ML20053B312
| ML20053B312 | |
| Person / Time | |
|---|---|
| Site: | Fort Saint Vrain  |
| Issue date: | 05/24/1982 |
| From: | Sago D PUBLIC SERVICE CO. OF COLORADO |
| To: | Saltzman G Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 8205280282 | |
| Download: ML20053B312 (54) | |
Text
,
'.public Service Company *2 Cchmde P.O. BOX 840 DENVER, COLOR ADO 80201 May 24, 1982 yv - L L'[
Mr. Gerome Saltzman, Chief Antitrust & Indemnity Group Nuclear Reactor Regulation U.S.
Nuclear Regulatory Commission Washington, D.C.
20555 i
Re:
Annual Cash Flow Certificate
Dear Mr. Saltzman:
Enclosed please find a certified copy of financial statements of Public Service Company of Colorado for the years 1981 and 1980 and a Quarterly Report to Shareholders for the quarter ended March 31, 1982 which were inadvertently omitted from a mailing to you dated May 18, 1982.
Please accept my Apologies for this oversight.
Sincerely, O
Debbie L.
Sago Long-Term Finance Department Enclosures (2)
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820 5 28 0 #b21
i PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES EXHIBIT A 0F FORM U-3A-2 YEAR ENDED DECEMBER 31, 1981 WITH REPORT OF CERTIFIED PUBLIC ACCOUNTANTS a
3 L
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS The Board of Directors Public Service Company of Colorado We have examined the consolidated balance sheet and the related consolidated statements of income, retained earnings and source
~
of funds for plant construction expenditures appearing in the accompanying consolidating financial statements of Public Service Company of Colorado and subsidiaries at December 31, 1981 and for the year then ended.
Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our
- opinion, the consolidated statements mentioned above present fairly the consolidated financial position of Public Service Company of Colorado at Cecember 31, 1981 and the consoli-dated results of operations snd source of funds for plant construction expenditures for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Our examination has been made for the purpose of forming an opinion on the consolidated financial statements taken as a whole.
The accompanying consolidating company information is presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial posi-
- tion, results of operations, and source of funds for plant construction expenditures of the individual companies.
The consolidating information has been subjected to the auditing procedures applied in the examination of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole.
ARTHUR YOUNG & COMPANY Denver, Colorado February 5, 1982
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l IUBLIC SERV Public C<ra; ASSFTS Consolidated Eliminations Total of Col
~
Propen ty, plant and aluiprent, at cost:
E1octric
$2,063,816,831
$2,063,816,831
$2,010,i ras 473,065,528 473,065,528 321,1 Steam and other 26,608,764 640,763 (1) 26,014,023 0,f (46,022)(5)
Cmmrm to all derartments 98,868,290 98,868,290 81,.
Construction in progress 74,347,356 74,M7,356 68,1 2,736,706,700 594,741 2,736,112,028 2,491,1 les acetmalated provision for depreciation and depletion 661,834,378 661,834,378 597,5 2,074,872,391 594,741 2,074,277,650 1,894,'
Nuclear fuel, less acc.m21ated provision for amrtization of $3,508,934 at Decanber 31, 1981 (Notes 1 and 11) 14,277,230 14,277,230 14,'
2,089,149,621 594,741 2,088,554,880 1,908,-
Investments:
Subsidiaries consolidated:
Cwmm stock (Note 1)
(70,461,380)(1) 70,431,358 70,-
30,022 (5)
Notes receivable (3,722,026)(2) 3,722,026 3,1 Other, at cost 564,617 564,617 564,617 (74,153,384) 74,718,001 74,4 Current assets:
Cash 20,292,814 20,292,814 16,1 Tunporary cash investnents 4,501,625 4,501,625 4,*
Accounts receivable 131,943,038 131,943,038 116,k Provision for uncollectible accounts (2,353,231)
(2,353,231)
(2,5 Notes receivabic 258,811 258,811 Acmunts and notes receivable frcm associated cattunies (36,231,991)(2) 36,231,991 16,(
Fuel inventory, at average cost 65,704,074 65,704,074 65, Materials and supplies, at average cost 46,307,503 46,307,503 40,1 Cost of gas delivered tm2t not billed to customers 37,143,018 37,143,018 37,.
Cas in underground storage, at cost (LIFO) 12,728,513 12,728,513 1,0 Preguid expenses 3,831,685 3,831,685 2,4 Deferred charges:
(36,231,991) 356,589,841 299,1 Total current assets 320,357,850 Ibbt expense (being amortized) 8,034,066 8,034,066 7,1 Other 12,862,202 12,862,202 7,(
20,896,268 20,896,268 15,d
$2,430,968,356
$(109,790,634)
$2,540,758,990
$2,298,0
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1 ICE UiMPANY OP 00lORADO AND SUB3IDIARIES CON 3OLIDATING BAINCE SifEET D crsnber 31, 1981 Puel Service Cheyenne Ik m Resources Green and Bannock itny IJ ght, Puol and IJght and Western Slope Developent 1480 Clear lakes Center orado Rwer Ornruny Rwer Grnguny Gas Ccrnpany C&Tuny Welton, Inc.
Orlpany
_ Corp > ration 15,586
$21,473,718
$31,402,577
$25,000 r>0,433 10,808,316 96,033,692 45,063,087 14,078 13,427 143,091 8G8 16,342,550 62,701 1,998,639 15,506,948 68,105 282,883 1,317,965 1,281,393 2,477,010 40,905 34,576,983 32,863,583 W,315,953 45,063,087 17,983,958 25,000 16,342,559 31,93'l 10,830,028 8,301,391 31,871,352 8,613,117 4,388,553 108,000 18,E38 23,746,955 24,562,192 65,444,601 36,449,970 13,595,405 25,000 16,234,559 77,230 96,198 23,743,955 24,562,192 65,444,601 36,449,970 13,595,405 25,000 16,234,559 01,358 22,026 77,427 10,800 1,600 274,790 30,811 10,800 1,600 274,790 3,593 321,087 3W,549 2,675,309 11,203 107,013 01,625 31,183 2,219,709 1,577,023 8,876,200 2,612,392 21,930 4,592 62,891)
(17,298)
(69,579)
(3,463) 12,753 27,221 198,840 92,733 17,223,720 1,538,344 427,959 319,235 93,243 10,831 54,624 411,561 972,783 3,525,093 613,442 63,018 l22,713 11,405,800 j67,648 112,777 34,4M 1,205,644 4,803 5,998 331 57,239 3,088,667 2,912,200 42,263,687 7,444,350 665,930 457,708
'42,4G3 48,850 77,163 144,225 21,425 k)9,631 3,754,200 36,516 51,939 1,010,861 99,055 I52,034 3,803,050 113,679 106,164 1,010,861 120,480 36,282
$30,649,472
$27,588,131
$107,006,052
$45,179,971
$14,381,815
$25,000
$16,692,2M I.
See Geccripanying notes.
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pUBLIC SI Publ CAPITAL AND LIABILITI m Consolidated Eliminations Total of Ccrmon stock (Note 2)
$ 585,863,975
$ 585,863,975
$ 58!
Orm>n stock of subsidiaries 58,MS,313 (1) 58,545,313 Retained earnings (deficit):
Re%1not earnings (deficit) of subsidiaries at dates of acquisition 2,970,333 (1) 2,970,333 Retalnul earnings (deficit) (including retainal earnings of subsidiaries since dates of acquisition) (Note 1) 150,165,576 8,368,712 (1) 158,534,288 1 51 Total ctem>n nluity 736,029,551 69,884,358 805,913,909 73e Preferred stock (Note 2):
Not subject to rrnndatory reckeption 140,0 W,500 140,0M,500 14(
Subject to anndatory rnknption at par 89,400,000 89,400,000 8f Inng-tem debt (Note 3) 865,659,558 3,722,026 (2) 869,381,584 81<
1,831,096,009 73,006,384 1,904,702,993 1,78(
Current liabilitim:
Notes pyable (Note 4) 61,130,000 61,130,000 41 Iong-tem debt due within one year 2,736,659 2,736,659 Accounts payable 173,877,778 173,877,778 1 37 Accounts and notes p yable to associated cmpanies 36,231,991 (2) 36,231,991 10 Dividends payable 23,027,253 23,027,253 23 Custcmtrs' deposits 7,057,3M 7,057,3M 0
Accrued taxes 48,972,490 48,W2,490 40 Accrued interest 17,232,684 17,232,684 10 Other 27,613,754 27,613,7M 12 Total current liabilities 3G1,647,972 36,231,991 3W,879,963 305 Deferred crallts:
Custcmx?rs' advances for construction 25,279,154 25,279,1M 24 Investn?nt crtxiit (being anortized over the productive lives of the related property) 127,910,718 127,910,718 119 Accumulated deferred incane taxes (Notes 1 and 8) 63,768,925 16,000 (5) 63,784,925 47 Other 21,264,M8 (63,741)(1) 21,201,237 2T 238,223,775 (47,741) 238,176,034 212 CArmitrents and contingencies (Note 6)
$2,430,968,356
$109,790,634
$2,540,758,990
$2,298 i
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l RVICE OfMPANY OF 00!lEADO AND SUBSIDIARIES CONSOLIDATING BAIANCE SIIEET Ibcember 31, 1981 Fuel
.c Service Cheyenne Ikne Resourt:es Green and Bannock kunrany Light, Fuel and Light and Western Slope Develoreent 1480 Clear lakes Center giornelo Ibwer Ornpany Tbwer Ornpany Gas Ctapany Ornpany Welton, Inc.
Ornpany Corpora tion i,863,975 3,000,000 5,870,313 14,500,000 25,300,000 50,000 25,000 9,800,000 69,139 2,935,453 (34,250) 1,165,576 5,174,503 3,381,774 9,248,836 (11,932,673) 2,888,571 (392,299) i,039,551 8,243,642 12,187,540 23,714,577 13,367,327 2,938,571 25,000 9,407,701
'007,500
'400,000
,642,935 6,220,000 7,164,000 30,001,000 1,066,015 9,121,846 1,162,798
,079,976 14,463,G12 19,351,540 53,718,577 14,433,342 12,060,417 25,000 10,570,499 255,000 5,700,000 1,375,000 9,800,000 3
47,500 442,000 1,000 1,566,016 553,602 126,541
,805,000 5.192,387 288,831 20,982,387 3,650,659 101,2M 5,857,130
,314,891 288,283 1,5M,400 288,549 13,510,000 1,300,050 35,818 026,795 458 3
498,0 0 131,181 428,074 3
>200,161 236,001 689,874 877,477 570,856 245,573 62,MS 319,412 162,309 288,225 256,488 114,846 56,4M 34,910
,443,522 218,620 169,427 14,777,335 29 4,821
,832,970 11,976,281 5,276,289 46,983,236 19,412,377 2,257,042 6,121,768
,033,716 956,568 288,870
,421,661 1,468,362 1.568,377 5,003,445 400,519 48,354
,889,661 1,781,603 1,391,925 1,8M,689 10,818,047 16,000
,058,298 16 27,235 115,686 2
,403,336 4,209,549 2,960,302 7,204,239 11,334,252 64,356
,336,282
$30,649,472
$27,588,131
$107,906,052
$45,179,971
$14,381,815
$25,000
$16,692,267 See acccngunying notes.
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11 Consolida ted Eliminations Tota 1 Ogmtrating revenues:
Electric
$ 712,103,701
$ 15,581,113 (3)
$ 757,6R1,814 Gas 582,434,617 110,003,216 (3) 692,437,863 Other 11,632,978 1,747,022 (3) 13,380,000 1,336,171,326 127,331,351 1,463,502,677 Ogn= rating expense s:
Fuel urel in generation 171,656,761 (807,285)(3) 172,461,046 Gts purchasal for resale 462,291,450 (109,195,931)(3) 571,487,381 Purcharni Ixwer 113,235,401 (15,117,630)(3) 128,353,031 Other operating expenses 192,638,676 (2,210,5C5)(3 )
194,849,181 Maintenance 49,735,M1 49,735,551 u?preciation (?bte 1) 73,612,622 73,612,622 Taxes (other than inctn taxes) (Note 9) 61,001,212 64,001,212 Incune taxes (?btes 1, 6 and 8) 67,913,960 67,913,960 1,195,115,633 (127,331,351) 1,322,446,9&1 Orm rating inc<m?
141,055,693 141,055,693 Other inccm' and deductions:
All(mance for equity funds usal during construction (Note 1) 17,647,685 17,647,685 Dguity in earnings of consolidated subsidiaries 2,891,340 (1) 2,891,340 Interest fnun subsidiaries 2,798,984 (4) 2,798,984 Miscellaneous incane and daluctions - net 5,816,396 6,485 (1) 5,822,881 164,519,774 5,696,809 170,216,583 Interest charges:
Interest on long-tenn debt 66,480,761 66,480,761 Am>rtization of debt discount and expense less pnmium (Note 1)
G19,853 G19,853 Other interest 7,667,011 (2,798,981)(4) 10,465,995 Allowance for borrowed funds usal during (11,032,535) construction (Note 1)
(11,032,535) 63,765,093 (2,798,9R1 )
66,564,077 Net incane (loss) 100,754,681 2,8W,825 103,652,506 Dividend requinments on preferred stock 16,660,750 16,660,750 Earnings available for ca:n>n stock 84,093,931
$ 2,8 W,825 86,991,756 Average comon shares outstanding 42,728,040 Earnings per average share of cmmon stock outstanding
$1.97 It
1 31LIC SIIIV1CE C0hlPANY OF 00lDRAID AND SUBSIDIARIES s
CONSOLIDATING STATlWEPTT OF INC0hlE Year endal Dtumber 31, 1981 i
Fuel Ibblic Service Cheyenne Ikar Resoumes Bannock Crnpany Light, Fuel and Light and Western Slope Develogm nt 1480 Center L
of Colorado Ibwer Ompany ibwer C4mpany Gas O npany Canpany Welton, Inc. Corpora t ion Q 723,517,526
$10,870,028
$23,297,260 488,490,433 40,118,492 158,578,808 5,250,130 7,1tri,270 4,239,825 1,733,282 209,623 1,219,205,229 50,988,520 23,297,200 158,578,808 9,489,955 1,733,282 209,623 172,431,622 32,424 394,361,665 36,176,544 140,949,172 108,314,199 4,921,202 15,117,630 177,328,346 4,074,573 2,407,070 6,914,781 3,830,762 112,317 181,332 47,541,356 671,081 410,186 1,091,688 21,240
.67,119,774 910,848 878,411 3,282,786 1,088,519 254,284 108,000 58,991,458 1,513,911 1,073,899 1,287,291 884,110 215,972 34,571 65,860,207 508,900 1,191,257 701,267 (102,355) 125,684 (371,000) 1,091,948,627 48,800,483 21,078,453 154,226,985 5,701,036 708,257 (25,857) 127,256,602 2,170,037 2,218,807 4,351,823 3,788,919 1,025,025 235,480 17,638,481 9,204 2,891,340 2,798,9s1 5,254,884 (76,254)
(13,352) 301,358 302,182 50,620 3,443 155,840,291 2,102,783 2,205,455 4,662,385 4,091,101 1,075,645 238,923 60,066,170 424,325 G16,898 2,585,575 1,844,014 316,668 597,114
- i 630,470 3,091 5,641 8,594 2,057 5,153,301 795,439 312,986 1,355,855 2,291,908 522,398 34,108 (10,7G1,331)
(15,149)
(193,912)
(56,504)
(2,639) 55,085,610 1,207,706 965,525 3,756,112 4,079,418 838,484 631,222 100,754,681 895,077 1,239,930 906,273 11,683 237,161 (392,299) 16,660,750 84,093,931 895,077
$ 1,239,930 906,273 11,683
$ 237,161
$(392,299)
See accompanying notes.
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k Consolidated Eliminations Total Retained earnings (deficit) at December 31, 1980
$141,247,842
$ 8,814,571
$150,062,413 6,485 (a)
Net incane (loss) 100,754,681 2,891,340 (b) 103,652,506 242,002,523 11,712,396 253,714,919 Dividends:
On cumulative preferred stock:
$100 par value:
4.20% series 420,000 420,000 4-1/4% series 743,750 743,750 4-1/2% series 292,500 292,500 4.641 series 742,400 742,400 4.90% series 735,000 735,000 4.9CT 2nd series 735,000 735,000 7.15% series 1,787,500 1,787,500 7.50% series 2,250,000 2,250,000 8.40% series 2,889,600 2,889,600 12.50% series 3,125,000 3,125,000
$25 par value:
8.40% series 2,940,000 2,940,000 16,660,750 16,660,750 On carrion stock:
1,836 (a)
$1.68 per sham (consolidated) 72,984,106 349,125 (b) 73,335,067 89,644,856 350,961 89,995,817 Expense of issuing stock and other adjustments 2,192,091 118 (a) 2,192,209 Retained earnings (deficit) at Ibember 31, 1981
$150,165,576
$11,361,317
$161,526,893 (a) Elimination of minority interest.
(b) Elimination of intercongany investment, earnings and dividends.
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IlLIC SIRVICE QMPAfN OF QXDIAfD AND SUllS! DIARIES QNDLIDATING S'fATf2.&NT OF RETAINED F.ARNINGS Yatr ended Dornber 31, 1981 Fuel IMb)ic Service 01eyenne Ik av ikmources Ikinnoek Oqxtny Light, Fuel and Light and Western Slope Develo; rent 1480 Center of Onlorado Ibwer Ogxiny ftwer aqnny Gis Q q uny C<rnptny Welton, Inc. Cor}x>ra t ion Q111,247,842
$4,348,565
$5,450,648
$8,308,304
$(11,941,356)
$2,651,410 100,7M,681 895,077 1,239,930 900,273 11,683 237,161 g392,299) 242,002,523 5,243,G12 6,600,578 9,214,577 (11,932,673) 2,888,571 (392,299) 420,000 743,750 292,500 742,400 735,000 735,000 1,787,500 2,250,000 2,889,600 3,125,000 2,940,000 16,660,750 72,9&1,106 350,961 89,G14,856 350,961 2,169,819 22,390
$150,187,848
$5,243,G12
$6,317,227
$9,214,577
$(11,932,673)
$2,888,571
$(392,299)
See accomptnying notes.
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4 IUBI Consolidated Eliminations Total Source of funds:
Funds f rm operations:
(6,485)(a)
Net incam (loss)
$100,754,681 (2,891,340)(b)
$103,652,506 Non-cash charges (cmdits) against incane not involving working capital in the curmnt period:
Npreciation charged to operating expenses 73,642,622 73,642,622 Npreciation charged to clearing and other accounts 6,000,504 6,000,504 Allowance for funds used auring construction (28,680,220)
(28,680,220)
Investment credit - net of amortization 22,147,532 22,147,532 Deferred incam taxes 22,578,863 22,578,863, Funds f ran operations 196,443,982 (2,897,825) 199,341,807 Dividends:
On preferred stock (16,660,750)
(16,600,750) 1,836 (a)
On corron stock (72,984,106) 349,125 (b)
(73,335,067)
Funds mtained in the business 106,799,126 (2,546,864) 109,345,990 Funds fran financing - net proceeds:
Proceeds f ran sale of camon stock 69,154,037 (24,800,000)(b) 93,954,037 Proceeds fran sale of first cortgage bonds 49,530,473 49,5U0,473 Proceeds fran sale of pollution control bonds and notes 28,489,187 28,4E9,187 Proceeds fran issue of long-tem notes 1,632,839 (1,459,950)(b) 3,092,789 Funds fran financing 148,806,536 (26,259,950) 175,066,486 Punds fran Settlanent Agreecent (Note 11) 7,992,938 7,992,938 Reduction in long-tem debt (54,610,813)
(54,610,813)
Other sources (applications) - net 685,951 28,806,814 (a)(b)
(28,120,863)
Total funds nvailable 209,673,7'8 209,673,738 3
Increase (decrease) in working capital (18,392,786)
(18,392,786)
Net plant construction expenditures -
228,066,524 228,066,524 Allowance for funds used during construction 28,680,220 28,680,220 Gross plant construction expenditures
$256,746,'< 44
$256,746,744 See followi (a) Elimination of minority interest.
(b) Elimination of intercanptny investment, earnings and dividends.
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a 3C SERVICE CCEPANY OP 00lLRADO AND SUBSIDIARIES c
CONDOLIDATING STATSENT OP bOURCE OP FUNDS LOR IVMr CONSTRUCTION EXPENDITURES Year ended Decmber 31, 1981 Puel public Sarvice Cheyenne Ikne Resources Bannock Company Light, Puel and Light and Western Slope Development 1480 Center of Colorado her Cmpany her Cmpany Gas C mpany Carpany Welton, Inc.
Corporation
$100,754,681
$ 895,077
$1,239,930 SM,273 11,683
$ 237,161
$ (392,299) 67,119,774 910,848 878,411 3,282,786 1,088,519 254,284 108,000 5,6E3,069 82,098 74,214 148,123 (28,402,812)
(15,149)
(203,116)
(56,504)
(2,639) 20,461,295 240,304 225,175 1,146,006 68,477 6,275 18,593,596 245,542 161,216 869,500 2,734,000 (25,000) 184,222,603 2,358,720 2,578,946 6,149,581 3,846,175 470,081 (284,299)
(16,68D,750)
(72,984,106)
(350,961) 94,577,747 2,358,720 2,227,985 6,149,581 3,846,175 470,081 (284,299) 09,154,037 15,000,000 9,800,000 49,530,473 28,489,187 1,803,450 1,289,339 147,173,697 15,000,000 1,803,450 11,089,339 7,992,938 (27,967,817)
(47,500)
(442,000)
(1,000) (25,466,015)
(559,940)
(126,541)
(25,269,764)
(3,538,906) 43,055 141,693 59,176 443,883 163,500,801 (1,227,686) 1,829,040 6,290,274 (6,560,664) 2,157,474 10,678,499 9,496,142 (3,638,480)
(363,611)
(3,999,598) (12,804,748)
(1,328,431)
(5,664,060) 187,010,659 2,410,7M 2,192,651 10,289,872 6,334,084 3,485,905 16,342,559 28,402,812 15,149 203,116 56,504 2,639
$215,413,471
$2,425,M 3
$2,192,651
$10,492,988
$ 6,390,588
$3,488,544
$16,342,559
.$ pnge for changes in cmponents of working capital.
See accompanying notes.
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Consolidated Eliminations Total Increase (decrease) in components of working capital:
Current assets:
Cksh
$ 11,384,351
$ 11,384,351 Tmporary cash investments 551,142 551,142 Accaints and notes receivable 6,690,977 6,690,977 Accounts and notes receivable from associated cmpanies (19,481,645)(c) 19,481,645 Fuel inve'itory 5,025,116 5,025,116 Materials and supplies 6,474,032 6,474,032 Other 10,630,718 10,630,718 40,756,336 (19,481,645) 60,237,981 Current liabilities:
Notes payable 52,020,052 52,020,052 long-terto debt due within one year (14,489,364)
(14,489,364)
Accaints payable 11,569,071 11,569,071 Accrued liabilities 8,980,934 8,980,934 Accounts and notes payable to associated ccznpanies (19,481,645)(c) 19,481,645 Other 1,068,429 1,068,429 59,149,122 (19,481,645) 78,630,767 Incrmse (decrmse) in working capital
$ (18,392,786)
$(18,392,786)
(c) Elimination of increase (decrease) in interecunpany receivables and payables.
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L SDI5flCE CGIPANY OF GXfEADO AND SUBSIDIARIES NSOLIIMTING STATFMINT OF SOLHCE OF FUNDS Fut FLWP UNTTRUCTION EXPENDITURFE (Q WTINUm )
Year endext Docentxr 31, 1981 Fuel Public Service Cheyenne Ikme Resources Iktr. nock Cmptny Light, Fuel and Light and Wet arn Slope Developnent 1480 Center of Colorado Ibwer Cmpany Ibwer Cmpany Gas Onpany Cangtny Welton, Inc.
Corpora t ion
$ 8,562,175 59,745
$ 254,136
$ 2,401,389 (107) $
107,013 2,502,667 (501)
(1,951,021) 6,457,747 (71,448)
(78,043) 2,204,701 (1,851,895) 28,786 1,129 15,298,117 3,288,899 432,032 113,362 349,235 5,031,9G1 (6,788) 4,735,791 (32,074) 10,078 2,036,621 (277,287) 8,238,537 (2,562,978) 15,013 4,917,849 (13,882) 5,848 331 50,826,941 (2,614,047) 202,084 10,527,049 690,357 147,889 457,708 44,255,000 720,000 (275,000) 7,320,052 (15,000,000) 309,000 75,095 126,5C 1,122,758 576,056 93,412 3,166,236 653,599 99,880 5,857,130 9,731,537 (115,185)
(15,332)
(156,393)
(562,446) 1,295 97,458 4,141,710 97,062 391,005 6,000 13,510,000 1,300,050 35,818 J2,920,206)
(253,500) 62,610 4,190,752 (16,G18) 4,821 41,330,799 1,024,433 565,695 14,526,647 13,585,105 1,476,320 6,121,768
$ 9,403,142
$(3,638,480)
$(363,611)
$(3,999,598) $ (12,894,748_) $(1,328,431 ) $(5,661,060)
See accmpanying notes.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 1.
Summary of significant accounting policies Consolidation:
The Company follows the practice of consolidating the accounts of its significant subsidiaries.
The excess of the Company's investment in consolidated subsidiaries at December 31, 1981, as shown by its books on the equity method, over the underlying book equity of its consolidated subsidiaries at the respective dates of acquisition is $40,641,789, represented by the following:
Accumulated undistributed earnings of consolidated subsidiaries since dates of acquisition
$ 8,351,026 Capital transactions after date of acquisition 31,650,000 Excess of cost over net equity of consolidated subsidiaries at dates of acquisition 640,763 Total
$40,641,789 Depreciation policy:
The Company and its subsidiaries, except Fuel Rescurces Development Co.
(Fuelco), use straight-line depreciation for accounting purposes.
Composite rates are used for the i
various classes of depreciable assets.
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Depreciation rates include provisions for disposal and removal costs of property, plant and equipment, including the nuclear plant.
Total depreciation expense approximates I
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 1.
Summary of significant accounting policies (continued)
Depreciation policy: (continued) sn annual rate of 3.45% on the average cost of depreciable properties.
Fuelco uses the unit-of production deprecia-tion method for accounting purposes.
For income tax purposes, the Company and its subsidiaries use accelerated depreciation and other elections provided by the tax laws.
Pursuant to an order of the Public Utilities Commission of the State of Colorado (CPUC), the composite depreciation rates include a
provision for the estimated cost of decommissioniag the nuclear plant after its service life.
Funds equal to the provision for decommissioning costs are transferred to an independent trustee and can be used only for the decommissioning of the nuclear plant.
Replacements and betterments representing units of proper-ty are capitalized.
Items that represent less than units of property are charged to operations as maintenance.
The cost of units of property retired, together with cost of
- removal, less salvage, is charged in full against the accumulated provision for depreciation.
Amortization of nuclear fuel:
Under the Settlement Agreement with General Atomic Company, the prime contractor for the Fort St. Vrain Nuclear Gener-I ating
- Station, the Company received ownership of the reactor core and all fuel elements at the Fort St. Vrain Nuclear Generating Station as of January 1, 1979, and the General Atomic Company agreed to make available to the Company, at no charge (except certain possible incremental s
pUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 1.
Summary of significant accounting policies (continued)
Amortization of nuclear fuel: (continued) costs), nuclear fuel elements sufficient to operate the plant at 200 Mw at 60% capacity through December 31, 1984, or until 16,166,400 Mwh thermal are produced, or could have been produced, whichever is earlier.
The nuclear fuel has been assigned a fair value and recorded on the balance sheet as property, plant and equipment, with a corresponding credit to miscellaneous deferred income.
For income tax purposes, the nuclear fuel and spare parts have been treated as income.
The assigned cost of nuclear fuel is amortized to fuel expense based on the quantity of heat produced for the generation of electric energy with a like amount credited to miscellaneous income.
The Company's policy is to include in the cost of nuclear fuel a provision for spent fuel disposal costs.
The Company expects that the reimbursement from the supplier of the nuclear fuel (see Note 11) is adequate to provide for the disposal costs of the fuel presently in use.
Deferred income taxes:
In an order dated November 1, 1977, the CPUC allowed as an operating expense a provision for certain deferred income taxes resulting from the use of accelerated depreciation on property additions made on or after December 1, 1975.
Effective December 1,
1977, the Company began providing for these deferred income taxes.
The CpUC in an order dated December 1,
- 1981, with respect to the Company's application for a rate increase, authorized the Company to take advantage of the Accelerated Cost Recovery System (ACRS) normalization provided by the Economic Recovery Tax
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDI ARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 1.
Summary of significant accounting policies (continued)
Deferred income taxes: (continued)
Act of 1981 (ERTA) for property acquired after December 31, 1980.
Deferred taxes are not provided on other book-tax differences, except for differences in amortization relating to certain pollution control facilities, the nuclear fuel and spare parts.
In an order dated November 14,
- 1978, the CPUC allowed Western Slope Gas Company to include as an operating expense the provision for deferred income taxes resulting from the use of accelerated dcpreciation on property additions made on or after April 1, 1977.
Deferred taxes are not provided on other book-tax differences.
In accordance with an order dated June 13, 1969, from the Public Service Commission of Wyoming, Cheyenne Light, Fuel and Power Company provides for deferred federal income taxes on the difference between depreciation as computed for accounting purposes and tax purposes.
In accordance with an order from the CPUC, Home Light and Power Company provides for deferred income taxes on the difference between depreciation as computed for accounting
(
}
purposes and tax purposes.
In accordance with the requirements of the Financial Accounting Standards Board, Fuelco provides for deferred income taxes applicable to explorF. tion and development costs.
Fuelco also provides for deferred income taxes on certain other book-tax differences.
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PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 1.
Summary of significant accounting policies (continued)
Investment credit:
The investment credit provided by ERTA and investment credits provided by previous tax laws are being deferred and amortized to income over the productive lives of the related property.
The Employee Stock Ownership Plan was established, effec-tive January 1, 1976, to enable the Company to claim under the Tax Reduction Act of 1975 and the Tax Reform Act of 1976, an additional one percent iavestment credit on its consolidated federal tax return for contributions to a trustee for eligible employees.
Contributions are made in cash or the Company's Common Stock and, if cash, are invested in the Company's Common Stock.
The Plan also enables the Company to claim an additional one-half percent investment credit to the extent of employee contributions which are to be matched by the Company.
The Plan also permits limited additional contributions by employees.
Amortization of debt premium, discount and expense:
Debt premium, discount and expense is being amortized by charges to income over the respective original lives of the applicable issues.
Allowance for funds used during construction (AFDC):
AFDC, which does not represent current cash earnings, is defined in the system of accounts prescribed by the Federal Energy Regulatory Commission (FERC) and the CPUC as the net cost during the period of construction
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 1.
Summary of significant accounting policies (continued)
Allowance for funds used during construction (AFDC): (continued) of borrowed funds used for construction purposes, and a reasonable rate on funds derived from other sources.
In accordance with such system of accounts, the Company capitalizes AFDC as a part of the cost of utility plant, with a credit to nonoperating income for the portion of AFDC attributable to equity funds and a reduction of interest charges for the portion of AFDC attributable to borrowed funds.
The capitalization of AFDC results in the inclusion of AFDC in rate base and the recovery thereof through future billings to custom-ers.
In its November 1977 order, the CPUC directed that in the future, the Company is to capitalize AFDC at its authorized rate of return, but not to exceed the amount allowed by the formula prescribed by the FERC.
Accordingly, the rates used by the Company in 1981 were 10.19%
for the first eleven months and 10.75% for December.
These rates represented the Company's authorized rates of return at that time and did not exceed the amount allowed by the formula prescribed by the FERC.
t l
Revenues:
~
The Company reads customers' meters on a cycle basis, and renders bills each month.
Revenues are recorded when the customers are billed.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 2.
Capital stock Shares Amount Cumulative preferred stock, $100 par value:
Authorized 3,000,000 Issued and outstanding:
Not subject to mandatory redemption:
4.20% series 100,000
$ 10,000,000 4-1/4% series (includes
$7,500 premium) 175,000 17,507,500 4-1/2% series 65,000 6,500,000 4.64% series 160,000 16,000,000 4.90% series 150,000 15,000,000 4.90% 2nd series 150,000 15,000,000 7.15% series 250,000 25,000,000 Total 1,050,000
$105,007,500 Subject to mandatory redemption:
7.50% series 300,000
$ 30,000,000 8.40% series 344,000 34,400,000 12.50% series 250,000 25,000,000 Total 894,000
$ 89,400,000 Cumulative preferred stock
($25), $25 par value:
Authorized 4,000,000 Issued and outstanding:
Not subject to mandatory redemption:
8.40% series 1.400,000
$ 35,000,000 Camon stock, $5 par value:
Authorized 80,000,000 Issued and outstanding 44,895,939
$224,479,695 Premium on comon stock 361,343,857 Installments received from employees on subscriptions aggregating
$122,925 for 8,195 shares 40,423
$585,863.975
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 2.
Capital stock (continued)
Changes in common stock and premium on common stock for 1981 are as follows:
Premium on Price range Cormnn cornnon per share stock stock Balance, Ibcember 31, 1980
$199,948,765
$314,442,210 895,405 shares sold under Dividend Reinvestment Plan
$12.94 to 14.69 4,477,025 7,529,815 475,073 shares sold under Dnployee Stock Ownership Plan
$13.50 to 14.56 2,375,365 4,114,189 21,960 shares sold to employees
$11.50 109,800 142,740 12,041 shares sold to employees
$13.13 60,205 97,833 3,501,707 shares sold to the public and employees
$15,00 17,508,535 35,017,070 Balance, December 31, 1981
$224,479,695
$361,343,857 The preferred stock may be redeemed at the option of the Company upon at least 30, but not more than 60 days' notice, in accordance with the following schedule of prices plus an amount equal to the accrued dividends to the date fixed for redemption:
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 2.
Capital stock (continued)
$100 par value:
Not subjcct to mandatory redemption:
4.20% series:
$101; 4-1/4% series:
$101; 4-1/2%
series:
$101; 4.64% series:
$101; 4.90% series:
$101; 4.90% 2nd series: $101; 7.15% series:
$105 prior to March 1, 1982, $102.50 thereafter but prior to March 1,
1987, and $101 on and after that date.
Subject to me.ndatory redemption:
7.50% r,e ries :
$112 on or prior to August 31, 1983,
$105 on or prior to August 31, 1984, and reducing each year thereafter by
$.25 per share until August 31, 2003, after which the redemption price is $100; 8.40%
series:
$112 on or prior to July 31, 1984, $105 on or prior to July 31, 1985, and reducing each year there-after by $.25 per share until July 31, 2004, after which the redemption price is $100; 12.50% series:
$106.25 on or prior to June 30, 1984 (not callable l
prior to July 1, 1983), $105.21 on or prior to June 30, 1985, $104.17 on or prior to June, 30, 1986, $103.13 on or prior to June 30, 1987, $102.09 on or prior to June 30, 1988, $101.05 on or prior to June 30, 1989, after which the redemption price is $100.
Starting in 1984 and in each year thereafter, the Company will offer to repurchase up to 12,000 shares of l
the 7.50% series at $100 per share, plus accrued divi-dends to the date set for repurchase; starting in 1985 and in each year thereafter, the Company will offer l
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PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 2.
Capital stock (continued)
Subject to mandatory redemption: (continued) to repurchase up to 13,760 shares of the 8.40% series at $100 per share, plus accrued dividends to the date set for repurchase; starting in 1986 and in each year thereafter, the Company will set aside in a sinking fund an amount sufficient for the redemption of 50,000 shares of the 12.50% series at $100 per share, plus accrued dividends to the date set for reparchase.
The Company shall be entitled, at its option, on any one of the sinking fund redemption dates, to redeem up to 50,000 shares of the 12.50% series,'in addition to the shares otherwise required to be redeemed on such sink-ing fund redemption date, at $100 per share ~ plus an amount equal to the accrued and unpaid dividends there-on to such sinking fund redemption date;
- provided, i
however, that the option of the Company to so redeem up to 50,000 additional shares of the 12.50% series may be exercised only once.
$25 par value:
Not subject to mandatory redemption:
8.40% series:
$26.50 prior to December 1, 1986, $25.75 thereafter but prior to December 1, 1991, and $25.25 on
'I or after that date.
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PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 3.
Long-term debt Public Service Company of Colorado:
First mortgage bonds:
3-1/8% series, due October 1, 1984
$ 20,000,000 15% series, due March 1, 1987 50,000,000 4-3/8% series, due May 1, 1987 30,000,000 4-5/8% series, due May 1, 1989 20,000,000 4-1/2% series, due October 1, 1991 30,000,000 4-5/8% series, due March 1, 1992 8,800,000 4-1/2% series, due June 1, 1994 35,000,000 5-3/8% series, due May 1,
1996 35,000,000 5-7/8% series, due July 1, 1997 35,000,000 6-3/4% series, due July 1, 1998 25,000,000 8-3/4% series, due September 1, 2000 35,000,000 7-1/4% series, due February 1, 2001 40,000,000 7-1/2% series, due August 1, 2002 50,000,000 7-5/8% series, due June 1, 2003 50,000,000 9-3/8% series, due October 1, 2005 49,500,000 8-1/4% series, due November 1, 2007 50,000,000 9-1/4% series, due October 1, 2008 50,000,000 16-1/4% series, due December 1, 2011 50,000,000 Pollution Control Series A, 5-7/8%,
due March 1, 2004 24,000,000 Pollution Control Series B:
6-5/8%, due December 1, 1985 10,500,000 7-1/8%, due December 1, 1990 2,000,000 7-5/8%, due December 1, 1995 2,500,000 8%, dim December 1, 2004 35,000,000
(
Pollution Control Series C:
7-1/4%, due October 1, 2004 15,000,000 t
l 7-3/8%, due October 1, 2005 1,960,000 7-3/8%, due October 1, 2006 2,105,000 7-3/8%, due October 1, 2007 2,260,000 7-3/8%, due October 1, 2008 2,425,000 l
7-3/8%, due October 1, 2009 26,250,000 Pollution Control Series D:
13-3/4% due November 1, 2011 27,380,000
~
Less amounts held in construction fund (424,960)
Unamortized premium 1,368,228 Unamortized discount (980,343) 814,642,925
\\
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 3.
Long-term debt (continued)
Cheyenne Light, Fuel and Power Company:
First mortgage bonds:
3-3/4% series, due May 1, 1985 892,500 5-1/2% series, due April 1, 1990 1,327,500 7-7/8% series, due April 1, 2003 4,000,000 Western Slope Gas Company:
Unsecured promissory notes:
10%, due September 25, 1986 4,000 7-3/4%, due December 1, 1997 20,000,000 10.35%, due December 1, 1999 10,000,000 1480 Welton, Inc.:
4-3/4% secured notes, payable in equal quarterly installmer.ts of $168,388 to June 1, 1992 coverin'g principal and interest 5,125,689 G%
12% mortgage ndtes payable, due in installments through 1987 130,131 Secured promissory note, due in annual; installments to January;9,.1984.
Interest. rate at prime -lessi 2F (18-1/,2% in 1981-)
144,000 Fuel Resources > Development Co.:
' ' Unsecured not'e payable (ef fec'tive interest rate 7-1/4%), due'in annual principal installments of $1,066,016 through 1983 1,066,015
' Ilome / Light andi Power Company:
First mortgage bonds:
4% series, due Februs.ry 1, 1986 375,000 5-1/2% series; due S'epVWmber 1, 1989 335,000 711,000 6%; series, due. April 1, 1997
.. 7-7/8% series, due December 1, 2002 2,163,000 10-3/8% series,.due January 1, 2003 3,580,000 Bannock Center Corporation:
501/8% - 14% mortgage notes payable, due in installments through 1996 1,162,798 x;
1$865,659,558 p
3 3
/ r-6 i
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.,r
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PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCI AL STATEMENTS December 31, 1981 3.
