
Net change in cash and cash equivalents
0.4

 
0.2

Cash and cash equivalents at beginning of period
2.2

 
1.4

Cash and cash equivalents at end of period
$
2.6

 
$
1.6

 
 
 
 
Supplemental disclosure of cash flow information:
 

 
 

Cash paid for interest (net of amounts capitalized)
$
(18.2
)
 
$
(16.5
)
Cash paid for income taxes, net
(3.9
)
 
(12.5
)
Supplemental disclosure of non-cash investing transactions:
 

 
 

Accrued property, plant and equipment additions
$
11.5

 
$
18.8

   Inventory transfers to property, plant and equipment
2.4

 
3.7

   Allowance for equity funds used during construction
1.4

 
4.1


See Notes to Consolidated Financial Statements

6

Table of Contents


NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 
June 30, 2019
 
Dec. 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
2.6

 
$
2.2

Accounts receivable, net
53.6

 
75.1

Accrued unbilled revenues
44.7

 
56.2

Other receivables
11.2

 
6.8

Inventories
14.0

 
17.1

Regulatory assets
21.8

 
22.6

Prepaid taxes
26.1

 
30.2

Prepayments and other
3.2

 
3.3

Total current assets
177.2

 
213.5

 
 
 
 
Property, plant and equipment
2,263.0

 
2,241.6

 
 
 
 
Other assets
 

 
 

Regulatory assets
276.0

 
285.5

Other investments
2.7

 
2.7

Other
0.3

 
0.2

Total other assets
279.0

 
288.4

Total assets
$
2,719.2

 
$
2,743.5

 
 
 
 
Liabilities and Equity
 

 
 

Current liabilities
 

 
 

Short-term debt
$
50.0

 
$
51.0

Notes payable to affiliates

 
0.6

Accounts payable
30.7

 
56.8

Accounts payable to affiliates
23.1

 
20.0

Dividends payable to parent
15.9

 
17.4

Regulatory liabilities
24.6

 
20.9

Taxes accrued
5.5

 
3.0

Environmental liabilities
10.6

 
10.9

Accrued interest
9.2

 
8.8

Other
14.4

 
14.8

Total current liabilities
184.0

 
204.2

 
 
 
 
Deferred credits and other liabilities
 

 
 

Deferred income taxes
282.5

 
280.7

Deferred investment tax credits
6.7

 
7.0

Regulatory liabilities
404.8

 
400.1

Environmental liabilities
16.9

 
18.0

Customer advances
17.7

 
16.8

Pension and employee benefit obligations
37.5

 
44.5

Other
23.1

 
22.3

Total deferred credits and other liabilities
789.2

 
789.4

 
 
 
 
Commitments and contingencies


 


Capitalization
 

 
 

Long-term debt
807.8

 
807.5

Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares
outstanding at June 30, 2019 and Dec. 31, 2018, respectively
93.3

 
93.3

Additional paid in capital
513.6

 
510.1

Retained earnings
331.3

 
339.0

Total common stockholder’s equity
938.2

 
942.4

Total liabilities and equity
$
2,719.2

 
$
2,743.5


See Notes to Consolidated Financial Statements

7

Table of Contents


NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, shares in thousands)

 
Common Stock Issued
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Common
Stockholders’
Equity
 
Shares
 
Par Value
 
Additional Paid In Capital
 
 
 
Three Months Ended June 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
933.0

 
$
93.3

 
$
449.4

 
$
349.4

 
$
(0.1
)
 
$
892.0

Net income
 
 
 
 
 
 
15.2

 
 
 
15.2

Other comprehensive income
 
 
 
 
 
 
 
 
0.1

 
0.1

Common dividends declared to parent
 
 
 
 
 
 
(16.5
)
 
 
 
(16.5
)
Contribution of capital by parent
 
 
 
 
3.5

 
 
 
 
 
3.5

Balance at June 30, 2018
933.0

 
$
93.3

 
$
452.9

 
$
348.1

 
$

 
$
894.3

 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
933.0

 
$
93.3

 
$
510.1

 
$
338.6

 
$

 
$
942.0

Net income
 
 
 
 
 
 
8.6

 
 
 
8.6

Other comprehensive income
 
 
 
 
 
 
 
 

 

Common dividends declared to parent
 
 
 
 
 
 
(15.9
)
 
 
 
(15.9
)
Contribution of capital by parent
 
 
 
 
3.5

 
 
 
 
 
3.5

Balance at June 30, 2019
933.0

 
$
93.3

 
$
513.6

 
$
331.3

 
$

 
$
938.2

 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements

8

Table of Contents



NSP-WISCONSIN AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, shares in thousands)

 
Common Stock Issued
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Common
Stockholders’
Equity
 
Shares
 
Par Value
 
Additional Paid In Capital
 
 
 
Six Months Ended June 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2017
933.0

 
$
93.3

 
$
449.4

 
$
334.0

 
$
(0.1
)
 
$
876.6

Net income
 
 
 
 
 
 
46.6

 
 
 
46.6

Other comprehensive income
 
 
 
 
 
 
 
 
0.1

 
0.1

Common dividends declared to parent
 
 
 
 
 
 
(32.5
)
 
 
 
(32.5
)
Contribution of capital by parent
 
 
 
 
3.5

 
 
 
 
 
3.5

Balance at June 30, 2018
933.0

 
$
93.3

 
$
452.9

 
$
348.1

 
$

 
$
894.3

 
 
 
 
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2018
933.0

 
$
93.3

 
$
510.1

 
$
339.0

 
$

 
$
942.4

Net income
 
 
 
 
 
 
32.6

 
 
 
32.6

Other comprehensive income
 
 
 
 
 
 
 
 

 

Common dividends declared to parent
 
 
 
 
 
 
(40.3
)
 
 
 
(40.3
)
Contribution of capital by parent
 
 
 
 
3.5

 
 
 
 
 
3.5

Balance at June 30, 2019
933.0

 
$
93.3

 
$
513.6

 
$
331.3

 
$

 
$
938.2

 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements



9

Table of Contents


NSP-WISCONSIN 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 accounting principles generally accepted in the United States of America (GAAP), the financial position of NSP-Wisconsin and its subsidiaries as of June 30, 2019 and Dec. 31, 2018; the results of its operations, including the components of net income, change in stockholders' equity and comprehensive income for the three and six months ended June 30, 2019 and 2018; and its cash flows for the six months ended June 30, 2019 and 2018. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2019 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, 2018 balance sheet information has been derived from the audited 2018 consolidated financial statements included in the NSP-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2018. 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-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2018, filed with the SEC on Feb. 22, 2019. Due to the seasonality of NSP-Wisconsin’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-Wisconsin Annual Report on Form 10-K for the year ended Dec. 31, 2018, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2.
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 on a modified-retrospective approach through a cumulative-effect adjustment to retained earnings as of Jan. 1, 2020. NSP-Wisconsin is currently evaluating the impact of adoption of the new standard on its 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. NSP-Wisconsin 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, NSP-Wisconsin 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.
NSP-Wisconsin 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). The impact of implementing ASC Topic 842 on NSP-Wisconsin's financial statements was insignificant; no amounts were recorded to the consolidated balance sheet as a result of its adoption.
3.
Selected Balance Sheet Data
(Millions of Dollars)
 
June 30, 2019
 
Dec. 31, 2018
Accounts receivable, net
 
 
 
 
Accounts receivable
 
$
58.2

 
$
80.7

Less allowance for bad debts
 
(4.6
)
 
(5.6
)
 
 
$
53.6

 
$
75.1


(Millions of Dollars)
 
June 30, 2019
 
Dec. 31, 2018
Inventories
 
 
 
 
Materials and supplies
 
$
7.1

 
$
6.7

Fuel
 
3.8

 
3.8

Natural gas
 
3.1

 
6.6

 
 
$
14.0

 
$
17.1


(Millions of Dollars)
 
June 30, 2019
 
Dec. 31, 2018
Property, plant and equipment, net
 
 
 
 
Electric plant
 
$
2,933.3

 
$
2,895.5

Natural gas plant
 
351.2

 
345.7

Common and other property
 
197.2

 
189.7

Construction work in progress
 
63.0

 
55.0

Total property, plant and equipment
 
3,544.7

 
3,485.9

Less accumulated depreciation
 
(1,281.7
)
 
(1,244.3
)
 
