Commission
File Number |
Registrant, State of Incorporation,
Address and Telephone Number |
I.R.S. Employer
Identification No. |
1-8809
1-3375
|
SCANA Corporation
(a South Carolina corporation)
South Carolina Electric & Gas Company
(a South Carolina corporation)
100 SCANA Parkway, Cayce, South Carolina 29033
(803) 217-9000 |
57-0784499
57-0248695
|
Securities registered pursuant to Section 12(b) of the Act:
SCANA Corporation: Common stock, without par value, registered on The New York Stock Exchange
|
Securities registered pursuant to Section 12(g) of the Act:
South Carolina Electric & Gas Company: Series A Nonvoting Preferred Shares
|
SCANA Corporation
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
South Carolina Electric & Gas Company
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Emerging growth company
o
|
Registrant
|
|
Description of
Common Stock |
|
Shares Outstanding
at February 20, 2018 |
SCANA Corporation
|
|
Without Par Value
|
|
142,638,371
|
South Carolina Electric & Gas Company
|
|
Without Par Value
|
|
40,296,147
|
|
Page
|
||
Cautionary Statement Regarding Forward-Looking Information
|
|||
Definitions
|
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|
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Item 1.
|
|||
Item 1A.
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|||
Item 1B.
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|||
Item 2.
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|||
Item 3.
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|||
Item 4.
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|||
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||
|
|||
Item 5.
|
|||
Item 6.
|
|||
Item 7.
|
|||
Item 7A.
|
|||
Item 8.
|
|||
|
SCANA Corporation and Subsidiaries
|
||
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Operations
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
|
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Consolidated Statements of Cash Flows
|
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|
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Consolidated Statements of Changes in Common Equity
|
|
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South Carolina Electric & Gas Company and Affiliates
|
||
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Changes in Common Equity
|
|
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Notes to Consolidated Financial Statements
|
||
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Item 9.
|
|||
Item 9A.
|
|||
Item 9B.
|
Other Information
|
||
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|
||
|
|||
Item 10.
|
|||
Item 11.
|
|||
Item 12.
|
|||
Item 13.
|
|||
Item 14.
|
|||
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||
|
|||
Item 15.
|
|||
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||
Signatures
|
|||
TERM
|
|
MEANING
|
AFC
|
|
Allowance for Funds Used During Construction
|
ANI
|
|
American Nuclear Insurers
|
AOCI
|
|
Accumulated Other Comprehensive Income (Loss)
|
ARO
|
|
Asset Retirement Obligation
|
ARP
|
|
Alternative Revenue Program
|
BACT
|
|
Best Available Control Technology
|
Bankruptcy Court
|
|
U.S. Bankruptcy Court for the Southern District of New York
|
BLRA
|
|
Base Load Review Act
|
CAA
|
|
Clean Air Act, as amended
|
CAIR
|
|
Clean Air Interstate Rule
|
CCR
|
|
Coal Combustion Residuals
|
CEO
|
|
Chief Executive Officer
|
CERCLA
|
|
Comprehensive Environmental Response, Compensation and Liability Act
|
CFO
|
|
Chief Financial Officer
|
CFTC
|
|
Commodity Futures Trading Commission
|
CGT
|
|
Carolina Gas Transmission Corporation
|
CIAC
|
|
Contributions In Aid of Construction
|
Citibank
|
|
Citibank, N.A.
|
CO
2
|
|
Carbon Dioxide
|
Company
|
|
SCANA, together with its consolidated subsidiaries
|
Consolidated SCE&G
|
|
SCE&G and its consolidated affiliates
|
Consortium
|
|
A consortium consisting of WEC and WECTEC
|
Court of Appeals
|
|
United States Court of Appeals for the District of Columbia
|
CSAPR
|
|
Cross-State Air Pollution Rule
|
CUT
|
|
Customer Usage Tracker (decoupling mechanism)
|
CWA
|
|
Clean Water Act
|
DECG
|
|
Dominion Energy Carolina Gas Transmission LLC
|
DER
|
|
Distributed Energy Resource
|
DHEC
|
|
South Carolina Department of Health and Environmental Control
|
District Court
|
|
United States District Court for the District of South Carolina
|
Dodd-Frank
|
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
DOE
|
|
United States Department of Energy
|
DOJ
|
|
United States Department of Justice
|
Dominion Energy
|
|
Dominion Energy, Inc.
|
DOR
|
|
South Carolina Department of Revenue
|
DOT
|
|
United States Department of Transportation
|
DSM Programs
|
|
Electric Demand Side Management Programs
|
ELG Rule
|
|
Federal effluent limitation guidelines for steam electric generating units
|
EMANI
|
|
European Mutual Association for Nuclear Insurance
|
EPA
|
|
United States Environmental Protection Agency
|
EPC Contract
|
|
Engineering, Procurement and Construction Agreement dated May 23, 2008, as amended by the October 2015 Amendment
|
Exchange Act
|
|
Securities Exchange Act of 1934, as amended
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
United States Federal Energy Regulatory Commission
|
FILOT
|
|
Fee in Lieu of Taxes
|
Fluor
|
|
Fluor Corporation
|
Fuel Company
|
|
South Carolina Fuel Company, Inc.
|
GAAP
|
|
Accounting principles generally accepted in the United States of America
|
GENCO
|
|
South Carolina Generating Company, Inc.
|
GHG
|
|
Greenhouse Gas
|
GPSC
|
|
Georgia Public Service Commission
|
GWh
|
|
Gigawatt hour
|
Interim Assessment Agreement
|
|
Interim Assessment Agreement dated March 28, 2017, as amended, among SCE&G, Santee Cooper, WEC and WECTEC
|
IRC
|
|
Internal Revenue Code of 1986, as amended
|
IRS
|
|
Internal Revenue Service
|
Joint Petition
|
|
Joint application and petition of SCE&G and Dominion Energy for review and approval of a proposed business combination as set forth in the Merger Agreement and for a prudency determination regarding the abandonment of the Nuclear Project and associated merger benefits and cost recovery plans, filed with the SCPSC on January 12, 2018
|
kWh
|
|
Kilowatt-hour
|
Level 1
|
|
A fair value measurement using unadjusted quoted prices in active markets for identical assets or liabilities
|
Level 2
|
|
A fair value measurement using observable inputs other than those for Level 1, including quoted prices for similar (not identical) assets or liabilities or inputs that are derived from observable market data by correlation or other means
|
Level 3
|
|
A fair value measurement using unobservable inputs, including situations where there is little, if any, market activity for the asset or liability
|
LNG
|
|
Liquefied Natural Gas
|
LOC
|
|
Lines of Credit
|
LTECP
|
|
SCANA Long-Term Equity Compensation Plan
|
MATS
|
|
Mercury and Air Toxics Standards
|
MCF
|
|
Thousand Cubic Feet
|
MGP
|
|
Manufactured Gas Plant
|
Merger Agreement
|
|
Agreement and Plan of Merger, dated as of January 2, 2018, by and among Dominion Energy, Sedona Corp. (a wholly-owned subsidiary of Dominion Energy) and SCANA
|
MMBTU
|
|
Million British Thermal Units
|
MW or MWh
|
|
Megawatt or Megawatt-hour
|
NASDAQ
|
|
The NASDAQ Stock Market, Inc.
|
NAV
|
|
Net Asset Value
|
NCUC
|
|
North Carolina Utilities Commission
|
NEIL
|
|
Nuclear Electric Insurance Limited
|
NERC
|
|
North American Electric Reliability Corporation
|
NOL
|
|
Net Operating Loss
|
NO
X
|
|
Nitrogen Oxide
|
NPDES
|
|
National Pollutant Discharge Elimination System
|
NRC
|
|
United States Nuclear Regulatory Commission
|
NSPS
|
|
New Source Performance Standards
|
Nuclear Project
|
|
Project to construct Unit 2 and Unit 3 under the EPC Contract
|
Nuclear Waste Act
|
|
Nuclear Waste Policy Act of 1982
|
NYMEX
|
|
New York Mercantile Exchange
|
NYSE
|
|
The New York Stock Exchange
|
OCI
|
|
Other Comprehensive Income
|
October 2015 Amendment
|
|
Amendment, dated October 27, 2015, to the EPC Contract
|
ORS
|
|
South Carolina Office of Regulatory Staff
|
PGA
|
|
Purchased Gas Adjustment
|
PHMSA
|
|
United States Pipeline Hazardous Materials Safety Administration
|
Price-Anderson
|
|
Price-Anderson Indemnification Act
|
PSNC Energy
|
|
Public Service Company of North Carolina, Incorporated
|
Registrants
|
|
SCANA and SCE&G
|
Request
|
|
Request for Rate Relief filed by the ORS on September 26, 2017, as amended October 17, 2017
|
ROE
|
|
Return on Equity
|
RSA
|
|
Natural Gas Rate Stabilization Act
|
RTO/ISO
|
|
Regional Transmission Organization/Independent System Operator
|
Santee Cooper
|
|
South Carolina Public Service Authority
|
SCANA
|
|
SCANA Corporation, the parent company
|
SCANA Energy
|
|
SCANA Energy Marketing, Inc.
|
SCANA Services
|
|
SCANA Services, Inc.
|
SCE&G
|
|
South Carolina Electric & Gas Company
|
SCEUC
|
|
South Carolina Energy Users Committee
|
SCI
|
|
SCANA Communications, Inc.
|
SCPSC
|
|
Public Service Commission of South Carolina
|
SEC
|
|
United States Securities and Exchange Commission
|
SERC
|
|
SERC Reliability Corporation
|
SIP
|
|
State Implementation Plan
|
SLED
|
|
South Carolina Law Enforcement Division
|
SO
2
|
|
Sulfur Dioxide
|
Southern Natural
|
|
Southern Natural Gas Company
|
Spirit Communications
|
|
SCTG, LLC and its wholly-owned subsidiary SCTG Communications, Inc.
|
Summer Station
|
|
V.C. Summer Nuclear Station
|
Supreme Court
|
|
United States Supreme Court
|
Tax Act
|
|
An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
|
Toshiba
|
|
Toshiba Corporation, parent company of WEC
|
Toshiba Settlement
|
|
Settlement Agreement dated as of July 27, 2017, by and among Toshiba, SCE&G and Santee Cooper
|
Transco
|
|
Transcontinental Gas Pipeline Corporation
|
TSR
|
|
Total Shareholder Return
|
Unit 1
|
|
Nuclear Unit 1 at Summer Station
|
Unit 2
|
|
Nuclear Unit 2 at Summer Station (abandoned prior to construction completion)
|
Unit 3
|
|
Nuclear Unit 3 at Summer Station (abandoned prior to construction completion)
|
VACAR
|
|
Virginia-Carolinas Reliability Group
|
VIE
|
|
Variable Interest Entity
|
WEC
|
|
Westinghouse Electric Company LLC
|
WECTEC
|
|
WECTEC Global Project Services, Inc. (formerly known as Stone & Webster, Inc.), a wholly-owned subsidiary of WEC
|
Williams Station
|
|
A.M. Williams Generating Station, owned by GENCO
|
WNA
|
|
Weather Normalization Adjustment
|
|
|
Sales
|
||||
Customer Classification
|
|
2017
|
|
2016
|
||
Residential
|
|
45
|
%
|
|
46
|
%
|
Commercial
|
|
33
|
%
|
|
33
|
%
|
Industrial
|
|
18
|
%
|
|
17
|
%
|
Sales for resale
|
|
2
|
%
|
|
2
|
%
|
Other
|
|
2
|
%
|
|
2
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
Cost of Fuel Used
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Per MMBTU:
|
|
|
|
|
|
|
|
|
|||
Nuclear
|
$
|
0.95
|
|
|
$
|
0.98
|
|
|
$
|
0.95
|
|
Coal
|
3.31
|
|
|
3.41
|
|
|
3.81
|
|
|||
Natural Gas
|
3.52
|
|
|
3.02
|
|
|
3.26
|
|
|||
All Fuels (weighted average)
|
2.63
|
|
|
2.41
|
|
|
3.01
|
|
|||
Per Ton: Coal
|
82.45
|
|
|
84.62
|
|
|
95.69
|
|
|||
Per MCF: Gas
|
3.57
|
|
|
3.11
|
|
|
3.35
|
|
|
|
SCANA
|
|
SCE&G
|
||||||||
Customer Classification
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Residential
|
|
57.1
|
%
|
|
57.9
|
%
|
|
47.0
|
%
|
|
48.3
|
%
|
Commercial
|
|
26.5
|
%
|
|
26.4
|
%
|
|
27.8
|
%
|
|
28.6
|
%
|
Industrial
|
|
11.4
|
%
|
|
10.4
|
%
|
|
21.6
|
%
|
|
19.5
|
%
|
Transportation Gas
|
|
5.0
|
%
|
|
5.3
|
%
|
|
3.6
|
%
|
|
3.6
|
%
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Project
|
|
License
Expiration
|
Saluda (Lake Murray)
|
|
*
|
Fairfield Pumped Storage/Parr Shoals
|
|
2020
|
Stevens Creek
|
|
2025
|
Neal Shoals
|
|
2036
|
•
|
the price of SCANA common stock may decline to the extent that the current market price reflects an expectation by the market that the merger will be completed;
|
•
|
obligations to pay certain costs relating to the merger, such as legal, accounting, financial advisory, filing, printing and mailing fees;
|
•
|
the disruption of the Company’s and Consolidated SCE&G’s ongoing business or inconsistencies in its services, standards, controls, procedures and policies due to management’s focus on the merger, any of which could adversely affect the ability of the Company and Consolidated SCE&G to maintain relationships with customers, regulators, vendors and employees, or could otherwise adversely affect the business and financial results of the Company or Consolidated SCE&G, without realizing any of the benefits of having the merger completed;
|
•
|
the potential negative impact on the Company and Consolidated SCE&G ultimately resolving the rate and regulatory issues, including pending investigations and legal challenges, relating to the abandonment of the Nuclear Project in a manner satisfactory to SCANA on account of SCANA working with Dominion Energy to pursue the resolution of these issues as contemplated by the Merger Agreement rather than pursuing its regulatory and legal options for resolving these issues independently of considerations and obligations related to the merger; and
|
•
|
the loss of other opportunities that could be beneficial to the Company and Consolidated SCE&G that could have been pursued during the pendency of the merger, without realizing any of the benefits of having the merger completed.
|
•
|
the complexities associated with integrating SCANA and its utility businesses, while at the same time continuing to provide consistent, high quality services;
|
•
|
the complexities of integrating a company with different core services, markets and customers;
|
•
|
the inability to attract and retain key employees;
|
•
|
potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with the merger;
|
•
|
difficulties in managing political and regulatory conditions related to SCANA’s utility business after the merger;
|
•
|
the cost recovery plan includes a moratorium on filing requests for adjustments in SCANA’s base electric rates until 2021 if the merger is approved by the SCPSC, which would limit Dominion Energy’s ability to recover increases in non-fuel related costs of electric operations for SCE&G’s customers; and
|
•
|
performance shortfalls as a result of the diversion of Dominion Energy management’s attention caused by completing the merger and integrating SCANA’s utility businesses.
|
•
|
The potential harmful effects on the environment and human health resulting from a release of radioactive materials in connection with the operation of nuclear facilities and the storage, handling and disposal of radioactive materials;
|
•
|
Limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with our nuclear operations or those of others in the United States;
|
•
|
The possibility that new laws and regulations could be enacted that could adversely affect the liability structure that currently exists in the United States;
|
•
|
Uncertainties with respect to procurement of nuclear fuel and suppliers thereof, fabrication of nuclear fuel and related vendors, and the storage of spent nuclear fuel;
|
•
|
Uncertainties with respect to contingencies if insurance coverage is inadequate;
|
•
|
Uncertainties with respect to possible future increased regulation of nuclear facilities and nuclear generation, and related costs thereof; and
|
•
|
Uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of their operating lives.
|
|
|
Net Generating Capacity
|
|
|
In-Service
|
Summer
|
|
|
Date
|
(MW)
|
|
Coal-Fired Steam:
|
|
|
|
Wateree - Eastover, SC
|
1970
|
684
|
|
Williams - Goose Creek, SC
|
1973
|
605
|
|
Cope - Cope, SC
|
1996
|
415
|
|
Kapstone - Charleston, SC
|
1999
|
85
|
|
|
|
|
|
Gas-Fired Steam:
|
|
|
|
McMeekin - Irmo, SC
|
1958
|
250
|
|
Urquhart Unit 3 - Beech Island, SC
|
1953
|
95
|
|
|
|
|
|
Nuclear:
|
|
|
|
Summer Station Unit 1 - Parr, SC (reflects SCE&G's 66.7% ownership share)
|
1984
|
647
|
|
|
|
|
|
Internal Combustion Turbines:
|
|
|
|
Jasper Combined Cycle - Jasper, SC
|
2004
|
852
|
|
Urquhart Combined Cycle - Beech Island, SC
|
2002
|
458
|
|
Peaking units - various locations in SC
|
1968-2010
|
348
|
|
|
|
|
|
Hydro:
|
|
|
|
Fairfield Pumped Storage - Parr, SC
|
1978
|
576
|
|
Saluda - Irmo, SC
|
1930
|
200
|
|
Other - various locations in or bordering SC
|
1905-1914
|
18
|
|
Name
|
Age
|
Positions Held During Past Five Years
|
Dates
|
Jimmy E. Addison
|
57
|
Chief Executive Officer and President-SCANA
President and Chief Operating Officer-SCANA Energy
Executive Vice President-SCANA and Chief Financial Officer
|
2018-present
2014-2018 *-2017
|
Jeffrey B. Archie
|
60
|
Senior Vice President and Chief Nuclear Officer-SCE&G
Senior Vice President-SCANA
|
*-present
*-present
|
Sarena D. Burch
|
60
|
Senior Vice President-Risk Management and Corporate Compliance Senior Vice President-Fuel Procurement and Asset Management-SCANA, SCE&G and PSNC Energy
|
2016-present
*-2015
|
Iris N. Griffin
|
41
|
Senior Vice President, Chief Financial Officer and Treasurer
Vice President - Finance and Treasurer
Associate Treasurer
Director - Audit Services, Privacy and Corporate Compliance Officer
Manager - Investor Relations
|
2018-present
2016-2017
2015-2016
2013-2015
*-2013
|
D. Russell Harris
|
53
|
President-Gas Operations-SCE&G
President and Chief Operating Officer-PSNC Energy
President and Chief Operating Officer-SCANA Energy
Senior Vice President-SCANA
|
2013-present
*-present
2018-present 2013-present
|
Kenneth R. Jackson
|
61
|
Senior Vice President-Economic Development, Governmental and Regulatory Affairs
Vice President-Rates and Regulatory Services
|
2014-present
*-2014
|
W. Keller Kissam
|
51
|
President-Generation, Transmission and Distribution and Chief Operating Officer-SCE&G
President-Retail Operations-SCE&G
Senior Vice President-SCANA
|
2018-present
*-2017
*-present
|
Randal M. Senn
|
61
|
Senior Vice President-Administration-SCANA
Vice President and Chief Information Officer
Chief Information Officer
|
2016-present
2016
*-2016
|
Jim Odell Stuckey
|
49
|
Senior Vice President, General Counsel and Assistant Secretary
Director - Legal Department and Deputy General Counsel
Director - Legal Department and Associate General Counsel
|
2017-present 2014-2017 *-2014
|
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
4th Qtr.
|
|
3rd Qtr.
|
|
2nd Qtr.
|
|
1st Qtr.
|
|
4th Qtr.
|
|
3rd Qtr.
|
|
2nd Qtr.
|
|
1st Qtr.
