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Condensed Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Parent Company Financial Statements |
Schedule I
Condensed Parent Company Financial Statements
MGE Energy, Inc.
Statements of Comprehensive Income
(Parent Company Only)
(In thousands)
|  | For the years ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Operating Expenses: |  |  |  |  |  |  |
Other operations and maintenance | $ | 613 | $ | 649 | $ | 718 |
Total Operating Expenses |  | 613 |  | 649 |  | 718 |
Operating Loss |  | (613) |  | (649) |  | (718) |
Equity in earnings of investments |  | 76,362 |  | 65,132 |  | 61,075 |
Other income/(loss), net |  | (1,863) |  | (496) |  | 505 |
Other interest |  | 55 |  | 45 |  | (22) |
Income before income taxes |  | 73,941 |  | 64,032 |  | 60,840 |
Income tax provision |  | 964 |  | 414 |  | 88 |
Net Income |  | 74,905 |  | 64,446 |  | 60,928 |
Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |  |
Unrealized gain (loss) on available-for-sale securities, net of |  |  |  |  |  |  |
tax ($189, $12, and $10) |  | 283 |  | (18) |  | (15) |
Reclassification of realized gain on available-for-sale |  |  |  |  |  |  |
securities, net of tax ($-, $-, and $10) |  | 0 |  | 0 |  | (15) |
Comprehensive Income | $ | 75,188 | $ | 64,428 | $ | 60,898 |
The accompanying notes are an integral part of the above consolidated financial statements.
MGE Energy, Inc.
Statements of Cash Flows
(Parent Company Only)
(In thousands)
|  | For the years ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Net Cash Flows Provided by Operating Activities | $ | 53,952 | $ | 49,819 | $ | 50,696 |
Investing Activities: |  |  |  |  |  |  |
Return of investment - affiliates |  | 0 |  | 0 |  | 30,000 |
Other investing |  | (2,425) |  | (1,558) |  | (3,022) |
Cash Provided by (Used for) Investing Activities |  | (2,425) |  | (1,558) |  | 26,978 |
Financing Activities: |  |  |  |  |  |  |
Cash dividends paid on common stock |  | (37,107) |  | (35,951) |  | (35,026) |
Change in short-term debt |  | 0 |  | 0 |  | (19,000) |
Other financing |  | (97) |  | (49) |  | 0 |
Cash Used for Financing Activities |  | (37,204) |  | (36,000) |  | (54,026) |
Change in Cash and Cash Equivalents: |  | 14,323 |  | 12,261 |  | 23,648 |
Cash and cash equivalents at beginning of period |  | 36,881 |  | 24,620 |  | 972 |
Cash and cash equivalents at end of period | $ | 51,204 | $ | 36,881 | $ | 24,620 |
The accompanying notes are an integral part of the above consolidated financial statements.
Schedule I
Condensed Parent Company Financial Statements (continued)
MGE Energy, Inc.
Balance Sheets
(Parent Company Only)
(In thousands)
|  | At December 31,
ASSETS |  | 2013 |  | 2012
Current Assets: |  |  |  |
Cash and cash equivalents | $ | 51,204 | $ | 36,881
Accounts receivable, net: |  |  |  |
Accounts receivable from affiliates |  | 125 |  | 795
Prepaid taxes and other |  | 1,015 |  | 451
Total Current Assets |  | 52,344 |  | 38,127
Other deferred assets and other |  | 157 |  | 129
Investments: |  |  |  |
Investments in affiliates |  | 583,435 |  | 556,911
Other investments |  | 948 |  | 787
Total Investments |  | 584,383 |  | 557,698
Total Assets | $ | 636,884 | $ | 595,954
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable to affiliates | $ | 530 | $ | 603
Accrued taxes |  | 4,297 |  | 4,164
Other current liabilities |  | 3,076 |  | 1,148
Total Current Liabilities |  | 7,903 |  | 5,915
Other Credits: |  |  |  |
Deferred income taxes |  | 5,646 |  | 4,228
Accounts payable to affiliates |  | 5,825 |  | 6,382
Total Other Credits |  | 11,471 |  | 10,610
Shareholders' Equity: |  |  |  |
Common shareholders' equity |  | 350,936 |  | 350,936
Retained income |  | 266,197 |  | 228,399
Other comprehensive income |  | 377 |  | 94
Total Shareholders' Equity |  | 617,510 |  | 579,429
Commitments and contingencies (see Footnote 18) |  | 0 |  | 0
Total Liabilities and Shareholders' Equity | $ | 636,884 | $ | 595,954
The accompanying notes are an integral part of the above consolidated financial statements.
Schedule I Condensed Parent Company Financial Statements (continued) Notes to Condensed Financial Statements (Parent Company Only) 1. Basis of Presentation. MGE Energy is a holding company and conducts substantially all of its business operations through its subsidiaries. For Parent Company only presentation, investment in subsidiaries are accounted for using the equity method. These condensed Parent Co mpany financial statements and related notes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the financial statements and the notes in Item 8. Financial Statements and Supplementary Data of the Annual Report on Form 10-K for the year ended December 31, 2013. 2. Credit Agreements. As of December 31, 2013, MGE Energy had access to an unsecured, committed credit facility with ag gregate bank commitments of $50.0 million. At December 31, 2013, no borrowings were outstanding under this facility. See Footnote 10 of the Notes to Consolidated Financial Statements for further information regarding MGE Energy's credit agreements. 3. Commitments and Contingencies. See Footnote 18 of the Notes to Consolidated Financial Statements for commitments and contingencies. 4. Dividend s from Affiliates.
|  |  | Dividends from Affiliates |
| (In thousands) |  | 2013 |  | 2012 |  | 2011 |
| MGE | $ | 25,000 | $ | 20,404 | $ | 26,648 |
| MGE Construct |  | 0 |  | 239 |  | 0 |
| MGE Power Elm Road |  | 17,300 |  | 16,000 |  | 43,000 |
| MGE Power |  | 0 |  | 200 |  | 0 |
| MGE Power West Campus |  | 9,250 |  | 7,500 |  | 9,500 |
| MGE Transco |  | 816 |  | 0 |  | 0 |
| Total | $ | 52,366 | $ | 44,343 | $ | 79,148 |
Dividend Restrictions Dividend payments by MGE to MGE Energy are subject to restrictions arising under a PSCW rate order and, to a lesser degree, MGE's first mortgage bonds. The PSCW order restricts any dividen ds that MGE may pay MGE Energy if its common equity ratio, calculated in the manner used in the rate proceeding, is less than 55%. MGE's thirteen month rolling average common equity ratio at December 31, 2013 is 57.6% as determined under the calculation used in the rate proceeding. MGE paid cash dividends of $25.0 million to MGE Energy in 2013. The rate proceeding calculation includes as indebtedness imputed amounts for MGE's outstanding purchase power capacity payments and other PSCW adjustments, but does not include the indebtedness associated with MGE Power Elm Road or MGE Power West Campus, which are consolidated into MGE's financial statements but are not direct obligations of MGE. MGE has covenanted with the holders of its first mortgage bonds not to declare or pay any dividend or make any other distribution on or purchase any shares of its common stock unless, after giving effect thereto, the aggregate amount of all such dividends and distributions and all amounts applied to such purchases, after December 31, 1945, shall not exceed the earned surplus (retained earnings) accumulated subsequent to December 31, 1945. As of December 31, 2013, approximately $305.6 million was available for the payment of dividends under this covenant. See Footnote s 9 and 10 of the Notes to Consolidated Financial Statement for long-term debt and lines of credit dividend restrictions. Stock Split On December 20, 2013, MGE Energy's Board of Directors declared a three-for-two stock split of MGE Energy's common stock in the form of a stock dividend. The additional shares were distributed February 7, 2014 to all shareholders of record as of January 24, 2014. All share and per share data provided in this report give effect to this stock split.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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