 
$
2,263.0

 
$
2,241.6


4.
Borrowings and Other Financing Instruments
NSP-Wisconsin meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility.
Commercial Paper Commercial paper outstanding for NSP-Wisconsin was as follows:
(Amounts in Millions, Except Interest Rates)
 
Three Months Ended June 30, 2019
 
Year Ended Dec. 31, 2018
Borrowing limit
 
$
150

 
$
150

Amount outstanding at period end
 
50

 
51

Average amount outstanding
 
39

 
28

Maximum amount outstanding
 
59

 
103

Weighted average interest rate, computed on a daily basis
 
2.63
%
 
2.31
%
Weighted average interest rate at period end
 
2.62

 
2.89



10

Table of Contents


Letters of Credit — NSP-Wisconsin uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At June 30, 2019 and Dec. 31, 2018, there were no letters of credit outstanding.
Credit Facility In order to use its commercial paper program to fulfill short-term funding needs, NSP-Wisconsin 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 line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
As of June 30, 2019, NSP-Wisconsin had the following committed credit facility available (in millions of dollars):
Credit Facility (a)
 
Outstanding (b)
 
Available
$
150

 
$
50

 
$
100

(a) 
This credit facility expires in June 2024.
(b) 
Includes outstanding commercial paper.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Wisconsin had no direct advances on the credit facility outstanding at June 30, 2019 and Dec. 31, 2018.
Other Short-Term Borrowings The following table presents the notes payable of Clearwater Investments, Inc., a NSP-Wisconsin subsidiary, to Xcel Energy Inc.:
(Amounts in Millions, Except Interest Rates)
 
June 30, 2019
 
Dec. 31, 2018
Notes payable to affiliates
 
$

 
$
0.6

Weighted average interest rate at period end
 
N/A

 
2.89
%

5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Wisconsin’s operating revenues consists of the following:
 
 
Three Months Ended June 30, 2019
(Millions of Dollars)
 
Electric
 
Natural Gas
 
All Other
 
Total
Major revenue types
 
 
 
 
 
 
 
 
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
Residential
 
$
54.1

 
$
10.8

 
$

 
$
64.9

Commercial and industrial (C&I)
 
105.1

 
8.6

 

 
113.7

Other
 
2.1

 

 
0.1

 
2.2

Total retail
 
161.3

 
19.4

 
0.1

 
180.8

Interchange
 
43.5

 

 

 
43.5

Other
 
0.1

 
0.9

 

 
1.0

Total revenue from contracts with customers
 
204.9

 
20.3

 
0.1

 
225.3

Alternative revenue and other
 
3.0

 
0.6

 

 
3.6

Total revenues
 
$
207.9

 
$
20.9

 
$
0.1

 
$
228.9


 
 
 
Three Months Ended June 30, 2018
(Millions of Dollars)
 
Electric
 
Natural Gas
 
All Other
 
Total
Major revenue types
 
 
 
 
 
 
 
 
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
Residential
 
$
58.7

 
$
10.9

 
$

 
$
69.6

C&I
 
106.4

 
9.4

 

 
115.8

Other
 
1.8

 

 
0.3

 
2.1

Total retail
 
166.9

 
20.3

 
0.3

 
187.5

Interchange
 
38.4

 

 

 
$
38.4

Other
 
1.3

 
1.1

 

 
2.4

Total revenue from contracts with customers
 
206.6

 
21.4

 
0.3

 
228.3

Alternative revenue and other
 
2.9

 
0.6

 

 
3.5

Total revenues
 
$
209.5

 
$
22.0

 
$
0.3

 
$
231.8

 
 
Six Months Ended June 30, 2019
(Millions of Dollars)
 
Electric
 
Natural Gas
 
All Other
 
Total
Major revenue types
 
 
 
 
 
 
 
 
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
Residential
 
$
121.5

 
$
44.4

 
$

 
$
165.9

C&I
 
203.6

 
34.4

 

 
238.0

Other
 
3.6

 

 
0.2

 
3.8

Total retail
 
328.7

 
78.8

 
0.2

 
407.7

Interchange
 
87.6

 

 

 
87.6

Other
 
0.6

 
2.0

 

 
2.6

Total revenue from contracts with customers
 
416.9

 
80.8

 
0.2

 
497.9

Alternative revenue and other
 
6.0

 
1.2