|
||||||||||||||||
High
|
$
|
50.22
|
|
|
$
|
68.35
|
|
|
$
|
71.28
|
|
|
$
|
72.75
|
|
|
$
|
74.94
|
|
|
$
|
76.41
|
|
|
$
|
75.67
|
|
|
$
|
70.35
|
|
Low
|
$
|
37.10
|
|
|
$
|
48.32
|
|
|
$
|
63.90
|
|
|
$
|
63.63
|
|
|
$
|
67.31
|
|
|
$
|
69.04
|
|
|
$
|
66.02
|
|
|
$
|
59.46
|
|
Issuer Purchases of Equity Securities
|
||||||||||||
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||
Period
|
|
Total number of shares (or units) purchased
|
|
Average price paid
per share (or unit)
|
|
Total number of shares (or units) purchased as
part of publicly announced
plans or programs
|
|
Maximum number (or approximate dollar value) of shares (or units) that may yet be
purchased under the
plans or programs
|
||||
October 1-31, 2017
|
|
7,964
|
|
|
$
|
49.01
|
|
|
7,964
|
|
|
|
November 1-30, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
December 1-31, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total
|
|
7,964
|
|
|
|
|
7,964
|
|
|
*
|
Declaration Date
|
|
Amount
|
|
Declaration Date
|
|
Amount
|
||||
February 16, 2017
|
|
$
|
76.9
|
million
|
|
February 18, 2016
|
|
$
|
72.2
|
million
|
April 27, 2017
|
|
78.1
|
million
|
|
April 28, 2016
|
|
73.3
|
million
|
||
August 3, 2017
|
|
78.5
|
million
|
|
July 28, 2016
|
|
74.0
|
million
|
||
October 26, 2017
|
|
80.6
|
million
|
|
October 27, 2016
|
|
77.5
|
million
|
As of or for the Year Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
(Millions of dollars, except statistics and per share amounts)
|
||||||||||||||||||
SCANA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues
|
|
$
|
4,407
|
|
|
$
|
4,227
|
|
|
$
|
4,380
|
|
|
$
|
4,951
|
|
|
$
|
4,495
|
|
Operating Income
|
|
$
|
87
|
|
|
$
|
1,153
|
|
|
$
|
1,308
|
|
|
$
|
1,007
|
|
|
$
|
910
|
|
Net Income (Loss)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
$
|
746
|
|
|
$
|
538
|
|
|
$
|
471
|
|
Common Stock Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted Avg Common Shares Outstanding (Millions)
|
|
142.6
|
|
|
142.6
|
|
|
142.6
|
|
|
142.6
|
|
|
138.4
|
|
|||||
Basic Earnings (Loss) Per Share
|
|
$
|
(0.83
|
)
|
|
$
|
4.16
|
|
|
$
|
5.22
|
|
|
$
|
3.79
|
|
|
$
|
3.40
|
|
Diluted Earnings (Loss) Per Share
|
|
$
|
(0.83
|
)
|
|
$
|
4.16
|
|
|
$
|
5.22
|
|
|
$
|
3.79
|
|
|
$
|
3.39
|
|
Dividends Declared Per Share of Common Stock
|
|
$
|
2.45
|
|
|
$
|
2.30
|
|
|
$
|
2.18
|
|
|
$
|
2.10
|
|
|
$
|
2.03
|
|
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Utility Plant, Net
|
|
$
|
10,648
|
|
|
$
|
14,324
|
|
|
$
|
13,145
|
|
|
$
|
12,232
|
|
|
$
|
11,643
|
|
Total Assets
|
|
$
|
18,739
|
|
|
$
|
18,707
|
|
|
$
|
17,146
|
|
|
$
|
16,818
|
|
|
$
|
15,127
|
|
Total Equity
|
|
$
|
5,255
|
|
|
$
|
5,725
|
|
|
$
|
5,443
|
|
|
$
|
4,987
|
|
|
$
|
4,664
|
|
Short-term and Long-term Debt
|
|
$
|
6,983
|
|
|
$
|
7,431
|
|
|
$
|
6,529
|
|
|
$
|
6,581
|
|
|
$
|
5,788
|
|
Other Statistics
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electric:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customers (Year-End)
|
|
718,822
|
|
|
709,418
|
|
|
698,372
|
|
|
687,800
|
|
|
678,273
|
|
|||||
Total sales (Million kWh)
|
|
22,866
|
|
|
23,458
|
|
|
23,102
|
|
|
23,319
|
|
|
22,313
|
|
|||||
Generating capability-Net MW (Year-End)
|
|
5,233
|
|
|
5,233
|
|
|
5,234
|
|
|
5,237
|
|
|
5,237
|
|
|||||
Territorial peak demand-Net MW
|
|
4,701
|
|
|
4,807
|
|
|
4,970
|
|
|
4,853
|
|
|
4,574
|
|
|||||
Regulated Gas:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customers, excluding transportation (Year-End)
|
|
930,790
|
|
|
906,883
|
|
|
881,295
|
|
|
859,186
|
|
|
837,232
|
|
|||||
Sales, excluding transportation (Thousand Therms)
|
|
857,886
|
|
|
890,113
|
|
|
875,218
|
|
|
973,907
|
|
|
921,533
|
|
|||||
Transportation customers (Year-End)
|
|
616
|
|
|
632
|
|
|
627
|
|
|
656
|
|
|
667
|
|
|||||
Transportation volumes (Thousand Therms)
|
|
700,254
|
|
|
674,999
|
|
|
791,402
|
|
|
1,786,897
|
|
|
1,729,399
|
|
•
|
On July 1, 2016, SCE&G, on behalf of itself and as agent for Santee Cooper, elected the fixed price option as provided for in the October 2015 Amendment to the EPC Contract, subject to SCPSC approval. The fixed price option was designed to shift the risk of significant cost overruns from SCE&G and Santee Cooper by fixing the total amount to be paid to the Consortium for its entire scope of work on the project, with limited exceptions.
|
•
|
On November 9, 2016, the SCPSC approved SCE&G's election of the fixed price option.
|
•
|
On March 29, 2017, WEC and WECTEC filed petitions for protection under Chapter 11 of the U.S. Bankruptcy Code, citing a liquidity crisis arising from project contract losses attributable to the Nuclear Project and similar units being built for an unaffiliated company as a material factor that caused them to seek protection under the bankruptcy laws. As part of their filing, WEC and WECTEC publicly announced their inability to complete Unit 2 and Unit 3 under the fixed price terms of the EPC Contract.
|
•
|
In connection with the bankruptcy filing, SCE&G, Santee Cooper, WEC and WECTEC entered into an Interim Assessment Agreement under which engineering and construction continued on the project and under which SCE&G and Santee Cooper were provided the right to discuss project status with Fluor and other subcontractors and vendors and to obtain from them relevant project information and documents that had been previously contractually unavailable in order for SCE&G and Santee Cooper to perform comprehensive analyses regarding whether or how to proceed with the project.
|
•
|
On July 31, 2017, based on the results of its analysis and in light of Santee Cooper's decision to suspend construction on the units, the Company determined to stop the construction of Unit 2 and Unit 3 and to pursue recovery of costs incurred in connection with their construction under the abandonment provisions of the BLRA or through other regulatory means.
|
|
2017
|
|
2016
|
|
2015
|
||||||
The Company
|
|
|
|
|
|
||||||
Earnings (loss) per share
|
$
|
(0.83
|
)
|
|
$
|
4.16
|
|
|
$
|
5.22
|
|
Cash dividends declared per share
|
$
|
2.45
|
|
|
$
|
2.30
|
|
|
$
|
2.18
|
|
|
|
|
|
|
|
||||||
Consolidated SCE&G
|
|
|
|
|
|
||||||
Net income (loss) (millions of dollars)
|
$
|
(171.9
|
)
|
|
$
|
525.8
|
|
|
$
|
479.5
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Operating revenues
|
|
$
|
2,664.4
|
|
|
$
|
2,619.4
|
|
|
$
|
2,557.1
|
|
|
$
|
2,664.4
|
|
|
$
|
2,619.4
|
|
|
$
|
2,557.1
|
|
Fuel used in electric generation
|
|
593.6
|
|
|
576.1
|
|
|
660.6
|
|
|
593.6
|
|
|
576.1
|
|
|
660.6
|
|
||||||
Purchased power
|
|
80.1
|
|
|
63.7
|
|
|
52.1
|
|
|
80.1
|
|
|
63.7
|
|
|
52.1
|
|
||||||
Other operation and maintenance
|
|
519.0
|
|
|
526.1
|
|
|
497.1
|
|
|
533.4
|
|
|
540.2
|
|
|
509.6
|
|
||||||
Impairment loss
|
|
1,118.1
|
|
|
—
|
|
|
—
|
|
|
1,118.1
|
|
|
—
|
|
|
—
|
|
||||||
Depreciation and amortization
|
|
294.7
|
|
|
286.5
|
|
|
277.3
|
|
|
282.8
|
|
|
274.9
|
|
|
266.9
|
|
||||||
Other taxes
|
|
220.3
|
|
|
210.4
|
|
|
194.5
|
|
|
217.8
|
|
|
207.9
|
|
|
192.4
|
|
||||||
Operating Income (Loss)
|
|
$
|
(161.4
|
)
|
|
$
|
956.6
|
|
|
$
|
875.5
|
|
|
$
|
(161.4
|
)
|
|
$
|
956.6
|
|
|
$
|
875.5
|
|
|
Operating revenue increased due to revised rates increases under the BLRA of $57.6 million, residential and commercial growth of $29.4 million, industrial growth and higher usage of $5.5 million, increased revenue recognized under the DER program of $7.3 million and higher fuel cost recovery of $48.1 million. These revenue increases were partially offset by the effects of milder weather of $77.7 million, lower residential and commercial average use of $18.9 million and lower collections under the rate rider for pension costs of $4.0 million. The lower pension rider collections had no impact on net income as they were fully offset by the recognition, within other operation and maintenance expenses, of lower pension costs.
|
|
Fuel used in electric generation and purchased power expenses increased due to higher fuel prices of $48.1 million, amortization of DER program costs of $3.9 million and increased sales volumes associated with residential and
|
|
Other operation and maintenance expenses decreased due to lower labor costs of $24.0 million, primarily due to lower incentive compensation costs and lower pension costs associated with the lower pension rider collections, partially offset by nuclear abandonment-related severance costs of $12.3 million. This decrease was offset by higher non-labor electric generation costs of $2.2 million and due to wind down and other costs associated with the abandonment of the Nuclear Project of $10.9 million.
|
|
Impairment loss represents the estimate of the probable disallowance of recovery associated with the abandonment of the Unit 2 and Unit 3 of $670 million, a write down to estimated fair value of the carrying value of nuclear fuel acquired for use in Unit 2 and Unit 3 of $87 million and an aggregate amount of $361 million to write off costs which had been previously deferred primarily within regulatory assets in connection with the Nuclear Project.
|
|
Depreciation and amortization increased primarily due to net plant additions.
|
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
|
Fuel used in electric generation and purchased power expenses decreased due to lower fuel prices of $84.1 million, lower sales volumes associated with residential and commercial average use of $4.2 million and lower fuel handling expenses of $2.3 million. These decreases were partially offset due higher to amortization of DER program costs of $4.6 million, higher industrial usage of $1.9 million, increased sales volumes associated with residential and commercial customer growth of $6.4 million and higher sales volumes associated with the effects of weather of $4.9 million.
|
|
Other operation and maintenance expenses increased due to higher labor costs of $25.4 million, primarily due to increased pension costs associated with the higher pension rider collections and higher incentive compensation costs. Other operation and maintenance expenses also increased due to higher amortization of DSM program costs of $2.0 million.
|
|
Depreciation and amortization increased primarily due to net plant additions.
|
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
Classification
|
|
2017
|
|
2016
|
|
2015
|
|||
Residential
|
|
7,782
|
|
|
8,140
|
|
|
7,978
|
|
Commercial
|
|
7,372
|
|
|
7,506
|
|
|
7,386
|
|
Industrial
|
|
6,212
|
|
|
6,265
|
|
|
6,201
|
|
Other
|
|
584
|
|
|
600
|
|
|
595
|
|
Total retail sales
|
|
21,950
|
|
|
22,511
|
|
|
22,160
|
|
Wholesale
|
|
916
|
|
|
947
|
|
|
942
|
|
Total Sales
|
|
22,866
|
|
|
23,458
|
|
|
23,102
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Operating revenues
|
|
$
|
876.0
|
|
|
$
|
789.8
|
|
|
$
|
811.7
|
|
|
$
|
405.8
|
|
|
$
|
366.8
|
|
|
$
|
372.7
|
|
Gas purchased for resale
|
|
393.0
|
|
|
345.9
|
|
|
383.7
|
|
|
205.9
|
|
|
182.9
|
|
|
192.5
|
|
||||||
Other operation and maintenance
|
|
168.9
|
|
|
172.7
|
|
|
161.4
|
|
|
70.6
|
|
|
73.6
|
|
|
69.8
|
|
||||||
Depreciation and amortization
|
|
84.9
|
|
|
82.0
|
|
|
77.5
|
|
|
29.0
|
|
|
27.3
|
|
|
26.8
|
|
||||||
Other taxes
|
|
42.5
|
|
|
41.5
|
|
|
37.5
|
|
|
28.5
|
|
|
26.8
|
|
|
24.9
|
|
||||||
Operating Income
|
|
$
|
186.7
|
|
|
$
|
147.7
|
|
|
$
|
151.6
|
|
|
$
|
71.8
|
|
|
$
|
56.2
|
|
|
$
|
58.7
|
|
|
Operating revenue increased at SCE&G primarily due to increased base rates under the RSA of $6.7 million, customer growth of $11.7 million and higher gas cost recovery of $14.9 million. These increases were partially offset by lower average use of $1.6 million. In addition to these factors, operating revenue increased at the Company due to PSNC Energy's higher gas cost collections of $28.9 million, a rate increase of $14.9 million, customer growth of $8.1 million and higher CUT of $17.2 million. These increases at PSNC Energy were partially offset by milder weather and declining consumption of $18.8 million.
|
|
Gas purchased for resale at SCE&G increased due to higher gas prices of $15.7 million and increased sales volumes associated with firm customer growth of $7.1 million. In addition to these factors, gas purchased for resale at the Company increased primarily due to PSNC Energy's higher gas costs of $28.9 million and customer growth of $2.2 million that were partially offset by milder weather and declining consumption of $7.3 million.
|
|
Other operation and maintenance expenses decreased primarily due to lower labor costs of $4.9 million at SCE&G and $10.9 million at PSNC Energy, due primarily to lower incentive compensation costs. These decreases were partially offset by higher non-labor costs of $1.7 million at SCE&G and $8.6 million at PSNC Energy.
|
|
Depreciation and amortization increased primarily due to net plant additions.
|
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
|
Operating revenue decreased at SCE&G primarily due to lower gas cost recovery of $17.6 million and lower firm average use of $6.1 million. These decreases were partially offset by increased base rates under the RSA of $2.6 million and firm customer growth of $13.1 million. In addition to these factors, operating revenue decreased at the Company due to PSNC Energy's lower gas cost collections of $45.4 million. These decreases at PSNC Energy were partially offset by a rate increase of $6.5 million, increased customer growth of $10.3 million and higher CUT of $13.8 million.
|
|
Gas purchased for resale at SCE&G decreased due to lower gas prices of $17.6 million. These decreases at SCE&G were partially offset by increased sales volumes associated with firm customer growth of $6.5 million. In addition to these factors, gas purchased for resale at the Company decreased due to PSNC Energy's decreased gas cost of $45.4 million and an excess state deferred income tax refund of $1.9 million. This decrease at PSNC Energy was partially offset by customer growth of $3.8 million, as well as higher CUT of $15.5 million.
|
|
Other operation and maintenance expenses increased due to higher labor costs of $2.1 million at SCE&G and $6.7 million at the Company, due primarily to higher incentive compensation costs.
|
|
Depreciation and amortization increased due to net plant additions, partially offset by the implementation of SCPSC-approved revised (lower) depreciation rates at SCE&G of $1.1 million.
|
|
Other taxes increased primarily due to net plant additions.
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||
Classification (in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||
Residential
|
|
37,251
|
|
|
40,142
|
|
|
39,090
|
|
|
11,285
|
|
|
12,420
|
|
|
12,086
|
|
Commercial
|
|
28,429
|
|
|
29,078
|
|
|
28,064
|
|
|
12,565
|
|
|
12,879
|
|
|
12,580
|
|
Industrial
|
|
20,108
|
|
|
19,364
|
|
|
20,101
|
|
|
18,091
|
|
|
17,228
|
|
|
17,901
|
|
Transportation gas
|
|
51,587
|
|
|
49,769
|
|
|
49,297
|
|
|
6,229
|
|
|
5,250
|
|
|
4,781
|
|
Total
|
|
137,375
|
|
|
138,353
|
|
|
136,552
|
|
|
48,170
|
|
|
47,777
|
|
|
47,348
|
|
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating revenues
|
|
$
|
1,001.4
|
|
|
$
|
936.7
|
|
|
$
|
1,146.7
|
|
Net Income
|
|
26.9
|
|
|
29.8
|
|
|
27.6
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Other operation and maintenance
|
|
$
|
736.7
|
|
|
$
|
755.6
|
|
|
$
|
715.3
|
|
|
$
|
604.0
|
|
|
$
|
613.8
|
|
|
$
|
579.4
|
|
Impairment loss
|
|
1,118.1
|
|
|
—
|
|
|
—
|
|
|
1,118.1
|
|
|
—
|
|
|
—
|
|
||||||
Depreciation and amortization
|
|
381.6
|
|
|
370.9
|
|
|
357.5
|
|
|
311.8
|
|
|
302.2
|
|
|
293.7
|
|
||||||
Other taxes
|
|
264.2
|
|
|
253.9
|
|
|
234.2
|
|
|
246.4
|
|
|
234.7
|
|
|
217.3
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Income Statement Impact:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employee benefit costs
|
|
$
|
15.3
|
|
|
$
|
19.2
|
|
|
$
|
5.3
|
|
|
$
|
12.3
|
|
|
$
|
16.4
|
|
|
$
|
2.8
|
|
Other expense
|
|
0.5
|
|
|
0.9
|
|
|
1.1
|
|
|
0.3
|
|
|
0.2
|
|
|
0.2
|
|
||||||
Balance Sheet Impact:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase in capital expenditures
|
|
5.2
|
|
|
5.3
|
|
|
3.9
|
|
|
4.7
|
|
|
4.7
|
|
|
3.4
|
|
||||||
Component of amount receivable from Summer Station co-owner
|
|
2.1
|
|
|
2.1
|
|
|
1.5
|
|
|
2.1
|
|
|
2.1
|
|
|
1.5
|
|
||||||
Increase (decrease) in regulatory assets
|
|
(0.8
|
)
|
|
(4.6
|
)
|
|
6.2
|
|
|
(0.8
|
)
|
|
(4.6
|
)
|
|
6.2
|
|
||||||
Net periodic benefit cost
|
|
$
|
22.3
|
|
|
$
|
22.9
|
|
|
$
|
18.0
|
|
|
$
|
18.6
|
|
|
$
|
18.8
|
|
|
$
|
14.1
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Other income
|
|
$
|
78.4
|
|
|
$
|
64.4
|
|
|
$
|
74.5
|
|
|
$
|
44.9
|
|
|
$
|
29.3
|
|
|
$
|
31.1
|
|
Other expense
|
|
(46.2
|
)
|
|
(38.5
|
)
|
|
(60.1
|
)
|
|
(24.9
|
)
|
|
(24.1
|
)
|
|
(31.1
|
)
|
||||||
Gain on sale of SCI, net of transaction costs
|
|
—
|
|
|
—
|
|
|
106.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
AFC - equity funds
|
|
23.2
|
|
|
29.4
|
|
|
27.0
|
|
|
14.8
|
|
|
26.1
|
|
|
24.8
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Interest on long-term debt, net
|
|
$
|
346.7
|
|
|
$
|
330.3
|
|
|
$
|
311.3
|
|
|
$
|
266.1
|
|
|
$
|
253.8
|
|
|
$
|
236.0
|
|
Other interest expense
|
|
16.7
|
|
|
12.0
|
|
|
6.5
|
|
|
21.5
|
|
|
16.2
|
|
|
12.1
|
|
||||||
Total
|
|
$
|
363.4
|
|
|
$
|
342.3
|
|
|
$
|
317.8
|
|
|
$
|
287.6
|
|
|
$
|
270.0
|
|
|
$
|
248.1
|
|
Millions of dollars
|
|
2018
|
|
2019
|
||||
SCE&G
|
|
|
|
|
|
|
||
Generation
|
|
$
|
124
|
|
|
$
|
145
|
|
Transmission & Distribution
|
|
229
|
|
|
203
|
|
||
Other
|
|
12
|
|
|
23
|
|
||
Gas
|
|
98
|
|
|
105
|
|
||
Common
|
|
3
|
|
|
11
|
|
||
Total SCE&G
|
|
466
|
|
|
487
|
|
||
PSNC Energy
|
|
288
|
|
|
275
|
|
||
Other
|
|
37
|
|
|
24
|
|
||
Total Normal
|
|
791
|
|
|
786
|
|
||
Nuclear Fuel - SCE&G
|
|
54
|
|
|
51
|
|
||
Total Estimated Capital Expenditures
|
|
$
|
845
|
|
|
$
|
837
|
|
Contractual Cash Obligations
|
|
Payments due by periods
|
||||||||||||||||||
Millions of dollars
|
|
Total
|
|
Less than
1 year
|
|
1 - 3 years
|
|
4 - 5 years
|
|
More than
5 years
|
||||||||||
Long- and short-term debt, including interest
|
|
$
|
13,352
|
|
|
$
|
1,406
|
|
|
$
|
1,721
|
|
|
$
|
768
|
|
|
$
|
9,457
|
|
Capital leases
|
|
28
|
|
|
5
|
|
|
14
|
|
|
3
|
|
|
6
|
|
|||||
Operating leases
|
|
112
|
|
|
34
|
|
|
42
|
|
|
9
|
|
|
27
|
|
|||||
Purchase obligations
|
|
3,159
|
|
|
2,345
|
|
|
812
|
|
|
2
|
|
|
—
|
|
|||||
Other commercial commitments
|
|
2,929
|
|
|
1,057
|
|
|
846
|
|
|
258
|
|
|
768
|
|
|||||
Total
|
|
$
|
19,580
|
|
|
$
|
4,847
|
|
|
$
|
3,435
|
|
|
$
|
1,040
|
|
|
$
|
10,258
|
|
December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
The Company
|
|
0.43
|
|
3.38
|
|
4.40
|
|
3.39
|
|
3.22
|
Consolidated SCE&G
|
|
(0.10)
|
|
3.66
|
|
3.69
|
|
3.77
|
|
3.48
|
•
|
A pre-tax impairment loss was recorded with respect to disallowance of unrecovered nuclear project costs of approximately $670 million. This amount includes $210 million recorded in the third quarter of 2017, which represented costs of approximately $1.2 billion that had been expended on the project, exclusive of transmission costs, but which had not yet been determined to be prudent by the SCPSC in connection with revised rates proceedings under the BLRA, offset by the amount of approximately $1 billion, which amount represents the recovery of the Toshiba Settlement proceeds that are in excess of amounts from that settlement that the Company and Consolidated SCE&G estimated may be necessary to satisfy certain project liens. This impairment loss also includes $180 million, which amount arises from SCE&G’s entry into an agreement in the fourth quarter of 2017 to purchase in 2018 an existing 540-MW combined cycle gas generating station along with SCE&G's commitment to regulators and the public that the recovery of the initial capital investment in the facility would not be sought from customers. The remaining $280 million of this impairment loss was recorded after consideration of the regulatory and political developments in the fourth quarter of 2017 and early 2018 described in Note 10 to the consolidated financial statements.