Long-term debt (continued)
The 4-3/4% notes of 1480 Welton, Inc. are secured by a mortgage on land in downtown Denver and an assignment of the lease between 1480 Welton, Inc. and the Company under which the latter is the lessee of the office building located thereon.
The Company has agreed to make such advances to Western Slope Gas Company, Fuel Resources Development Co. and 1480 Welton, Inc. as may be required for those companies to meet their obligations under their existing long-term debt.
The aggregate annual maturities and sinking fund require-ments during the five years subsequent to December 31, 1981 are:
$6,138,000 (1982),
$6,138,000 (1983),
$25,938,000 (1984), $16,43 8,000 (1985), and $5,938,000 (1986) for the Company; and $2,791,000 (1982), $1,971,000 (1983), $985,000 (1984), $2,381,000 (1985), and $1,893,000 (1986) for its subsidiaries.
The Company has been satisfying its sinking fund obligations through the application of property additions, and Cheyenne Light, Fuel and Power Company has been satisfying $60,000 annually through the application of property additions.
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PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981
~
4.
Notes payable Information regarding notes payable for the year ended December 31, 1981 is as follows:
Notes payable to banks (weighted average interest rate 13.29% at December 31, 1981)
$ 27,075,000 Commercial paper (weighted average interest rate 13.24% at December 31, 1981) 34,055,000
$ 61,130,000 Maximum amount outstanding at any month-end during the period
$106,075,000 Weighted average amount (based on the daily outstanding balance) outstanding for the period (weighted average interest rate 16.24% for the year ended December 31, 1981)
$ 34,451,813 5.
Bank lines of credit, compensating bank balances and bankers' acceptance facilities Arrangements for bank lines of credit totaled $117,597,000 at December 31, 1981.
These lines consisted of $23,297,000 maintained by compensating balances and $94,300,000 main-tained by fee payments in lieu of balances.
The compensa-
~;
ting bank balance arrangements provide that the Company maintain average compensating balances in the amount of
$2,329,700 for the period ending December 31, 1981, and do not legally restrict the right of the Company to withdraw these compensating cash balances.
These bank lines of
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 5.
Bank lines of credit, compensating bank balances and bankers' acceptance facilities (continued)
~
credit are also used to support the Company's issuance of commercial paper.
Arrangements for bankers' acceptance facilities amounting to
$10,000,000 were available at December 31, 1981.
These arrangements are not supported by either fees or compensating balances.
6.
Commitments and contingencies Commitments made by the Company for the purchase of various items of plant and equipment aggregated approximately
$149,000,000 at December 31, 1981.
The aggregate estimated annual commitments as of December 31, 1981 under long-term leases are as follows:
Year Commitments (Thousands of dollars) 1982
$1,693 1983 1,518 1984 1,411 1985 1,242 1986 1,218 1987-1991 5,502 1992-1996 3,479 1997-2001 683 The Company has entered into various leases for transporta-tion equipment and miscellaneous office equipment which would be classified as capital leases as defined by the I
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 6.
Commitments and contingencies (continued)
Securities and Exchange Commission and the Financial Accounting Standards Board in Statement No. 13, " Accounting for Leases."
The Company has been advised by the CPUC that it has not adopted Financial Accounting Statement No. 13 and it nas instructed the Company to continue to adhere to the existing Uniform System of Accounts.
Had these leases been capitalized, the balance sheet at December 31, 1981 would include in
- property, plant and equipment
$11,074,000 representing capitalized leases with an accumulated amortization of $1,351,000.
Long-term debt would include noncurrent obligations under capital leases of $9,153,000 and current liabilities would include current obligations under capital leases of $770,000.
The charges to the income statement representing total lease payments recorded as rent expense were $87,000 less than the amount that would have been charged as amortization and interest expense had these leases been capitalized.
The Internal Revenue Service has under examination the Federal income tax returns of the Company and certain of its subsidiaries for 1973 through 1979.
The examiners propose to include in income Fort St.
Vrain Nuclear Generating Station contract refunds applied to plant costs and part of the 1979 contract settlement. The Company is resisting these proposals and believes that the final outcome of these matters will not have a material effect on the reported financial position or results of operations of the Company.
pUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 7.
Retirement plan Total provision for pension expense under the Company's noncontributory defined benefit retirement plan covering all eligible employees was $13,708,000 in 1981.
The Company's ac ulated plan benefits and plan net assets as of the e i
of the plan's fiscal year, June 30, 1981, is presented below (in thousands of dollars):
Actuarial present value of accumulated plan benefits:
Vested
$ 85,000 Nonvested 8,000 Total
$ 93,000 Market value of net assets available for benefits
$140,625 The weighted average assumed rate of return used in deter-mining the actuarial present value of accumulated plan benefits was 9-1/2% for the fiscal year ended June 30, 1981.
The actuarial present value of accumulated plan benefits is g stally based on employees' history of pay and service and other appropriate factors as of the benefit
~
valuation date, and does not include anticipated future increases in employee compensation.
An evaluation of accumulated plan benefits as of December 31, 1981, was not made.
However, the market value of the not assets available for benefits at that date was approximately $144,057,000.
Effective December 1, 1978, the Company's Board of Dir,ectors began authorizing supplemental payments to retired employees and surviving beneficiaries for employees who retired prior l
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PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 7.
Retirement plan (continued) to January 1, 1977.
These payments were approximately $472,000 in 1981.
They do not constitute an employee pension benefit plan and are subject to approval annually.
Payments are made from the general assets of the Company.
8.
Income tax expense Total income tax expense was less than the amount computed by applying the federal statutory rate to pre-tax accounting income.
The reasons for this difference are as follows:
Tax computed at statutory rate on pre-tax accounting income
$77,701,708 Increase (decrease) in tax from:
Difference between tax and book depreciation 4,254,515 Allowance for funds used during construction (13,166,909)
Amortization of investment credit (4,399,106)
State income taxes, net of federal income tax benefit 2,399,281 Other - net 1,124,471 Total income tax expense
$67,913,960
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5
pUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 I
8.
Income tax expense (continued)
Income tax expenso consists of the following:
Current income taxes:
Federal
$22,148,797 State 1,038,768 23,187,565 Deferred income taxes:
Nuclear fuel and spare parts 1,264,000 Accelerated amortization 438,914 Accelerated depreciation 18,216,949 Intangible drilling costs 1,466,000 Capitalized interest 25,000 Lease and well impairments - net 1,168,000 22,578,863 Charge equivalent to reduction in income taxes due to deferred investment tax credit, net of amortization 22,147,532 Total income tax expense
$67,913,960 The Company has state investment tax credit carryovers of
$6,102,586, expiring in 1987 and 1988, available to offset future state income taxes.
9.
Taxes (other than income taxes) i i
Real estate and personal property taxes
$33,666,847 Franchise taxes 16,663,875 Social security taxes 9,968,737 s
City and state use taxes 3,794,082 Miscellaneous taxes 2,296,512
$66,390,053 Charged:
Directly to income:
Operating expenses
$64,001,172 Other 158,490 i
To property, plant and equipment and various clearing accounts 2,230,391
$66,390,053
=
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1980 0
10.
Segments of business o
Segment information for the year ended December 31, 1981 is as follows:
Electric Gas Other Total (Thousands of dollars)
Operating revenues
$ 742,104
$582,434
$11,633 $1,336,171 Operating expenses, excluding depreciation 501,238 547,071 5,249 1,053,558 Depreciation 58,157 13,753 1,733 73,643 Total operating expenses 559,395 560,824 6,982 1,127,201 Operating income *
$ 182,709
$ 21,610
$ 4,651 $ 208,970 Plant construction expenditures ** $ 191,491
$ 38,546
$26,710 $ 256,747 Identifiable assets, Deceber 31, 1981:
Utility plant **
$1,712,445
$308,023
$68,682 $2,089,150 Materials and supplies, excluding $192 of mer-chandise for resale 36,738
$ 8,733 644 46,115 Fuel inventory 65,475 229 65,704 Gas in underground storage
$ 12,728 12,728 Other corporate assets 217,271
$2,430,968 Before income taxes and interest expense
- Includes allocation of cmmon utility property
pUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981
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11.
Fort St. Vrain Settlement On June 27, 1979, the Company and the prime contractor for the Fort St.
Vrain Nuclear Generating Station, General Atomic Company (G AC), which is an equal partnership of Scallop Nuclear Inc. (a company of the Royal Dutch Shell Group) and Gulf Oil Corporation entered into a Settlement Agreement, a Services Agreement and a Fuel and Fabrication Agreement satisfying and settling all contracts and claims between the Company and GAC relative to Fort St.
Vrain.
The terms of these Agreements include the following:
(a) GAC paid to the Company, upon execution of the Settlement Agreement,
$60,000,000 as an adjustment of the plant cost for the reduction in the plant's i
capacity from 330 Mw at 80% capacity factor to 200 Mw at 60%
capacity factor; however, GAC made no warranty as to the capa-city of the plant; (b) GAC will contribute to the Company, between 1980 and 1984, $97,050,427 for the cost of replacing the 130 Mw reduction in capacity at Fort St. Vrain with future electric generating facilities and $8,068,791 reimbursement for shipment, storage, handling and disposal of spent nuclear fuel i
for which the Company will bear the responsibility and the cost; (c) ownership of the reactor core and all fuel elements at the plant was transferred to the Company by GAC as of Janu-ary 1, 1979, and GAC will make available to the Company, at no charge (except certain possible incremental costs),
nuclear fuel elements sufficient to operate the plant at 200 Mw at 60%
capacity through December 31, 1984, or until 16,166,400 Mwh j
thermal are produced, or could have been produced, whichever is earlier; (d) through 1992, GAC will provide or arrange to i
- ~ _ _ _ _. _.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 11.
Fort St. Vrain Settlement (continued) provide fuel fabrication services to the Company, and the Company will reimburse GAC for GAC's cost, for the manufacture of additional fuel elements for use at Fort St. Vrain as the Company, at its own discretion, may schedule; (e) GAC trans-ferred ownership of spare parts and equipment for the plant, effective January 1, 1979; (f) GAC will fund, up to $5,000,000, the study and resolution of certain plant performance problems; (g) GAC will fund, up to $10,000,000, work related to certain open work items, documentation and seismic studies; (h) upon execution of the Settlement Agreement but effective as of January 1, 1979, the Company received title to the Fort Lupton Gas Turbine Units; and (i) upon execution of the Settlement Agreement but effective as of January 1,
- 1979, the Company accepted Fort St. Vrain for commercial operation.
12.
Effects of changing prices (unaudited)
The following supplementary information is supplied in accordance with the requirements of Financial Accounting Standards Board (FASB) Statement No. 33, " Financial Reporting and Changing prices", in order to provide certain information about the effects of general inflation and changes in specific prices on the historical cost financial data of the Company.
This supplementary information should be viewed as an estimate rather than a precise measure.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981
~
12.
Effects of changing prices (unaudited) (continued)
Two methods have been pre ;cribed for measuring the effects of changing prices.
The Constant Dollar method restates histori-cal financial data to units of equivalent purchasing power by applying the Corsumer Price Index for All Urban Consumers (CPI-
+
U) to the original historical cost of the Company's surviving
- property, plant and equipment.
Constant Dollar adjusted information indicates how the Company has been affected by the decline in purchasing power of the dollar (general inflation).
The Current Cost method adjusts historical financial data to reflect changes in the specific prices of the Company's 4
property, plant and equipment from the date these assets were acquired to the present.
This estimated cost of replacing the productive capacity of existing plant assets is primarily
]
determined by indexing surviving property, plant and equipment (including land, land rights, property held for future use, and construction work in progress) by the Handy-Whitman Index of Public Utility Construction Costs.
Current Cost adjusted information indicates how the Company has been affected by the increased cost of maintaining its existing productive capacity.
Current Costs differ from Constant Dollar amounts to the extent that specific prices have increased more or less than prices in
~;
general.
As shown in the following statement, income from continuing j.,
operations developed under both Constant Dollar and Current Cost methods is lower than that determined under the historical cost method used for the primary financial statements.
Of the revenue and expense elements from which the income rigure is
- derived, only depreciation expense has been restated by
r b
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 12.
Effects of changing prices (unaudited) (continued) e applying the Company's depreciation rates to the indexed amounts of Constant Dollar and Current Cost adjusted property, plant and equipment.
All other income statement items al - considered to have been effectively transacted at average price levels for the current year, and accordingly have not been restated.
Fuel inventories, the cost of fuel used in generation, and gas purchased for resale have not been restated from their historical cost in nominal dollars.
Regulation limfts the recovery of fuel and purchased gas costs through the opera-tion of adjustment clauses or adjustments in basic rate schedules to actual costs.
For this reason fuel and gas inventories are effectively monetary assets.
j As prescribed in FASB Statement No. 33, income taxes were not adjusted to reflect the effects of changing prices.
This requirement is appropriate, since current income tax policy ignores the effects of inflation in measuring taxable income and the higher depreciation expense experienced under Constant Dollar and Current Cost accounting is not tax deductible.
The Company's effective income tax rate, when taxable income has been adjusted for inflation, is 75% under the Constant Dollar method and 132% under the Current Cost method for 1981, both of which exceed the reported effective tax rate of 40% and the statutory rate of 49%.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981
[
12.
Effects of changing prices (unaudited) (continued)
Statement of Income from Continuing Operations o
Adjusted for Changing Prices for the Year Ended December 31, 1981 (Thousands of dollars)
As reported Constant dollar Current cost historical average average cost 1981 dollars 1981 dollars Operating revenues
$1,336,171
$1,336,171
$1,336,171 Fuel used in generation expense 171,657 171,657 171,657
' Gas purchased for resale expense 462,291 462,291 462,291 Depreciation expense 73,643 151,742 191,007 Other operating and unintenance expense 419,610 419,610 419,610 Income tax expense 67,914 67,914 67,914 Interest expense 63,765 63,765 63,765 Other inccrne and deductions - net (23,464)
(23,464)
(23,464) 1,235,416 1,313,515 1,352,780 Income (loss) from continuing operations (excluding reduction to net recoverable amount)
$ 100,755 22,656*
$ (16,609)
Increase in specific prices (current cost) of property, plant and equipment held during the year **
$ 636,636 Effect of increase in general price level (373,328)
Reduction to net recoverable amount (Note A)
$ (103,421)
(327,464)
Excess of increase in general price hvel over increase in specific prices alter reduction to net recoverable amount (64,156)
Gain from decline in purchasing power
~
of net amounts owed (Note B) 108,142 108,142 Net 4,721 43,986 t
l Including the reduction to net recoverable amount, the inccme (loss) from continuing operations on a constant dollar basis would have been $(80,765) for 1981.
- At December 31, 1931, current cost of property, plant and equipnent, net of l
accumulated depreciation was $4,486,032, while historical cost (or net cost l
recoverable through depreciation) was $2,089,150.
i L
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 12.
Effects of changing prices (unaudited) (continued)
Note A.
Reduction to Net Recoverable Amount Under the CPUC and FERC rate-making provisions to which the Company is
- subject, only the historical cost of plant is recoverable in revenues as an amount equal to depreciation.
Therefore, the portion of the cost of plant stated in terms of Constant Dollars or Current Cost which exceeds the historical cost of plant and is not presently recoverable in rates as depreciation has been reflected as the
" Reduction to Not Recoverable Amount."
While the rate-making process gives no recognition to the current cost of replacing property, plant and equipment, based on past practices the Company believes it will be allowed to earn on the increased cost of its net investment when replacement of facilities actually occurs.
Note B.
Gain from Decline in Purchasing Power of Net Amounts Owed This memorandum caption shows the net effect of inflationary value changes on those Company assets and liabilities carried on the balance sheet at fixed or determinable monetary settlement amounts.
During a period of inflation, holders of monetary assets sustain a loss of general purchasing power while holders of monetary liabilities experience a gain.
The Company's " Gain from Decline in Purchasing Power of Net Amounts Owed" is primarily attributable to the substantial amount of debt and preferred stock which has been used to finance property, plant and equipment.
(In calculating this gain, preferred stock has been classified as a monetary item, which is consistent with its treatment for rate-making purposes.)
Such amount does not represent funds available for distribution to shareholders.
To properly reflect the economics of rate regulation in the Statement of Income from Continuing Operations, the " Reduction to Net Recoverable Amount" should be offset by the
" Gain from Decline in Purchasing Power of Net Amounts Owed."
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 12.
Effects of changing prices (unaudited) (continued)
Five Year Comptrison of Selected Financial Dtta Adjusted for Effects of Changing Prices (In average 1981 dollars, except "As reported" amounts)
(Thousands, except per share amounts)
Years ended December 31, 1981 1980 1979 1978 1977 Operating revenues:
As reported
$1,336,171
$1,155,644 $ 926,0'O
$ 729,778
$613,299 Adjusted to constant dollars 1,336,171 1,276,453 1,161,226 1,018,104 921,131 Income (loss) from contintr-ing operations (excluding reduction to net recoverable amoun t):
As reported 100,755 85,027 55,809 kijusted to constant dollars 22,656 26,057 17,122 Adjusted to current cost (16,609)
(18,092)
(36,604)
Income (loss) per corrmon simre (af ter dividend requirements on preferred stock):
As reported 1.97 1.92 1.35 kijusted to constant dollars (excluding reduction to net recoverable amount)
.14
.27
.01 hijusted to current cost
(.78)
(.95)
(1.71)
Excess of increase in general price level over increase in specific prices after reduc-tion to net recoverable amount 64,156 125,017 152,780 Gtin from decline in purchasing power of net amounts omi 108,142 147,077 163,054 Net assets at year-end at net recoverable amount 706,236 600,250 657,439 Cash dividends declared per ccrmon share:
As reported 1.68 1.60 1.60 1.53 1.46 Adjusted to constant dollars 1.68 1.77 2.01 2.13 2.20 Market price per comnn share at yea r-end:
As reported 14.25 14.25 13.38 16.75 18.88 kijusted to constant dollars 13.67 15.00 15.84 22.50 27.66 Average consumer price index*
272.6 24 6.8 217.5 105.4 181.5 Base year 19G7 1'O.0
=
.~
n.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES l
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS December 31, 1981 13.
Quarterly financial data (unaudited) i Summarized quarterly data (in thousands of dollars - except for per share amounts) for 1981 is as follows:
1981 Three months ended March 31 June 30 September 30 Decmber 31 i
Operating revenues
$387,850
$310,752
$277,582
$359,987 Operating income
$ 41,766
$ 33,109
$ 30,951
$ 35,230
)
Net income
$ 32,024
$ 22,100
$ 22,649
$ 23,982 Earnings available for cm:non stock
$ 27,859
$ 17,935
$ 18,484
$ 19,817 Average coninon shares 1
outstanding (thousands) 40,138 41,569 44,406 44,799 i
Earnings per average cmunon share *
$0.69
$0.43
$0.42
$0.44 Due to rounding, quarterly figures do not add to annual total.
l 1
0 e
I i
i d
'i c
O e
e e
G G
O
r 1
' l PUBLI ei Ccamm stock of subsidiaries Retained earnings of subsidiaries at dates of acquisition Retained earnings of subsidiaries since dates of acquisition (including $2,891,340 and $6,485 of earnings in 1981 attributable to parent and mincrity interest, respectively)
Property. plant and equipnent - steam and other (excess of carrying value of investmmt in consolidated subsidiaries over the equity applicable thereto at the respective dates of acquisition)
Deferred credits - other (minority interest)
Investment in consolidated subsidiaries To eliminate investment in consolidated subsidiaries, as follows:
i iess capital C munon transactions stock at after Dectsnber date of i
31, 1981 acquisition j
Cheyenne Light, Fuel and Ibwer Campany
$ 3,000,000 Ilome Light and Ibwer Congany (IILP) 5,870,313 Western Slope Gas Ctropany 14,500,000 7,100,000 Fuel Resources Developnent Company 25,300,000 15,000,000 1480 Welton, Inc.
50,000 Green and Clear iakes Company 25,000 Bannock Center Corporation 9,800,000 9,550,000 58,545,313 31,650,000 Irss minority intemst (IILP)
(30,702)
$58,514,611
$31,650,000 l.
s
(
l
[
FRVICE COMPANY OF COLORADO AND EUBSIDIARIES i
TFMlWP OF CONSOLIDATING ELIMINATIONS December 31, 1981 (1)
Lbbit Credit
$58,545,313 2,970,333 8,368,712 640,763 63,741 70,461,380 At dates of acquisition Accumulated Investment in Fquity applicable to investments undistributed consolidated in consolidated subsidiaries Excess earnings subsidiaries Cm mon Retained of cost since dates of at Deconber sterk earnings Total over equity acquisition 31, 1981
$ 3,000,000 69,139
$ 3,069,139
$(69,139)
$ 5,174,503
$ 8,174,503 5,870,313 2,935,453 8,805,766 3,381,774 12,187,540 7,400,000 (34,259) 7,365,741 633,052 9,248,836 24,347,629 10,300,000 10,300,000 (11,932,673) 13,367,327 50,000 50,000 2,888,571 2,938,571 25,000 25,000 76,850 101,850 250,000 250,000 (392,299) 9,407,701 26,895,313 2,970,333 29,865,646 640,763 8,368,712 70,525,121 i
(30,702)
(15,353)
(46,055)
(17,686)
(63,741)
- $26,861,611
$2,954,980
$29,819,591
$640,763
$ 8,351,026
$70,461,380 r
J 4
f t
PUDLII Accounts and notes payable to associated cmpanies long-tenn debt (portion of note payable classified as long-tenn debt - 1480 Welton, Inc.)
Investrents - notes receivable from subsidiaries consolidated Accounts and notes receivable fran associated companies To eliminate interempany accounts and notes, as follows:
Current Iong-term notes anc notes accounts Payable by:
Cheyenne Light, Fuel and Power Comptny 288,2E lime Light and Ibser Company 1,594,4C Fuel Resources Developnent Co.
13,510,0C 1480 Welton, Inc.
3,722,026 1,300,0f 3,722,026 16,692,7.
Public Service Company of Colorado 1,249,7E Western Slope Gas Company 288,5z 1,538,3 l Public Service Cmpany of Colorado 17,223,71 Public Service Company of Colorado 392,1:
Public Service Canpany of Colorado 349,2' Bannock Center Corporation 35,8:
$ 3,722,026
$36,231,95 l
\\
I i
1 SEltVICE COMPANY OP 00UX1 ADO AND SUBSI'1! ARIES STATFMENT OF CONSOLIDATING ELIMINATIONS December 31, 1981 (2)
Debit Credit i
$36,231,991 3,722,026
$ 3,722,026 36,231,991 i
Total Receivable by:
288,283 e.
1,594,400 e
13,510,000 e
5,022,076 4
.20,414,759 Public Service Company of Colorado 1,249,795 4
2d8,549 1,538,344 Fuel Resources Development Company 17,223,720 Western Slope Gas Canpany 392,141 1480 Welton, Inc.
349,235 Bannock Center Corporation-8 35,818 1480 Welton, Inc.
$39,954,017 i
f
(
PUBLIC SER STAT Operating revenues - electric Operating revenues - gas Operating revenues - other Fuel used in generation Gas purchased for resale Purchased power Other operating expenses To elinanate intercanpany revenues as follows:
Total Electric operating revenues:
Wheeling charge by Public Service Company of Colorado to Cheyenne Light, Fuel and Ibser Company 463,483 Revenue from ikme Light and Ibwer Company for electricity purchased fran Public Service Canpany of Colorado 15,117,630 15,581,113 Gas operating revenues:
Western Slope Gas Company sales to Public Service Company of Colorado for resale and boiler fuel 108,062,929 Reclassification of cost to Western Slope Gas Company of gas which was sold for use as a fuel in generating electricity by Public Service Canpany of Colorado Fuel Resources Development Canpany sales to Western Slope Gas Company for resale 1,940,287 110,003,216 Other operating revenues:
Rent charged by 1480 Welton, Inc. to Public Service Company of Colorado 1,733,282 Rent charged by Bannock Center Corporation to Public Service Company of Colorado 1,800 Rent charged by Bannock Center Corporation to 1480 Welton, Inc.
11,940 1,747,022
$127,331,351
(
1
/ ICE CCNPANY OF COWRADO AND SUBSIDIARIES MEfC OF CONSOLIDATING ELIMINATIONS Dxxmber 31, 1981 (3)
Debit Credit
$ 15,581,113 110,003,216 1,747,022 807,285 109,195,931 15,117,630 2,210,505 Fuel Gts Other used in purchased Purchased operating generation for resale power expenses
$ 463,483 15,117,630 15,117,630 463,483 8,035,422 100,027,507 (7,228,137) 7,228,137 1,940,287 807,285 109,195,931 1,733,282 1,800 11,940 1,747,022
$ 807,285
$109,195,931
$15,117,630
$2,210,505 f
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES a
STATEMENT OF CONSOLIDATING ELIMINATIONS December 31, 1981 (4 )
r Debit Credit Other income - interest from subsidiaries
$2,798,984 Interest charges - other interest
$2,796,984 To eliminate from other inccrne the following interest income of Public Service Company of Colorado from:
Cheyenne Light, Fuel and Ibwer Company $
32,466
'Home Light and Ibwer Company Western Slope Gas Company 118,538 1480 Welton, Inc.
429,258 Fuel Resources Development Company 2,184,614 Bannock Center Corporation 34,108
$2,798,984 (5 )
Accumulated deferred income taxes 16,000 Investments - subsidiaries consolidated 30,022 Property, plant and equipment -
steam and other 46,022 To eliminate intercompany profits in property, plant and equipment at December 31, 1981, and the related tax effect.
4 9
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REPORT
? ?iEiR.~~.';- ?[il $ $!l?& llllll W Qii q4,vi;!u.tq:, Y ?;~jd;yj;g:.gj;5
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t 4.2 x L J.nL R.ai;. w:p:. m nu Eamings and Dividends Retum on Equity (12 months endan (12 months ended)
I March 31 (Per Share) 1982 1981
(
,p+Qmings Earnings s2.oo N
14 */.
3 months ended
$0.84 $0.69
~
12 months ended
$2.14 $2.06
$1.80 13*4 E
Dividends pQrned Dmdend sm 12t.
Paid May 1 (Ouarterty) $0.44 $0.42 Paid 12 months ended $1.70 $1.62 1st 2nd 3d 4th 1st 1st 2nd 3rd 4th 1st 2'
Otr One 4.
Otr.
Otr.
Otr.
Otr.
Otr.
Otr.
Otr.
2 1981 - -
+
1982 1961 1982
._q, l
The weather this past winter quarter Management Declares returned closer to normal. With the Operating and I)ividend Increase id of 3To customer growth, electric Fi'nancial Outlook sales rose 590 and gas sales, ereased m
nearly 11%. Energy conservation and Thedividend paid to shareholders of lower industrial sales moderated the During the 1982-1986 period, energy common stock was increased SWo r te of increase in energy sales. Higher sales are projected to incicase at an on N! arch 23. This represents a 2 energy pnces and the effects of the average rate of 58'o annually for elec-economic recession have had a role in cent quarterly increase to 44 cents.
tricity and about 4To annually for gas.
The indiced annual rate is now reducing energy censumption.
These growth trends are based partly
$1.76 per share, on a 3%-4Wo average gain in ciectric The increase is in keeping with and gas customers.
management's policy of consistent Site for New Plant Construction expenditures during this period are forecast at nearly $1.2 annual dividend increases based in Shifted to Pawnee part on the past year's expenence billion, $200 milhon of which is for and the outlook for future earnings subsidiaries. Iludgeted expenditures in i982 amount to $2e4 million. The roi.
prospects. The percentage of earn-The planned site for the Company's 1 M"'ng f m yean average about $220 mgs paid out in dividends is presently next electric generating unit has shifted
"". n annually. Th,s forecast does i
intended to be 70-7500.
from the site in southeastern Colorado n t melude construction of any major We feel this approach to dividends to the Pawnee Plant location in north-generating facihty. On the basis of this is appropriate if our stock is to be eastern Colorado. The change of sites t, no new financings are likely competitive in today's financial is not a commitment to build. It just
]"'3 marketplace, means that if and when we build a new unit, it will be a second 500 megawatt, If construction begins on Pawnee coal-fired unit at Pawnee. Ilefore Unit #2 in 1984, expenditures will be actual construction could begin, we increased by nearly $500 million for Earnings Resume must first obtain the necessary certific_ the five-year period ending in 1986.
ates nd permits from federal, state Upward Trend and local regulatory agencies. No dates have been selected for requesting New Tar.ff Sought i
We are definitely encouraged by the tiiose permits.
hrst quarter results. Net income and The decision to select the Pawnee per share carnings are back on the up-site for a new unit was made primarily swing after a downturn during the for financial reasons. A second unit at Errectise April 23' 1987 a new second half of 1981. We can more Pawnee will cost about $750 milhon pricing mechanism requires new elec-fully resume the process we started m compared to nearly $1 bilh,on for a i
tric customers with demand in excess first unit at the s,te in southeastern 1980 of achieving a higher degree of of 10,000 kilow.atts or existing cus-financial health and vitality.
Colorado. N!uch of the basic equip-t mers who inertase their load by ment and facili.ies for a second power Earnings per share for the first 10,000 kilowatts or more to pay the pl nt are already m. place at Pawnee.
quarter rose to 84 cents from 69 cents 7g ;
g g7 g in the year-carlier quarter. This gain The condition of the financial mar-Customers in this category could improsed earnings for the 12 months kets and the economy, in general, and include those in large office buildings, ended Ntarch 31,1982 to $2.14 per some changes in the projected electric shopping malls, large government share, compared with the $2.06 per needs of our customers, indicate that installations, major mining c:perations share reported in the prior 12-month we should further defer the building of and oil shale development.
period and the $1.97 per share re_
two units on the southeast site until The request is another example of ported for calendar 19S1.
