Company Quick10K Filing
Southwestern Public Service
Price-0.01 EPS2,180,000
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt2,272 EBIT327
TEV2,272 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 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-03
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 2012-10-29
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 2010-11-01
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-27 Other Events
8-K 2020-05-18
8-K 2020-01-14
8-K 2019-11-22
8-K 2019-10-24
8-K 2019-08-30
8-K 2019-08-08
8-K 2019-08-01
8-K 2019-07-01
8-K 2019-06-18
8-K 2019-06-07
8-K 2019-04-25
8-K 2019-02-15
8-K 2019-01-31
8-K 2018-11-05
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-04-26
8-K 2018-02-07

SPS 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 spsex3101q22020.htm
EX-31.02 spsex3102q22020.htm
EX-32.01 spsex3201q22020.htm

Southwestern Public Service Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.0-0.2-0.42012201420172020
Ops, Inv, Fin

sps-20200630
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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
Southwestern Public Service Company
(Exact name of registrant as specified in its charter)
New Mexico001-303475-0575400
(State or Other Jurisdiction of Incorporation or Organization)(Commission File Number)(IRS Employer Identification No.)
790 South Buchanan StreetAmarilloTexas79101
(Address of Principal Executive Offices)(Zip Code)
303571-7511
(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, 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 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, $1.00 par value 100 shares
Southwestern Public Service Company 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 1 —
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 Southwestern Public Service Company, a New Mexico corporation (SPS). SPS 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.



Table of Contents
Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
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 its subsidiaries
Federal and State Regulatory Agencies
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
EPAEnvironmental Protection Agency
FERCFederal Energy Regulatory Commission
IRSInternal Revenue Service
NMPRCNew Mexico Public Regulation Commission
PUCTPublic Utility Commission of Texas
SECSecurities and Exchange Commission
  
Other Terms and Abbreviations
ALJAdministrative Law Judge
ASCFASB Accounting Standards Codification
C&ICommercial and Industrial
CEOChief executive officer
CFOChief financial officer
COVID-19Novel coronavirus
DSMDemand side management
ETREffective tax rate
FASBFinancial Accounting Standards Board
FPPCACFuel and Purchased Power Cost Adjustment Clause
FTRFinancial transmission right
GAAPGenerally accepted accounting principles
IPPIndependent power producers
LLCLimited liability company
NOLNet operating loss
O&MOperating and maintenance
OATTOpen access transmission tariff
PPAPower purchase agreement
PTCProduction tax credit
ROEReturn on equity
ROFRRight of first refusal
RTORegional Transmission Organization
SPPSouthwest Power Pool, Inc.
TCJA2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
VIEVariable interest entity
Measurements
MWMegawatts
MWhMegawatt 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 SPS’ 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 SPS 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 IFINANCIAL INFORMATION
ITEM 1FINANCIAL STATEMENTS

SOUTHWESTERN PUBLIC SERVICE COMPANY
STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended June 30Six Months Ended June 30
2020201920202019
Operating revenues$423.4  $410.5  $818.4  $864.6  
Operating expenses
Electric fuel and purchased power198.8  179.9  386.6  410.8  
Operating and maintenance expenses58.3  70.1  127.9  142.5  
Demand side management expenses3.7  3.8  7.6  8.4  
Depreciation and amortization64.0  57.8  123.1  111.0  
Taxes (other than income taxes)18.3  17.0  39.7  35.5  
Total operating expenses343.1  328.6  684.9  708.2  
Operating income80.3  81.9  133.5  156.4  
Other income (expense), net0.1  0.5  (1.9) 0.9  
Allowance for funds used during construction — equity7.8  8.7  13.8  19.0  
Interest charges and financing costs
Interest charges — includes other financing costs of $0.9, $0.8, $1.8 and $1.6, respectively25.7  25.6  49.9  50.0  
Allowance for funds used during construction — debt(3.4) (4.2) (6.0) (8.7) 
Total interest charges and financing costs22.3  21.4  43.9  41.3  
Income before income taxes65.9  69.7  101.5  135.0  
Income tax (benefit) expense(5.8) 10.9  (12.9) 22.1  
   Net income$71.7  $58.8  $114.4  $112.9  
See Notes to Financial Statements


4

Table of Contents
SOUTHWESTERN PUBLIC SERVICE COMPANY
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended June 30Six Months Ended June 30
2020201920202019
Net income$71.7  $58.8  $114.4  $112.9  
Other comprehensive income
Pension and retiree medical benefits:
Reclassification of loss to net income, net of tax of $
0.1    0.1    
Derivative instruments:
Reclassification of loss to net income, net of tax of $
  0.1    0.1  
Total other comprehensive income0.1  0.1  0.1  0.1  
Total comprehensive income$71.8  $58.9  $114.5  $113.0  
See Notes to Financial Statements

5

Table of Contents
SOUTHWESTERN PUBLIC SERVICE COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Six Months Ended June 30
20202019
Operating activities  
Net income$114.4  $112.9  
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization124.3  112.1  
Deferred income taxes11.3  3.3  
Allowance for equity funds used during construction(13.8) (19.0) 
Provision for bad debts3.1  2.1  
Changes in operating assets and liabilities:
Accounts receivable(5.8) (3.4) 
Accrued unbilled revenues(4.3) (11.3) 
Inventories(16.2) (9.9) 
Prepayments and other(3.9) 5.2  
Accounts payable4.2  (24.5) 
Net regulatory assets and liabilities(32.2) 37.0  
Other current liabilities(7.7) 1.1  
Pension and other employee benefit obligations(14.9) (16.3) 
Other, net1.9  0.7  
Net cash provided by operating activities160.4  190.0  
Investing activities  
Utility capital/construction expenditures(520.4) (364.2) 
Investments in utility money pool arrangement(4.0) (100.0) 
Repayments from utility money pool arrangement4.0    
Net cash used in investing activities(520.4) (464.2) 
Financing activities  
Repayments of short-term borrowings, net  (42.0) 
Proceeds from issuance of long-term debt, net343.3  292.8  
Borrowings under utility money pool arrangement711.0  283.0  
Repayments under utility money pool arrangement(711.0) (283.0) 
Capital contributions from parent436.0  378.8  
Dividends paid to parent(128.9) (137.7) 
   Other, net(0.3)   
Net cash provided by financing activities650.1  491.9  
Net change in cash, cash equivalents and restricted cash290.1  217.7  
Cash, cash equivalents and restricted cash at beginning of period16.2  44.0  
Cash, cash equivalents and restricted cash at end of period$306.3  $261.7  
Supplemental disclosure of cash flow information:  
Cash paid for interest (net of amounts capitalized)$(40.4) $(39.9) 
Cash received for income taxes, net4.6    
Supplemental disclosure of non-cash investing and financing transactions:  
Property, plant and equipment additions in accounts payable$108.4  $68.6  
Inventory transfers to property, plant and equipment13.7  12.6  
Operating lease right-of-use assets  548.3  
Allowance for equity funds used during construction13.8  19.0  

See Notes to Financial Statements
6

Table of Contents
SOUTHWESTERN PUBLIC SERVICE COMPANY
BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
 June 30, 2020Dec. 31, 2019
Assets  
Current assets  
Cash and cash equivalents$306.3  $16.2  
Accounts receivable, net90.1  92.7  
Accounts receivable from affiliates7.3  4.2  
Accrued unbilled revenues119.2  115.1  
Inventories33.5  31.0  
Regulatory assets21.9  20.0  
Derivative instruments18.8  15.0  
Prepaid taxes12.3  0.8  
Prepayments and other14.1  21.4  
Total current assets623.5  316.4  
Property, plant and equipment, net7,105.4  6,631.6  
Other assets  
Regulatory assets392.2  364.0  
Derivative instruments11.1  12.6  
Operating lease right-of-use assets503.8  522.4  
Other3.6  3.9  
Total other assets910.7  902.9  
Total assets$8,639.6  $7,850.9  
Liabilities and Equity  
Current liabilities  
Accounts payable$235.9  $168.1  
Accounts payable to affiliates16.5  20.4  
Regulatory liabilities98.9  118.1  
Taxes accrued32.8  40.4  
Accrued interest27.7  26.2  
Dividends payable to parent47.6  46.3  
Derivative instruments3.6  3.7  
Current obligation under operating lease27.5  26.9  
Other26.6  30.7  
Total current liabilities517.1  480.8  
Deferred credits and other liabilities  
Deferred income taxes695.9  671.8  
Regulatory liabilities729.0  732.3  
Asset retirement obligations79.1  77.3  
Derivative instruments11.0  12.8  
Pension and employee benefit obligations52.1  67.0  
Operating lease liabilities476.4  495.3  
Other10.5  9.4  
Total deferred credits and other liabilities2,054.0  2,065.9  
Commitments and contingencies
Capitalization  
Long-term debt2,763.8  2,419.7  
Common stock — 200 shares authorized of $1.00 par value; 100 shares outstanding at June 30, 2020 and Dec. 31, 2019, respectively    
Additional paid in capital2,786.9  2,350.9  
Retained earnings519.1  535.0  
Accumulated other comprehensive loss(1.3) (1.4) 
Total common stockholder’s equity3,304.7  2,884.5  
Total liabilities and equity$8,639.6  $7,850.9  
See Notes to Financial Statements
7

Table of Contents
SOUTHWESTERN PUBLIC SERVICE COMPANY
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  $  $1,932.3  $602.3  $(1.4) $2,533.2  
Net income58.8  58.8  
Other comprehensive income0.1  0.1  
Dividends declared to parent(83.4) (83.4) 
Contributions of capital by parent375.0  375.0  
Balance at June 30, 2019100  $  $2,307.3  $577.7  $(1.3) $2,883.7  
Balance at March 31, 2020100  $  $2,382.9  $502.0  $(1.4) $2,883.5  
Net income71.7  71.7  
Other comprehensive income0.1  0.1  
Dividends declared to parent(54.6) (54.6) 
Contributions of capital by parent404.0  404.0  
Balance at June 30, 2020100  $  $2,786.9  $519.1  $(1.3) $3,304.7  
Common Stock IssuedRetained EarningsAccumulated
Other
Comprehensive
Loss
Total
Common
Stockholder’s
Equity
SharesPar ValueAdditional Paid In Capital
Six Months Ended June 30, 2020 and 2019
Balance at Dec. 31, 2018100  $  $1,932.3  $605.7  $(1.4) $2,536.6  
Net income112.9  112.9  
Other comprehensive income0.1  0.1  
Dividends declared to parent(140.9) (140.9) 
Contributions of capital by parent375.0  375.0  
Balance at June 30, 2019100  $  $2,307.3  $577.7  $(1.3) $2,883.7  
Balance at Dec. 31, 2019100  $  $2,350.9  $535.0  $(1.4) $2,884.5  
Net income114.4  114.4  
Other comprehensive income0.1  0.1  
Dividends declared to parent(130.2) (130.2) 
Contributions of capital by parent436.0  436.0  
Adoption of ASC Topic 326(0.1) (0.1) 
Balance at June 30, 2020100  $  $2,786.9  $519.1  $(1.3) $3,304.7  
See Notes to Financial Statements


8

Table of Contents
SOUTHWESTERN PUBLIC SERVICE COMPANY
Notes to Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of SPS as of June 30, 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 and six months ended June 30, 2020 and 2019; and its cash flows for the six months ended June 30, 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 June 30, 2020 up to the date of issuance of these 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 financial statements included in the SPS Annual Report on Form 10-K for the year ended Dec. 31, 2019. These notes to the 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 financial statements and notes thereto, included in the SPS 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 SPS’ electric 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 financial statements in the SPS 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.
SPS implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $0.1 million (after tax) to retained earnings on Jan. 1, 2020. 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 SPS’ financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)June 30, 2020Dec. 31, 2019
Accounts receivable, net
Accounts receivable$96.6  $98.0  
Less allowance for bad debts(6.5) (5.3) 
Accounts receivable, net$90.1  $92.7  
(Millions of Dollars)June 30, 2020Dec. 31, 2019
Inventories
Materials and supplies$26.8  $24.7  
Fuel6.7  6.3  
Total inventories$33.5  $31.0  
(Millions of Dollars)June 30, 2020Dec. 31, 2019
Property, plant and equipment, net
Electric plant$8,690.9  $8,453.0  
Construction work in progress802.4  485.4  
Total property, plant and equipment