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114
NSP-Minnesota recognizes the costs of funding the decommissioning of its nuclear generating plants over the lives of the plants,
assuming rate recovery of all costs. Given the purpose and legal restrictions on the use of nuclear decommissioning fund assets,
realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s
regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in
the nuclear decommissioning fund, including any other-than-temporary impairments, are deferred as a component of the
regulatory asset for nuclear decommissioning.
Unrealized gains for the nuclear decommissioning fund were $135.8 million and $79.8 million at Dec. 31, 2012 and 2011,
respectively, and unrealized losses and amounts recorded as other-than-temporary impairments were $46.4 million and $87.5
million at Dec. 31, 2012 and 2011, respectively.
The following tables present the cost and fair value of Xcel Energy’s non-derivative instruments with recurring fair value
measurements in the nuclear decommissioning fund at Dec. 31, 2012 and 2011:
Dec. 31, 2012
Fair Value
(Thousands of Dollars)
Cost
Level 1
Level 2
Level 3
Total
Nuclear decommissioning fund (a)
Cash equivalents
...................
$
246,904
$
237,938
$
8,966
$
-
$
246,904
Commingled funds
.................
396,681
-
417,583
-
417,583
International equity funds
...........
66,452
-
69,481
-
69,481
Private equity investments
..........
27,943
-
-
33,250
33,250
Real estate
........................
32,561
-
-
39,074
39,074
Debt securities:
Government securities
............
21,092
-
21,521
-
21,521
U.S. corporate bonds
.............
162,053
-
169,488
-
169,488
International corporate bonds
......
15,165
-
16,052
-
16,052
Municipal bonds
.................
21,392
-
23,650
-
23,650
Asset-backed securities
...........
2,066
-
-
2,067
2,067
Mortgage-backed securities
.......
28,743
-
-
30,209
30,209
Equity securities:
Common stock
...................
379,093
420,263
-
-
420,263
Total
............................
$
1,400,145
$
658,201
$
726,741
$
104,600
$
1,489,542
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $91.2 million of equity investments
in unconsolidated subsidiaries and $37.1 million of miscellaneous investments.
Dec. 31, 2011
Fair Value
(Thousands of Dollars)
Cost
Level 1
Level 2
Level 3
Total
Nuclear decommissioning fund (a)
Cash equivalents
...................
$
26,123
$
7,103
$
19,020
$
-
$
26,123
Commingled funds
.................
320,798
-
311,105
-
311,105
International equity funds
...........
63,781
-
58,508
-
58,508
Private equity investments
..........
9,203
-
-
9,203
9,203
Real estate
........................
24,768
-
-
26,395
26,395
Debt securities:
Government securities
............
116,490
-
117,256
-
117,256
U.S. corporate bonds
.............
187,083
-
193,516
-
193,516
International corporate bonds
......
35,198
-
35,804
-
35,804
Municipal bonds
.................
60,469
-
64,731
-
64,731
Asset-backed securities
...........
16,516
-
-
16,501
16,501
Mortgage-backed securities
.......
75,627
-
-
78,664
78,664
Equity securities:
Common stock
...................
408,122
398,625
-
-
398,625
Total
............................
$
1,344,178
$
405,728
$
799,940
$
130,763
$
1,336,431
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $92.7 million of equity investments
in unconsolidated subsidiaries and $34.3 million of miscellaneous investments.