Xcel Energy 2006 Annual Report Download - page 88

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The major classes of assets and liabilities held for sale and related to discontinued operations as of Dec. 31 are as follows:
2006 2005
(Thousands of Dollars)
Cash........................................................................ $ 25,729 $ 12,658
Trade receivables — net........................................................ 421 6,101
Deferred income tax benefits.................................................... 144,740 157,812
Other current assets ........................................................... 6,150 24,240
Current assets .............................................................. 177,040 200,811
Property, plant and equipment — net............................................. 174 29,845
Deferred income tax benefits.................................................... 144,564 352,171
Other noncurrent assets ........................................................ 2,068 19,269
Noncurrent assets ........................................................... 146,806 401,285
Accounts payable — trade...................................................... 1,560 7,657
Other current liabilities......................................................... 23,918 36,000
Current liabilities............................................................ 25,478 43,657
Other noncurrent liabilities ..................................................... 5,473 6,936
Noncurrent liabilities ........................................................ $ 5,473 $ 6,936
3. Short-Term Borrowings
Commercial Paper — At Dec. 31, 2006 and 2005, Xcel Energy and its utility subsidiaries had commercial paper outstanding of
approximately $626.3 million and $746.1 million, respectively. The weighted average interest rates at Dec. 31, 2006 and 2005 were
5.47 percent and 4.46 percent, respectively.
4. Long-Term Debt
Credit Facilities — At Dec. 31, 2006, Xcel Energy and its utility subsidiaries had the following committed credit facilities available:
Credit
Facility
Credit Facility
Borrowings Available* Term Maturity
(Millions of Dollars)
NSP-Minnesota.......................... $ 500 $
—
$ 376.5 Five year December 2011
PSCo.................................. 700
—
321.5 Five year December 2011
SPS ................................... 250
—
197.3 Five year December 2011
Xcel Energy — holding company............ 800
—
685.5 Five year December 2011
Total ................................ $ 2,250 $
—
$ 1,580.8
* Net of credit facility borrowings, issued and outstanding letters of credit and commercial paper borrowings
The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for
commercial paper borrowings. Each credit facility has one financial covenant requiring that the debt-to-total-capitalization ratio of
each entity be less than or equal to 65 percent with which all were in compliance. The interest rates under these lines of credit are
based on either the agent bank’s prime rate or the applicable LIBOR, plus a borrowing margin based on the applicable debt rating.
Xcel Energy has an $800 million, five-year senior unsecured revolving credit facility that matures in December 2011. Xcel Energy has
the right to request an extension of the final maturity date by one year. The maturity extension is subject to majority bank group
approval. As of Dec. 31, 2006, Xcel Energy had no direct borrowings on this line of credit, however the credit facility was used to
provide backup for $113.8 million of commercial paper outstanding and $0.7 million of letters of credit. As discussed in Note 12 to
the Consolidated Financial Statements, $43.8 million of letters of credit were outstanding at Dec. 31, 2006, of which $0.7 million were
supported by the Xcel Energy credit facility and are included in the above table.
Xcel Energy’s 2007 and 2008 series convertible senior notes are convertible into shares of Xcel Energy common stock at a conversion
price of $12.33 per share. Conversion is at the option of the holder at any time prior to maturity. In addition, Xcel Energy must make
additional payments of interest, referred to as protection payments, on the notes in an amount equal to any portion of regular quarterly
per share dividends on common stock that exceeds 18.75 cents per share that would have been payable to the holders of the notes if
such holders had converted their notes on the record date for such dividend. On May 17, 2006, the board of directors of Xcel Energy
voted to raise the quarterly dividend on its common stock from 21.50 cents per share to 22.25 cents per share. Consequently, as of
Dec. 31, 2006, a total of $3.1 million in additional interest expense has been recorded.