Pawnee #2 is completed.
our efforts to seek regulatory pohcies
, Preliminary plann.mg and engineer-that require new and growing cus-Earnings results in this quarter were mg previously directed toward the tomers to share more fully the finan-stronger than in recent quarters pri.
marily because of the initial effects of southeast site will be shifted t
~
cial burden of building new facilities.
a 9To general rate increase authorized Paw nee. Construction on Pawnee N!uch of the electric demand creating by the Colorado Public Utilities Com. Umt #2 vould begin no car /ier than a need for new generating facilities mission in December 1981, energy sales 1984 and would be scheduled for comes from existing customers using gains and customer growth. The service by 1988.
more energy.
weather during this past quarter was We will maintain the site in south-234'o colder than during the same eastern Colorado for construction of quarter a year ago when the Denver maior generating units during the N!ctro area was experiencing one of its 1990s.
warmest winters eve r.
\\
Public Service Company of Colorado and Subsidiaries Interim Statement of Consolidated Income Three Months Ended Mardi 31 Tweeve Months Ended March 31 me nee or -
mmene w 0*"*****
(Thousanos et Onitars) 1, 82 J_m
_q 9
~'
__1982_ _ _ ] 981 Operateng Revenues:
, _$214 406
$t 73.b06 23 6
$783.004
$666 659 17 5 s-E wtric Other.
4.747 3%4
[
639.113 536.257 19 2 Gas 267.629 210.9 %
26 9 12.986 11.327 g
4tio.782 187.853 '
25 5 P 1.435.103 1214243 18 2 e
Operating Espenses Fue us.ed w gewalion h
49.021
. ' 3/.890 29 4 182.788 171.721 64 Gas purcrwad to resate s
213 727 170.940 25 0
(
508.820 423.242 20 2 PurMsed poaer f
22.fe0 26 422 114 6) 109.377 103 604 56 Other(+ssimg espenses -
i 54 836 45 680 19 5 f
197.850 172.869 14 5 Mantanance i
. s3.624 10J17 27 1 p
32.643 46.135 14 1 Deprocessiori 2
21 783 18 441 18 1 f,
31L984 64472 19 4 T&aps nother than encome fases).
VJ107 12 117 73 6
64.891 42.229 53 7 income tanes
- Eric 23.6*7 63 8 e
83.027 60.070 38 2 427.34a 346.Cs 4 23 5 1.276.380 1.084.342 172 Operateng income Ai 59.434 41.7ik 42.3 h
158.723 129.901 22.2 Other tacome and Deducteo.s-
[
8.1:ceance tot equety tiend3 used during ccMtruction W17 4 298 (77 0)
L-14.337 15.569 (7 9)
%ReilGneou, incree and deductions-net.
1,414 2.0'4
['
S.174 7.781 Interest Charges-48.m 28 5 ire.234 i5uS1 16 3 eum s
interest on iong te Mebt. -
18.306 9.151 79 67.836 66.922 14 AmotNaf'on of debt <1 scount and sepense 6ess prera..um i
195 152 I
td2 592 Othee mterest.
1J87 1.176 52 0 8.279 5.601 47 8 Ano*ance for borrowec funds used during tonstruc'&.
(74 )
(2.383) 68 9 (9.391)
(13 9P61 32 9 19.747 16.006 22 7 67.416 59.129 14 0 Not income...
42.088 J.2024 31 4 110.818 94.122 77 Devidend Roguerements on Probered Stock 4.165 4.165 16.661 15.801 54 Earmngs Avedaule for Common Stock.
$ 37.9_2_3_
$_2_7.859 36 1
$ 94.157
$ 78.321 20 2 Shares of Common Stoch Outstanding (thousandar E ad of Per,0d 45.2E6 40228 12 5 4526b 40228 12 5 A vseage 45,136 40.138 12 5
- 43. tit 8 38.102 15 4
[armng3 Par $ hare on Average $ hares
_ $0_tt
_$2 06 39
$2.14
$0 69 21 7 The ar. counts of the Company, since Dacomber31.1981, have not been enamened by independent public accountants.
\\
Halance Sheet Source of Funds for Construction Twelve Months Ended March 31 March 31 1982 1981 1982 1931 (Thousands of Dollars)
(Thousands 8 Dollars) 0lant and Equepment sh Charges Mts) Age 6nst incane Not................
$110.818
$ 94.122 het incane.........
Property'Ptant. at cost Ut sit y
$2'7BP10
$2 Sf 2 707 Involt g Working Capital in the Current Period' Less accumulated depreciation Depreciation ct arged to operating espenses.
76.984 64 471 and emortuation 609.8V 614 903 Depreciation charged to clearing and 2.0Wt 552 i W 7.864 othe' accounts......................
6.114 5206 L. vestments. at cost
- AS 3y Anow.ance for funds used during constructiori.
(23.727)
(29 5551 d
20228 26 597
'"*'**"e' Cneta' "m. ' ** **"on.
25,323 W O2 Cunene Aaset:
30s.370 277 09 dew Deterred charges 34.437 20k41
- *
- 0P ns.
215J40 17 m 3
$2 o9 924^
$2.2:7.094
~
^~~ " '
On preterred stoca...........
(16.661)
(16.322)
Oa commoa stoch m'c'8md)
_._F6.0'0' (62 994)
CAPITAL and 1IABlullES Common S'ach
$ 590.697
% 517.710 Funds Retained in the Buseness...
123.069 96.627 Funds from Financing - het Proceeds'.
70.895 62.023 Retained Ea etntp 168 165 152 157 Proceeds from saie of common stocet.
38'8r 2 trA 867 proceeds from same of preferred stock....
24 861 Total Common E quity Pietened Stoch.
!?9.408 229 408 Proceeds from saae of first mortgage bonds..........
49.530 Long term Debt -
ace.064 819 212 Proceeds from saie of pollution control bonds and notes 25.573 25 959 Current Lesbmtiesi1) 33t,613 327.500 Proceeds from issue of long term notes.
2.307 2.523 249.0h.3 201.107 Funds trom Financing.
148.305 115 366 Deterred Credits
$9 439 e~ 4
$2.24 7 094 Funds from Settlement Agreement 7,993 2.357 Reductionin Longterm Debt.
(31.363)
(42.2701 ac e 4=
.a_==
Otrat Sources het.
8495 3.347 111 sociudas twies pavab e to Car'as -
11.334 8.325 Total Funds Availabee 256 499 175 427 Cnmmerciai paper OWiending.
12 %C 29.000 increase (Decreaselin wortting Capital.
21.387 (36 666)
Long term I tt) Due Withm One Year 7.954 17.261 Not Plan 1 Construction Expenditures............
236.112 212 093 Anowance for F anos used Durmg Construction..
23.727 29 555 Gross Plant Construction Espenditures.
$258.839
$241648
/
/
e'
t
/
- /
E qualifies under Presi.fent Reagan's
^
Ifome Light Subsidiary Economic Recovery Tax Act of 1981
~
Granted Rate Increase (ERTA). Individuals may elect to exempt up to $750 per year of divi-dend income ($1,500 on a joint return)
Financial-Dala The Company subsidiary llome Light if those dividends are reinvested in the and }{gjoS and P Ser C mpany was granted a common stock of a qualified undity.
rate increase effective March 17 of The exemption is available for tas
$594.000. The request was for years beginning after December 31, CAMrAUZAriON RAriGS
^ Ees,
$927.000. The rate of return on com. 1981 and before January'1,1986.
saa l
mon equity was increased to 15.7%.
Beginning with the Jur'e I,1982 Leo um D* -
46 '%
87 7 %
llome Light had asked for 16.93%. preferred dividend payment date, a
$3, _ -
llome Light senes electric energy to new feature will be offered. Share-
, cons icoos Greeley, Colorado and several sur-holders will be able to reinust divi-RArts oF RUURN rounding communities.
dends on a portion of their shaits EARNEP p2 hoo. t<me -
rather than being required to reinet N,eYi,$.e.
ed n d ha in a y*
nos res A nw corvimr ew, registration as was required m the tu.iio cewnoro.
tus t:ts Shareholders invited past. ADRP participants who wish to timen ruto cuarots To Regional Meetings change the number of share, on which Ma<002 h M disidends are reinvested may r aquest a
"",'NT,'"d 8*
33, 3,g new authorization form from the Mter F.darei and Slate gioaal shareholder meetings in Company or the agent for the ADRP.
imm ram..
2 44 2a Morristawn, New Jersey and Manhat-A complete descriptiori of the sooK VALUE PER SHARE tan, New York on June 9th and 10th ADRP is contained in the Prc1pretus oF comeseN STOCK.
$1675 $16 65
~
are the fint in a series of such meetings to be dated May 3,1982. The Pirepec-in 1952. Subsequent meetings are tus and authorization forms are wheduled as follows: Chicago and St.
available upon request from Public Louis in September; hami/ Fort Service Company or Morgan Guar-Lauderdale and Tampa /St. Peters-anty Trust Company of New York.
burg in October; and Ims Angeles, San I rancisco and Seattle in November.
Shareholders interested in attending meetings in their area are invited to G ' *%#h+
icturn the " Regional Shareholder-
{ggN. gg g M retings" card in the back of the 1981 CustonierS Ara.ual Repon, or write to:
~
a o the Board Public Senice Company of Ce'o.
g u.n g,,,een investor Relations ecmwed um P.O. Ihn 810 J
L i
Meam31. Met Denser, CO 80201
, W bj M.'eC 3
ff
- p.,e.
.wmes R. F. Walker Jad=d President and ON ice s 3o s Dividend Gef becuthe Mccr
$T*
Reinvestment Plan om.,
aza (is April 30,1982 tota Tis us Denver, Colorado contamer.
2i s 2s s j Ihe Company's Atomatic Digtend can ucr sas :
Reimestment and Common Nock R w. nim 52s s tsm%
Purchase Plan ( ADRP) is available for
~
j,,*'
holders of ptefertrJ /md/or common
'*3 g3 om ize ti e stock who wish to have their disidends tow.
toe s nijs,
reim ested in additional shares of com-cu=umers as s 29 s mon stock.
Participation in the' ADRP has in-creased substantially to 23,000 partici-pants or.t1% of shareholders since the Company announced that the ADRP i
.