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Borrowings and Other Financing Instruments

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Borrowings and Other Financing Instruments

Short-Term Borrowings

Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.

Commercial paper and term loan borrowings outstanding for Xcel Energy:

(Amounts in Millions, Except Interest Rates)						Three Months Ended Sept. 30, 2021						Year Ended Dec. 31, 2020
Borrowing limit						$	4,300					$	3,100
Amount outstanding at period end						1,747						584
Average amount outstanding						1,742						1,126
Maximum amount outstanding						1,857						2,080
Weighted average interest rate, computed on a daily basis						0.57		%				1.45		%
Weighted average interest rate at period end						0.56						0.23

Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $19 million and $20 million of letters of credit outstanding under the credit facilities at Sept. 30, 2021 and Dec. 31, 2020, respectively. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities at least equal to the amount of commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

As of Sept. 30, 2021, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:

(Millions of Dollars)						Credit Facility (a)						Drawn (b)						Available
Xcel Energy Inc.						$	1,250					$	529					$	721
PSCo						700						8						692
NSP-Minnesota						500						9						491
SPS						500						20						480
NSP-Wisconsin						150						—						150
Total						$	3,100					$	566					$	2,534

(a)Expires in June 2024.

(b)Includes outstanding commercial paper and letters of credit.

Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available credit facilities capacity. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2021 and Dec. 31, 2020.

Term Loan Agreements — In February 2021, Xcel Energy Inc. entered into a $1.2 billion 364-Day Term Loan Agreement that matures Feb. 17, 2022. Xcel Energy has an option to extend through Feb. 16, 2023. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65%.

As of Sept. 30, 2021, Xcel Energy Inc.’s term loan borrowings were as follows:

(Millions of Dollars)						Limit						Amount Used						Available
Xcel Energy Inc.						$	1,200					$	1,200					$	—

Bilateral Credit Agreement

In April 2021, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.

As of Sept. 30, 2021, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows:

(Millions of Dollars)						Limit						Amount Outstanding						Available
NSP-Minnesota						$	75					$	41					$	34

Long-Term Borrowings and Other Financing Instruments

During the nine months ended Sept. 30, 2021, Xcel Energy Inc. and its utility subsidiaries issued the following:

•PSCo issued $750 million of 1.875% first mortgage bonds due June 15, 2031.

•SPS issued $250 million of 3.15% first mortgage bonds due May 1, 2050.

•NSP-Minnesota issued $425 million of 2.25% first mortgage bonds due April 1, 2031 and $425 million of 3.20% first mortgage bonds due April 1, 2052.

•NSP-Wisconsin issued $100 million of 2.82% first mortgage bonds due May 1, 2051.

Other Equity — Xcel Energy Inc. issued $38 million and $30 million of equity through the DRIP during the nine months ended Sept. 30, 2021 and 2020, respectively. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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