Company Quick10K Filing
Public Service Co of Colorado
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 0 $-0
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-04-26 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-10-27 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-13 Quarter: 2016-03-31
10-K 2016-02-22 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-08-03 Quarter: 2015-06-30
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-03 Quarter: 2014-09-30
10-Q 2014-08-04 Quarter: 2014-06-30
10-Q 2014-05-05 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-10-28 Quarter: 2013-09-30
10-Q 2013-08-05 Quarter: 2013-06-30
10-Q 2013-05-06 Quarter: 2013-03-31
10-K 2013-02-25 Annual: 2012-12-31
10-Q 2012-10-29 Quarter: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-04-30 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-10-31 Quarter: 2011-09-30
10-Q 2011-08-01 Quarter: 2011-06-30
10-Q 2011-05-02 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-10-29 Quarter: 2010-09-30
10-Q 2010-08-02 Quarter: 2010-06-30
10-Q 2010-04-30 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-09-20 Other Events
8-K 2019-08-13 Other Events, Exhibits
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 2019-03-13 Other Events, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-06-21 Other Events, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-07 Earnings, Exhibits
PSCO 2019-09-30
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 pscoex3101q32019.htm
EX-31.02 pscoex3102q32019.htm
EX-32.01 pscoex3201q32019.htm

Public Service Co of Colorado Earnings 2019-09-30

PSCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MBCC 216 243 112 0 -7 10 215 0% 21.5 -3%
SLDV 25 6 2 0 13 19 -1 0% -0.0 53%
POYE 0 0 0 0 -0 -0 -0 0.0 -1,973%
VDI 1,766 1,288 779 0 465 632 222 0% 0.4 26%
DAVEY 570 398 1,095 98 32 97 161 9% 1.7 6%
CNHC 12,949 11,626 877 0 149 771 5,714 0% 7.4 1%
SEK 302,033 283,794 0 0 0 0 -0 0%
TGSL 4 2 1 0 -1 -1 -0 21% 0.2 -37%
AOIP 9 2 1 1 0 1 -5 99% -9.8 3%
RMES 1 1 0 0 -0 -0 -0 0.5 -13%

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 Sept. 30, 2019 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
001-03280
 
84-0296600
(Commission File Number)
 
(I.R.S. Employer Identification No.)
(Registrant, State of Incorporation or Organization, Address of Principal Executive Officers and Telephone Number)
Public Service Company of Colorado
Colorado
1800 Larimer, Suite 1100
Denver
Colorado
80202
303
571-7511
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, 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
 
Oct. 25, 2019
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 I — FINANCIAL INFORMATION
 
Item l —
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 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 SEC. This report should be read in its entirety.



ABBREVIATIONS AND INDUSTRY TERMS
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
WYCO
WYCO Development, LLC
Xcel Energy
Xcel Energy Inc. and subsidiaries
Federal and State Regulatory Agencies
CEC
Colorado Energy Consumers
CPUC
Colorado Public Utilities Commission
EPA
United States Environmental Protection Agency
FEA
Federal Executive Agencies
FERC
Federal Energy Regulatory Commission
IRS
Internal Revenue Service
OCC
Office of Consumer Counsel
SEC
Securities and Exchange Commission
Electric, Purchased Gas and Resource Adjustment Clauses
DSM
Demand side management
Other
ACE
Affordable Clean Energy
AFUDC
Allowance for funds used during construction
ASC
FASB Accounting Standards Codification
ASU
FASB Accounting Standards Update
C&I
Commercial and Industrial
CCR
Coal combustion residual
CCR Rule
Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CEO
Chief executive officer
CFO
Chief financial officer
CIG
Colorado Interstate Gas Company, LLC
DRC
Development Recovery Company
ETR
Effective tax rate
FASB
Financial Accounting Standards Board
GAAP
Generally accepted accounting principles
IPP
Independent power producing entity
MDL
Multi district litigation
MGP
Manufactured gas plant
NOL
Net operating loss
O&M
Operating and maintenance
PPA
Power purchase agreement
PTC
Production tax credit
ROE
Return on equity
ROU
Right-of-use
Measurements
MW
Megawatts
 
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, 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 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; operational safety; 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 1FINANCIAL STATEMENTS
PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
 
Three Months Ended Sept. 30
 
Nine Months Ended Sept. 30
 
2019
 
2018
 
2019
 
2018
Operating revenues
 
 
 
 
 
 
 
Electric
$
880.7

 
$
894.8

 
$
2,314.8

 
$
2,309.3

Natural gas
153.9

 
157.2

 
830.7

 
707.8

Steam and other
9.7

 
8.7

 
31.8

 
28.7

Total operating revenues
1,044.3

 
1,060.7

 
3,177.3

 
3,045.8

 
 
 
 
 
 
 
 
Operating expenses
 

 
 

 
 
 
 
Electric fuel and purchased power
284.7

 
288.6

 
829.5

 
841.7

Cost of natural gas sold and transported
34.3

 
32.3

 
376.7

 
282.1

Cost of sales — steam and other
3.5

 
3.3

 
11.9

 
10.9

Operating and maintenance expenses
198.4

 
201.4

 
597.9

 
573.5

Demand side management expenses
36.6

 
39.4

 
100.9

 
105.3

Depreciation and amortization
153.5

 
168.0

 
448.6

 
406.1

Taxes (other than income taxes)
49.0

 
50.8

 
154.8

 
153.2

Total operating expenses
760.0

 
783.8

 
2,520.3

 
2,372.8

 
 
 
 
 
 
 
 
Operating income
284.3

 
276.9

 
657.0

 
673.0

 
 
 
 
 
 
 
 
Other income, net
1.4

 
1.3

 
1.9

 
2.4

Allowance for funds used during construction — equity
3.8

 
16.4

 
12.9

 
40.9

 
 
 
 
 
 
 
 
Interest charges and financing costs
 

 
 

 
 
 
 
Interest charges — includes other financing costs of $1.6, $1.7, $4.9 and $4.9, respectively
59.2

 
53.2

 
176.3

 
154.3

Allowance for funds used during construction — debt
(2.2
)
 
(6.4
)
 
(7.0
)
 
(16.1
)
Total interest charges and financing costs
57.0

 
46.8

 
169.3

 
138.2

 
 
 
 
 
 
 
 
Income before income taxes
232.5

 
247.8

 
502.5

 
578.1

Income taxes
28.0

 
40.7

 
57.7

 
115.0

  Net income
$
204.5

 
$
207.1

 
$
444.8

 
$
463.1

 
See Notes to Consolidated Financial Statements

4

Table of Contents

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
 
 
Three Months Ended Sept. 30
 
Nine Months Ended Sept. 30
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
204.5

 
$
207.1

 
$
444.8

 
$
463.1

 
 
 
 
 
 
 
 
 
Other comprehensive income
 
 
 
 
 
 

 
 

 
 
 
 
 
 
 
 
 
Pension and retiree medical benefits:
 
 
 
 
 
 
 
 
Net pension and retiree medical losses arising during the period, net of tax of $0, $(0.1), $0 and $(0.1), respectively
 

 
(0.2
)
 

 
(0.2
)
Amortization of losses included in net periodic benefit cost, net of tax of $0, $0.1, $0 and $0.1, respectively
 

 
0.2

 

 
0.2

 
 

 

 

 

Derivative instruments:
 
 
 
 
 
 

 
 

Reclassification of losses to net income, net of tax of $0.1, $0.1, $0.3 and $0.3, respectively
 
0.3

 
0.3

 
0.9

 
0.9

 
 
 
 
 
 
 
 
 
Other comprehensive income
 
0.3

 
0.3

 
0.9

 
0.9

Comprehensive income
 
$
204.8

 
$
207.4

 
$
445.7

 
$
464.0


See Notes to Consolidated Financial Statements


5

Table of Contents

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 
Nine Months Ended Sept. 30
 
2019
 
2018
Operating activities
 
 
 
Net income
$
444.8

 
$
463.1

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

 
 

Depreciation and amortization
452.2

 
409.8

Deferred income taxes
24.1

 
66.6

Amortization of investment tax credits
(1.9
)
 
(2.1
)
Allowance for equity funds used during construction
(12.9
)
 
(40.9
)
Net realized and unrealized hedging and derivative transactions
64.5

 
(9.9
)
Changes in operating assets and liabilities:
 

 
 

Accounts receivable
13.1

 
(0.7
)
Accrued unbilled revenues
84.8

 
60.1

Inventories
(15.1
)
 
13.6

Prepayments and other
(12.4
)
 
12.6

Accounts payable
(96.0
)
 
25.3

Net regulatory assets and liabilities
72.3

 
(23.6
)
Other current liabilities
(66.3
)
 
(87.7
)
Pension and other employee benefit obligations
(44.4
)
 
(29.0
)
Other, net
(72.4
)
 
(19.8
)
Net cash provided by operating activities
834.4

 
837.4

 
 
 
 
Investing activities
 

 
 

Utility capital/construction expenditures
(1,098.6
)
 
(1,190.7
)
Investments in utility money pool arrangement
(397.0
)
 
(578.0
)
Repayments from utility money pool arrangement
397.0

 
575.0

Net cash used in investing activities
(1,098.6
)
 
(1,193.7
)
 
 
 
 
Financing activities
 

 
 

Repayments of short-term borrowings, net
(307.0
)
 

Borrowings under utility money pool arrangement
58.0

 
526.0

Repayments under utility money pool arrangement
(58.0
)
 
(526.0
)
Proceeds from issuance of long-term debt
928.6

 
691.4

Repayments of long-term debt
(400.0
)
 
(300.0
)
Capital contributions from parent
632.7

 
246.8

Dividends paid to parent
(295.4
)
 
(271.9
)
Other, net

 
(0.1
)
Net cash provided by financing activities
558.9

 
366.2

 
 
 
 
Net change in cash and cash equivalents
294.7

 
9.9

Cash and cash equivalents at beginning of period
33.4

 
7.5

Cash and cash equivalents at end of period
$
328.1

 
$
17.4

 
 
 
 
Supplemental disclosure of cash flow information:
 

 
 

Cash paid for interest (net of amounts capitalized)
$
(173.4
)
 
$
(145.3
)
Cash paid for income taxes, net
(43.7
)
 
(86.4
)
Supplemental disclosure of non-cash investing and financing transactions:
 

 
 

Accrued property, plant and equipment additions
$
228.5

 
$
135.0

Inventory transfers to property, plant and equipment
24.4

 
29.8

Operating lease right-of-use assets
653.8

 

Allowance for equity funds used during construction
12.9

 
40.9


See Notes to Consolidated Financial Statements

6

Table of Contents

PUBLIC SERVICE CO. OF COLORADO AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 
Sept. 30, 2019
 
Dec. 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
328.1

 
$
33.4

Accounts receivable, net
294.2

 
310.3

Accounts receivable from affiliates
13.6

 
80.8

Accrued unbilled revenues
228.8

 
313.5

Inventories
188.1

 
197.4

Regulatory assets
70.5

 
120.6

Derivative instruments
10.0

 
42.6

Prepayments and other
39.3

 
23.8

Total current assets
1,172.6

 
1,122.4

 
 
 
 
Property, plant and equipment, net
15,786.4

 
15,120.0

 
 
 
 
Other assets
 

 
 

Regulatory assets
1,063.3

 
1,010.7

Derivative instruments
0.7

 
1.2

Operating lease right-of-use assets
594.4

 

Other
248.9

 
37.2

Total other assets
1,907.3

 
1,049.1

Total assets
$
18,866.3

 
$
17,291.5

 
 
 
 
Liabilities and Equity
 

 
 

Current liabilities
 

 
 

Current portion of long-term debt
$

 
$
406.2

Short-term debt

 
307.0

Accounts payable
514.0

 
503.4

Accounts payable to affiliates
44.5

 
46.0

Regulatory liabilities
116.5

 
67.3

Taxes accrued
159.7

 
202.0

Accrued interest
36.0

 
43.2

Dividends payable to parent
97.3

 
91.5

Derivative instruments
11.7

 
34.6

Other
179.5

 
101.5

Total current liabilities
1,159.2

 
1,802.7

 
 
 
 
Deferred credits and other liabilities
 

 
 

Deferred income taxes
1,772.0

 
1,719.3

Deferred investment tax credits
23.5

 
25.3

Regulatory liabilities
2,022.3

 
2,021.5

Asset retirement obligations
350.1

 
338.7

Derivative instruments
54.8

 
0.6

Customer advances
172.8

 
168.1

Pension and employee benefit obligations
230.5

 
275.3

Operating lease liabilities
539.5

 

Other
152.0

 
50.4

Total deferred credits and other liabilities
5,317.5

 
4,599.2

 
 
 
 
Commitments and contingencies


 


Capitalization
 

 
 

Long-term debt
5,384.0

 
4,591.4

Common stock — 100 shares authorized at $0.01 par value; 100 shares
outstanding at Sept. 30, 2019 and Dec. 31, 2018, respectively

 

Additional paid in capital
4,903.3

 
4,340.5

Retained earnings
2,126.9

 
1,983.2

Accumulated other comprehensive loss
(24.6
)
 
(25.5
)
Total common stockholder’s equity
7,005.6

 
6,298.2

Total liabilities and equity
$
18,866.3

 
$
17,291.5


See Notes to Consolidated Financial Statements

7

Table of Contents

PUBLIC SERVICE CO. OF COLORADO 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 Sept. 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
100

 
$

 
$
4,273.1

 
$
1,882.6

 
$
(26.1
)
 
$
6,129.6

Net income
 
 
 
 
 
 
207.1

 
 
 
207.1

Other comprehensive income
 
 
 
 
 
 
 
 
0.3

 
0.3

Dividends declared to parent
 
 
 
 
 
 
(103.5
)
 
 
 
(103.5
)
Contribution of capital by parent
 
 
 
 
5.3

 
 
 
 
 
5.3

Balance at Sept. 30, 2018
100

 
$

 
$
4,278.4

 
$
1,986.2

 
$
(25.8
)
 
$
6,238.8

 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
100

 
$

 
$
4,618.3

 
$
2,019.7

 
$
(24.9
)
 
$
6,613.1

Net income
 
 
 
 
 
 
204.5

 
 
 
204.5

Other comprehensive income
 
 
 
 
 
 
 
 
0.3

 
0.3

Dividends declared to parent
 
 
 
 
 
 
(97.3
)
 
 
 
(97.3
)
Contribution of capital by parent
 
 
 
 
285.0

 
 
 
 
 
285.0

Balance at Sept. 30, 2019
100

 
$

 
$
4,903.3

 
$
2,126.9

 
$
(24.6
)
 
$
7,005.6

 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements

8

Table of Contents

PUBLIC SERVICE CO. OF COLORADO 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
 
 
 
Nine Months Ended Sept. 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2017
100

 
$

 
$
4,032.8

 
$
1,822.2

 
$
(26.7
)
 
$
5,828.3

Net income
 
 
 
 
 
 
463.1

 
 
 
463.1

Other comprehensive income
 
 
 
 
 
 
 
 
0.9

 
0.9

Dividends declared to parent
 
 
 
 
 
 
(299.1
)
 
 
 
(299.1
)
Contribution of capital by parent
 
 
 
 
245.6

 
 
 
 
 
245.6

Balance at Sept. 30, 2018
100

 
$

 
$
4,278.4

 
$
1,986.2

 
$
(25.8
)
 
$
6,238.8

 
 
 
 
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2018
100

 
$

 
$
4,340.5

 
$
1,983.2

 
$
(25.5
)
 
$
6,298.2

Net income
 
 
 
 
 
 
444.8

 
 
 
444.8

Other comprehensive income
 
 
 
 
 
 
 
 
0.9

 
0.9

Dividends declared to parent
 
 
 
 
 
 
(301.1
)
 
 
 
(301.1
)
Contribution of capital by parent
 
 
 
 
562.8

 
 
 
 
 
562.8

Balance at Sept. 30, 2019
100

 
$

 
$
4,903.3

 
$
2,126.9

 
$
(24.6
)
 
$
7,005.6

 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements


9

Table of Contents


PUBLIC SERVICE CO. OF COLORADO 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 PSCo and its subsidiaries as of Sept. 30, 2019 and Dec. 31, 2018; the results of its operations, including the components of net income and comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2019 and 2018; and its cash flows for the nine months ended Sept. 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 Sept. 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 PSCo 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 PSCo 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 PSCo’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 PSCo 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. 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.
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 9 to the consolidated financial statements for leasing disclosures.
3.