Company Quick10K Filing
Public Service Co of Colorado
Price-0.01 EPS5,334,000
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt5,056 EBIT768
TEV5,056 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
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 2018-02-23
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 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
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 2012-10-29
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-10-31
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-10-29
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-15
8-K 2020-02-05
8-K 2020-01-30
8-K 2019-09-20
8-K 2019-08-13
8-K 2019-08-01
8-K 2019-06-07
8-K 2019-04-25
8-K 2019-03-13
8-K 2019-01-31
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-06-21
8-K 2018-04-26
8-K 2018-02-07

PSCO 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 pscoex3101q22020.htm
EX-31.02 pscoex3102q22020.htm
EX-32.01 pscoex3201q22020.htm

Public Service Co of Colorado Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.31.00.80.50.30.02012201420172020
Rev, G Profit, Net Income
0.70.40.2-0.1-0.3-0.62012201420172020
Ops, Inv, Fin

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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, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Public Service Company of Colorado
(Exact name of registrant as specified in its charter)
Colorado001-0328084-0296600
(State or Other Jurisdiction of Incorporation or Organization)(Commission File Number)(IRS Employer Identification No.)
1800 Larimer, Suite 1100DenverCO80202
(Address of Principal Executive Offices)(Zip Code)
(303)571-7511
(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 classTrading SymbolName of each exchange on which registered
N/AN/AN/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, 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 filerAccelerated filer
Non-accelerated filerSmaller 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 July 31, 2020
Common Stock, $0.01 par value 100 shares

Public Service Company of Colorado meets the conditions set forth in General Instruction 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 IFINANCIAL INFORMATION
 
Item l —
Item 2 —
Item 4 —
   
PART IIOTHER 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 Public Service Company of Colorado (PSCo). PSCo is a wholly owned subsidiary of Xcel Energy Inc. Additional information on Xcel Energy is available in various filings with the Securities and Exchange Commission (SEC). This report should be read in its entirety.



Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Company
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
Xcel EnergyXcel Energy Inc. and subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
IRSInternal Revenue Service
SECSecurities and Exchange Commission
Electric, Purchased Gas and Resource Adjustment Clauses
DSMDemand side management
Other
AFUDCAllowance for funds used during construction
ASCFASB Accounting Standards Codification
C&ICommercial and Industrial
CCRCoal combustion residual
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CEOChief executive officer
CFOChief financial officer
COVID-19Novel coronavirus
ETREffective tax rate
FASBFinancial Accounting Standards Board
GAAPGenerally accepted accounting principles
IPPIndependent power producing entity
MDLMulti district litigation
MGPManufactured gas plant
NOLNet operating loss
O&MOperating and maintenance
PPAPower purchase agreement
PTCProduction tax credit
ROEReturn on equity
RTORegional Transmission Organization
VIEVariable interest entity
Measurements
MWMegawatts
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 PSCo’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; 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 PSCo 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.


Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1FINANCIAL STATEMENTS
PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended June 30Six Months Ended June 30
 2020201920202019
Operating revenues  
Electric$715.4  $692.7  $1,427.2  $1,434.2  
Natural gas186.2  207.6  517.7  676.7  
Steam and other9.5  9.7  22.9  22.1  
Total operating revenues911.1  910.0  1,967.8  2,133.0  
Operating expenses  
Electric fuel and purchased power258.4  240.7  529.2  544.9  
Cost of natural gas sold and transported49.8  69.9  187.4  342.4  
Cost of sales — steam and other3.0  3.9  6.0  8.4  
Operating and maintenance expenses189.3  200.3  393.8  399.5  
Demand side management expenses36.1  32.2  71.7  64.4  
Depreciation and amortization158.1  148.1  314.5  295.0  
Taxes (other than income taxes)55.4  52.2  108.6  105.9  
Total operating expenses750.1  747.3  1,611.2  1,760.5  
Operating income161.0  162.7  356.6  372.5  
Other income (expense), net1.6  (0.3) (0.2) 0.6  
Allowance for funds used during construction — equity11.4  5.0  20.0  9.1  
Interest charges and financing costs  
Interest charges — includes other financing costs of $1.8, $1.6, $3.5 and $3.2, respectively
62.9  57.7  123.0  117.1  
Allowance for funds used during construction — debt(4.7) (2.4) (8.5) (4.9) 
Total interest charges and financing costs58.2  55.3  114.5  112.2  
Income before income taxes115.8  112.1  261.9  270.0  
Income tax expense7.7  10.6  25.1  29.7  
  Net income$108.1  $101.5  $236.8  $240.3  
See Notes to Consolidated Financial Statements
4

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
 Three Months Ended June 30Six Months Ended June 30
 2020201920202019
Net income$108.1  $101.5  $236.8  $240.3  
Other comprehensive income  
Derivative instruments:  
Reclassification of loss to net income, net of tax of $0.1, $0.1, $0.2, and $0.2, respectively
0.3  0.3  0.6  0.6  
Total other comprehensive income0.3  0.3  0.6  0.6  
Total comprehensive income$108.4  $101.8  $237.4  $240.9  
See Notes to Consolidated Financial Statements

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Six Months Ended June 30
 20202019
Operating activities  
Net income$236.8  $240.3  
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization316.7  297.4  
Deferred income taxes8.7  2.8  
Amortization of investment tax credits(1.2) (1.3) 
Allowance for equity funds used during construction(20.0) (9.1) 
Provision for bad debts10.8  6.8  
Net realized and unrealized hedging and derivative transactions(1.4) (2.2) 
Changes in operating assets and liabilities:  
Accounts receivable24.5  56.4  
Accrued unbilled revenues65.3  77.2  
Inventories20.4  16.5  
Prepayments and other6.6  0.5  
Accounts payable(83.4) (111.8) 
Net regulatory assets and liabilities41.0  80.0  
Other current liabilities(86.1) (94.6) 
Pension and other employee benefit obligations(46.7) (43.5) 
Other, net(8.0) 0.5  
Net cash provided by operating activities484.0  515.9  
Investing activities  
Utility capital/construction expenditures(917.6) (632.5) 
Investments in utility money pool arrangement(366.0) (131.0) 
Repayments from utility money pool arrangement366.0  131.0  
Net cash used in investing activities(917.6) (632.5) 
Financing activities  
Repayments of short-term borrowings, net  (86.0) 
Borrowings under utility money pool arrangement1,311.0  58.0  
Repayments under utility money pool arrangement(1,350.0) (8.0) 
Proceeds from issuance of long-term debt735.2  391.6  
Repayments of long-term debt  (400.0) 
Capital contributions from parent778.4  332.2  
Dividends paid to parent(574.1) (190.4) 
Other, net(0.3)   
Net cash provided by financing activities900.2  97.4  
Net change in cash, cash equivalents and restricted cash466.6  (19.2) 
Cash, cash equivalents and restricted cash at beginning of period11.4  33.4  
Cash, cash equivalents and restricted cash at end of period$478.0  $14.2  
Supplemental disclosure of cash flow information:  
Cash paid for interest (net of amounts capitalized)$(106.9) $(107.4) 
Cash paid for income taxes, net(17.5) (28.7) 
Supplemental disclosure of non-cash investing and financing transactions:  
Accrued property, plant and equipment additions$113.2  $113.1  
Inventory transfers to property, plant and equipment17.4  15.4  
Operating lease right-of-use assets8.2  653.4  
Allowance for equity funds used during construction20.0  9.1  
See Notes to Consolidated Financial Statements
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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 June 30, 2020Dec. 31, 2019
Assets  
Current assets  
Cash and cash equivalents$478.0  $11.4  
Accounts receivable, net284.3  303.9  
Accounts receivable from affiliates13.0  52.7  
Accrued unbilled revenues227.7  293.9  
Inventories154.1  192.0  
Regulatory assets87.2  64.0  
Derivative instruments8.0  7.2  
Prepayments and other57.1  55.9  
Total current assets1,309.4  981.0  
Property, plant and equipment, net16,927.8  16,155.0  
Other assets  
Regulatory assets1,045.5  1,038.1  
Derivative instruments0.4    
Operating lease right-of-use assets541.0  574.0  
Other257.1  259.4  
Total other assets1,844.0  1,871.5  
Total assets$20,081.2  $19,007.5  
Liabilities and Equity  
Current liabilities  
Current portion of long-term debt$400.0  $400.0  
Borrowings under utility money pool arrangement  39.0  
Accounts payable354.6  573.3  
Accounts payable to affiliates63.8  43.9  
Regulatory liabilities103.7  69.2  
Taxes accrued123.3  202.1  
Accrued interest55.8  53.4  
Dividends payable to parent104.6  111.5  
Derivative instruments13.2  8.7  
Operating lease liabilities91.8  85.8  
Other85.9  98.8  
Total current liabilities1,396.7  1,685.7  
Deferred credits and other liabilities  
Deferred income taxes1,880.1  1,850.8  
Deferred investment tax credits21.6  22.8  
Regulatory liabilities2,299.0  2,036.8  
Asset retirement obligations329.5  324.0  
Derivative instruments47.6  52.5  
Customer advances170.6  173.6  
Pension and employee benefit obligations164.5  211.9  
Operating lease liabilities477.2  517.6  
Other152.3  150.9  
Total deferred credits and other liabilities5,542.4  5,340.9  
Commitments and contingencies
Capitalization  
Long-term debt5,722.0  4,984.7  
Common stock — 100 shares authorized at $0.01 par value; 100 shares
outstanding at June 30, 2020 and Dec. 31, 2019, respectively
    
Additional paid in capital5,693.7  4,939.4  
Retained earnings1,752.4  2,083.4  
Accumulated other comprehensive loss(26.0) (26.6) 
Total common stockholder’s equity7,420.1  6,996.2  
Total liabilities and equity$20,081.2  $19,007.5  
See Notes to Consolidated Financial Statements
7

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PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER’S EQUITY (UNAUDITED)
(amounts in millions, except share data)
Common Stock IssuedRetained EarningsAccumulated
Other
Comprehensive
Loss
Total
Common
Stockholder’s
Equity
SharesPar ValueAdditional Paid In Capital
Three Months Ended June 30, 2020 and 2019
Balance at March 31, 2019100  $  $4,390.5  $2,023.1  $(25.2) $6,388.4  
Net income101.5  101.5  
Other comprehensive income0.3  0.3