Xcel Energy (XEL)

	SUMMARY

	BULLS

	BEARS

	TOPICS

	DATA CENTRAL

	STOCK CHART

	SEC FILINGS

	BALANCE

	INCOME

	CASH FLOW

Annual Reports

Quarterly Reports

10-Q (Apr 29, 2011)10-Q (Oct 29, 2010)10-Q (Jul 30, 2010)10-Q (Apr 30, 2010)10-Q (Oct 30, 2009)10-Q (Jul 31, 2009)10-Q (Apr 30, 2009)10-Q (Oct 24, 2008)10-Q (Aug 1, 2008)10-Q (May 2, 2008)10-Q (Dec 13, 2007)10-Q (Oct 26, 2007)10-Q (Jul 27, 2007)10-Q (Apr 27, 2007)10-Q (Oct 27, 2006)10-Q (Aug 3, 2006)10-Q (May 1, 2006)10-Q (Oct 28, 2005)10-Q (Jul 29, 2005)10-Q (May 2, 2005)10-Q (Nov 8, 2004)10-Q (Aug 4, 2004)10-Q (May 5, 2004)10-Q (Nov 13, 2003)10-Q (Aug 15, 2003)10-Q (May 15, 2003)10-Q (Nov 18, 2002)10-Q (Aug 14, 2002)10-Q (May 15, 2002)10-Q (Nov 14, 2001)10-Q (Aug 14, 2001)10-Q (May 15, 2001)10-Q (Nov 14, 2000)10-Q (Aug 10, 2000)10-Q (May 5, 2000)10-Q (Nov 12, 1999)10-Q (Aug 13, 1999)10-Q (May 14, 1999)10-Q (Nov 13, 1998)10-Q (Aug 14, 1998)10-Q (May 15, 1998)10-Q (Nov 14, 1997)10-Q (Aug 13, 1997)10-Q (May 15, 1997)10-Q (Nov 14, 1996)10-Q (Aug 14, 1996)10-Q (May 15, 1996)10-Q (Jan 4, 1996)10-Q (Nov 13, 1995)10-Q (Aug 4, 1995)10-Q (Aug 3, 1995)10-Q (May 15, 1995)10-Q (Nov 14, 1994)10-Q (Aug 12, 1994)10-Q (May 16, 1994)10-Q (Jan 25, 1994)

8-K

Other

Xcel Energy 10-Q 2007

Documents found in this filing:

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended Sept. 30, 2007

or

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-3034

Xcel Energy Inc.

(Exact name of registrant as specified in its charter)

Minnesota		41-0448030
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

414 Nicollet Mall, Minneapolis, Minnesota		55401
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (612) 330-5500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer x

Accelerated Filer o

Non-Accelerated Filer o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at Oct. 19, 2007
Common Stock, $2.50 par value		419,930,078 shares

TABLE OF CONTENTS

EXPLANATORY NOTE
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
CONSOLIDATED STATEMENTS OF INCOME (restated)
CONSOLIDATED STATEMENTS OF CASH FLOWS (restated)
CONSOLIDATED BALANCE SHEETS (restated)
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (restated)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (restated)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II — OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURES
Certifications Pursuant to Section 302
Certifications Pursuant to Section 906
Statement Pursuant to Private Litigation

EXPLANATORY NOTE

As previously reported in our Current Report on Form 8-K filed on June 20, 2007, a settlement in principle was reached between Xcel Energy and representatives of the United States government on June 19, 2007 concerning a tax dispute related to corporate-owned life insurance (COLI) policies purchased on the lives of Public Service Company of Colorado (PSCo) employees. PSCo is a wholly owned subsidiary of Xcel Energy. PSR Investments, Inc. (PSRI), a wholly owned subsidiary of PSCo, owned and managed these COLI life insurance policies.

The terms of the settlement have been previously reported. The settlement has been implemented and the policies have been surrendered.

As a result of the settlement in principle, which required the surrender of the COLI policies, Xcel Energy had previously classified all amounts related to PSRI as a discontinued operation for all periods presented in its Forms 10-Q for the periods ended June 30, 2007 and Sept. 30, 2007.

Pursuant to a routine review of our periodic reports by the staff of the Securities and Exchange Commission, management reassessed the appropriateness of the treatment of PSRI as a discontinued operation under SFAS 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” and determined that PSRI operations, including the impact of the IRS settlement, should be presented for financial reporting purposes as part of continuing operations rather than as discontinued operations as previously reported in the Form 10-Q.

This Amendment No. 1 on Form 10-Q/A (the “Report”) is being filed to amend and restate Xcel Energy’s Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2007, that was filed on Oct. 26, 2007 (the “Original Report”). The purpose of this amendment is to reflect the restatement of Xcel Energy’s previously issued financial statement as of and for the three and nine month periods ended Sept. 30, 2007 and 2006, and update other information, including Management’s Discussion and Analysis to reflect the restatement, in each case to reflect PSRI as a continuing operation. These revised sections of this report have not otherwise been updated for events occurring after the date of the financial statements, except to reflect the COLI tax settlement and the related treatment of PSRI as a continuing operation and certain significant subsequent events included in Notes 5 and 16. All other information is unchanged and reflects the disclosures made at the time of the original filing. In addition, currently dated certifications from Xcel Energy’s Chief Executive Officer and Chief Financial Officer have been included as exhibits to this Form 10-Q/A.

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
(Thousands of Dollars, Except Per Share Data)	2007			2006			2007			2006
	(As restated See Note 2)			(As restated See Note 2)			(As restated See Note 2)			(As restated See Note 2)
Operating revenues
Electric utility	$	2,199,533		$	2,159,844		$	5,935,031		$	5,792,287
Natural gas utility	184,161			230,293			1,442,451			1,519,423
Nonregulated and other	16,303			21,454			53,469			61,858
Total operating revenues	2,399,997			2,411,591			7,430,951			7,373,568

Operating expenses
Electric fuel and purchased power — utility	1,101,844			1,160,896			3,113,314			3,106,804
Cost of natural gas sold and transported — utility	89,245			136,795			1,049,601			1,156,042
Cost of sales — nonregulated and other	4,452			4,096			14,179			16,763
Other operating and maintenance expenses — utility	444,521			411,200			1,342,085			1,289,583
Other operating and maintenance expenses — nonregulated	7,403			8,292			19,434			20,470
Depreciation and amortization	191,663			208,657			619,770			614,982
Taxes (other than income taxes)	66,024			71,552			210,437			221,413
Total operating expenses	1,905,152			2,001,488			6,368,820			6,426,057
Operating income	494,845			410,103			1,062,131			947,511

Interest and other income, net	3,002			2,149			3,170			2,686
Allowance for funds used during construction - equity	9,023			8,300			25,294			16,752

Interest charges and financing costs
Interest charges — includes other financing costs of $4,924, $6,165, $16,518 and $18,770, respectively	137,451			121,715			390,427			360,372
Interest and penalties related to COLI settlement	2,190			—			43,401			—
Allowance for funds used during construction - debt	(8,481		)	(8,363		)	(24,129		)	(22,245		)
Total interest charges and financing costs	131,160			113,352			409,699			338,127

Income from continuing operations before income taxes	375,710			307,200			680,896			628,822
Income taxes	120,990			83,025			239,967			156,899
Income from continuing operations	254,720			224,175			440,929			471,923
Income from discontinued operations, net of tax	97			287			2,376			2,112
Net income	254,817			224,462			443,305			474,035
Dividend requirements on preferred stock	1,060			1,060			3,180			3,180
Earnings available to common shareholders	$	253,757		$	223,402		$	440,125		$	470,855

Weighted average common shares outstanding (thousands)
Basic	419,822			406,123			413,555			405,234
Diluted	433,387			430,000			432,811			429,095
Earnings per share — basic
Income from continuing operations	$	0.60		$	0.55		$	1.06		$	1.16
Income from discontinued operations	—			—			—			—
Earnings per share — basic	$	0.60		$	0.55		$	1.06		$	1.16
Earnings per share — diluted
Income from continuing operations	$	0.59		$	0.53		$	1.03		$	1.12
Income from discontinued operations	—			—			0.01			—
Earnings per share — diluted	$	0.59		$	0.53		$	1.04		$	1.12

Cash dividends declared per common share	$	0.23		$	0.22		$	0.68		$	0.66

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Thousands of Dollars)