|
•
|
A pre-tax impairment loss was recorded in the aggregate amount of $361 million to write off costs which had been previously deferred, primarily as regulatory assets, in connection with the Nuclear Project. Such regulatory assets included deferred losses on interest rate swaps for which debt will not be issued due to the abandonment of the Nuclear Project, carrying costs on deferred tax assets arising from the capitalization of interest costs for tax purposes, net deferred costs and tax benefits related to foregone domestic production activities deductions (net of uncertain tax positions and credits) taken with respect to the project, and taxes associated with equity AFC.
|
•
|
Finally, an $87 million pre-tax impairment loss was recorded in order to reduce to estimated fair value the carrying value of nuclear fuel acquired for use in Unit 2 and Unit 3.
|
The Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
722.5
|
|
|
12.0
|
|
|
361.5
|
|
|
490.2
|
|
|
259.3
|
|
|
4,683.9
|
|
|
6,529.4
|
|
|
7,261.8
|
|
Average Fixed Interest Rate (%)
|
6.01
|
|
|
4.31
|
|
|
6.31
|
|
|
4.63
|
|
|
5.26
|
|
|
5.71
|
|
|
5.68
|
|
|
—
|
|
Variable Rate ($)
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
120.6
|
|
|
142.6
|
|
|
137.8
|
|
Average Variable Interest Rate (%)
|
2.18
|
|
|
2.18
|
|
|
2.18
|
|
|
2.18
|
|
|
2.18
|
|
|
1.64
|
|
|
1.72
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pay Fixed/Receive Variable ($)
|
554.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
124.2
|
|
|
696.2
|
|
|
20.4
|
|
Average Pay Interest Rate (%)
|
2.14
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
4.51
|
|
|
2.66
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
1.48
|
|
|
2.18
|
|
|
2.18
|
|
|
2.18
|
|
|
2.18
|
|
|
1.91
|
|
|
1.58
|
|
|
—
|
|
December 31, 2016
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
12.5
|
|
|
721.7
|
|
|
11.1
|
|
|
360.2
|
|
|
489.0
|
|
|
4,789.7
|
|
|
6,384.3
|
|
|
7,040.6
|
|
Average Fixed Interest Rate (%)
|
4.21
|
|
|
6.01
|
|
|
4.40
|
|
|
6.33
|
|
|
4.64
|
|
|
5.73
|
|
|
5.70
|
|
|
—
|
|
Variable Rate ($)
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
125.0
|
|
|
147.0
|
|
|
142.7
|
|
Average Variable Interest Rate (%)
|
1.63
|
|
|
1.63
|
|
|
1.63
|
|
|
1.63
|
|
|
1.63
|
|
|
1.16
|
|
|
1.23
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pay Fixed/Receive Variable ($)
|
554.4
|
|
|
704.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
128.6
|
|
|
1,400.6
|
|
|
12.3
|
|
Average Pay Interest Rate (%)
|
2.91
|
|
|
2.22
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
4.57
|
|
|
2.74
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
1.00
|
|
|
1.00
|
|
|
1.63
|
|
|
1.63
|
|
|
1.63
|
|
|
1.08
|
|
|
1.02
|
|
|
—
|
|
Consolidated SCE&G
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
722.5
|
|
|
12.0
|
|
|
11.5
|
|
|
40.2
|
|
|
9.3
|
|
|
4,333.9
|
|
|
5,129.4
|
|
|
5,726.8
|
|
Average Fixed Interest Rate (%)
|
6.01
|
|
|
4.31
|
|
|
4.38
|
|
|
3.58
|
|
|
4.74
|
|
|
5.76
|
|
|
5.77
|
|
|
—
|
|
Variable Rate ($)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.8
|
|
|
67.8
|
|
|
63.5
|
|
Average Variable Interest Rate (%)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.21
|
|
|
1.21
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pay Fixed/Receive Variable ($)
|
550.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71.4
|
|
|
621.4
|
|
|
37.4
|
|
Average Pay Interest Rate (%)
|
2.10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.29
|
|
|
2.24
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
1.48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.71
|
|
|
1.51
|
|
|
—
|
|
December 31, 2016
|
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
|
12.0
|
|
|
721.7
|
|
|
11.1
|
|
|
10.2
|
|
|
39.0
|
|
|
4,339.7
|
|
|
5,133.7
|
|
|
5,687.3
|
|
Average Fixed Interest Rate (%)
|
|
4.27
|
|
|
6.01
|
|
|
4.40
|
|
|
4.54
|
|
|
3.60
|
|
|
5.75
|
|
|
5.76
|
|
|
—
|
|
Variable Rate ($)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.8
|
|
|
67.8
|
|
|
64.9
|
|
Average Variable Interest Rate (%)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.76
|
|
|
0.76
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pay Fixed/Receive Variable ($)
|
|
550.0
|
|
|
700.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71.4
|
|
|
1,321.4
|
|
|
31.7
|
|
Average Pay Interest Rate (%)
|
|
2.88
|
|
|
2.19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.29
|
|
|
2.54
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
|
1.00
|
|
|
1.00
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.64
|
|
|
0.98
|
|
|
—
|
|
Expected Maturity
|
|
2018
|
|
2019
|
|
2020
|
|
|||
Futures - Long
|
|
|
|
|
|
|
|
|||
Settlement Price (a)
|
|
2.87
|
|
|
2.94
|
|
|
—
|
|
|
Contract Amount (b)
|
|
53.1
|
|
|
13.3
|
|
|
—
|
|
|
Fair Value (b)
|
|
49.8
|
|
|
13.0
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||
Futures - Short
|
|
|
|
|
|
|
|
|||
Settlement Price (a)
|
|
2.85
|
|
|
—
|
|
|
—
|
|
|
Contract Amount (b)
|
|
5.6
|
|
|
—
|
|
|
—
|
|
|
Fair Value (b)
|
|
5.1
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||
Options - Purchased Call (Long)
|
|
|
|
|
|
|
|
|||
Strike Price (a)
|
|
3.35
|
|
|
—
|
|
|
—
|
|
|
Contract Amount (b)
|
|
20.7
|
|
|
—
|
|
|
—
|
|
|
Fair Value (b)
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||
Swaps - Commodity
|
|
|
|
|
|
|
|
|
|
|
Pay fixed/receive variable (b)
|
|
15.9
|
|
|
6.7
|
|
|
3.0
|
|
|
Average pay rate (a)
|
|
3.2293
|
|
|
2.9298
|
|
|
2.8730
|
|
|
Average received rate (a)
|
|
2.8587
|
|
|
2.8613
|
|
|
2.8211
|
|
|
Fair Value (b)
|
|
14.1
|
|
|
6.5
|
|
|
2.9
|
|
|
Pay variable/receive fixed (b)
|
|
29.6
|
|
|
11.5
|
|
|
2.7
|
|
|
Average pay rate (a)
|
|
2.8505
|
|
|
2.8710
|
|
|
2.8211
|
|
|
Average received rate (a)
|
|
3.0993
|
|
|
2.9410
|
|
|
2.8764
|
|
|
Fair Value (b)
|
|
32.2
|
|
|
11.8
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|||
Swaps - Basis
|
|
|
|
|
|
|
|
|
|
|
Pay variable/receive variable (b)
|
|
7.0
|
|
|
0.3
|
|
|
—
|
|
|
Average pay rate (a)
|
|
2.8191
|
|
|
3.0876
|
|
|
—
|
|
|
Average received rate (a)
|
|
2.7935
|
|
|
3.0306
|
|
|
—
|
|
|
Fair Value (b)
|
|
7.0
|
|
|
0.3
|
|
|
—
|
|
|
/s/DELOITTE & TOUCHE LLP
|
|
Charlotte, North Carolina
|
|
February 22, 2018
|
|
December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant In Service
|
|
$
|
14,370
|
|
|
$
|
13,444
|
|
Accumulated Depreciation and Amortization
|
|
(4,611
|
)
|
|
(4,446
|
)
|
||
Construction Work in Progress
|
|
471
|
|
|
4,845
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
208
|
|
|
271
|
|
||
Goodwill
|
|
210
|
|
|
210
|
|
||
Utility Plant, Net
|
|
10,648
|
|
|
14,324
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation of $133 and $138
|
|
270
|
|
|
276
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
136
|
|
|
123
|
|
||
Other investments
|
|
68
|
|
|
76
|
|
||
Nonutility Property and Investments, Net
|
|
474
|
|
|
475
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
409
|
|
|
208
|
|
||
Receivables:
|
|
|
|
|
||||
Customer, net of allowance for uncollectible accounts of $6 and $6
|
|
665
|
|
|
616
|
|
||
Income taxes
|
|
198
|
|
|
142
|
|
||
Other
|
|
105
|
|
|
127
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Fuel
|
|
143
|
|
|
136
|
|
||
Materials and supplies
|
|
161
|
|
|
155
|
|
||
Prepayments
|
|
99
|
|
|
105
|
|
||
Other current assets
|
|
17
|
|
|
17
|
|
||
Derivative financial instruments
|
|
54
|
|
|
—
|
|
||
Total Current Assets
|
|
1,851
|
|
|
1,506
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Regulatory assets
|
|
5,580
|
|
|
2,130
|
|
||
Other
|
|
186
|
|
|
272
|
|
||
Total Deferred Debits and Other Assets
|
|
5,766
|
|
|
2,402
|
|
||
Total
|
|
$
|
18,739
|
|
|
$
|
18,707
|
|
December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value, 143 million shares outstanding for all periods presented
|
|
$
|
2,390
|
|
|
$
|
2,390
|
|
Retained Earnings
|
|
2,915
|
|
|
3,384
|
|
||
Accumulated Other Comprehensive Loss
|
|
(50
|
)
|
|
(49
|
)
|
||
Total Common Equity
|
|
5,255
|
|
|
5,725
|
|
||
Long-Term Debt, Net
|
|
5,906
|
|
|
6,473
|
|
||
Total Capitalization
|
|
11,161
|
|
|
12,198
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
350
|
|
|
941
|
|
||
Current portion of long-term debt
|
|
727
|
|
|
17
|
|
||
Accounts payable
|
|
438
|
|
|
404
|
|
||
Customer deposits and customer prepayments
|
|
112
|
|
|
168
|
|
||
Taxes accrued
|
|
214
|
|
|
201
|
|
||
Interest accrued
|
|
87
|
|
|
84
|
|
||
Dividends declared
|
|
86
|
|
|
80
|
|
||
Derivative financial instruments
|
|
6
|
|
|
35
|
|
||
Other
|
|
93
|
|
|
135
|
|
||
Total Current Liabilities
|
|
2,113
|
|
|
2,065
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,261
|
|
|
2,159
|
|
||
Asset retirement obligations
|
|
568
|
|
|
558
|
|
||
Pension and postretirement benefits
|
|
360
|
|
|
373
|
|
||
Unrecognized tax benefits
|
|
19
|
|
|
219
|
|
||
Regulatory liabilities
|
|
3,059
|
|
|
930
|
|
||
Other
|
|
198
|
|
|
205
|
|
||
Total Deferred Credits and Other Liabilities
|
|
5,465
|
|
|
4,444
|
|
||
Commitments and Contingencies (Note 10)
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
18,739
|
|
|
$
|
18,707
|
|
Years Ended December 31, (Millions of dollars, except per share amounts)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
2,659
|
|
|
$
|
2,614
|
|
|
$
|
2,551
|
|
Gas-regulated
|
|
874
|
|
|
788
|
|
|
811
|
|
|||
Gas-nonregulated
|
|
874
|
|
|
825
|
|
|
1,018
|
|
|||
Total Operating Revenues
|
|
4,407
|
|
|
4,227
|
|
|
4,380
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
594
|
|
|
576
|
|
|
660
|
|
|||
Purchased power
|
|
80
|
|
|
64
|
|
|
52
|
|
|||
Gas purchased for resale
|
|
1,156
|
|
|
1,054
|
|
|
1,287
|
|
|||
Other operation and maintenance
|
|
737
|
|
|
755
|
|
|
715
|
|
|||
Impairment loss
|
|
1,118
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
382
|
|
|
371
|
|
|
358
|
|
|||
Other taxes
|
|
264
|
|
|
254
|
|
|
234
|
|
|||
Total Operating Expenses
|
|
4,331
|
|
|
3,074
|
|
|
3,306
|
|
|||
Gain on sale of CGT, net of transaction costs
|
|
—
|
|
|
—
|
|
|
234
|
|
|||
Operating Income
|
|
76
|
|
|
1,153
|
|
|
1,308
|
|
|||
|
|
|
|
|
|
|
||||||
Other Income (Expense), net
|
|
56
|
|
|
55
|
|
|
42
|
|
|||
Gain on sale of SCI, net of transaction costs
|
|
—
|
|
|
—
|
|
|
107
|
|
|||
Interest charges, net of allowance for borrowed funds used during construction of $18, $19 and $15
|
|
(363
|
)
|
|
(342
|
)
|
|
(318
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income (Loss) Before Income Tax Expense
|
|
(231
|
)
|
|
866
|
|
|
1,139
|
|
|||
Income Tax Expense (Benefit)
|
|
(112
|
)
|
|
271
|
|
|
393
|
|
|||
Net Income (Loss)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
$
|
746
|
|
|
|
|
|
|
|
|
||||||
Earnings (Loss) Per Share of Common Stock
|
|
$
|
(0.83
|
)
|
|
$
|
4.16
|
|
|
$
|
5.22
|
|
Weighted Average Common Shares Outstanding (millions)
|
|
143
|
|
|
143
|
|
|
143
|
|
|||
Dividends Declared Per Share of Common Stock
|
|
$
|
2.45
|
|
|
$
|
2.30
|
|
|
$
|
2.18
|
|
Years Ended December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net Income (Loss)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
$
|
746
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized Losses on Cash Flow Hedging Activities:
|
|
|
|
|
|
|
||||||
Unrealized gains (losses) on cash flow hedging activities arising during period, net of tax of $(4), $2 and $(7)
|
|
(7
|
)
|
|
4
|
|
|
(12
|
)
|
|||
Cash flow hedging activities reclassified to interest expense, net of tax of $4, $4 and $4
|
|
7
|
|
|
7
|
|
|
7
|
|
|||
Cash flow hedging activities reclassified to gas purchased for resale, net of tax of $-, $4 and $9
|
|
(1
|
)
|
|
6
|
|
|
15
|
|
|||
Net unrealized gains (losses) on cash flow hedging activities
|
|
(1
|
)
|
|
17
|
|
|
10
|
|
|||
Deferred Costs of Employee Benefit Plans:
|
|
|
|
|
|
|
||||||
Amortization of deferred employee benefit plan costs reclassified to net income (see Note 8), net of tax of $-, $- and $-
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
Net deferred costs of employee benefit plans
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
Other Comprehensive Income (Loss)
|
|
(1
|
)
|
|
16
|
|
|
10
|
|
|||
Total Comprehensive Income (Loss)
|
|
$
|
(120
|
)
|
|
$
|
611
|
|
|
$
|
756
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net Income (Loss)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
$
|
746
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
|
|||||
Gain on sale of subsidiaries
|
|
—
|
|
|
—
|
|
|
(355
|
)
|
|||
Impairment loss
|
|
1,118
|
|
|
—
|
|
|
—
|
|
|||
Deferred income taxes, net
|
|
(911
|
)
|
|
242
|
|
|
(31
|
)
|
|||
Depreciation and amortization
|
|
406
|
|
|
389
|
|
|
368
|
|
|||
Amortization of nuclear fuel
|
|
44
|
|
|
57
|
|
|
46
|
|
|||
Allowance for equity funds used during construction
|
|
(23
|
)
|
|
(29
|
)
|
|
(27
|
)
|
|||
Carrying cost recovery
|
|
(34
|
)
|
|
(17
|
)
|
|
(12
|
)
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
|
|||||
Receivables
|
|
(56
|
)
|
|
(112
|
)
|
|
188
|
|
|||
Income tax receivable
|
|
(56
|
)
|
|
(142
|
)
|
|
—
|
|
|||
Inventories
|
|
(93
|
)
|
|
(43
|
)
|
|
(16
|
)
|
|||
Prepayments
|
|
(5
|
)
|
|
11
|
|
|
211
|
|
|||
Regulatory assets
|
|
181
|
|
|
(114
|
)
|
|
(31
|
)
|
|||
Regulatory liabilities
|
|
1,051
|
|
|
(2
|
)
|
|
(1
|
)
|
|||
Accounts payable
|
|
24
|
|
|
44
|
|
|
(78
|
)
|
|||
Unrecognized tax benefits
|
|
(224
|
)
|
|
175
|
|
|
31
|
|
|||
Taxes accrued
|
|
13
|
|
|
(41
|
)
|
|
61
|
|
|||
Pension and other postretirement benefits
|
|
(20
|
)
|
|
51
|
|
|
(6
|
)
|
|||
Derivative financial instruments
|
|
(3
|
)
|
|
(9
|
)
|
|
(9
|
)
|
|||
Other assets
|
|
(47
|
)
|
|
(44
|
)
|
|
(3
|
)
|
|||
Other liabilities
|
|
(77
|
)
|
|
81
|
|
|
(23
|
)
|
|||
Net Cash Provided From Operating Activities
|
|
1,169
|
|
|
1,092
|
|
|
1,059
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Property additions and construction expenditures
|
|
(1,225
|
)
|
|
(1,579
|
)
|
|
(1,153
|
)
|
|||
Proceeds from sale of subsidiaries
|
|
—
|
|
|
—
|
|
|
647
|
|
|||
Proceeds from guaranty settlement
|
|
1,096
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from investments (including derivative collateral returned)
|
|
145
|
|
|
860
|
|
|
1,117
|
|
|||
Purchase of investments (including derivative collateral posted)
|
|
(143
|
)
|
|
(788
|
)
|
|
(1,018
|
)
|
|||
Payments upon interest rate derivative contract settlement
|
|
(39
|
)
|
|
(113
|
)
|
|
(263
|
)
|
|||
Proceeds from interest rate derivative contract settlement
|
|
—
|
|
|
—
|
|
|
10
|
|
|||
Net Cash Used For Investing Activities
|
|
(166
|
)
|
|
(1,620
|
)
|
|
(660
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of common stock
|
|
—
|
|
|
—
|
|
|
14
|
|
|||
Proceeds from issuance of long-term debt
|
|
150
|
|
|
592
|
|
|
491
|
|
|||
Repayments of long-term debt
|
|
(17
|
)
|
|
(117
|
)
|
|
(166
|
)
|
|||
Dividends
|
|
(344
|
)
|
|
(325
|
)
|
|
(309
|
)
|
|||
Short-term borrowings, net
|
|
(591
|
)
|
|
410
|
|
|
(387
|
)
|
|||
Deferred financing costs
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||
Net Cash Provided From (Used For) Financing Activities
|
|
(802
|
)
|
|
560
|
|
|
(360
|
)
|
|||
Net Increase in Cash and Cash Equivalents
|
|
201
|
|
|
32
|
|
|
39
|
|
|||
Cash and Cash Equivalents, January 1
|
|
208
|
|
|
176
|
|
|
137
|
|
|||
Cash and Cash Equivalents, December 31
|
|
$
|
409
|
|
|
$
|
208
|
|
|
$
|
176
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash for—Interest paid (net of capitalized interest of $18, $19 and $15)
|
|
$
|
346
|
|
|
$
|
328
|
|
|
$
|
306
|
|
—Income taxes paid
|
|
2
|
|
|
229
|
|
|
184
|
|
|||
—Income taxes received
|
|
184
|
|
|
166
|
|
|
—
|
|
|||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
|
|||||
Accrued construction expenditures (including nuclear fuel)
|
|
139
|
|
|
109
|
|
|
244
|
|
|||
Capital leases
|
|
8
|
|
|
15
|
|
|
6
|
|
|
|
Common Stock
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||||||||||||||
Millions
|
|
Shares
|
|
Outstanding Amount
|
|
Treasury Amount
|
|
Retained Earnings
|
|
Gains (Losses) on Cash Flow Hedges
|
|
Deferred Costs of Employee Benefit Plans
|
|
Total AOCI
|
|
Total
|
|||||||||||||||
Balance as of January 1, 2015
|
|
143
|
|
|
$
|
2,388
|
|
|
$
|
(10
|
)
|
|
$
|
2,684
|
|
|
$
|
(63
|
)
|
|
$
|
(12
|
)
|
|
$
|
(75
|
)
|
|
$
|
4,987
|
|
Net Income
|
|
|
|
|
|
|
|
746
|
|
|
|
|
|
|
|
|
746
|
|
|||||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Losses arising during the period
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|||||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
22
|
|
|||||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
746
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
756
|
|
||||||||||
Issuance of Common Stock
|
|
—
|
|
|
14
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
12
|
|
|||||||||||
Dividends Declared
|
|
|
|
|
|
|
|
(312
|
)
|
|
|
|
|
|
|
|
(312
|
)
|
|||||||||||||
Balance as of December 31, 2015
|
|
143
|
|
|
$
|
2,402
|
|
|
(12
|
)
|
|
3,118
|
|
|
(53
|
)
|
|
(12
|
)
|
|
(65
|
)
|
|
5,443
|
|
||||||
Net Income
|
|
|
|
|
|
|
|
595
|
|
|
|
|
|
|
|
|
595
|
|
|||||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gains (Losses) arising during the period
|
|
|
|
|
|
|
|
|
|
4
|
|
|
(1
|
)
|
|
3
|
|
|
3
|
|
|||||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
|
595
|
|
|
17
|
|
|
(1
|
)
|
|
16
|
|
|
611
|
|
||||||||||
Dividends Declared
|
|
|
|
|
|
|
|
(329
|
)
|
|
|
|
|
|
|
|
(329
|
)
|
|||||||||||||
Balance as of December 31, 2016
|
|
143
|
|
|
$
|
2,402
|
|
|
(12
|
)
|
|
3,384
|
|
|
(36
|
)
|
|
(13
|
)
|
|
(49
|
)
|
|
5,725
|
|
||||||
Net Loss
|
|
|
|
|
|
|
|
(119
|
)
|
|
|
|
|
|
|
|
(119
|
)
|
|||||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Losses arising during the period
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|||||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
(119
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(120
|
)
|
||||||||||
Dividends Declared
|
|
|
|
|
|
|
|
(350
|
)
|
|
|
|
|
|
|
|
(350
|
)
|
|||||||||||||
Balance as of December 31, 2017
|
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(12
|
)
|
|
$
|
2,915
|
|
|
$
|
(37
|
)
|
|
$
|
(13
|
)
|
|
$
|
(50
|
)
|
|
$
|
5,255
|
|
December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant In Service
|
|
$
|
12,161
|
|
|
$
|
11,510
|
|
Accumulated Depreciation and Amortization
|
|
(4,124
|
)
|
|
(3,991
|
)
|
||
Construction Work in Progress
|
|
375
|
|
|
4,813
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
208
|
|
|
271
|
|
||
Utility Plant, Net ($711 and $756 related to VIEs)
|
|
8,620
|
|
|
12,603
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation
|
|
71
|
|
|
69
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
136
|
|
|
123
|
|
||
Other investments
|
|
2
|
|
|
3
|
|
||
Nonutility Property and Investments, Net
|
|
209
|
|
|
195
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
395
|
|
|
164
|
|
||
Receivables:
|
|
|
|
|
||||
Customer, net of allowance for uncollectible accounts of $4 and $3
|
|
390
|
|
|
378
|
|
||
Affiliated companies
|
|
32
|
|
|
16
|
|
||
Income taxes
|
|
198
|
|
|
53
|
|
||
Other
|
|
85
|
|
|
94
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Fuel
|
|
90
|
|
|
83
|
|
||
Materials and supplies
|
|
149
|
|
|
143
|
|
||
Prepayments
|
|
82
|
|
|
88
|
|
||
Derivative financial instrument
|
|
54
|
|
|
—
|
|
||
Other current assets
|
|
2
|
|
|
1
|
|
||
Total Current Assets ($191 and $85 related to VIEs)
|
|
1,477
|
|
|
1,020
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Regulatory assets
|
|
5,476
|
|
|
2,030
|
|
||
Other
|
|
164
|
|
|
243
|
|
||
Total Deferred Debits and Other Assets ($50 and $52 related to VIEs)
|
|
5,640
|
|
|
2,273
|
|
||
Total
|
|
$
|
15,946
|
|
|
$
|
16,091
|
|
December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value, 40.3 million shares outstanding for all periods presented
|
|
$
|
2,860
|
|
|
$
|
2,860
|
|
Retained Earnings
|
|
1,982
|
|
|
2,481
|
|
||
Accumulated Other Comprehensive Loss
|
|
(4
|
)
|
|
(3
|
)
|
||
Total Common Equity
|
|
4,838
|
|
|
5,338
|
|
||
Noncontrolling interest
|
|
142
|
|
|
134
|
|
||
Total Equity
|
|
4,980
|
|
|
5,472
|
|
||
Long-Term Debt, net
|
|
4,441
|
|
|
5,154
|
|
||
Total Capitalization
|
|
9,421
|
|
|
10,626
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
252
|
|
|
804
|
|
||
Current portion of long-term debt
|
|
723
|
|
|
12
|
|
||
Accounts payable
|
|
251
|
|
|
247
|
|
||
Affiliated payables
|
|
102
|
|
|
122
|
|
||
Customer deposits and customer prepayments
|
|
70
|
|
|
126
|
|
||
Taxes accrued
|
|
208
|
|
|
195
|
|
||
Interest accrued
|
|
67
|
|
|
68
|
|
||
Dividends declared
|
|
82
|
|
|
79
|
|
||
Derivative financial instruments
|
|
2
|
|
|
28
|
|
||
Other
|
|
47
|
|
|
55
|
|
||
Total Current Liabilities
|
|
1,804
|
|
|
1,736
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,173
|
|
|
1,939
|
|
||
Asset retirement obligations
|
|
529
|
|
|
522
|
|
||
Pension and postretirement benefits
|
|
217
|
|
|
232
|
|
||
Unrecognized tax benefits
|
|
19
|
|
|
236
|
|
||
Regulatory liabilities
|
|
2,667
|
|
|
695
|
|
||
Other
|
|
97
|
|
|
89
|
|
||
Other - affiliate
|
|
19
|
|
|
16
|
|
||
Total Deferred Credits and Other Liabilities
|
|
4,721
|
|
|
3,729
|
|
||
Commitments and Contingencies (Note 10)
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
15,946
|
|
|
$
|
16,091
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
2,659
|
|
|
$
|
2,614
|
|
|
$
|
2,551
|
|
Electric - nonconsolidated affiliate
|
|
5
|
|
|
5
|
|
|
6
|
|
|||
Gas
|
|
405
|
|
|
366
|
|
|
372
|
|
|||
Gas - nonconsolidated affiliate
|
|
1
|
|
|
1
|
|
|
1
|
|
|||
Total Operating Revenues
|
|
3,070
|
|
|
2,986
|
|
|
2,930
|
|
|||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
465
|
|
|
472
|
|
|
559
|
|
|||
Fuel used in electric generation - nonconsolidated affiliate
|
|
129
|
|
|
104
|
|
|
102
|
|
|||
Purchased power
|
|
80
|
|
|
64
|
|
|
52
|
|
|||
Gas purchased for resale
|
|
206
|
|
|
174
|
|
|
162
|
|
|||
Gas purchased for resale - nonconsolidated affiliate
|
|
—
|
|
|
9
|
|
|
31
|
|
|||
Other operation and maintenance
|
|
417
|
|
|
403
|
|
|
380
|
|
|||
Other operation and maintenance - nonconsolidated affiliate
|
|
187
|
|
|
211
|
|
|
199
|
|
|||
Impairment loss
|
|
1,118
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
312
|
|
|
302
|
|
|
294
|
|
|||
Other taxes
|
|
241
|
|
|
227
|
|
|
211
|
|
|||
Other taxes - nonconsolidated affiliate
|
|
5
|
|
|
7
|
|
|
6
|
|
|||
Total Operating Expenses
|
|
3,160
|
|
|
1,973
|
|
|
1,996
|
|
|||
Operating Income (Loss)
|
|
(90
|
)
|
|
1,013
|
|
|
934
|
|
|||
Other Income (Expense), net
|
|
35
|
|
|
31
|
|
|
25
|
|
|||
Interest charges, net of allowance for borrowed funds used during construction of $15, $18 and $14
|
|
(288
|
)
|
|
(270
|
)
|
|
(248
|
)
|
|||
Income (Loss) Before Income Tax Expense
|
|
(343
|
)
|
|
774
|
|
|
711
|
|
|||
Income Tax Expense (Benefit)
|
|
(171
|
)
|
|
248
|
|
|
231
|
|
|||
Net Income (Loss) and Total Comprehensive Income (Loss)
|
|
(172
|
)
|
|
526
|
|
|
480
|
|
|||
Less Net Income and Total Comprehensive Income Attributable to Noncontrolling Interest
|
|
13
|
|
|
13
|
|
|
14
|
|
|||
Earnings (Loss) and Comprehensive Income Available (Loss Attributable) to Common Shareholder
|
|
$
|
(185
|
)
|
|
$
|
513
|
|
|
$
|
466
|
|
|
|
|
|
|
|
|
||||||
Dividends Declared on Common Stock
|
|
$
|
323
|
|
|
$
|
305
|
|
|
$
|
285
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net income (Loss)
|
|
$
|
(172
|
)
|
|
$
|
526
|
|
|
$
|
480
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
||||||
Impairment loss
|
|
1,118
|
|
|
—
|
|
|
—
|
|
|||
Deferred income taxes, net
|
|
(780
|
)
|
|
207
|
|
|
8
|
|
|||
Depreciation and amortization
|
|
323
|
|
|
310
|
|
|
294
|
|
|||
Amortization of nuclear fuel
|
|
44
|
|
|
57
|
|
|
46
|
|
|||
Allowance for equity funds used during construction
|
|
(15
|
)
|
|
(26
|
)
|
|
(25
|
)
|
|||
Carrying cost recovery
|
|
(34
|
)
|
|
(17
|
)
|
|
(12
|
)
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
||||||
Receivables
|
|
(32
|
)
|
|
(47
|
)
|
|
85
|
|
|||
Receivables - affiliate
|
|
12
|
|
|
(3
|
)
|
|
16
|
|
|||
Income tax receivable
|
|
(145
|
)
|
|
(53
|
)
|
|
—
|
|
|||
Inventories
|
|
(60
|
)
|
|
(35
|
)
|
|
(24
|
)
|
|||
Prepayments
|
|
6
|
|
|
(4
|
)
|
|
70
|
|
|||
Regulatory assets
|
|
185
|
|
|
(94
|
)
|
|
(29
|
)
|
|||
Other regulatory liabilities
|
|
899
|
|
|
(5
|
)
|
|
(3
|
)
|
|||
Accounts payable
|
|
20
|
|
|
8
|
|
|
11
|
|
|||
Accounts payable - affiliate
|
|
(28
|
)
|
|
13
|
|
|
(17
|
)
|
|||
Unrecognized tax benefits
|
|
(241
|
)
|
|
192
|
|
|
31
|
|
|||
Taxes accrued
|
|
13
|
|
|
(104
|
)
|
|
129
|
|
|||
Pension and other postretirement benefits
|
|
(21
|
)
|
|
39
|
|
|
(5
|
)
|
|||
Other assets
|
|
(46
|
)
|
|
(99
|
)
|
|
57
|
|
|||
Other liabilities
|
|
(43
|
)
|
|
58
|
|
|
(28
|
)
|
|||
Other liabilities - affiliate
|
|
3
|
|
|
(1
|
)
|
|
(6
|
)
|
|||
Net Cash Provided From Operating Activities
|
|
1,006
|
|
|
922
|
|
|
1,078
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Property additions and construction expenditures
|
|
(928
|
)
|
|
(1,399
|
)
|
|
(1,008
|
)
|
|||
Proceeds from guaranty settlement
|
|
1,096
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from investments and sales of assets (including derivative collateral returned)
|
|
118
|
|
|
794
|
|
|
975
|
|
|||
Purchase of investments (including derivative collateral posted)
|
|
(122
|
)
|
|
(740
|
)
|
|
(887
|
)
|
|||
Payments upon interest rate derivative contract settlement
|
|
(39
|
)
|
|
(113
|
)
|
|
(263
|
)
|
|||
Proceeds from interest rate derivative contract settlement
|
|
—
|
|
|
—
|
|
|
10
|
|
|||
Proceeds from investment in affiliate
|
|
—
|
|
|
9
|
|
|
71
|
|
|||
Investment in affiliate
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|||
Net Cash Used For Investing Activities
|
|
97
|
|
|
(1,449
|
)
|
|
(1,102
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of long-term debt
|
|
—
|
|
|
494
|
|
|
491
|
|
|||
Repayment of long-term debt
|
|
(12
|
)
|
|
(112
|
)
|
|
(11
|
)
|
|||
Dividends
|
|
(319
|
)
|
|
(301
|
)
|
|
(285
|
)
|
|||
Short-term borrowings, net
|
|
(552
|
)
|
|
384
|
|
|
(289
|
)
|
|||
Short-term borrowings-nonconsolidated affiliate, net
|
|
8
|
|
|
(4
|
)
|
|
(50
|
)
|
|||
Contribution from parent
|
|
3
|
|
|
100
|
|
|
204
|
|
|||
Return of capital to parent
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
Deferred financing costs
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Net Cash Provided From Financing Activities
|
|
(872
|
)
|
|
561
|
|
|
54
|
|
|||
Net Increase in Cash and Cash Equivalents
|
|
231
|
|
|
34
|
|
|
30
|
|
|||
Cash and Cash Equivalents, January 1
|
|
164
|
|
|
130
|
|
|
100
|
|
|||
Cash and Cash Equivalents, December 31
|
|
$
|
395
|
|
|
$
|
164
|
|
|
$
|
130
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash for—Interest paid (net of capitalized interest of $15, $18 and $14)
|
|
$
|
269
|
|
|
$
|
251
|
|
|
$
|
228
|
|
—Income taxes paid
|
|
47
|
|
|
289
|
|
|
89
|
|
|||
—Income taxes received
|
|
145
|
|
|
189
|
|
|
84
|
|
|||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
||||||
Accrued construction expenditures (including nuclear fuel)
|
|
99
|
|
|
95
|
|
|
230
|
|
|||
Capital leases
|
|
8
|
|
|
14
|
|
|
6
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
Millions
|
|
Shares
|
|
Amount
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Non-controlling
Interest
|
|
Total
Equity
|
|||||||||||
Balance at January 1, 2015
|
|
40
|
|
|
$
|
2,560
|
|
|
$
|
2,077
|
|
|
$
|
(3
|
)
|
|
$
|
123
|
|
|
$
|
4,757
|
|
Earnings available for common shareholder
|
|
|
|
|
|
|
|
466
|
|
|
|
|
|
14
|
|
|
480
|
|
|||||
Deferred cost of employee benefit plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|||||
Total Comprehensive Income
|
|
|
|
|
|
466
|
|
|
—
|
|
|
14
|
|
|
480
|
|
|||||||
Capital contributions from parent
|
|
|
|
|
200
|
|
|
|
|
|
|
|
|
—
|
|
|
200
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(278
|
)
|
|
|
|
|
(8
|
)
|
|
(286
|
)
|
|||||
Balance at December 31, 2015
|
|
40
|
|
|
2,760
|
|
|
2,265
|
|
|
(3
|
)
|
|
129
|
|
|
5,151
|
|
|||||
Earnings Available for Common Shareholder
|
|
|
|
|
|
|
|
513
|
|
|
|
|
|
13
|
|
|
526
|
|
|||||
Deferred Cost of Employee Benefit Plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|||||
Total Comprehensive Income
|
|
|
|
|
|
513
|
|
|
—
|
|
|
13
|
|
|
526
|
|
|||||||
Capital contributions from parent
|
|
|
|
|
100
|
|
|
|
|
|
|
|
|
—
|
|
|
100
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(297
|
)
|
|
|
|
|
(8
|
)
|
|
(305
|
)
|
|||||
Balance at December 31, 2016
|
|
40
|
|
|
2,860
|
|
|
2,481
|
|
|
(3
|
)
|
|
134
|
|
|
5,472
|
|
|||||
Earnings (Loss) Available for (Attributable to) Common Shareholder
|
|
|
|
|
|
|
|
(185
|
)
|
|
|
|
|
13
|
|
|
(172
|
)
|
|||||
Deferred Cost of Employee Benefit Plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
(185
|
)
|
|
(1
|
)
|
|
13
|
|
|
(173
|
)
|
|||||||
Capital contributions from parent
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
3
|
|
|
3
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(314
|
)
|
|
|
|
|
(8
|
)
|
|
(322
|
)
|
|||||
Balance at December 31, 2017
|
|
40
|
|
|
$
|
2,860
|
|
|
$
|
1,982
|
|
|
$
|
(4
|
)
|
|
$
|
142
|
|
|
$
|
4,980
|
|
Regulated businesses
|
|
Nonregulated businesses
|
South Carolina Electric & Gas Company
|
|
SCANA Energy Marketing, Inc.
|
South Carolina Fuel Company, Inc.
|
|
SCANA Services, Inc.
|
South Carolina Generating Company, Inc.
|
|
SCANA Corporate Security Services, Inc.
|
Public Service Company of North Carolina, Incorporated
|
|
SCANA Communications Holdings, Inc.
|
As of December 31,
|
|
2017
|
|
2016
|
||||||||
|
|
Unit 1
|
|
Unit 1
|
|
Unit 2 and Unit 3
|
||||||
Percent owned
|
|
66.7%
|
|
66.7%
|
|
55.0%
|
||||||
Plant in service
|
|
$
|
1.5
|
billion
|
|
$
|
1.3
|
billion
|
|
—
|
||
Accumulated depreciation
|
|
$
|
637.6
|
million
|
|
$
|
634.4
|
million
|
|
—
|
||
Construction work in progress
|
|
$
|
110.1
|
million
|
|
$
|
167.7
|
million
|
|
$
|
4.2
|
billion
|
•
|
Guidance issued in August 2014 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern. See related disclosure at Note 10.
|
•
|
Guidance issued in July 2015 requires most inventory to be measured at the lower of cost and net realizable value.
|
•
|
Guidance issued in October 2016 requires entities to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs.
|
•
|
Guidance issued in May 2014 for revenue arising from contracts with customers supersedes most prior revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides for a five-step analysis in determining when and how revenue is recognized, and requires revenue recognition to depict the transfer of promised goods or services to customers, based on the transfer of control, in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In addition, this guidance requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The analysis of contracts with customers to which the guidance might be applicable has been completed and activities of the FASB's Transition Resource Group for Revenue Recognition, particularly as they relate to the treatment of CIAC, ARP and the collectability of revenue of utilities subject to rate regulation have been considered. Specifically, the Company and Consolidated SCE&G have concluded that their use of CIAC is outside the scope of the new revenue recognition guidance. The Company and Consolidated SCE&G have determined that aspects of SCE&G’s WNA and, for the Company, PSNC Energy's CUT allow for revenue adjustments to be recognized prior to amounts being reflected in customer bills. These revenue adjustments, which give rise to regulatory assets or liabilities, represent ARPs that are outside the scope of the new guidance and will be reported as Other operating revenue separately from revenue from contracts with customers on the statement of operations. An evaluation of the enhanced disclosure requirements is being completed, including determining the appropriate disaggregation of revenue.
|
•
|
Guidance issued in January 2016 changes how entities measure certain equity investments and financial liabilities, among other things. Entities will be required to make a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective, with certain exceptions. The Company and Consolidated SCE&G expect to adopt this guidance when required in the first quarter of 2018 and do not anticipate that its adoption will have a significant impact on their respective financial statements.
|
•
|
Guidance issued in August 2016 is intended to reduce diversity in cash flow statement classification related to certain transactions, and entities must apply the guidance retrospectively to all periods presented. The adoption of this guidance will have no impact on the financial statements of the Company and Consolidated SCE&G.
|
•
|
Guidance issued in November 2016 clarifies how restricted cash should be presented on the statement of cash flows, and entities must apply the guidance retrospectively to all periods presented. The adoption of this guidance will have no impact on the financial statements of the Company and Consolidated SCE&G.
|
•
|
Guidance issued in March 2017 changes the required presentation of net periodic pension and postretirement benefit costs. Under this guidance, such costs will be separated into service cost components and other components. The service cost components will be presented in the same line item (or items) as other compensation costs arising from services rendered by employees during the period. The other components will be reported in the income statement separately from the service cost component and outside operating income. Only the service cost component will be eligible for capitalization in assets. Entities must apply this guidance on a retrospective basis for the presentation of the service cost component and the other components, and on a prospective basis for the capitalization of only the service cost component. As permitted, service cost and other costs disclosed in related footnotes to previously issued financial statements will be used when estimating retrospective changes for such costs in the income statements for prior periods. Due to regulatory overlay, non-service cost components related to regulated operations that are capitalized in assets under current accounting guidance will be deferred within regulatory assets in the future. As a result, the adoption of this guidance will not have a material impact on the financial statements of the Company and Consolidated SCE&G.
|
Year
|
|
Effective
|
|
Amount
|
2017
|
|
First billing cycle of May
|
|
$37.0 million
|
2016
|
|
First billing cycle of May
|
|
$37.6 million
|
2015
|
|
First billing cycle of May
|
|
$32.0 million
|
|
Increase
|
|
Effective for bills rendered on and after
|
|
Amount
|
|
Allowed ROE
|
|
|
2.7%
|
|
November 27, 2016
|
|
$64.4 million
|
|
10.50%
|
*
|
|
2.6%
|
|
October 30, 2015
|
|
$64.5 million
|
|
11.00%
|
|
Year
|
|
Action
|
|
Amount
|
|||
2017
|
|
2.2
|
%
|
|
Increase
|
|
$8.6 million
|
2016
|
|
1.2
|
%
|
|
Increase
|
|
$4.1 million
|
2015
|
|
No change
|
|
—
|
Rates Effective
|
|
Incremental Increase
|
March 1, 2017
|
|
$1.9 million
|
September 1, 2017
|
|
$0.7 million
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|||||||
Unrecovered Nuclear Project costs
|
|
$
|
3,976
|
|
|
—
|
|
|
$
|
3,976
|
|
|
—
|
|
||
Accumulated deferred income taxes
|
|
—
|
|
|
$
|
316
|
|
|
—
|
|
|
$
|
307
|
|
||
AROs and related funding
|
|
434
|
|
|
425
|
|
|
410
|
|
|
403
|
|
||||
Deferred employee benefit plan costs
|
|
305
|
|
|
342
|
|
|
273
|
|
|
309
|
|
||||
Deferred losses on interest rate derivatives
|
|
456
|
|
|
620
|
|
|
456
|
|
|
620
|
|
||||
Other unrecovered plant
|
|
105
|
|
|
117
|
|
|
105
|
|
|
117
|
|
||||
DSM Programs
|
|
59
|
|
|
59
|
|
|
59
|
|
|
59
|
|
||||
Carrying costs on deferred tax assets related to the Nuclear Project
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
||||
Pipeline integrity management costs
|
|
51
|
|
|
33
|
|
|
8
|
|
|
6
|
|
||||
Environmental remediation costs
|
|
30
|
|
|
32
|
|
|
25
|
|
|
26
|
|
||||
Deferred storm damage costs
|
|
24
|
|
|
20
|
|
|
24
|
|
|
20
|
|
||||
Deferred costs related to uncertain tax position
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Other
|
|
140
|
|
|
119
|
|
|
140
|
|
|
116
|
|
||||
Total Regulatory Assets
|
|
$
|
5,580
|
|
|
$
|
2,130
|
|
|
$
|
5,476
|
|
|
$
|
2,030
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Monetization of guaranty settlement
|
|
$
|
1,095
|
|
|
—
|
|
|
$
|
1,095
|
|
|
—
|
|
||
Accumulated deferred income taxes
|
|
1,076
|
|
|
23
|
|
|
914
|
|
|
14
|
|
||||
Asset removal costs
|
|
757
|
|
|
755
|
|
|
527
|
|
|
529
|
|
||||
Deferred gains on interest rate derivatives
|
|
131
|
|
|
151
|
|
|
131
|
|
|
151
|
|
||||
Other
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total Regulatory Liabilities
|
|
$
|
3,059
|
|
|
$
|
930
|
|
|
$
|
2,667
|
|
|
$
|
695
|
|
The Company
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31,
|
|
|
|
|
|
2017
|
|
2016
|
||||||||||
Dollars in millions
|
|
Maturity
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
||||||||
SCANA Medium Term Notes (unsecured)
|
|
2020
|
-
|
2022
|
|
$
|
800
|
|
|
5.42
|
%
|
|
$
|
800
|
|
|
5.42
|
%
|
SCANA Senior Notes (unsecured) (a)
|
|
2018
|
-
|
2034
|
|
75
|
|
|
2.18
|
%
|
|
79
|
|
|
1.63
|
%
|
||
SCE&G First Mortgage Bonds (secured)
|
|
2018
|
-
|
2065
|
|
4,840
|
|
|
5.80
|
%
|
|
4,840
|
|
|
5.79
|
%
|
||
GENCO Notes (secured)
|
|
2018
|
-
|
2024
|
|
207
|
|
|
5.94
|
%
|
|
213
|
|
|
5.93
|
%
|
||
Industrial and Pollution Control Bonds (b)
|
|
2028
|
-
|
2038
|
|
122
|
|
|
3.52
|
%
|
|
122
|
|
|
3.51
|
%
|
||
PSNC Energy Senior Debentures and Notes
|
|
2020
|
-
|
2046
|
|
600
|
|
|
5.19
|
%
|
|
450
|
|
|
5.53
|
%
|
||
Other
|
|
2018
|
-
|
2027
|
|
28
|
|
|
2.83
|
%
|
|
27
|
|
|
2.76
|
%
|
||
Total debt
|
|
|
|
|
|
6,672
|
|
|
|
|
6,531
|
|
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
|
(727
|
)
|
|
|
|
(17
|
)
|
|
|
||||
Unamortized discount, net
|
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
||||
Unamortized debt issuance costs
|
|
|
|
|
|
(38
|
)
|
|
|
|
(40
|
)
|
|
|
||||
Total long-term debt, net
|
|
|
|
|
|
$
|
5,906
|
|
|
|
|
$
|
6,473
|
|
|
|
|
Consolidated SCE&G
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31,
|
|
|
|
|
|
2017
|
|
2016
|
||||||||||
Dollars in millions
|
|
Maturity
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
||||||||
First Mortgage Bonds (secured)
|
|
2018
|
-
|
2065
|
|
$
|
4,840
|
|
|
5.80
|
%
|
|
$
|
4,840
|
|
|
5.79
|
%
|
GENCO Notes (secured)
|
|
2018
|
-
|
2024
|
|
207
|
|
|
5.94
|
%
|
|
213
|
|
|
5.93
|
%
|
||
Industrial and Pollution Control Bonds (b)
|
|
2028
|
-
|
2038
|
|
122
|
|
|
3.52
|
%
|
|
122
|
|
|
3.51
|
%
|
||
Other
|
|
2018
|
-
|
2027
|
|
28
|
|
|
2.83
|
%
|
|
26
|
|
|
2.76
|
%
|
||
Total debt
|
|
|
|
|
|
5,197
|
|
|
|
|
5,201
|
|
|
|
|
|||
Current maturities of long-term debt
|
|
|
|
|
|
(723
|
)
|
|
|
|
(12
|
)
|
|
|
|
|||
Unamortized premium, net
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|||
Unamortized debt issuance costs
|
|
|
|
|
|
(34
|
)
|
|
|
|
(36
|
)
|
|
|
||||
Total long-term debt, net
|
|
|
|
|
|
$
|
4,441
|
|
|
|
|
$
|
5,154
|
|
|
|
|
Millions of dollars
|
|
Total
|
|
SCANA
|
|
SCE&G
|
|
PSNC Energy
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Lines of credit:
|
|
|
|
|
|
|
|
|
|
|||||||
Five-year, expiring December 2020
|
|
$
|
1,300.0
|
|
|
$
|
400.0
|
|
|
$
|
700.0
|
|
|
$
|
200.0
|
|
Fuel Company five-year, expiring December 2020
|
|
$
|
500.0
|
|
|
—
|
|
|
$
|
500.0
|
|
|
—
|
|
||
Three-year, expiring December 2018
|
|
$
|
200.0
|
|
|
—
|
|
|
$
|
200.0
|
|
|
—
|
|
||
Total committed long-term
|
|
$
|
2,000.0
|
|
|
$
|
400.0
|
|
|
$
|
1,400.0
|
|
|
$
|
200.0
|
|
Outstanding commercial paper (270 or fewer days)
|
|
$
|
350.3
|
|
|
—
|
|
|
$
|
251.6
|
|
|
$
|
98.7
|
|
|
Weighted average interest rate
|
|
|
|
—
|
|
|
1.92
|
%
|
|
1.93
|
%
|
|||||
Letters of credit supported by LOC
|
|
$
|
3.3
|
|
|
$
|
3.0
|
|
|
$
|
0.3
|
|
|
—
|
|
|
Available
|
|
$
|
1,646.4
|
|
|
$
|
397.0
|
|
|
$
|
1,148.1
|
|
|
$
|
101.3
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Lines of credit:
|
|
|
|
|
|
|
|
|
||||||||
Five-year, expiring December 2020
|
|
$
|
1,300.0
|
|
|
$
|
400.0
|
|
|
$
|
700.0
|
|
|
$
|
200.0
|
|
Fuel Company five-year, expiring December 2020
|
|
$
|
500.0
|
|
|
—
|
|
|
$
|
500.0
|
|
|
—
|
|
||
Three-year, expiring December 2018
|
|
$
|
200.0
|
|
|
—
|
|
|
$
|
200.0
|
|
|
—
|
|
||
Total committed long-term
|
|
$
|
2,000.0
|
|
|
$
|
400.0
|
|
|
$
|
1,400.0
|
|
|
$
|
200.0
|
|
Outstanding commercial paper (270 or fewer days)
|
|
$
|
940.5
|
|
|
$
|
64.4
|
|
|
$
|
804.3
|
|
|
$
|
71.8
|
|
Weighted average interest rate
|
|
|
|
1.43
|
%
|
|
1.04
|
%
|
|
1.07
|
%
|
|||||
Letters of credit supported by LOC
|
|
$
|
3.3
|
|
|
$
|
3.0
|
|
|
$
|
0.3
|
|
|
—
|
|
|
Available
|
|
$
|
1,056.2
|
|
|
$
|
332.6
|
|
|
$
|
595.4
|
|
|
$
|
128.2
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Current taxes (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal
|
|
$
|
(414
|
)
|
|
$
|
36
|
|
|
$
|
382
|
|
|
$
|
(410
|
)
|
|
$
|
50
|
|
|
$
|
208
|
|
State
|
|
18
|
|
|
13
|
|
|
57
|
|
|
(18
|
)
|
|
13
|
|
|
32
|
|
||||||
Total current taxes (benefit)
|
|
(396
|
)
|
|
49
|
|
|
439
|
|
|
(428
|
)
|
|
63
|
|
|
240
|
|
||||||
Deferred tax (benefit) expense, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Federal
|
|
323
|
|
|
203
|
|
|
(36
|
)
|
|
261
|
|
|
167
|
|
|
(3
|
)
|
||||||
State
|
|
(37
|
)
|
|
21
|
|
|
(7
|
)
|
|
(2
|
)
|
|
20
|
|
|
(3
|
)
|
||||||
Total deferred taxes (benefit)
|
|
286
|
|
|
224
|
|
|
(43
|
)
|
|
259
|
|
|
187
|
|
|
(6
|
)
|
||||||
Investment tax credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amortization of amounts deferred-state
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Amortization of amounts deferred-federal
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Total investment tax credits
|
|
(2
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(3
|
)
|
||||||
Total income tax expense (benefit)
|
|
$
|
(112
|
)
|
|
$
|
271
|
|
|
$
|
393
|
|
|
$
|
(171
|
)
|
|
$
|
248
|
|
|
$
|
231
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Net income (loss)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
$
|
746
|
|
|
$
|
(185
|
)
|
|
$
|
513
|
|
|
$
|
466
|
|
Income tax expense (benefit)
|
|
(112
|
)
|
|
271
|
|
|
393
|
|
|
(171
|
)
|
|
248
|
|
|
231
|
|
||||||
Noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
14
|
|
||||||
Total pre-tax income (loss)
|
|
$
|
(231
|
)
|
|
$
|
866
|
|
|
$
|
1,139
|
|
|
$
|
(343
|
)
|
|
$
|
774
|
|
|
$
|
711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income taxes (benefit) on above at statutory federal income tax rate
|
|
$
|
(81
|
)
|
|
$
|
303
|
|
|
$
|
399
|
|
|
$
|
(120
|
)
|
|
$
|
271
|
|
|
$
|
249
|
|
Increases (decreases) attributed to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
State income taxes (less federal income tax effect)
|
|
(7
|
)
|
|
27
|
|
|
38
|
|
|
(8
|
)
|
|
26
|
|
|
24
|
|
||||||
State investment tax credits (less federal income tax effect)
|
|
(5
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(6
|
)
|
||||||
Allowance for equity funds used during construction
|
|
(8
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(9
|
)
|
||||||
Deductible dividends—401(k) Retirement Savings Plan
|
|
(9
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of federal investment tax credits
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Section 45 tax credits
|
|
(8
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(9
|
)
|
||||||
Domestic production activities deduction
|
|
(18
|
)
|
|
(23
|
)
|
|
(18
|
)
|
|
(18
|
)
|
|
(23
|
)
|
|
(18
|
)
|
||||||
Remeasurement of deferred taxes upon enactment of Tax Act
|
|
30
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||
Realization of basis differences upon sale of subsidiaries
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other differences, net
|
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
(4
|
)
|
|
(2
|
)
|
|
2
|
|
||||||
Total income tax expense (benefit)
|
|
$
|
(112
|
)
|
|
$
|
271
|
|
|
$
|
393
|
|
|
$
|
(171
|
)
|
|
$
|
248
|
|
|
$
|
231
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Deferred tax assets:
|
|
|
|
|
|
|
|
|
||||||||
Net operating loss and tax credit carryforward
|
|
$
|
600
|
|
|
—
|
|
|
$
|
541
|
|
|
—
|
|
||
Toshiba settlement
|
|
273
|
|
|
—
|
|
|
273
|
|
|
—
|
|
||||
Nondeductible accruals
|
|
88
|
|
|
$
|
148
|
|
|
42
|
|
|
$
|
53
|
|
||
Asset retirement obligation, including nuclear decommissioning
|
|
141
|
|
|
213
|
|
|
132
|
|
|
200
|
|
||||
Regulatory liability, non-property accumulated deferred income tax
|
|
54
|
|
|
—
|
|
|
54
|
|
|
—
|
|
||||
Financial instruments
|
|
15
|
|
|
22
|
|
|
—
|
|
|
—
|
|
||||
Unamortized investment tax credits
|
|
8
|
|
|
15
|
|
|
8
|
|
|
15
|
|
||||
Deferred fuel costs
|
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
Other
|
|
6
|
|
|
10
|
|
|
5
|
|
|
8
|
|
||||
Total deferred tax assets
|
|
1,185
|
|
|
425
|
|
|
1,055
|
|
|
293
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Property, plant and equipment
|
|
1,220
|
|
|
2,159
|
|
|
1,035
|
|
|
1,856
|
|
||||
Regulatory asset, unrecovered nuclear plant costs
|
|
962
|
|
|
—
|
|
|
962
|
|
|
—
|
|
||||
Deferred employee benefit plan costs
|
|
60
|
|
|
105
|
|
|
53
|
|
|
93
|
|
||||
Regulatory asset, asset retirement obligation
|
|
91
|
|
|
143
|
|
|
85
|
|
|
135
|
|
||||
Regulatory asset, other unrecovered plant
|
|
27
|
|
|
45
|
|
|
27
|
|
|
45
|
|
||||
Demand side management costs
|
|
16
|
|
|
23
|
|
|
16
|
|
|
23
|
|
||||
Prepayments
|
|
21
|
|
|
32
|
|
|
19
|
|
|
30
|
|
||||
Other
|
|
49
|
|
|
77
|
|
|
31
|
|
|
50
|
|
||||
Total deferred tax liabilities
|
|
2,446
|
|
|
2,584
|
|
|
2,228
|
|
|
2,232
|
|
||||
Net deferred tax liabilities
|
|
$
|
1,261
|
|
|
$
|
2,159
|
|
|
$
|
1,173
|
|
|
$
|
1,939
|
|
|
|
December 31, 2017
|
||||||||||
Millions of dollars
|
|
The Company
|
|
Consolidated SCE&G
|
|
Expiration Year
|
||||||
Federal NOL Carryforwards
|
|
$
|
2,052
|
|
|
$
|
1,905
|
|
|
2037
|
||
Federal Tax Credits
|
|
35
|
|
|
35
|
|
|
2035
|
-
|
2037
|
||
Federal Charitable Carryforwards
|
|
7
|
|
|
5
|
|
|
2021
|
-
|
2022
|
||
State NOL Carryforwards
|
|
2,382
|
|
|
2,301
|
|
|
2037
|
||||
State Charitable Carryforwards
|
|
3
|
|
|
2
|
|
|
2022
|
||||
Total Tax Credits and NOL Carryforwards
|
|
$
|
4,479
|
|
|
$
|
4,248
|
|
|
|
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Unrecognized tax benefits, January 1
|
|
$
|
350
|
|
|
$
|
49
|
|
|
$
|
16
|
|
|
$
|
350
|
|
|
$
|
49
|
|
|
$
|
16
|
|
Gross increases—uncertain tax positions in prior period
|
|
—
|
|
|
94
|
|
|
33
|
|
|
—
|
|
|
94
|
|
|
33
|
|
||||||
Gross decreases—uncertain tax positions in prior period
|
|
(273
|
)
|
|
—
|
|
|
(2
|
)
|
|
(273
|
)
|
|
—
|
|
|
(2
|
)
|
||||||
Gross increases—current period uncertain tax positions
|
|
21
|
|
|
207
|
|
|
2
|
|
|
21
|
|
|
207
|
|
|
2
|
|
||||||
Unrecognized tax benefits, December 31
|
|
$
|
98
|
|
|
$
|
350
|
|
|
$
|
49
|
|
|
$
|
98
|
|
|
$
|
350
|
|
|
$
|
49
|
|
|
|
Commodity and Other Energy Management Contracts (in MMBTU)
|
|||||||
Hedge designation
|
|
Gas Distribution
|
|
Gas Marketing
|
|
Total
|
|||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
Commodity
|
|
6,430,000
|
|
|
13,433,000
|
|
|
19,863,000
|
|
Energy Management (a)
|
|
—
|
|
|
41,856,890
|
|
|
41,856,890
|
|
Total (a)
|
|
6,430,000
|
|
|
55,289,890
|
|
|
61,719,890
|
|
|
|
|
|
|
|
|
|||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
Commodity
|
|
4,510,000
|
|
|
11,947,000
|
|
|
16,457,000
|
|
Energy Management (a)
|
|
—
|
|
|
67,447,223
|
|
|
67,447,223
|
|
Total (a)
|
|
4,510,000
|
|
|
79,394,223
|
|
|
83,904,223
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
Designated as hedging instruments
|
|
$
|
111.2
|
|
|
$
|
115.6
|
|
|
$
|
36.4
|
|
|
$
|
36.4
|
|
Not designated as hedging instruments
|
|
735.0
|
|
|
1,285.0
|
|
|
735.0
|
|
|
1,285.0
|
|
Fair Values of Derivative Instruments
|
||||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||
Millions of dollars
|
|
Balance Sheet Location
|
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Derivative financial instruments
|
|
|
|
$
|
3
|
|
|
|
|
$
|
1
|
|
||||
|
|
Other deferred credits and other liabilities
|
|
|
|
24
|
|
|
|
|
9
|
|
||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
|
|
2
|
|
|
|
|
|
|||||||
|
|
Other current liabilities
|
|
|
|
1
|
|
|
|
|
|
|||||||
Total
|
|
—
|
|
|
$
|
30
|
|
|
—
|
|
|
$
|
10
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other deferred debits and other assets
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Derivative financial instruments
|
|
$
|
54
|
|
|
$
|
1
|
|
|
$
|
54
|
|
|
$
|
1
|
|
|
|
Other deferred credits and other liabilities
|
|
|
|
4
|
|
|
|
|
4
|
|
||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other current assets
|
|
1
|
|
|
|
|
|
|
|
|||||||
Energy management contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
|
|
|
1
|
|
|
|
|
|
||||||
|
|
Other current assets
|
|
3
|
|
|
|
|
|
|
|
|
||||||
|
|
Other deferred debits and other assets
|
|
1
|
|
|
|
|
|
|
|
|||||||
|
|
Derivative financial instruments
|
|
|
|
2
|
|
|
|
|
|
|||||||
Total
|
|
|
|
$
|
59
|
|
|
$
|
8
|
|
|
$
|
54
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Derivative financial instruments
|
|
|
|
$
|
4
|
|
|
|
|
$
|
1
|
|
||||
|
|
Other deferred credits and other liabilities
|
|
|
|
24
|
|
|
|
|
8
|
|
||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|||||
|
|
Other current assets
|
|
1
|
|
|
|
|
|
|
|
|||||||
Total
|
|
$
|
6
|
|
|
$
|
28
|
|
|
—
|
|
|
$
|
9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other deferred debits and other assets
|
|
$
|
71
|
|
|
|
|
$
|
71
|
|
|
|
||||
|
|
Derivative financial instruments
|
|
|
|
$
|
27
|
|
|
|
|
$
|
27
|
|
||||
|
|
Other deferred credits and other liabilities
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other current assets
|
|
3
|
|
|
|
|
|
|
|
|||||||
Energy management contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
6
|
|
|
2
|
|
|
|
|
|
||||||
|
|
Other current assets
|
|
2
|
|
|
1
|
|
|
|
|
|
||||||
|
|
Other deferred debits and other assets
|
|
2
|
|
|
|
|
|
|
|
|||||||
|
|
Derivative financial instruments
|
|
|
|
4
|
|
|
|
|
|
|||||||
|
|
Other deferred credits and other liabilities
|
|
|
|
2
|
|
|
|
|
|
|||||||
Total
|
|
|
|
$
|
84
|
|
|
$
|
39
|
|
|
$
|
71
|
|
|
$
|
30
|
|
The Company and Consolidated SCE&G:
|
|
Loss Deferred in Regulatory Accounts
|
|
Loss Reclassified from Deferred Accounts into Income (Effective Portion)
|
||||||
Millions of dollars
|
|
(Effective Portion)
|
|
Location
|
|
Amount
|
||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(2
|
)
|
|
Interest expense
|
|
$
|
(2
|
)
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
—
|
|
|
Interest expense
|
|
$
|
(2
|
)
|
|
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
Interest expense
|
|
$
|
(3
|
)
|
The Company:
|
|
Gain or (Loss)
Recognized in OCI, net of tax
|
|
Gain (Loss) Reclassified from AOCI into Income,
net of tax (Effective Portion)
|
||||||
Millions of dollars
|
|
(Effective Portion)
|
|
Location
|
|
Amount
|
||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
—
|
|
|
Interest expense
|
|
$
|
(7
|
)
|
|
Commodity contracts
|
|
$
|
(7
|
)
|
|
Gas purchased for resale
|
|
1
|
|
|
Total
|
|
$
|
(7
|
)
|
|
|
|
$
|
(6
|
)
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(7
|
)
|
Commodity contracts
|
|
5
|
|
|
Gas purchased for resale
|
|
(6
|
)
|
||
Total
|
|
$
|
4
|
|
|
|
|
$
|
(13
|
)
|
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(2
|
)
|
|
Interest expense
|
|
$
|
(7
|
)
|
Commodity contracts
|
|
(10
|
)
|
|
Gas purchased for resale
|
|
(15
|
)
|
||
Total
|
|
$
|
(12
|
)
|
|
|
|
$
|
(22
|
)
|
The Company and Consolidated SCE&G:
|
|
Loss Deferred in
|
|
Gain (Loss) Reclassified from
Deferred Accounts into Income
|
||||||
Millions of dollars
|
|
Regulatory Accounts
|
|
Location
|
|
Amount
|
||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
(32
|
)
|
|
Interest Expense
|
|
$
|
(3
|
)
|
Interest rate contracts
|
|
|
|
Impairment Loss
|
|
(173
|
)
|
|||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
(34
|
)
|
|
Other income
|
|
$
|
(2
|
)
|
Year Ended December 31, 2015
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(69
|
)
|
|
Other income
|
|
$
|
5
|
|
Derivative Contracts with Credit Contingent Features
|
||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
in Net Liability Position
|
|
|
|
|
|
|
|
|
|
|
||||||
Aggregate fair value of derivatives in net liability position
|
|
$
|
33.7
|
|
|
$
|
50.3
|
|
|
$
|
14.7
|
|
|
$
|
30.3
|
|
Fair value of collateral already posted
|
|
28.9
|
|
|
29.2
|
|
|
10.1
|
|
|
9.2
|
|
||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
|
|
4.8
|
|
|
21.1
|
|
|
4.6
|
|
|
21.1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
in Net Asset Position
|
|
|
|
|
|
|
|
|
||||||||
Aggregate fair value of derivatives in net asset position
|
|
$
|
53.5
|
|
|
$
|
62.9
|
|
|
$
|
53.5
|
|
|
$
|
62.0
|
|
Fair value of collateral already posted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
|
|
53.5
|
|
|
62.9
|
|
|
53.5
|
|
|
62.0
|
|
Derivative Assets
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||
Millions of dollars
|
|
Interest Rate Contracts
|
|
Commodity Contracts
|
|
Energy Management Contracts
|
|
Total
|
|
Interest Rate Contracts
|
||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross Amounts of Recognized Assets
|
|
$
|
54
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
59
|
|
|
$
|
54
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||||
Net Amounts Presented in Statement of Financial Position
|
|
54
|
|
|
1
|
|
|
4
|
|
|
59
|
|
|
54
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||||
Gross Amounts Not Offset - Cash Collateral Received
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Amount
|
|
$
|
54
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
59
|
|
|
$
|
54
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
|
|
|
|
|
|
$
|
58
|
|
|
$
|
54
|
|
||||||
Other deferred debits and other assets
|
|
|
|
|
|
|
|
1
|
|
|
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
59
|
|
|
$
|
54
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Amounts of Recognized Assets
|
|
$
|
71
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
90
|
|
|
$
|
71
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
|
|
|
|
(4
|
)
|
|
(4
|
)
|
|
|
||||||||
Net Amounts Presented in Statement of Financial Position
|
|
71
|
|
|
9
|
|
|
6
|
|
|
86
|
|
|
71
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
(9
|
)
|
|
|
|
|
|
(9
|
)
|
|
(9
|
)
|
|||||||
Gross Amounts Not Offset - Cash Collateral Received
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Amount
|
|
$
|
62
|
|
|
$
|
9
|
|
|
$
|
6
|
|
|
$
|
77
|
|
|
$
|
62
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Prepayments
|
|
|
|
|
|
|
|
$
|
9
|
|
|
|
||||||||
Other current assets
|
|
|
|
|
|
|
|
5
|
|
|
|
|
||||||||
Other deferred debits and other assets
|
|
|
|
|
|
|
|
72
|
|
|
$
|
71
|
|
|||||||
Total
|
|
|
|
|
|
|
|
$
|
86
|
|
|
$
|
71
|
|
Derivative Liabilities
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||
Millions of dollars
|
|
Interest Rate Contracts
|
|
Commodity Contracts
|
|
Energy Management Contracts
|
|
Total
|
|
Interest Rate Contracts
|
||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross Amounts of Recognized Liabilities
|
|
$
|
32
|
|
|
3
|
|
|
$
|
3
|
|
|
$
|
38
|
|
|
$
|
15
|
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
|
||||||||
Net Amounts Presented in Statement of Financial Position
|
|
32
|
|
|
3
|
|
|
2
|
|
|
37
|
|
|
15
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||||
Gross Amounts Not Offset - Cash Collateral Posted
|
|
28
|
|
|
|
|
(1
|
)
|
|
27
|
|
|
—
|
|
||||||
Net Amount
|
|
$
|
60
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
64
|
|
|
$
|
15
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
|
|
|
|
|
|
$
|
2
|
|
|
|
||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
7
|
|
|
$
|
2
|
|
|||||||
Other deferred credits and other liabilities
|
|
|
|
|
|
|
|
28
|
|
|
13
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
37
|
|
|
$
|
15
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Amounts of Recognized Liabilities
|
|
$
|
58
|
|
|
|
|
$
|
9
|
|
|
$
|
67
|
|
|
$
|
39
|
|
||
Gross Amounts Offset in Statement of Financial Position
|
|
|
|
|
|
(3
|
)
|
|
(3
|
)
|
|
|
||||||||
Net Amounts Presented in Statement of Financial Position
|
|
58
|
|
|
—
|
|
|
6
|
|
|
64
|
|
|
39
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
(9
|
)
|
|
|
|
|
|
(9
|
)
|
|
(9
|
)
|
|||||||
Gross Amounts Not Offset - Cash Collateral Posted
|
|
(29
|
)
|
|
|
|
|
|
|
|
(29
|
)
|
|
(9
|
)
|
|||||
Net Amount
|
|
$
|
20
|
|
|
—
|
|
|
$
|
6
|
|
|
$
|
26
|
|
|
$
|
21
|
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
$
|
35
|
|
|
$
|
28
|
|
||||||
Other deferred credits and other liabilities
|
|
|
|
|
|
|
|
29
|
|
|
11
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
64
|
|
|
$
|
39
|
|
|
|
As of December 31, 2017
|
|
As of December 31, 2016
|
|||||||||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
|
The Company
|
|
Consolidated SCE&G
|
|||||||||||||||||||
Millions of dollars
|
|
Level 1
|
|
Level 2
|
|
Level 1
|
Level 2
|
|
Level 1
|
|
Level 2
|
|
Level 2
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Available for sale securities
|
|
$
|
119
|
|
|
—
|
|
|
$
|
100
|
|
—
|
|
|
$
|
14
|
|
|
—
|
|
|
—
|
|
||||
Held to maturity securities
|
|
—
|
|
|
$
|
6
|
|
|
—
|
|
—
|
|
|
—
|
|
|
$
|
7
|
|
|
—
|
|
|||||
Interest rate contracts
|
|
—
|
|
|
54
|
|
|
—
|
|
$
|
54
|
|
|
—
|
|
|
71
|
|
|
$
|
71
|
|
|||||
Commodity contracts
|
|
1
|
|
|
—
|
|
|
—
|
|
—
|
|
|
8
|
|
|
1
|
|
|
—
|
|
|||||||
Energy management contracts
|
|
—
|
|
|
4
|
|
|
—
|
|
—
|
|
|
6
|
|
|
4
|
|
|
—
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest rate contracts
|
|
—
|
|
|
32
|
|
|
—
|
|
15
|
|
|
—
|
|
|
58
|
|
|
39
|
|
|||||||
Commodity contracts
|
|
2
|
|
|
1
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Energy management contracts
|
|
1
|
|
|
4
|
|
|
—
|
|
—
|
|
|
2
|
|
|
10
|
|
|
—
|
|
|
|
As of December 31, 2017
|
|
As of December 31, 2016
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
The Company
|
|
$
|
6,632.9
|
|
|
$
|
7,399.7
|
|
|
$
|
6,489.8
|
|
|
$
|
7,183.3
|
|
Consolidated SCE&G
|
|
5,163.3
|
|
|
5,790.3
|
|
|
5,166.0
|
|
|
5,752.3
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Benefit obligation, January 1
|
|
$
|
904.3
|
|
|
$
|
855.4
|
|
|
$
|
274.7
|
|
|
$
|
253.6
|
|
|
$
|
768.4
|
|
|
$
|
724.0
|
|
|
$
|
207.2
|
|
|
$
|
191.7
|
|
Service cost
|
|
21.7
|
|
|
20.7
|
|
|
4.5
|
|
|
4.4
|
|
|
18.1
|
|
|
16.9
|
|
|
3.7
|
|
|
3.6
|
|
||||||||
Interest cost
|
|
37.4
|
|
|
39.4
|
|
|
11.5
|
|
|
12.1
|
|
|
31.9
|
|
|
33.4
|
|
|
9.5
|
|
|
9.9
|
|
||||||||
Plan participants’ contributions
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
1.3
|
|
||||||||
Actuarial (gain) loss
|
|
42.2
|
|
|
45.0
|
|
|
9.7
|
|
|
14.0
|
|
|
36.6
|
|
|
41.8
|
|
|
6.8
|
|
|
11.5
|
|
||||||||
Benefits paid
|
|
(72.4
|
)
|
|
(56.2
|
)
|
|
(12.5
|
)
|
|
(11.1
|
)
|
|
(62.0
|
)
|
|
(47.7
|
)
|
|
(10.3
|
)
|
|
(9.1
|
)
|
||||||||
Amounts Funded to parent
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
(1.7
|
)
|
||||||||
Benefit obligation, December 31
|
|
$
|
933.2
|
|
|
$
|
904.3
|
|
|
$
|
289.2
|
|
|
$
|
274.7
|
|
|
$
|
793.0
|
|
|
$
|
768.4
|
|
|
$
|
216.6
|
|
|
$
|
207.2
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Annual discount rate used to determine benefit obligation
|
3.71
|
%
|
|
4.22
|
%
|
|
3.74
|
%
|
|
4.30
|
%
|
Assumed annual rate of future salary increases for projected benefit obligation
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Fair value of plan assets
|
|
$
|
849.6
|
|
|
$
|
793.6
|
|
|
—
|
|
|
—
|
|
|
$
|
781.3
|
|
|
$
|
732.9
|
|
|
—
|
|
|
—
|
|
||||
Benefit obligation
|
|
933.2
|
|
|
904.3
|
|
|
$
|
289.2
|
|
|
$
|
274.7
|
|
|
793.0
|
|
|
768.4
|
|
|
$
|
216.6
|
|
|
$
|
207.2
|
|
||||
Funded status
|
|
$
|
(83.6
|
)
|
|
$
|
(110.7
|
)
|
|
$
|
(289.2
|
)
|
|
$
|
(274.7
|
)
|
|
$
|
(11.7
|
)
|
|
$
|
(35.5
|
)
|
|
$
|
(216.6
|
)
|
|
$
|
(207.2
|
)
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Current liability
|
|
—
|
|
|
—
|
|
|
$
|
(13.5
|
)
|
|
$
|
(12.6
|
)
|
|
—
|
|
|
—
|
|
|
$
|
(10.8
|
)
|
|
$
|
(10.4
|
)
|
||||
Noncurrent liability
|
|
$
|
(83.6
|
)
|
|
$
|
(110.7
|
)
|
|
(275.7
|
)
|
|
(262.1
|
)
|
|
$
|
(11.7
|
)
|
|
$
|
(35.5
|
)
|
|
(205.8
|
)
|
|
(196.8
|
)
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net actuarial loss
|
|
$
|
8.8
|
|
|
$
|
10.4
|
|
|
$
|
3.5
|
|
|
$
|
2.5
|
|
|
$
|
2.1
|
|
|
$
|
1.9
|
|
|
$
|
1.5
|
|
|
$
|
1.0
|
|
Prior service cost
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
8.9
|
|
|
$
|
10.5
|
|
|
$
|
3.5
|
|
|
$
|
2.5
|
|
|
$
|
2.1
|
|
|
$
|
1.9
|
|
|
$
|
1.5
|
|
|
$
|
1.0
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net actuarial loss
|
|
$
|
194.8
|
|
|
$
|
236.1
|
|
|
$
|
43.3
|
|
|
$
|
34.7
|
|
|
$
|
171.4
|
|
|
$
|
208.8
|
|
|
$
|
35.9
|
|
|
$
|
29.3
|
|
Prior service cost
|
|
1.2
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
2.2
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
196.0
|
|
|
$
|
238.6
|
|
|
$
|
43.3
|
|
|
$
|
34.7
|
|
|
$
|
172.4
|
|
|
$
|
211.0
|
|
|
$
|
35.9
|
|
|
$
|
29.3
|
|
Pension Benefits
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Fair value of plan assets, January 1
|
|
$
|
793.6
|
|
|
$
|
781.7
|
|
|
$
|
732.9
|
|
|
$
|
720.1
|
|
Actual return on plan assets
|
|
128.4
|
|
|
68.1
|
|
|
110.4
|
|
|
60.5
|
|
||||
Benefits paid
|
|
(72.4
|
)
|
|
(56.2
|
)
|
|
(62.0
|
)
|
|
(47.7
|
)
|
||||
Fair value of plan assets, December 31
|
|
$
|
849.6
|
|
|
$
|
793.6
|
|
|
$
|
781.3
|
|
|
$
|
732.9
|
|
|
|
Percentage of Plan Assets
|
|||||||
|
|
Target
Allocation
|
|
December 31,
|
|||||
Asset Category
|
|
2018
|
|
2017
|
|
2016
|
|||
Equity Securities
|
|
58
|
%
|
|
58
|
%
|
|
57
|
%
|
Fixed Income
|
|
33
|
%
|
|
31
|
%
|
|
32
|
%
|
Hedge Funds
|
|
9
|
%
|
|
11
|
%
|
|
11
|
%
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Investments with fair value measure at Level 2:
|
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
|
$
|
120
|
|
|
$
|
125
|
|
|
$
|
110
|
|
|
$
|
115
|
|
Short-term investment vehicles
|
|
17
|
|
|
16
|
|
|
16
|
|
|
15
|
|
||||
US Treasury securities
|
|
15
|
|
|
18
|
|
|
14
|
|
|
17
|
|
||||
Corporate debt securities
|
|
91
|
|
|
82
|
|
|
84
|
|
|
76
|
|
||||
Municipals
|
|
17
|
|
|
14
|
|
|
15
|
|
|
13
|
|
||||
Total assets in the fair value hierarchy
|
|
260
|
|
|
255
|
|
|
239
|
|
|
236
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Investments at net asset value:
|
|
|
|
|
|
|
|
|
||||||||
Common collective trust
|
|
498
|
|
|
453
|
|
|
458
|
|
|
418
|
|
||||
Joint venture interests
|
|
92
|
|
|
86
|
|
|
84
|
|
|
79
|
|
||||
Total investments at fair value
|
|
$
|
850
|
|
|
$
|
794
|
|
|
$
|
781
|
|
|
$
|
733
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
2018
|
|
$
|
66.9
|
|
|
$
|
13.8
|
|
|
$
|
66.9
|
|
|
$
|
11.0
|
|
2019
|
|
64.6
|
|
|
14.6
|
|
|
64.6
|
|
|
11.7
|
|
||||
2020
|
|
63.9
|
|
|
15.4
|
|
|
63.9
|
|
|
12.3
|
|
||||
2021
|
|
66.5
|
|
|
16.0
|
|
|
66.5
|
|
|
12.8
|
|
||||
2022
|
|
72.0
|
|
|
16.5
|
|
|
72.0
|
|
|
13.1
|
|
||||
2023-2027
|
|
303.0
|
|
|
87.3
|
|
|
303.0
|
|
|
69.6
|
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Service cost
|
|
$
|
21.7
|
|
|
$
|
20.7
|
|
|
$
|
24.1
|
|
|
$
|
4.5
|
|
|
$
|
4.4
|
|
|
$
|
5.3
|
|
Interest cost
|
|
37.4
|
|
|
39.4
|
|
|
38.2
|
|
|
11.5
|
|
|
12.1
|
|
|
11.4
|
|
||||||
Expected return on assets
|
|
(54.7
|
)
|
|
(55.9
|
)
|
|
(62.0
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Prior service cost amortization
|
|
1.6
|
|
|
3.9
|
|
|
4.1
|
|
|
—
|
|
|
0.3
|
|
|
0.4
|
|
||||||
Amortization of actuarial losses
|
|
16.3
|
|
|
14.8
|
|
|
13.6
|
|
|
1.0
|
|
|
0.5
|
|
|
2.1
|
|
||||||
Net periodic benefit cost
|
|
$
|
22.3
|
|
|
$
|
22.9
|
|
|
$
|
18.0
|
|
|
$
|
17.0
|
|
|
$
|
17.3
|
|
|
$
|
19.2
|
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Service cost
|
|
$
|
18.1
|
|
|
$
|
16.9
|
|
|
$
|
19.3
|
|
|
$
|
3.7
|
|
|
$
|
3.6
|
|
|
$
|
4.4
|
|
Interest cost
|
|
31.9
|
|
|
33.4
|
|
|
32.2
|
|
|
9.5
|
|
|
9.9
|
|
|
9.4
|
|
||||||
Expected return on assets
|
|
(46.7
|
)
|
|
(47.4
|
)
|
|
(52.2
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Prior service cost amortization
|
|
1.4
|
|
|
3.4
|
|
|
3.4
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
||||||
Amortization of actuarial losses
|
|
13.9
|
|
|
12.5
|
|
|
11.4
|
|
|
0.8
|
|
|
0.4
|
|
|
1.7
|
|
||||||
Net periodic benefit cost
|
|
$
|
18.6
|
|
|
$
|
18.8
|
|
|
$
|
14.1
|
|
|
$
|
14.0
|
|
|
$
|
14.2
|
|
|
$
|
15.8
|
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
(1.0
|
)
|
|
$
|
0.6
|
|
|
$
|
2.7
|
|
|
$
|
1.1
|
|
|
$
|
0.8
|
|
|
$
|
(1.2
|
)
|
Amortization of actuarial losses
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.4
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Amortization of prior service cost
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
||||||
Total recognized in OCI
|
|
$
|
(1.6
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
2.2
|
|
|
$
|
1.0
|
|
|
$
|
0.8
|
|
|
$
|
(1.4
|
)
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
0.3
|
|
|
—
|
|
|
$
|
0.2
|
|
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
$
|
(0.3
|
)
|
|
Amortization of actuarial losses
|
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total recognized in OCI
|
|
$
|
0.2
|
|
|
$
|
(0.1
|
)
|
|
—
|
|
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
$
|
(0.3
|
)
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
(27.1
|
)
|
|
$
|
29.4
|
|
|
$
|
9.2
|
|
|
$
|
9.4
|
|
|
$
|
11.1
|
|
|
$
|
(18.0
|
)
|
Amortization of actuarial losses
|
|
(14.1
|
)
|
|
(12.7
|
)
|
|
(11.9
|
)
|
|
(0.8
|
)
|
|
(0.4
|
)
|
|
(1.8
|
)
|
||||||
Amortization of prior service cost
|
|
(1.4
|
)
|
|
(3.4
|
)
|
|
(3.7
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||||||
Total recognized in regulatory assets
|
|
$
|
(42.6
|
)
|
|
$
|
13.3
|
|
|
$
|
(6.4
|
)
|
|
$
|
8.6
|
|
|
$
|
10.4
|
|
|
$
|
(20.1
|
)
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
(24.8
|
)
|
|
$
|
26.3
|
|
|
$
|
12.2
|
|
|
$
|
7.3
|
|
|
$
|
9.2
|
|
|
$
|
(14.0
|
)
|
Amortization of actuarial losses
|
|
(12.5
|
)
|
|
(11.2
|
)
|
|
(10.4
|
)
|
|
(0.7
|
)
|
|
(0.3
|
)
|
|
(1.5
|
)
|
||||||
Amortization of prior service cost
|
|
(1.3
|
)
|
|
(3.0
|
)
|
|
(3.1
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.3
|
)
|
||||||
Total recognized in regulatory assets
|
|
$
|
(38.6
|
)
|
|
$
|
12.1
|
|
|
$
|
(1.3
|
)
|
|
$
|
6.6
|
|
|
$
|
8.7
|
|
|
$
|
(15.8
|
)
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||
Discount rate
|
4.22
|
%
|
|
4.68
|
%
|
|
4.20
|
%
|
|
4.30
|
%
|
|
4.78
|
%
|
|
4.30
|
%
|
Expected return on plan assets
|
7.25
|
%
|
|
7.50
|
%
|
|
7.50
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
Rate of compensation increase
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
Health care cost trend rate
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
6.60
|
%
|
|
7.00
|
%
|
|
7.00
|
%
|
Ultimate health care cost trend rate
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
5.00
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Year achieved
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
Actuarial loss
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
Actuarial loss
|
|
$
|
10.2
|
|
|
$
|
1.8
|
|
|
$
|
9.0
|
|
|
$
|
1.5
|
|
Prior service cost
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
Total
|
|
$
|
10.6
|
|
|
$
|
1.8
|
|
|
$
|
9.4
|
|
|
$
|
1.5
|
|
Unrecovered Nuclear Project Costs
|
Millions of dollars
|
||
Nuclear Project costs as of September 30, 2017, prior to impairment loss and excluding transmission assets
|
$
|
4,730
|
|
Less Impairment loss recorded in the third quarter of 2017 (See below)
|
210
|
|
|
Balance of unrecovered Nuclear Project costs as of September 30, 2017
|
4,520
|
|
|
Less Impairment loss recorded in the fourth quarter of 2017 (See below)
|
460
|
|
|
Less Nuclear Project and switchyard assets transferred for use by Unit 1
|
84
|
|
|
Balance of unrecovered Nuclear Project costs as of December 31, 2017 (See Note 2)
|
$
|
3,976
|
|
•
|
A pre-tax impairment loss was recorded with respect to disallowance of unrecovered nuclear project costs of approximately
$670 million
. This amount includes
$210 million
recorded in the third quarter of 2017, which represented costs of approximately
$1.2 billion
that had been expended on the project, exclusive of transmission costs, but which had not yet been determined to be prudent by the SCPSC in connection with revised rates proceedings under the BLRA, offset by the amount of approximately
$1 billion
, which amount represents the recovery of the Toshiba Settlement proceeds that are in excess of amounts from that settlement that the Company and Consolidated SCE&G estimated may be necessary to satisfy certain project liens. This impairment loss also includes
$180 million
, which amount arises from SCE&G’s entry into an agreement in the fourth quarter of 2017 to purchase in 2018 an existing 540-MW combined cycle gas generating station along with SCE&G's commitment to regulators and the public that the recovery of the initial capital investment in the facility would not be sought from customers. The remaining
$280 million
of this impairment loss was recorded after consideration of the regulatory and political developments described above.
|
•
|
A pre-tax impairment loss was recorded in the aggregate amount of
$361 million
to write off costs which had been previously deferred, primarily as regulatory assets, in connection with the Nuclear Project. Such regulatory assets included deferred losses on interest rate swaps for which debt will not be issued due to the abandonment of the Nuclear Project, carrying costs on deferred tax assets arising from the capitalization of interest costs for tax purposes, net deferred costs and tax benefits related to foregone domestic production activities deductions (net of uncertain tax positions and credits) taken with respect to the project, and taxes associated with equity AFC.
|
•
|
Finally, an
$87 million
pre-tax impairment loss was recorded in order to reduce to estimated fair value the carrying value of nuclear fuel acquired for use in Unit 2 and Unit 3.
|
|
|
Rent Expense
|
||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
||||||
The Company
|
|
$
|
10.0
|
|
|
$
|
10.2
|
|
|
$
|
11.1
|
|
Consolidated SCE&G
|
|
11.4
|
|
|
12.2
|
|
|
12.3
|
|
|
|
Future Minimum Rental Payments
|
||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||
The Company
|
|
$
|
34
|
|
|
$
|
30
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
31
|
|
Consolidated SCE&G
|
|
26
|
|
|
23
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
17
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
|
$
|
558
|
|
|
$
|
520
|
|
|
$
|
522
|
|
|
$
|
488
|
|
Liabilities incurred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Liabilities settled
|
|
(10
|
)
|
|
(11
|
)
|
|
(9
|
)
|
|
(11
|
)
|
||||
Accretion expense
|
|
25
|
|
|
23
|
|
|
23
|
|
|
22
|
|
||||
Revisions in estimated cash flows
|
|
(5
|
)
|
|
26
|
|
|
(7
|
)
|
|
23
|
|
||||
Ending balance
|
|
$
|
568
|
|
|
$
|
558
|
|
|
$
|
529
|
|
|
$
|
522
|
|
Millions of Dollars
|
|
2017
|
|
2016
|
|
2015
|
||||||
Purchases from Canadys Refined Coal, LLC
|
|
$
|
162.1
|
|
|
$
|
161.8
|
|
|
$
|
233.2
|
|
Sales to Canadys Refined Coal, LLC
|
|
161.1
|
|
|
160.8
|
|
|
232.0
|
|
Millions of Dollars
|
|
2017
|
|
2016
|
||||
Receivable from Canadys Refined Coal, LLC
|
|
$
|
4.9
|
|
|
$
|
16.0
|
|
Payable to Canadys Refined Coal, LLC
|
|
4.9
|
|
|
16.1
|
|
Millions of Dollars
|
|
2017
|
|
2016
|
|
2015
|
||||||
Purchases from SCANA Energy
|
|
$
|
127.4
|
|
|
$
|
111.5
|
|
|
$
|
128.5
|
|
Direct and Allocated Costs from SCANA Services
|
|
302.8
|
|
|
337.7
|
|
|
300.0
|
|
Millions of Dollars
|
|
2017
|
|
2016
|
||||
Payable to SCANA Energy
|
|
$
|
10.0
|
|
|
$
|
8.8
|
|
Payable to SCANA Services
|
|
42.0
|
|
|
63.5
|
|
Millions of dollars
|
Electric
Operations
|
|
Gas
Distribution
|
|
Gas
Marketing
|
|
All
Other
|
|
Adjustments/
Eliminations
|
|
Consolidated
Total
|
||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External Revenue
|
$
|
2,659
|
|
|
$
|
874
|
|
|
$
|
874
|
|
|
—
|
|
|
—
|
|
|
$
|
4,407
|
|
||
Intersegment Revenue
|
5
|
|
|
2
|
|
|
127
|
|
|
$
|
389
|
|
|
$
|
(523
|
)
|
|
—
|
|
||||
Operating Income (Loss)
|
(161
|
)
|
|
186
|
|
|
n/a
|
|
|
—
|
|
|
51
|
|
|
76
|
|
||||||
Interest Expense
|
19
|
|
|
28
|
|
|
1
|
|
|
—
|
|
|
315
|
|
|
363
|
|
||||||
Depreciation and Amortization
|
295
|
|
|
85
|
|
|
2
|
|
|
16
|
|
|
(16
|
)
|
|
382
|
|
||||||
Income Tax Expense (Benefit)
|
8
|
|
|
41
|
|
|
25
|
|
|
(7
|
)
|
|
(179
|
)
|
|
(112
|
)
|
||||||
Net Income (Loss)
|
n/a
|
|
|
n/a
|
|
|
27
|
|
|
(46
|
)
|
|
(100
|
)
|
|
(119
|
)
|
||||||
Segment Assets
|
11,979
|
|
|
3,259
|
|
|
230
|
|
|
1,042
|
|
|
2,229
|
|
|
18,739
|
|
||||||
Expenditures for Assets
|
216
|
|
|
417
|
|
|
2
|
|
|
7
|
|
|
583
|
|
|
1,225
|
|
||||||
Deferred Tax Assets
|
6
|
|
|
25
|
|
|
9
|
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External Revenue
|
$
|
2,614
|
|
|
$
|
788
|
|
|
$
|
825
|
|
|
—
|
|
|
—
|
|
|
$
|
4,227
|
|
||
Intersegment Revenue
|
5
|
|
|
2
|
|
|
111
|
|
|
$
|
414
|
|
|
$
|
(532
|
)
|
|
—
|
|
||||
Operating Income
|
957
|
|
|
148
|
|
|
n/a
|
|
|
—
|
|
|
48
|
|
|
1,153
|
|
||||||
Interest Expense
|
17
|
|
|
25
|
|
|
1
|
|
|
—
|
|
|
299
|
|
|
342
|
|
||||||
Depreciation and Amortization
|
287
|
|
|
82
|
|
|
2
|
|
|
16
|
|
|
(16
|
)
|
|
371
|
|
||||||
Income Tax Expense
|
8
|
|
|
32
|
|
|
19
|
|
|
—
|
|
|
212
|
|
|
271
|
|
||||||
Net Income (Loss)
|
n/a
|
|
|
n/a
|
|
|
30
|
|
|
(18
|
)
|
|
583
|
|
|
595
|
|
||||||
Segment Assets
|
11,929
|
|
|
2,892
|
|
|
230
|
|
|
1,124
|
|
|
2,532
|
|
|
18,707
|
|
||||||
Expenditures for Assets
|
1,275
|
|
|
276
|
|
|
2
|
|
|
11
|
|
|
15
|
|
|
1,579
|
|
||||||
Deferred Tax Assets
|
9
|
|
|
32
|
|
|
11
|
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External Revenue
|
$
|
2,551
|
|
|
$
|
810
|
|
|
$
|
1,018
|
|
|
$
|
5
|
|
|
$
|
(4
|
)
|
|
$
|
4,380
|
|
Intersegment Revenue
|
6
|
|
|
2
|
|
|
128
|
|
|
413
|
|
|
(549
|
)
|
|
—
|
|
||||||
Operating Income
|
876
|
|
|
152
|
|
|
n/a
|
|
|
236
|
|
|
44
|
|
|
1,308
|
|
Interest Expense
|
17
|
|
|
23
|
|
|
1
|
|
|
1
|
|
|
276
|
|
|
318
|
|
||||||
Depreciation and Amortization
|
277
|
|
|
77
|
|
|
2
|
|
|
16
|
|
|
(14
|
)
|
|
358
|
|
||||||
Income Tax Expense
|
9
|
|
|
32
|
|
|
18
|
|
|
1
|
|
|
333
|
|
|
393
|
|
||||||
Net Income (Loss)
|
n/a
|
|
|
n/a
|
|
|
28
|
|
|
185
|
|
|
533
|
|
|
746
|
|
||||||
Segment Assets
|
10,883
|
|
|
2,606
|
|
|
201
|
|
|
998
|
|
|
2,458
|
|
|
17,146
|
|
||||||
Expenditures for Assets
|
1,087
|
|
|
203
|
|
|
2
|
|
|
15
|
|
|
(154
|
)
|
|
1,153
|
|
||||||
Deferred Tax Assets
|
5
|
|
|
29
|
|
|
15
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
Millions of dollars
|
|
Electric
Operations |
|
Gas
Distribution |
|
Adjustments/
Eliminations |
|
Consolidated
Total |
||||||||
2017
|
|
|
|
|
|
|
|
|
||||||||
External Revenue
|
|
$
|
2,664
|
|
|
$
|
406
|
|
|
—
|
|
|
$
|
3,070
|
|
|
Operating Income (Loss)
|
|
(161
|
)
|
|
71
|
|
|
—
|
|
|
(90
|
)
|
||||
Interest Expense
|
|
19
|
|
|
—
|
|
|
$
|
269
|
|
|
288
|
|
|||
Depreciation and Amortization
|
|
295
|
|
|
30
|
|
|
(13
|
)
|
|
312
|
|
||||
Segment Assets
|
|
11,979
|
|
|
869
|
|
|
3,098
|
|
|
15,946
|
|
||||
Expenditures for Assets
|
|
216
|
|
|
65
|
|
|
647
|
|
|
928
|
|
||||
Deferred Tax Assets
|
|
6
|
|
|
n/a
|
|
|
(6
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Revenue
|
|
$
|
2,619
|
|
|
$
|
367
|
|
|
—
|
|
|
$
|
2,986
|
|
|
Operating Income
|
|
957
|
|
|
56
|
|
|
—
|
|
|
1,013
|
|
||||
Interest Expense
|
|
17
|
|
|
—
|
|
|
$
|
253
|
|
|
270
|
|
|||
Depreciation and Amortization
|
|
287
|
|
|
28
|
|
|
(13
|
)
|
|
302
|
|
||||
Segment Assets
|
|
11,929
|
|
|
825
|
|
|
3,337
|
|
|
16,091
|
|
||||
Expenditures for Assets
|
|
1,275
|
|
|
78
|
|
|
46
|
|
|
1,399
|
|
||||
Deferred Tax Assets
|
|
9
|
|
|
n/a
|
|
|
(9
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Revenue
|
|
$
|
2,557
|
|
|
$
|
373
|
|
|
—
|
|
|
$
|
2,930
|
|
|
Operating Income
|
|
876
|
|
|
58
|
|
|
—
|
|
|
934
|
|
||||
Interest Expense
|
|
17
|
|
|
—
|
|
|
$
|
231
|
|
|
248
|
|
|||
Depreciation and Amortization
|
|
277
|
|
|
28
|
|
|
(11
|
)
|
|
294
|
|
||||
Segment Assets
|
|
10,883
|
|
|
757
|
|
|
3,125
|
|
|
14,765
|
|
||||
Expenditures for Assets
|
|
1,087
|
|
|
57
|
|
|
(136
|
)
|
|
1,008
|
|
||||
Deferred Tax Assets
|
|
5
|
|
|
n/a
|
|
|
(5
|
)
|
|
—
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Other income
|
|
$
|
79
|
|
|
$
|
64
|
|
|
$
|
75
|
|
|
$
|
45
|
|
|
$
|
29
|
|
|
$
|
31
|
|
Other expense
|
|
(46
|
)
|
|
(38
|
)
|
|
(60
|
)
|
|
(25
|
)
|
|
(24
|
)
|
|
(31
|
)
|
||||||
Allowance for equity funds used during construction
|
|
23
|
|
|
29
|
|
|
27
|
|
|
15
|
|
|
26
|
|
|
25
|
|
||||||
Other income (expense), net
|
|
$
|
56
|
|
|
$
|
55
|
|
|
$
|
42
|
|
|
$
|
35
|
|
|
$
|
31
|
|
|
$
|
25
|
|
The Company
Millions of dollars, except per share amounts |
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Annual
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
1,173
|
|
|
$
|
1,001
|
|
|
$
|
1,076
|
|
|
$
|
1,157
|
|
|
$
|
4,407
|
|
Operating income (loss)
|
|
316
|
|
|
249
|
|
|
120
|
|
|
(609
|
)
|
|
76
|
|
|||||
Net Income (Loss)
|
|
171
|
|
|
121
|
|
|
34
|
|
|
(445
|
)
|
|
(119
|
)
|
|||||
Earnings (Loss) per share
|
|
1.19
|
|
|
0.85
|
|
|
0.24
|
|
|
(3.11
|
)
|
|
(0.83
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
1,172
|
|
|
$
|
905
|
|
|
$
|
1,093
|
|
|
$
|
1,057
|
|
|
$
|
4,227
|
|
Operating income
|
|
331
|
|
|
221
|
|
|
348
|
|
|
253
|
|
|
1,153
|
|
|||||
Net Income
|
|
176
|
|
|
105
|
|
|
189
|
|
|
125
|
|
|
595
|
|
|||||
Earnings per share
|
|
1.23
|
|
|
0.74
|
|
|
1.32
|
|
|
0.87
|
|
|
4.16
|
|
Consolidated SCE&G
Millions of dollars
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Annual
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
719
|
|
|
$
|
756
|
|
|
$
|
856
|
|
|
$
|
739
|
|
|
$
|
3,070
|
|
Operating income (loss)
|
|
222
|
|
|
246
|
|
|
123
|
|
|
(681
|
)
|
|
(90
|
)
|
|||||
Net Income (Loss)
|
|
112
|
|
|
126
|
|
|
42
|
|
|
(452
|
)
|
|
(172
|
)
|
|||||
Earnings Available (Loss Attributable) to Common Shareholder
|
|
109
|
|
|
123
|
|
|
39
|
|
|
(456
|
)
|
|
(185
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
717
|
|
|
$
|
692
|
|
|
$
|
882
|
|
|
$
|
695
|
|
|
$
|
2,986
|
|
Operating income
|
|
236
|
|
|
222
|
|
|
359
|
|
|
196
|
|
|
1,013
|
|
|||||
Net Income
|
|
116
|
|
|
113
|
|
|
204
|
|
|
93
|
|
|
526
|
|
|||||
Earnings Available to Common Shareholder
|
|
113
|
|
|
110
|
|
|
201
|
|
|
89
|
|
|
513
|
|
/s/DELOITTE & TOUCHE LLP
|
|
Charlotte, North Carolina
|
|
February 22, 2018
|
|
Plan Category
|
Number of
securities
to be issued
upon exercise
of outstanding
options, warrants
and rights
|
|
|
Weighted-average
exercise price of outstanding options,
warrants
and rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
reflected in column (a))
|
||
|
(a)
|
|
|
(b)
|
|
(c)
|
||
Equity compensation plans approved by security holders:
|
-
|
|
|
|
|
|
|
|
2015 Long-Term Equity Compensation Plan
|
454,023
|
|
(1)
|
|
n/a
|
|
4,545,977
|
|
Non-Employee Director Compensation Plan
|
n/a
|
|
|
|
n/a
|
|
154,635
|
|
Equity compensation plans not approved by security holders
|
n/a
|
|
|
|
n/a
|
|
n/a
|
|
Total
|
454,023
|
|
|
|
n/a
|
|
4,700,612
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Audit Fees
(1)
|
|
$
|
3,670,360
|
|
|
$
|
2,857,000
|
|
|
$
|
3,127,191
|
|
|
$
|
2,316,288
|
|
Audit-Related Fees
(2)
|
|
168,229
|
|
|
171,710
|
|
|
139,172
|
|
|
117,146
|
|
||||
Total Fees
|
|
$
|
3,838,589
|
|
|
$
|
3,028,710
|
|
|
$
|
3,266,363
|
|
|
$
|
2,433,434
|
|
|
|
|
|
Additions
|
|
|
|
|
|||||||||||
Description (in millions)
|
|
Beginning
Balance
|
|
Charged to
Income
|
|
Charged to
Other
Accounts
|
|
Deductions
from
Reserves
|
|
Ending
Balance
|
|||||||||
SCANA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserves deducted from related assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Uncollectible accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2017
|
|
$
|
6
|
|
|
$
|
13
|
|
|
—
|
|
|
$
|
13
|
|
|
$
|
6
|
|
2016
|
|
5
|
|
|
12
|
|
|
—
|
|
|
11
|
|
|
6
|
|
||||
2015
|
|
7
|
|
|
12
|
|
|
—
|
|
|
14
|
|
|
5
|
|
||||
Reserves other than those deducted from assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserve for injuries and damages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2017
|
|
$
|
9
|
|
|
$
|
8
|
|
|
—
|
|
|
$
|
8
|
|
|
$
|
9
|
|
2016
|
|
6
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
9
|
|
||||
2015
|
|
5
|
|
|
11
|
|
|
—
|
|
|
10
|
|
|
6
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
SCE&G:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserves deducted from related assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Uncollectible accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2017
|
|
$
|
3
|
|
|
$
|
8
|
|
|
—
|
|
|
$
|
7
|
|
|
$
|
4
|
|
2016
|
|
3
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
3
|
|
||||
2015
|
|
4
|
|
|
6
|
|
|
—
|
|
|
7
|
|
|
3
|
|
||||
Reserves other than those deducted from assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserve for injuries and damages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2017
|
|
$
|
8
|
|
|
$
|
8
|
|
|
—
|
|
|
$
|
8
|
|
|
$
|
8
|
|
2016
|
|
5
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
8
|
|
||||
2015
|
|
3
|
|
|
11
|
|
|
—
|
|
|
9
|
|
|
5
|
|
BY:
|
/s/ J. E. Addison
|
|
|
J. E. Addison, Chief Executive Officer and President
|
|
|
|
|
DATE:
|
February 22, 2018
|
|
|
|
SOUTH CAROLINA ELECTRIC & GAS COMPANY
|
||
|
||
|
||
BY:
|
/s/ J. E. Addison
|
|
|
J. E. Addison, Chief Executive Officer
|
|
|
|
|
DATE:
|
February 22, 2018
|
|
|
|
Exhibit
|
|
Applicable to
Form 10-K of
|
|
|
|||
No.
|
|
SCANA
|
|
SCE&G
|
|
Description
|
|
*2.01
|
|
|
X
|
|
|
|
Agreement and Plan of Merger by and among Dominion Energy, Sedona Corp., and SCANA, dated as of January 2, 2018 (
Filed as Exhibit 2.1 to Form 8-K on January 5, 2018 (File No. 001-08809 (SCANA)
) and incorporated by reference herein)
|
3.01
|
|
|
X
|
|
|
|
Restated Articles of Incorporation of SCANA, as adopted on April 26, 1989 (Filed as Exhibit 3-A to Registration Statement No. 33-49145 and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
3.02
|
|
|
X
|
|
|
|
Articles of Amendment dated April 27, 1995 (
Filed as Exhibit 4-A to Registration Statement No. 33-62421
and incorporated by reference herein)
|
3.03
|
|
|
X
|
|
|
|
Articles of Amendment effective April 25, 2011 (
Filed as Exhibit 4.03 to Registration Statement No. 333-174796
and incorporated by reference herein)
|
3.04
|
|
|
|
|
X
|
|
Restated Articles of Incorporation of SCE&G, as adopted on December 30, 2009 (
Filed as Exhibit 1 to Form 8-A (File No. 000-53860
) and incorporated by reference herein)
|
3.05
|
|
|
X
|
|
|
|
By-Laws of SCANA as amended and restated as of December 30, 2016 (
Filed as Exhibit 3.05 to Form 10-K for the period ended December 31, 2016 (File No. 001-08809
) and incorporated by reference herein)
|
3.06
|
|
|
|
|
X
|
|
By-Laws of SCE&G as revised and amended on February 22, 2001 (
Filed as Exhibit 3.05 to Registration Statement No. 333-65460
and incorporated by reference herein)
|
4.01
|
|
|
X
|
|
X
|
|
Articles of Exchange of SCE&G and SCANA (Filed as Exhibit 4-A to Post-Effective Amendment No. 1 to Registration Statement No. 2-90438 and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
4.02
|
|
|
X
|
|
|
|
Indenture dated as of November 1, 1989 between SCANA and The Bank of New York Mellon Trust Company, N. A. (successor to The Bank of New York), as Trustee (Filed as Exhibit 4-A to Registration No. 33-32107 and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
4.03
|
|
|
|
|
X
|
|
Indenture dated as of April 1, 1993 from SCE&G to The Bank of New York Mellon Trust Company, N. A. (as successor to NationsBank of Georgia, National Association), as Trustee (Filed as Exhibit 4-F to Registration Statement No. 33-49421 and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
4.04
|
|
|
|
|
X
|
|
First Supplemental Indenture to Indenture referred to in Exhibit 4.04 dated as of June 1, 1993 (Filed as Exhibit 4-G to Registration Statement No. 33-49421 and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
4.05
|
|
|
|
|
X
|
|
Second Supplemental Indenture to Indenture referred to in Exhibit 4.04 dated as of June 15, 1993 (Filed as Exhibit 4-G to Registration Statement No. 33-57955 and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
4.06
|
|
|
|
|
X
|
|
Third Supplemental Indenture to Indenture referred to in Exhibit 4.04 dated as of September 1, 2013 (
Filed as Exhibit 4.12 to Post-Effective Amendment to Registration Statement No. 333-184426-01
and incorporated by reference herein)
|
10.01
|
|
|
X
|
|
X
|
|
Engineering, Procurement and Construction Agreement, dated May 23, 2008, between SCE&G, for itself and as Agent for the South Carolina Public Service Authority and a Consortium consisting of Westinghouse Electric Company LLC and Stone & Webster, Inc. (
Filed as Exhibit 10.01 to Amendment No. 2 of Form 10-Q/A for the quarter ended June 30, 2008 filed on May 25, 2017 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
10.02
|
|
|
X
|
|
X
|
|
Contract for AP1000 Fuel Fabrication and Related Services between Westinghouse Electric Company LLC and SCE&G for V. C. Summer AP1000 Nuclear Plant Units 2 & 3 (portions of the exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended) (
Filed as Exhibit 10.01 to Form 10-Q/A for the quarter ended June 30, 2011 (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
10.03
|
|
|
X
|
|
X
|
|
Amendment to EPC Contract referred to in Exhibit 10.01 dated October 27, 2015 (
Filed as Exhibit 10.05 to Form 10-Q for the quarter ended September 30, 2015 (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
**10.04
|
|
|
X
|
|
X
|
|
SCANA Executive Deferred Compensation Plan (including amendments through November 25, 2014) (
Filed as Exhibit 10.03 to Form 10-K for the year ended December 31, 2014 (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
**10.05
|
|
|
X
|
|
X
|
|
SCANA Supplemental Executive Retirement Plan (including amendments through December 31, 2009) (
Filed as Exhibit 99.05 to Registration Statement No. 333-174796
and incorporated by reference herein)
|
**10.06
|
|
|
X
|
|
X
|
|
|
**10.07
|
|
|
X
|
|
X
|
|
SCANA Long-Term Equity Compensation Plan effective February 19, 2015 (
Filed as Exhibit 4.05 to Registration Statement No. 333-204218
and incorporated by reference herein)
|
**10.08
|
|
|
X
|
|
X
|
|
SCANA Supplementary Executive Benefit Plan (including amendments through December 31, 2009) (
Filed as Exhibit 99.07 to Registration Statement No. 333-174796
and incorporated by reference herein)
|
**10.09
|
|
|
X
|
|
X
|
|
SCANA Short-Term Annual Incentive Plan (including amendments through December 31, 2009) (
Filed as Exhibit 99.08 to Registration Statement No. 333-174796
and incorporated by reference herein)
|
**10.10
|
|
|
X
|
|
X
|
|
SCANA Supplementary Key Executive Severance Benefits Plan (including amendments through December 31, 2009) (
Filed as Exhibit 99.09 to Registration Statement No. 333-174796
and incorporated by reference herein)
|
**10.11
|
|
|
X
|
|
X
|
|
Description of SCANA Whole Life Option (Filed as Exhibit 10-F for the year ended December 31, 1991, under cover of Form SE (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)) and incorporated by reference herein). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
10.12
|
|
|
|
|
X
|
|
Service Agreement between SCE&G and SCANA Services, Inc., effective January 1, 2004 (
Filed as Exhibit 99.10 to Registration Statement No. 333-174796
and incorporated by reference herein)
|
10.13
|
|
|
X
|
|
|
|
Form of Indemnification Agreement (
Filed as Exhibit 10.01 to Form 10-Q dated June 30, 2012 (File No. 001-08809
) and incorporated by reference herein)
|
10.14
|
|
|
X
|
|
|
|
Second Amended and Restated Five-Year Credit Agreement dated as of December 17, 2015, by and among SCANA; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Morgan Stanley Bank, N.A., as Issuing Bank; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, LTD., MUFG Union Bank, N.A., TD Bank N.A. and UBS Securities, LLC, as Documentation Agents
(Filed as Exhibit 99.1 to Form 8-K on December 22, 2015 (File No. 001-08809
) and incorporated by reference herein)
|
10.15
|
|
|
X
|
|
X
|
|
Second Amended and Restated Five-Year Credit Agreement dated as of December 17, 2015, by and among SCE&G; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Bank of America, N.A., as Issuing Bank and Co-Syndication Agent; Morgan Stanley Senior Funding, Inc., as Co-Syndication Agent; and Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, LTD., MUFG Union Bank, N.A., TD Bank N.A. and UBS Securities, LLC, as Documentation Agents (
Filed as Exhibit 99.2 to Form 8-K on December 22, 2015 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
10.16
|
|
|
X
|
|
X
|
|
Amended and Restated Three-Year Credit Agreement dated as of December 17, 2015, by and among SCE&G; the lenders identified therein; Wells Fargo Bank, National Association, as Swingline Lender and Agent; Morgan Stanley Bank, N.A., as Issuing Bank; Bank of America, N.A. as Issuing Bank and Co-Syndication Agent; Morgan Stanley Senior Funding, Inc., as Co-Syndication Agent; and Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, LTD., MUFG Union Bank, N.A., TD Bank N.A. and UBS Securities, LLC, as Documentation Agents (
Filed as Exhibit 99.3 to Form 8-K on December 22, 2015 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
10.17
|
|
|
X
|
|
X
|
|
Second Amended and Restated Five-Year Credit Agreement dated as of December 17, 2015, by and among Fuel Company; the lenders identified therein; Wells Fargo Bank, National Association, as Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, LTD., MUFG Union Bank, N.A., TD Bank N.A. and UBS Securities, LLC, as Documentation Agents (
Filed as Exhibit 99.4 to Form 8-K on December 22, 2015 (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
10.18
|
|
|
X
|
|
|
|
Second Amended and Restated Five-Year Credit Agreement dated as of December 17, 2015, by and among PSNC Energy; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, LTD., MUFG Union Bank, N.A., TD Bank N.A. and UBS Securities, LLC, as Documentation Agents (
Filed as Exhibit 99.5 to Form 8-K on December 22, 2015 (File No. 001-08809
) and incorporated by reference herein)
|
10.19
|
|
|
X
|
|
X
|
|
Settlement Agreement dated as of July 27, 2017, by and among Toshiba Corporation, SCE&G and Santee Cooper (
Filed as Exhibit 99.2 to Form 8-K dated July 27, 2017 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
10.20
|
|
|
X
|
|
X
|
|
Trade Confirmation dated September 25, 2017, between SCE&G, Santee Cooper and Citibank, N.A., and associated Assignment and Purchase Agreement, dated September 27, 2017, by and among SCE&G, Santee Cooper and Citibank, N. A. (
Filed as Exhibit 10.03 to Form 10-Q for the quarter ended September 30, 2017 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)
) and incorporated by reference herein)
|
12.01
|
|
|
X
|
|
X
|
|
Statement Re Computation of Ratios
(Filed herewith)
|
21.01
|
|
|
X
|
|
|
|
Subsidiaries of the registrant
(Filed herewith)
|
23.01
|
|
|
X
|
|
|
|
|
23.02
|
|
|
|
|
X
|
|
|
24.01
|
|
|
X
|
|
|
|
Power of Attorney
(Filed herewith)
|
24.02
|
|
|
|
|
X
|
|
Power of Attorney
(Filed herewith)
|
31.01
|
|
|
X
|
|
|
|
Certification of Principal Executive Officer Required by Rule 13a-14
(Filed herewith)
|
31.02
|
|
|
X
|
|
|
|
Certification of Principal Financial Officer Required by Rule 13a-14
(Filed herewith)
|
31.03
|
|
|
|
|
X
|
|
Certification of Principal Executive Officer Required by Rule 13a-14
(Filed herewith)
|
31.04
|
|
|
|
|
X
|
|
Certification of Principal Financial Officer Required by Rule 13a-14
(Filed herewith)
|
32.01
|
|
|
X
|
|
|
|
|
32.02
|
|
|
|
|
X
|
|
|
101. INS***
|
|
X
|
|
X
|
|
XBRL Instance Document
|
|
101. SCH***
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Schema
|
|
101. CAL***
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101. DEF***
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101. LAB***
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
101. PRE***
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
|
|
|
* Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. SCANA agrees to furnish supplementally to the SEC a copy of any omitted schedule upon request by the SEC.
|
|||||||
** Management Contract or Compensatory Plan or Arrangement
|
|||||||
*** Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
Dollars in Millions
|
|
|
|
||||
Year Ended December 31, 2017
|
|
|
|
||||
Net earnings as defined in SCE&G's bond indenture dated April 1, 1993 (Mortgage)
|
|
$
|
1,342.7
|
|
*
|
||
Divide by annualized interest charges on:
|
|
|
|
||||
Bonds outstanding under the Mortgage
|
$
|
256.4
|
|
|
|
||
Total annualized interest charges
|
256.4
|
|
|
|
|||
Bond Ratio
|
|
5.24
|
|
|
|||
* Net earnings as defined excludes the recognition of expense due to the nonrecoverability of investment; therefore, it excludes the impairment loss.
|
|
|
|
Dollars in Millions
|
|
SCANA
|
|
SCE&G
|
||||||||||||||||||||||||||||
Years Ended December 31,
|
|
2017
|
2016
|
2015
|
2014
|
2013
|
|
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||||||
Fixed Charges as defined:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Interest on debt
|
|
|
$377.6
|
|
|
$356.8
|
|
|
$327.8
|
|
|
$318.2
|
|
|
$305.9
|
|
|
|
$300.2
|
|
|
$284.6
|
|
|
$258.4
|
|
|
$237.6
|
|
|
$226.4
|
|
Amortization of debt premium, discount and expense (net)
|
|
4.0
|
|
4.5
|
|
4.7
|
|
9.7
|
|
5.3
|
|
|
2.9
|
|
3.5
|
|
3.7
|
|
4.4
|
|
4.2
|
|
||||||||||
Interest component on rentals
|
|
3.3
|
|
3.5
|
|
3.7
|
|
4.1
|
|
4.9
|
|
|
3.8
|
|
4.0
|
|
4.1
|
|
4.0
|
|
4.5
|
|
||||||||||
Total Fixed Charges (A)
|
|
|
$384.9
|
|
|
$364.8
|
|
|
$336.2
|
|
|
$332.0
|
|
|
$316.1
|
|
|
|
$306.9
|
|
|
$292.1
|
|
|
$266.2
|
|
|
$246.0
|
|
|
$235.1
|
|
Earnings as defined:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Pretax income (loss) from continuing operations
|
|
|
($230.7
|
)
|
|
$865.6
|
|
|
$1,138.4
|
|
|
$786.0
|
|
|
$693.8
|
|
|
|
($342.6
|
)
|
|
$774.1
|
|
|
$711.0
|
|
|
$676.0
|
|
|
$579.7
|
|
Total fixed charges above
|
|
384.9
|
|
364.8
|
|
336.2
|
|
332.0
|
|
316.1
|
|
|
306.9
|
|
292.1
|
|
266.2
|
|
246.0
|
|
235.1
|
|
||||||||||
Pretax equity in (earnings) losses of investees
|
|
8.9
|
|
(0.7
|
)
|
0.8
|
|
(1.4
|
)
|
(3.2
|
)
|
|
4.6
|
|
3.1
|
|
5.0
|
|
5.3
|
|
3.5
|
|
||||||||||
Cash distributions from equity investees
|
|
2.7
|
|
3.7
|
|
4.0
|
|
7.4
|
|
9.6
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
||||||||||
Total Earnings (Loss) (B)
|
|
$165.8
|
$1,233.4
|
$1,479.4
|
$1,124.0
|
$1,016.3
|
|
|
($31.1
|
)
|
|
$1,069.3
|
|
|
$982.2
|
|
|
$927.3
|
|
|
$818.3
|
|
||||||||||
Ratio of Earnings (Loss) to Fixed Charges (B/A)
|
|
0.43
|
|
3.38
|
|
4.40
|
|
3.39
|
|
3.22
|
|
|
(0.10)
|
|
3.66
|
|
3.69
|
|
3.77
|
|
3.48
|
|
||||||||||
Amount of Earnings Deficiency Below Fixed Charges
|
|
|
$219.1
|
|
|
|
|
|
|
|
$338.0
|
|
|
|
|
|
South Carolina Electric & Gas Company
|
South Carolina Generating Company, Inc.
|
South Carolina Fuel Company, Inc.
|
Public Service Company of North Carolina, Incorporated
|
SCANA Energy Marketing, Inc.
|
SCANA Services, Inc.
|
SCANA Communications Holdings, Inc., incorporated in the State of Delaware
|
SCANA Corporate Security Services, Inc.
|
/s/G. E. Aliff
|
|
/s/J. A. Bennett
|
G. E. Aliff
|
|
J. A. Bennett
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. F. A. V. Cecil
|
|
/s/S. A. Decker
|
J. F. A. V. Cecil
|
|
S. A. Decker
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/D. M. Hagood
|
|
/s/L. M. Miller
|
D. M. Hagood
|
|
L. M. Miller
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. W. Roquemore
|
|
/s/M. K. Sloan
|
J. W. Roquemore
|
|
M. K. Sloan
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/A. Trujillo
|
|
|
A. Trujillo
|
|
|
Director
|
|
|
|
|
|
/s/G. E. Aliff
|
|
/s/J. A. Bennett
|
G. E. Aliff
|
|
J. A. Bennett
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. F. A. V. Cecil
|
|
/s/S. A. Decker
|
J. F. A. V. Cecil
|
|
S. A. Decker
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/D. M. Hagood
|
|
/s/L. M. Miller
|
D. M. Hagood
|
|
L. M. Miller
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. W. Roquemore
|
|
/s/M. K. Sloan
|
J. W. Roquemore
|
|
M. K. Sloan
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/A. Trujillo
|
|
|
A. Trujillo
|
|
|
Director
|
|
|
|
|
|
February 22, 2018
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison, Chief Executive Officer and President
|
|
|
|
February 22, 2018
|
/s/Iris N. Griffin
|
|
Iris N. Griffin
|
|
Senior Vice President and Chief Financial Officer
|
|
February 22, 2018
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Chief Executive Officer
|
February 22, 2018
|
/s/Iris N. Griffin
|
|
Iris N. Griffin
|
|
Senior Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
February 22, 2018
|
|
|
|
|
|
|
|
|
/s/Jimmy E. Addison
|
|
/s/Iris N. Griffin
|
Jimmy E. Addison
|
|
Iris N. Griffin
|
Chief Executive Officer and President
|
|
Senior Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
February 22, 2018
|
|
|
|
|
|
|
|
|
/s/Jimmy E. Addison
|
|
/s/Iris N. Griffin
|
Jimmy E. Addison
|
|
Iris N. Griffin
|
Chief Executive Officer
|
|
Senior Vice President and Chief Financial Officer
|