XML 30 R47.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt |
|  |  | December 31, |
| (In thousands) |  | 2019 |  | 2018 |
| First Mortgage Bonds:(a) |  |  |  |  |
| 7.70%, 2028 Series | $ | 1,200 | $ | 1,200 |
| Tax Exempt Debt: |  |  |  |  |
| 3.45%, 2027 Series, |  |  |  |  |
| Industrial Development Revenue Bonds |  | 19,300 |  | 19,300 |
| Medium-Term Notes:(b) |  |  |  |  |
| 6.12%, due 2028 |  | 20,000 |  | 20,000 |
| 7.12%, due 2032 |  | 25,000 |  | 25,000 |
| 6.247%, due 2037 |  | 25,000 |  | 25,000 |
| Total Medium-Term Notes |  | 70,000 |  | 70,000 |
| Other Long-Term Debt:(d) |  |  |  |  |
| 3.38%, due 2020 |  | 15,000 |  | 15,000 |
| 3.09%, due 2023 |  | 30,000 |  | 30,000 |
| 3.29%, due 2026 |  | 15,000 |  | 15,000 |
| 3.11%, due 2027 |  | 30,000 |  | 30,000 |
| 2.94%, due 2029 |  | 50,000 |  | - |
| 5.68%, due 2033 |  | 23,946 |  | 25,064 |
| 5.19%, due 2033 |  | 15,794 |  | 16,561 |
| 5.26%, due 2040 |  | 15,000 |  | 15,000 |
| 5.04%, due 2040 |  | 33,472 |  | 35,139 |
| 4.74%, due 2041 |  | 21,167 |  | 22,167 |
| 4.38%, due 2042 |  | 28,000 |  | 28,000 |
| 4.42%, due 2043 |  | 20,000 |  | 20,000 |
| 4.47%, due 2048 |  | 20,000 |  | 20,000 |
| 3.76%, due 2052 |  | 40,000 |  | 40,000 |
| 4.19%, due 2048 |  | 60,000 |  | 60,000 |
| 4.24%, due 2053 |  | 20,000 |  | 20,000 |
| 4.34%, due 2058 |  | 20,000 |  | 20,000 |
| Total Other Long-Term Debt |  | 457,379 |  | 411,931 |
| Long-term debt due within one year |  | (19,659) |  | (4,553) |
| Unamortized discount and debt issuance costs |  | (4,479) |  | (4,535) |
| Total Long-Term Debt | $ | 523,741 | $ | 493,343 |
(a)MGE's utility plant is subject to the lien of its Indenture of Mortgage and Deed of Trust, under which its first mortgage bonds are issued. The Mortgage Indenture provides that dividends or any other distribution or purchase of MGE shares may not be made if the aggregate amount thereof since December 31, 1945, would exceed the earned surplus (retained earnings) accumulated subsequent to December 31, 1945. As of December 31, 2019, approximately $465.2 million was available for the payment of dividends under this covenant. (b)The indenture under which MGE's Medium-Term notes are issued provides that those notes will be entitled to be equally and ratably secured in the event that MGE issues any additional first mortgage bonds. (c)In November 2019, MGE issued $50 million of new long-term unsecured debt. The proceeds of the debt financing were used to assist with capital expenditures, maturing short-term debt, and other corporate obligations. (d)Unsecured notes issued pursuant to various Note Purchase Agreements with one or more purchasers. The notes are not issued under, or governed by, MGE's Indenture dated as of September 1, 1998, which governs MGE's Medium-Term Notes. (e)Issued by MGE. Under that Note Purchase Agreement: (i) note holders have the right to require MGE to repurchase their notes at par in the event of an acquisition of beneficial ownership of 30% or more of the outstanding voting stock of MGE Energy, (ii) MGE must maintain a ratio of its consolidated indebtedness to consolidated total capitalization not to exceed a maximum of 65%, and (iii) MGE cannot issue "Priority Debt" in an amount exceeding 20% of its consolidated assets. Priority Debt is defined as any indebtedness of MGE secured by liens other than specified liens permitted by the Note Purchase Agreement and certain unsecured indebtedness of certain subsidiaries. As of December 31, 2019, MGE was in compliance with the covenant requirements. (f)Issued by MGE Power West Campus. The Note Purchase Agreements require MGE Power West Campus to maintain a projected debt service coverage ratio of not less than 1.25 to 1.00, and debt to total capitalization ratio of not more than 0.65 to 1.00. The notes are secured by a collateral assignment of lease payments that MGE is making to MGE Power West Campus for use of the WCCF pursuant to a long-term lease. As of December 31, 2019, MGE Power West Campus was in compliance with the covenant requirements. (g)Issued by MGE Power Elm Road. The Note Purchase Agreement requires MGE Power Elm Road to maintain a projected and actual debt service coverage ratio at the end of any calendar quarter of not less than 1.25 to 1.00 for the trailing 12-month period. The notes are secured by a collateral assignment of lease payments that MGE is making to MGE Power Elm Road for use of the Elm Road Units pursuant to long-term leases. As of December 31, 2019, MGE Power Elm Road was in compliance with the covenant requirements.
Schedule of Long-Term Debt Maturities | Below is MGE Energy's and MGE's aggregate maturities for all long-term debt for years following December 31, 2019.
| (In thousands) |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |
| Long-term debt maturities | $ | 19,659 | $ | 4,771 | $ | 4,889 | $ | 35,014 | $ | 5,146 | $ | 478,400 |
MGE includes long-term debt held by MGE Power Elm Road and MGE Power West Campus in the consolidated financial statements (see Footnote 3 for further information regarding these VIEs).

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration