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Condensed Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2015
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, |
|  | 2015 |  | 2014 |  | 2013 |
Operating Expenses: |  |  |  |  |  |  |
Other operations and maintenance | $ | 690 | $ | 689 | $ | 613 |
Total Operating Expenses |  | 690 |  | 689 |  | 613 |
Operating Loss |  | (690) |  | (689) |  | (613) |
Equity in earnings of investments |  | 71,306 |  | 81,811 |  | 76,362 |
Other income/(loss), net |  | 526 |  | (1,879) |  | (1,863) |
Other interest |  | 136 |  | 93 |  | 55 |
Income before income taxes |  | 71,278 |  | 79,336 |  | 73,941 |
Income tax provision |  | 65 |  | 983 |  | 964 |
Net Income |  | 71,343 |  | 80,319 |  | 74,905 |
Other Comprehensive Income, Net of Tax: |  |  |  |  |  |  |
Unrealized (loss) gain on available-for-sale securities, net of |  |  |  |  |  |  |
tax ($67, ($54), and ($189)) |  | (101) |  | 81 |  | 283 |
Comprehensive Income | $ | 71,242 | $ | 80,400 | $ | 75,188 |
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, |
|  | 2015 |  | 2014 |  | 2013 |
Net Cash Flows Provided by Operating Activities | $ | 37,085 | $ | 48,165 | $ | 53,952 |
Investing Activities: |  |  |  |  |  |  |
Other investing |  | (3,690) |  | (2,422) |  | (2,425) |
Cash Used for Investing Activities |  | (3,690) |  | (2,422) |  | (2,425) |
Financing Activities: |  |  |  |  |  |  |
Cash dividends paid on common stock |  | (40,043) |  | (38,429) |  | (37,107) |
Other financing |  | - |  | (89) |  | (97) |
Cash Used for Financing Activities |  | (40,043) |  | (38,518) |  | (37,204) |
Change in cash and cash equivalents: |  | (6,648) |  | 7,225 |  | 14,323 |
Cash and cash equivalents at beginning of period |  | 58,429 |  | 51,204 |  | 36,881 |
Cash and cash equivalents at end of period | $ | 51,781 | $ | 58,429 | $ | 51,204 |
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 |  | 2015 |  | 2014
Current Assets: |  |  |  |
Cash and cash equivalents | $ | 51,781 | $ | 58,429
Accounts receivable, net: |  |  |  |
Accounts receivable from affiliates |  | 20 |  | 64
Other current assets |  | 1,386 |  | 2,809
Total Current Assets |  | 53,187 |  | 61,302
Other deferred assets and other |  | 249 |  | 140
Investments: |  |  |  |
Investments in affiliates |  | 649,276 |  | 619,563
Other investments |  | 1,447 |  | 1,177
Total Investments |  | 650,723 |  | 620,740
Total Assets | $ | 704,159 | $ | 682,182
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable to affiliates | $ | 530 | $ | 7,096
Accrued taxes |  | 263 |  | 663
Other current liabilities |  | 144 |  | 2,601
Total Current Liabilities |  | 937 |  | 10,360
Other Credits: |  |  |  |
Deferred income taxes |  | 7,998 |  | 7,125
Accounts payable to affiliates |  | 4,766 |  | 5,296
Total Other Credits |  | 12,764 |  | 12,421
Shareholders' Equity: |  |  |  |
Common shareholders' equity |  | 350,936 |  | 350,936
Retained income |  | 339,165 |  | 308,007
Other comprehensive income |  | 357 |  | 458
Total Shareholders' Equity |  | 690,458 |  | 659,401
Commitments and contingencies (see Footnote 3) |  | - |  | -
Total Liabilities and Shareholders' Equity | $ | 704,159 | $ | 682,182
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, 2015. 2. Credit Agreements. As of December 31, 2015, MGE Energy had access to an unsecured, committed credit facility with ag gregate bank commitments of $50.0 million. At December 31, 2015, 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) |  | 2015 |  | 2014 |  | 2013 |
| MGE | $ | 30,000 | $ | 26,500 | $ | 25,000 |
| MGE Power Elm Road |  | 10,000 |  | 13,500 |  | 17,300 |
| MGE Power West Campus |  | 3,000 |  | 6,000 |  | 9,250 |
| MGE Transco |  | 1,708 |  | 1,859 |  | 816 |
| Total | $ | 44,708 | $ | 47,859 | $ | 52,366 |
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, above the PSCW authorized amount of $43 million, 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, 2015 is 59.7% as determined under the calculation used in the rate proceeding. MGE paid cash dividends of $30.0 million to MGE Energy in 2015. The rate proceeding calculation includes as indebtedness imputed amounts for MGE's outstanding purcha se 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 ha s 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 di stributions 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, 2015, approximately $353.0 million was available for the payment of dividends under this covenant. See Footnotes 9 and 10 of the Notes to Consolidated Financial Statements for long-term debt and lines of credit dividend restrictions.

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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 FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: 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=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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