	Nine Months Ended Sept. 30,
	2007			2006
	(As restated See Note 2)			(As restated See Note 2)
Operating activities
Net income	$	443,305		$	474,035
Remove income from discontinued operations	(2,376		)	(2,112		)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	645,007			643,520
Nuclear fuel amortization	38,570			35,359
Deferred income taxes	187,314			(105,793		)
Amortization of investment tax credits	(7,282		)	(7,354		)
Allowance for equity funds used during construction	(25,294		)	(16,752		)
Undistributed equity in earnings of unconsolidated affiliates	(1,632		)	(2,171		)
Share-based compensation expense	14,996			19,044
Net realized and unrealized hedging and derivative transactions	(16,269		)	(57,327		)
Changes in operating assets and liabilities:
Accounts receivable	122,216			268,249
Accrued unbilled revenues	19,655			208,359
Inventories	(25,223		)	(6,620		)
Recoverable purchased natural gas and electric energy costs	207,586			273,239
Other current assets	(4,448		)	4,674
Accounts payable	(247,667		)	(341,207		)
Net regulatory assets and liabilities	(34,127		)	36,246
Other current liabilities	55,368			133,245
Change in other noncurrent assets	(22,288		)	(18,583		)
Change in other noncurrent liabilities	(8,335		)	(72,014		)
Operating cash flows provided by discontinued operations	57,237			129,744
Net cash provided by operating activities	1,396,313			1,595,781

Investing activities
Utility capital and construction expenditures	(1,481,693		)	(1,165,807		)
Allowance for equity funds used during construction	25,294			16,752
Purchase of investments in external decommissioning fund	(499,991		)	(699,593		)
Proceeds from the sale of investments in external decommissioning fund	467,447			665,814
Nonregulated capital expenditures and asset acquisitions	(958		)	(1,614		)
Proceeds from sale of assets	—			24,670
Cash obtained from consolidation of NMC	38,950			—
Change in restricted cash	(4,881		)	(3,085		)
Other investments	10,578			9,697
Investing cash flows provided by discontinued operations	—			42,377
Net cash used in investing activities	(1,445,254		)	(1,110,789		)

Financing activities
Short-term repayments — net	(206,075		)	(396,120		)
Proceeds from issuance of long-term debt	1,162,404			882,578
Repayment of long-term debt, including reacquisition premiums	(290,243		)	(773,901		)
Early participation payments on debt exchange	(4,859		)	—
Proceeds from issuance of common stock	8,970			7,747
Dividends paid	(281,249		)	(267,228		)
Net cash provided by (used in) financing activities	388,948			(546,924		)

Net increase (decrease) in cash and cash equivalents	340,007			(61,932		)
Net increase (decrease) in cash and cash equivalents - discontinued operations	(16,557		)	22,697
Cash and cash equivalents at beginning of year	37,458			72,196
Cash and cash equivalents at end of quarter	$	360,908		$	32,961

Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	$	309,620		$	307,922
Cash paid for income taxes (net of refunds received)	(11,163		)	(773		)
Supplemental disclosure of non-cash investing transactions:
Property, plant and equipment additions in accounts payable	$	69,192		$	43,068
Supplemental disclosure of non-cash financing transactions:
Issuance of common stock for reinvested dividends and 401(k) plans	$	45,791		$	44,338
Issuance of common stock for senior convertible notes	125,632			—

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Thousands of Dollars)

	Sept. 30, 2007			Dec. 31, 2006
	(As restated See Note 2)			(As restated See Note 2)
ASSETS
Current assets:
Cash and cash equivalents	$	360,908		$	37,458
Accounts receivable, net of allowance for bad debts of $41,918 and $36,689, respectively	749,991			833,293
Accrued unbilled revenues	494,645			514,300
Materials and supplies inventories	164,258			158,721
Fuel inventories	118,270			95,651
Natural gas inventories	248,841			251,818
Recoverable purchased natural gas and electric energy costs	51,014			258,600
Derivative instruments valuation	116,319			101,562
Prepayments and other	208,220			205,743
Current assets held for sale and related to discontinued operations	139,345			177,040
Total current assets	2,651,811			2,634,186
Property, plant and equipment, at cost:
Electric utility plant	20,140,069			19,367,671
Natural gas utility plant	2,925,672			2,846,435
Common utility and other property	1,476,783			1,439,020
Construction work in progress	1,715,364			1,425,484
Total property, plant and equipment	26,257,888			25,078,610
Less accumulated depreciation	(10,090,852		)	(9,670,104		)
Nuclear fuel, net of accumulated amortization: $1,276,488 and $1,237,917, respectively	179,101			140,152
Net property, plant and equipment	16,346,137			15,548,658
Other assets:
Nuclear decommissioning fund and other investments	1,347,017			1,279,573
Regulatory assets	1,182,927			1,189,145
Prepaid pension asset	618,397			586,712
Derivative instruments valuation	399,198			437,520
Other	130,588			135,746
Noncurrent assets held for sale and related to discontinued operations	133,606			146,806
Total other assets	3,811,733			3,775,502
Total assets	$	22,809,681		$	21,958,346
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	306,997		$	336,411
Short-term debt	420,225			626,300
Accounts payable	875,574			1,101,270
Taxes accrued	245,314			252,384
Dividends payable	97,644			91,685
Derivative instruments valuation	86,910			83,944
Other	422,905			347,809
Current liabilities held for sale and related to discontinued operations	26,075			25,478
Total current liabilities	2,481,644			2,865,281
Deferred credits and other liabilities:
Deferred income taxes	2,446,675			2,256,599
Deferred investment tax credits	114,312			121,594
Asset retirement obligations	1,301,083			1,361,951
Regulatory liabilities	1,401,863			1,364,657
Pension and employee benefit obligations	657,560			704,913
Derivative instruments valuation	436,562			483,077
Customer advances	303,929			302,168
Other liabilities	128,575			119,633
Noncurrent liabilities held for sale and related to discontinued operations	22,012			5,473
Total deferred credits and other liabilities	6,812,571			6,720,065
Minority interest in subsidiaries	307			1,560
Commitments and contingent liabilities
Capitalization:
Long-term debt	7,252,800			6,449,638
Preferred stockholders’ equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 1,049,800	104,980			104,980
Common stockholders’ equity - authorized 1,000,000,000 shares of $2.50 par value; outstanding shares:
Sept. 30, 2007 — 419,925,576; Dec. 31, 2006 — 407,296,907	6,157,379			5,816,822
Total liabilities and equity	$	22,809,681		$	21,958,346

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY

AND COMPREHENSIVE INCOME

(UNAUDITED)

(Thousands)

	Common Stock Issued									Accumulated
	Shares	Par Value		Additional Paid In Capital			Retained Earnings			Other Comprehensive Income (Loss)			Total Common Stockholders’ Equity
							(As restated See Note 2)						(As restated See Note 2)
Three months ended Sept. 30, 2007 and 2006

Balance at June 30, 2006	405,560	$	1,013,901	$	4,012,799		$	632,263		$	(103,713	)	$	5,555,250
Net income							224,462						224,462
Minimum pension liability adjustment, net of tax of $21										(21		)	(21		)
Net derivative instrument fair value changes during the period, net of tax of $(11,309)										(15,966		)	(15,966		)
Unrealized gain - marketable securities, net of tax of $8										15			15
Comprehensive income for the period													208,490
Dividends declared:
Cumulative preferred stock							(1,060		)				(1,060		)
Common stock							(90,451		)				(90,451		)
Issuances of common stock	965	2,411		13,551									15,962
Share-based compensation				(1,286		)							(1,286		)
Balance at Sept. 30, 2006	406,525	$	1,016,312	$	4,025,064		$	765,214		$	(119,685	)	$	5,686,905

Balance at June 30, 2007 (As previously reported)	419,510	$	1,048,774	$	4,175,833		$	779,603		$	(9,294	)	$	5,994,916
Adjustments (See Note 2)								(7,224	)					(7,224	)
Balance at June 30, 2007 (As restated See Note 2)	419,510		1,048,774		4,175,833			772,379			(9,294	)		5,987,692
Net income							254,817						254,817
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $115										446			446
Net derivative instrument fair value changes during the period, net of tax of $1,042										(2,235		)	(2,235		)
Comprehensive income for the period													253,028
Dividends declared:
Cumulative preferred stock							(1,060		)				(1,060		)
Common stock							(96,582		)				(96,582		)
Issuances of common stock	416	1,040		7,644									8,684
Share-based compensation				5,617									5,617
Balance at Sept. 30, 2007 (As restated)	419,926	$	1,049,814	$	4,189,094		$	929,554		$	(11,083	)	$	6,157,379

See Notes to Consolidated Financial Statements

	Common Stock Issued								Accumulated
	Shares	Par Value		Additional Paid In Capital		Retained Earnings			Other Comprehensive Income (Loss)			Total Common Stockholders’ Equity
						(As restated See Note 2)						(As restated See Note 2)
Nine months ended Sept. 30, 2007 and 2006

Balance at Dec. 31, 2005	403,387	$	1,008,468	$	3,956,710	$	562,138		$	(132,061	)	$	5,395,255
Net income						474,035						474,035
Minimum pension liability adjustment, net of tax of $21									(21		)	(21		)
Net derivative instrument fair value changes during the period, net of tax of $6,779									12,354			12,354
Unrealized gain - marketable securities, net of tax of $25									43			43
Comprehensive income for the period												486,411
Dividends declared:
Cumulative preferred stock						(3,180		)				(3,180		)
Common stock						(267,779		)				(267,779		)
Issuances of common stock	3,138	7,844		48,841								56,685
Share-based compensation				19,513								19,513
Balance at Sept. 30, 2006	406,525	$	1,016,312	$	4,025,064	$	765,214		$	(119,685	)	$	5,686,905

Balance at Dec. 31, 2006	407,297	$	1,018,242	$	4,043,657	$	771,249		$	(16,326	)	$	5,816,822
FIN 48 adoption						2,207						2,207
Net income						443,305						443,305
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $345									1,339			1,339
Net derivative instrument fair value changes during the period, net of tax of $2,926									3,900			3,900
Unrealized gain - marketable securities, net of tax of $2									4			4
Comprehensive income for the period												448,548
Dividends declared:
Cumulative preferred stock						(3,180		)				(3,180		)
Common stock						(284,027		)				(284,027		)
Issuances of common stock	12,629	31,572		129,072								160,644
Share-based compensation				16,365								16,365
Balance at Sept. 30, 2007 (As restated)	419,926	$	1,049,814	$	4,189,094	$	929,554		$	(11,083	)	$	6,157,379

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Xcel Energy Inc. and its subsidiaries (collectively, Xcel Energy) as of Sept. 30, 2007, and Dec. 31, 2006; the results of its operations and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2007 and 2006; and its cash flows for the nine months ended Sept. 30, 2007 and 2006. Due to the seasonality of Xcel Energy’s electric and natural gas sales, such interim results are not necessarily an appropriate base from which to project annual results.

1. Significant Accounting Policies

Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements included in Xcel Energy’s Current Report on Form 8-K/A filed on Dec. 13, 2007, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.

Income Taxes — Consistent with prior periods and upon adoption of Financial Accounting Standard Board (FASB) Interpretation No. 48 — “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109”, Xcel Energy records interest and penalties related to income taxes as interest charges in the Consolidated Statements of Income.

Reclassifications — Certain amounts in the Consolidated Statements of Cash Flows have been reclassified from prior-period presentation to conform to the 2007 presentation. The reclassifications reflect the presentation of unbilled revenues, recoverable purchased natural gas and electric energy costs and regulatory assets and liabilities and share-based compensation expense as separate items rather than components of other assets and other liabilities within net cash provided by operating activities. In addition, activity related to derivative transactions have been combined into net realized and unrealized hedging and derivative transactions. These reclassifications did not affect total net cash provided by (used in) operating, investing or financing activities within the Consolidated Statements of Cash Flows.

2. Restatement of Financial Statements

Subsequent to the issuance of Xcel Energy’s consolidated financial statements for the quarter ended September 30, 2007, management determined that PSR Investments, Inc. (PSRI), a wholly owned subsidiary of PSCO, should not have been presented as a discontinued operation, as previously reported in the Form10-Q, rather, PSRI should have been included as part of continuing operations. As a result, the accompanying consolidated financial statements have been restated.

As previously reported in our Current Report on Form 8-K filed on June 20, 2007, a settlement in principle was reached between Xcel Energy and representatives of the United States government on June 19, 2007 concerning a tax dispute related to corporate-owned life insurance (COLI) policies purchased on the lives of Public Service Company of Colorado (PSCo) employees. PSCo is a wholly owned subsidiary of Xcel Energy. PSRI owned and managed these COLI life insurance policies.

The terms of the settlement have been previously reported. The settlement has been implemented and the policies have been surrendered.

Pursuant to a routine review of Xcel Energy’s periodic reports by the staff of the Securities and Exchange Commission management reassessed the appropriateness of the treatment of PSRI as a discontinued operation under SFAS 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”. and determined that PSRI operations, including the impact of the IRS settlement, should be presented as part of continuing operations for financial reporting purposes. The inclusion of PSRI as part of continuing operations impacted Xcel Energy’s effective tax rate, which caused a change in previously reported income taxes. The effect of presenting PSRI as part of continuing operations rather than as discontinued operations as previously reported in the Form 10-Q is reflected in the tables below:

	Consolidated Statements of Income
	For the Three Months Ended September 30,
	2007							2006
(Thousands of dollars)	As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Other operating and maintenance expenses-utility	$	443,599	$	922		$	444,521	$	410,063	$	1,137		$	411,200
Taxes (other than income taxes)	66,021		3			66,024		71,551		1			71,552
Total operating expenses	1,904,227		925			1,905,152		2,000,350		1,138			2,001,488
Operating income	495,770		(925		)	494,845		411,241		(1,138		)	410,103
Interest and other income, net	6,448		(3,446		)	3,002		5,582		(3,433		)	2,149
Interest charges	137,432		19			137,451		121,715		—			121,715
Interest and penalties related to COLI settlement	—		2,190			2,190		—		—			—
Total interest charges and financing costs	128,951		2,209			131,160		113,352		—			113,352
Income from continuing operations before income taxes	382,290		(6,580		)	375,710		311,771		(4,571		)	307,200
Income taxes	135,945		(14,955		)	120,990		97,923		(14,898		)	83,025
Income from continuing operations	246,345		8,375			254,720		213,848		10,327			224,175
Income (loss) from discontinued operations	5,369		(5,272		)	97		10,614		(10,327		)	287
Net income	251,714		3,103			254,817		224,462		—			224,462
Income from discontinued operations	250,654		3,103			253,757		223,402		—			223,402
Earnings per share from continuing operations - basic	0.58		0.02			0.60		0.52		0.03			0.55
Earnings per share from continuing operations - diluted	0.57		0.02			0.59		0.50		0.03			0.53
Earnings (loss) per share from discontinued operations - basic	0.02		(0.02		)	—		0.03		(0.03		)	—
Earnings (loss) per share from discontinued operations – diluted	0.01		(0.01		)	—		0.03		(0.03		)	—
Earnings per share – diluted	0.58		0.01			0.59		0.53		—			0.53

	Consolidated Statements of Income
	For the Nine Months Ended September 30,
	2007									2006
(Thousands of dollars)	As Previously Reported				Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Other operating and maintenance expenses-utility	$	1,338,934			$	3,151		$	1,342,085	$	1,286,426	$	3,157		$	1,289,583
Taxes (other than income taxes)	210,432				5			210,437		221,410		3			221,413
Total operating expenses	6,365,664				3,156			6,368,820		6,422,897		3,160			6,426,057
Operating income	1,065,287				(3,156		)	1,062,131		950,671		(3,160		)	947,511
Interest and other income, net	15,503				(12,333		)	3,170		15,975		(13,289		)	2,686
Interest charges	390,407				20			390,427		360,297		75			360,372
Interest and penalties related to COLI settlement	—				43,401			43,401		—		—			—
Total interest charges and financing costs	366,278				43,421			409,699		338,052		75			338,127
Income from continuing operations before income taxes	739,806				(58,910		)	680,896		645,346		(16,524		)	628,822
Income taxes	255,178				(15,211		)	239,967		190,289		(33,390		)	156,899
Income from continuing operations	484,628				(43,699		)	440,929		455,057		16,866			471,923
Income (loss) from discontinued operations	(37,202			)	39,578			2,376		18,978		(16,866		)	2,112
Net income	447,426				(4,121		)	443,305		474,035		—			474,035
Income from discontinued operations	444,246				(4,121		)	440,125		470,855		—			470,855
Earnings per share from continuing operations - basic			1.16			(0.10	)		1.06		1.12		0.04			1.16
Earnings per share from continuing operations - diluted			1.13			(0.10	)		1.03		1.08		0.04			1.12
Earnings (loss) per share from discontinued operations - basic			(0.09	)		0.09			—		0.04		(0.04	)		—
Earnings (loss) per share from discontinued operations – diluted			(0.08	)		0.09			0.01		0.04

Xcel Energy (XEL)

Annual Reports

Quarterly Reports

8-K

Other

Documents found in this filing: