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:
|
Securities registered pursuant to Section 12(g) of the Act:
|
SCANA Corporation:
|
South Carolina Electric & Gas Company:
|
Common stock, without par value
|
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
|
|
Page
|
||
Cautionary Statement Regarding Forward-Looking Information
|
|||
Definitions
|
|||
|
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|
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Item 1.
|
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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.
|
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Item 6.
|
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Item 7.
|
|||
Item 7A.
|
|||
Item 8.
|
|||
|
SCANA Corporation and Subsidiaries
|
||
|
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Report of Independent Registered Public Accounting Firm
|
|
|
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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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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
|
|
|
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Consolidated Statements of Comprehensive Income (Loss)
|
|
|
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Consolidated Statements of Cash Flows
|
|
|
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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
|
||
|
|
||
|
|||
Item 10.
|
|||
Item 11.
|
|||
Item 12.
|
|||
Item 13.
|
|||
Item 14.
|
|||
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|
|||
Item 15.
|
|||
Item 16.
|
|||
|
|
|
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Signatures
|
|
|
TERM
|
|
MEANING
|
ACE
|
|
Affordable Clean Energy
|
Act 258
|
|
A law adopted in 2018 by the South Carolina General Assembly that required a temporary reduction in the amount SCE&G could collect from customers under the BLRA.
|
AFC
|
|
Allowance for Funds Used During Construction
|
ANI
|
|
American Nuclear Insurers
|
AOCI
|
|
Accumulated Other Comprehensive Income (Loss)
|
ARO
|
|
Asset Retirement Obligation
|
Bankruptcy Court
|
|
U.S. Bankruptcy Court for the Southern District of New York
|
bcf
|
|
billion cubic feet
|
BLRA
|
|
Base Load Review Act
|
CAA
|
|
Clean Air Act, as amended
|
CAIR
|
|
Clean Air Interstate Rule
|
CC
|
|
Combined Cycle
|
CCR
|
|
Coal Combustion Residuals
|
CEC
|
|
Columbia Energy Center
|
CEO
|
|
Chief Executive Officer
|
CERCLA
|
|
Comprehensive Environmental Response, Compensation and Liability Act
|
CFO
|
|
Chief Financial Officer
|
CFTC
|
|
Commodity Futures Trading Commission
|
Citibank
|
|
Citibank, N.A.
|
CO
2
|
|
Carbon Dioxide
|
Company
|
|
SCANA, together with its consolidated subsidiaries
|
Concurrent Dockets
|
|
Separate dockets that were before the SCPSC related to the Nuclear Project which were handled concurrently. The Concurrent Dockets included the Joint Petition, the Request for Rate Relief filed by the ORS on September 26, 2017, as subsequently amended on October 17, 2017, and a June 2017 complaint filed by the Friends of the Earth and the Sierra Club.
|
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 Fourth Circuit
|
CPP
|
|
Clean Power Plan
|
CSAPR
|
|
Cross-State Air Pollution Rule
|
CT
|
|
Combustion Turbine
|
CUT
|
|
Customer Usage Tracker (decoupling mechanism)
|
CWA
|
|
Clean Water Act
|
DER
|
|
Distributed Energy Resource
|
Derivative Litigation
|
|
Claims asserted against former officers and directors of SCANA in derivative shareholder actions and related actions
|
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
|
Dominion Energy
|
|
Dominion Energy, Inc., the parent company of SCANA effective January 1, 2019
|
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
|
Fluor Defendants
|
|
Fluor Enterprises, Inc. and Fluor Daniel Maintenance Services, Inc.
|
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
|
IAA
|
|
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
|
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
|
Merger Agreement
|
|
Agreement and Plan of Merger, dated as of January 2, 2018, by and among Dominion Energy, Sedona Corp. and SCANA
|
Merger Approval Order
|
|
The December 21, 2018, order by the SCPSC related to the Concurrent Dockets and setting forth its approval of the SCANA Combination
|
MGP
|
|
Manufactured Gas Plant
|
MMBTU
|
|
Million British Thermal Units
|
MRA
|
|
Modified Removal Action
|
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
|
NSR
|
|
New Source Review
|
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
|
PLR
|
|
Private Letter Ruling
|
PPA
|
|
Purchase Power Agreement
|
Price-Anderson
|
|
Price-Anderson Indemnification Act
|
PSNC Energy
|
|
Public Service Company of North Carolina, Incorporated
|
RICO
|
|
The Racketeer Influenced and Corrupt Organizations Act
|
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 of SCE&G
|
SCANA Combination
|
|
Dominion Energy's acquisition of SCANA and its subsidiaries effective January 1, 2019 pursuant to the terms of the Merger Agreement
|
SCANA Energy
|
|
SCANA Energy Marketing, Inc.
|
SCANA Services
|
|
SCANA Services, Inc.
|
SCE&G
|
|
South Carolina Electric & Gas Company
|
SCE&G Ratepayer Case
|
|
A consolidated complaint styled Richard Lightsey, LeBrian Cleckley, Phillip Cooper
et al.
on behalf of themselves and all others similarly situated v. SCE&G, SCANA, and the State of South Carolina filed in the State Court of Common Pleas in Hampton County
|
SCEUC
|
|
South Carolina Energy Users Committee
|
SCPSC
|
|
Public Service Commission of South Carolina
|
SEC
|
|
United States Securities and Exchange Commission
|
SIP
|
|
State Implementation Plan
|
SLED
|
|
South Carolina Law Enforcement Division
|
SO
2
|
|
Sulfur Dioxide
|
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 Pipe Line Company, LLC
|
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)
|
USACE
|
|
United States Army Corps of Engineers
|
VIE
|
|
Variable Interest Entity
|
WARN Act
|
|
Worker Adjustment and Retraining Notification Act
|
WEC
|
|
Westinghouse Electric Company LLC
|
WEC Subcontractors
|
|
Subcontractors and suppliers to the Consortium
|
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
|
•
|
the complexities associated with integrating the Company, including its utility businesses, while at the same time providing consistent, high quality services;
|
•
|
the complexities of integrating a company with different markets and customers;
|
•
|
the inability to attract and retain key employees;
|
•
|
potential unknown liabilities and unforeseen increased expenses associated with the merger;
|
•
|
difficulties in managing political and regulatory conditions related to the Company's utility businesses;
|
•
|
the moratorium on filing requests for adjustments in SCE&G's base electric rates until 2020 with no change in rates until January 1, 2021, which limits the ability to recover increases in non-fuel related costs of electric operations for SCE&G’s customers;
|
•
|
the stipulation agreement approved by the NCUC, which provides for a rate moratorium at PSNC Energy until November 1, 2021, with certain exceptions; and
|
•
|
performance shortfalls as a result of the diversion of management’s attention caused by integrating the Company's 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, including trade disputes, 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 aspects of, and adequacy of funding for, decommissioning nuclear plants at the end of their operating lives.
|
|
|
|
|
Percentage
|
||
|
|
Net Summer
|
|
Net Summer
|
||
Plant
|
Location
|
Capacity (MW)
|
|
Capacity
|
||
Gas
|
|
|
|
|
||
McMeekin
|
Irmo, SC
|
250
|
|
|
|
|
Urquhart Unit 3
|
Beech Island, SC
|
95
|
|
|
|
|
Jasper (CC)
|
Hardeeville, SC
|
852
|
|
*
|
|
|
Urquhart (CC)
|
Beech Island, SC
|
458
|
|
*
|
|
|
Columbia Energy Center (CC)
|
Gaston, SC
|
504
|
|
*
|
|
|
Hagood Units 4, 5 and 6 (CT)
|
Charleston, SC
|
126
|
|
*
|
|
|
Parr (CT)
|
Jenkinsville, SC
|
60
|
|
*
|
|
|
Coit (CT)
|
Columbia, SC
|
26
|
|
*
|
|
|
Urquhart Units 1, 2, 3 and 4 (CT)
|
Beech Island, SC
|
87
|
|
|
|
|
Williams (CT)
|
Goose Creek, SC
|
40
|
|
*
|
|
|
Hardeeville (CT)
|
Hardeeville, SC
|
9
|
|
|
|
|
Total Gas
|
|
2,507
|
|
|
42
|
%
|
Coal
|
|
|
|
|
||
Wateree
|
Eastover, SC
|
684
|
|
|
|
|
Williams
|
Goose Creek, SC
|
605
|
|
|
|
|
Cope
|
Cope, SC
|
415
|
|
**
|
|
|
Total Coal
|
|
1,704
|
|
|
28
|
%
|
Nuclear
|
|
|
|
|
||
Summer Station Unit 1
|
Jenkinsville, SC
|
647
|
|
***
|
11
|
%
|
Hydro
|
|
|
|
|
||
Fairfield Pumped Storage
|
Jenkinsville, SC
|
576
|
|
|
|
|
Saluda
|
Irmo, SC
|
198
|
|
|
|
|
Neal Shoals
|
Union, SC
|
2
|
|
|
|
|
Parr
|
Jenkinsville, SC
|
7
|
|
|
|
|
Stevens Creek
|
Martinez, GA
|
9
|
|
|
|
|
Total Hydro
|
|
792
|
|
|
13
|
%
|
Total Utility Generation
|
|
5,650
|
|
|
|
|
Power Purchase Agreements
(contracted capacity)
|
|
335
|
|
|
6
|
%
|
Total Generation
|
|
5,985
|
|
|
100
|
%
|
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, 2018
|
|
6,162
|
|
|
$
|
39.85
|
|
|
6,162
|
|
|
|
November 1-30, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
December 1-31, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total
|
|
6,162
|
|
|
|
|
6,162
|
|
|
*
|
|
2018
|
|
2017
|
||||
The Company
|
|
|
|
||||
Loss per share
|
$
|
(3.70
|
)
|
|
$
|
(0.83
|
)
|
Cash dividends declared per share
|
$
|
0.98
|
|
|
$
|
2.45
|
|
|
|
|
|
||||
Consolidated SCE&G
|
|
|
|
||||
Net loss (millions of dollars)
|
$
|
(589.3
|
)
|
|
$
|
(171.9
|
)
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating revenues
|
|
$
|
2,326.6
|
|
|
$
|
2,664.4
|
|
|
$
|
2,326.6
|
|
|
$
|
2,664.4
|
|
Fuel used in electric generation
|
|
671.3
|
|
|
593.6
|
|
|
671.3
|
|
|
593.6
|
|
||||
Purchased power
|
|
91.9
|
|
|
80.1
|
|
|
91.9
|
|
|
80.1
|
|
||||
Other operation and maintenance
|
|
546.4
|
|
|
512.0
|
|
|
559.8
|
|
|
526.4
|
|
||||
Impairment loss
|
|
1,376.0
|
|
|
1,118.1
|
|
|
1,376.0
|
|
|
1,118.1
|
|
||||
Depreciation and amortization
|
|
307.4
|
|
|
294.7
|
|
|
296.4
|
|
|
282.8
|
|
||||
Other taxes
|
|
227.4
|
|
|
220.3
|
|
|
225.0
|
|
|
217.8
|
|
||||
Operating Loss
|
|
$
|
(893.8
|
)
|
|
$
|
(154.4
|
)
|
|
$
|
(893.8
|
)
|
|
$
|
(154.4
|
)
|
|
Operating revenues decreased in 2018 by $113.7 million pursuant to an SCPSC order whereby fuel cost recovery was offset with gains realized upon the settlement of certain interest rate derivative contracts, as further described in Other Income (Expense) below. Operating revenue also decreased by $300.4 million due to the enactment and implementation of Act 258, by $69.2 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act and by lower residential and commercial average use of $48.6 million. The downward reserve adjustment related to fuel cost recovery had no effect on net income as it was fully offset by the recognition within other income of gains realized upon the settlement of certain derivative interest rate contracts. These revenue decreases were partially offset by the effects of weather of $100.4 million, residential and commercial growth of $22.4 million and higher fuel cost recovery of $65.6 million.
|
|
Fuel used in electric generation and purchased power expenses increased due to higher fuel prices of $65.6 million, increased sales volumes associated with residential and commercial customer growth of $5.2 million and higher sales volumes associated with the effects of weather of $24.3 million. These increases were partially offset by lower residential and commercial average use of $12.7 million. In 2018, purchased power expenses were lower and expenses for fuel used in electric generation were higher due to SCE&G's purchase of CEC and the termination of a related purchase power agreement.
|
|
Other operation and maintenance expenses increased due to higher legal and other costs arising from the abandonment of the Nuclear Project of approximately $25.6 million and increases in non-labor costs associated with the purchase of CEC of $8.5 million. These increases were partially offset by lower labor costs of $9.4 million, primarily due to the absence of Nuclear Project severance accruals in 2018.
|
•
|
Impairment loss in each period represents probable disallowances of cost recovery associated with the abandoned 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.
|
Classification
|
|
2018
|
|
2017
|
|
||
Residential
|
|
8,366
|
|
|
7,782
|
|
|
Commercial
|
|
7,446
|
|
|
7,372
|
|
|
Industrial
|
|
6,250
|
|
|
6,212
|
|
|
Other
|
|
583
|
|
|
584
|
|
|
Total retail sales
|
|
22,645
|
|
|
21,950
|
|
|
Wholesale
|
|
1,014
|
|
|
916
|
|
|
Total Sales
|
|
23,659
|
|
|
22,866
|
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating revenues
|
|
$
|
935.1
|
|
|
$
|
876.0
|
|
|
$
|
435.1
|
|
|
$
|
405.8
|
|
Gas purchased for resale
|
|
449.3
|
|
|
393.0
|
|
|
239.0
|
|
|
205.9
|
|
||||
Other operation and maintenance
|
|
172.6
|
|
|
167.9
|
|
|
71.2
|
|
|
70.6
|
|
||||
Depreciation and amortization
|
|
93.6
|
|
|
84.9
|
|
|
30.5
|
|
|
29.0
|
|
||||
Other taxes
|
|
46.9
|
|
|
42.5
|
|
|
31.4
|
|
|
28.5
|
|
||||
Operating Income
|
|
$
|
172.7
|
|
|
$
|
187.7
|
|
|
$
|
63.0
|
|
|
$
|
71.8
|
|
|
Operating revenues increased at SCE&G primarily due to higher gas cost recovery of $23.5 million, customer growth of $9.7 million and higher average use of $1.7 million. These increases were partially offset by a decrease of $7.5 million due to the deferral of estimated amounts to be refunded to customers as a result of the Tax Act. In addition to these factors, operating revenues for the Company increased due to weather at PSNC Energy of $63.6 million, customer growth of $12.3 million and an increased adjustment related to integrity management of $11.9 million. These increases were partially offset by a CUT adjustment of $34.3 million, decreased gas cost recoveries of $14.7 million and $14.8 million due to deferred revenues related to the Tax Act.
|
|
Gas purchased for resale increased at SCE&G due to increased sales volumes due to weather of $14.5 million, higher gas prices of $9.0 million, higher average use of $4.8 million and firm customer growth of $4.7 million. In addition to these factors, gas purchased for resale at the Company reflects increased sales volumes due to weather at PSNC Energy of $32.1 million and customer growth of $4.6 million. These increases were partially offset by decreased gas costs of $14.7 million and the effect of a CUT adjustment of $3.9 million.
|
|
Other operation and maintenance expenses increased primarily due to higher labor costs.
|
|
Depreciation and amortization increased primarily due to net plant additions.
|
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||
Classification (in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Residential
|
|
45,477
|
|
|
37,251
|
|
|
14,082
|
|
|
11,285
|
|
Commercial
|
|
31,640
|
|
|
28,429
|
|
|
13,344
|
|
|
12,565
|
|
Industrial
|
|
21,543
|
|
|
20,108
|
|
|
19,037
|
|
|
18,091
|
|
Transportation gas
|
|
57,867
|
|
|
51,587
|
|
|
6,401
|
|
|
6,229
|
|
Total
|
|
156,527
|
|
|
137,375
|
|
|
52,864
|
|
|
48,170
|
|
Millions of dollars
|
|
2018
|
|
2017
|
|
||||
Operating revenues
|
|
$
|
935.1
|
|
|
$
|
1,001.4
|
|
|
Net Income
|
|
43.2
|
|
|
26.9
|
|
|
|
|
The Company
|
Consolidated SCE&G
|
|||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Other operation and maintenance
|
|
$
|
835.3
|
|
|
$
|
727.7
|
|
|
$
|
631.0
|
|
|
$
|
597.0
|
|
Impairment loss
|
|
1,376.0
|
|
|
1,118.1
|
|
|
1,376.0
|
|
|
1,118.1
|
|
||||
Depreciation and amortization
|
|
402.7
|
|
|
381.6
|
|
|
326.8
|
|
|
311.8
|
|
||||
Other taxes
|
|
276.1
|
|
|
264.2
|
|
|
256.4
|
|
|
246.4
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income Statement Impact:
|
|
|
|
|
|
|
|
|
||||||||
Employee benefit costs
|
|
$
|
10.3
|
|
|
$
|
15.3
|
|
|
$
|
8.4
|
|
|
$
|
12.3
|
|
Other expense
|
|
0.1
|
|
|
0.5
|
|
|
0.1
|
|
|
0.3
|
|
||||
Balance Sheet Impact:
|
|
|
|
|
|
|
|
|
||||||||
Increase in capital expenditures
|
|
2.5
|
|
|
5.2
|
|
|
2.0
|
|
|
4.7
|
|
||||
Component of amount receivable from Summer Station co-owner
|
|
0.7
|
|
|
2.1
|
|
|
0.7
|
|
|
2.1
|
|
||||
Decrease in regulatory assets
|
|
(1.9
|
)
|
|
(0.8
|
)
|
|
(1.9
|
)
|
|
(0.8
|
)
|
||||
Net periodic benefit cost
|
|
$
|
11.7
|
|
|
$
|
22.3
|
|
|
$
|
9.3
|
|
|
$
|
18.6
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Other income
|
|
$
|
200.7
|
|
|
$
|
78.4
|
|
|
$
|
146.8
|
|
|
$
|
44.9
|
|
Other expense
|
|
(46.0
|
)
|
|
(55.2
|
)
|
|
(28.2
|
)
|
|
(31.9
|
)
|
||||
AFC - equity funds
|
|
18.7
|
|
|
23.2
|
|
|
10.8
|
|
|
14.8
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest on long-term debt, net
|
|
$
|
357.7
|
|
|
$
|
346.7
|
|
|
$
|
271.0
|
|
|
$
|
266.1
|
|
Other interest expense
|
|
26.3
|
|
|
16.7
|
|
|
32.7
|
|
|
21.5
|
|
||||
Total
|
|
$
|
384.0
|
|
|
$
|
363.4
|
|
|
$
|
303.7
|
|
|
$
|
287.6
|
|
The Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
54.3
|
|
|
363.8
|
|
|
792.3
|
|
|
261.3
|
|
|
9.8
|
|
|
5,175.2
|
|
|
6,656.7
|
|
|
7,048.3
|
|
Average Fixed Interest Rate (%)
|
3.94
|
|
|
6.30
|
|
|
4.21
|
|
|
5.24
|
|
|
4.69
|
|
|
5.58
|
|
|
5.42
|
|
|
—
|
|
Variable Rate ($)
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
116.2
|
|
|
138.2
|
|
|
132.5
|
|
Average Variable Interest Rate (%)
|
3.44
|
|
|
3.44
|
|
|
3.44
|
|
|
3.44
|
|
|
3.44
|
|
|
2.41
|
|
|
1.39
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pay Fixed/Receive Variable ($)
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
119.8
|
|
|
146.2
|
|
|
(24.4
|
)
|
Average Pay Interest Rate (%)
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
4.45
|
|
|
4.76
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
3.44
|
|
|
3.44
|
|
|
3.44
|
|
|
3.44
|
|
|
3.44
|
|
|
2.41
|
|
|
2.59
|
|
|
—
|
|
December 31, 2017
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
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
|
|
|
—
|
|
Consolidated SCE&G
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
13.8
|
|
|
13.3
|
|
|
341.8
|
|
|
10.8
|
|
|
9.5
|
|
|
4,725.3
|
|
|
5,114.5
|
|
|
5,406.8
|
|
Average Fixed Interest Rate (%)
|
4.18
|
|
|
4.23
|
|
|
3.52
|
|
|
4.53
|
|
|
5.23
|
|
|
5.64
|
|
|
5.48
|
|
|
—
|
|
Variable Rate ($)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.8
|
|
|
67.8
|
|
|
63.0
|
|
Average Variable Interest Rate (%)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.67
|
|
|
1.67
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pay Fixed/Receive Variable ($)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71.4
|
|
|
71.4
|
|
|
(11.2
|
)
|
Average Pay Interest Rate (%)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.29
|
|
|
3.29
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.67
|
|
|
1.67
|
|
|
—
|
|
December 31, 2017
|
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
|
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
|
|
|
—
|
|
Expected Maturity
|
|
2019
|
|
2020
|
|
2021
|
|
|||
Futures - Long
|
|
|
|
|
|
|
|
|||
Settlement Price (a)
|
|
2.85
|
|
|
2.82
|
|
|
2.81
|
|
|
Contract Amount (b)
|
|
82.2
|
|
|
12.3
|
|
|
0.2
|
|
|
Fair Value (b)
|
|
69.8
|
|
|
12.4
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|||
Futures - Short
|
|
|
|
|
|
|
|
|||
Settlement Price (a)
|
|
2.90
|
|
|
—
|
|
|
—
|
|
|
Contract Amount (b)
|
|
31.9
|
|
|
—
|
|
|
—
|
|
|
Fair Value (b)
|
|
20.8
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||
Options - Purchased Call (Long)
|
|
|
|
|
|
|
|
|||
Strike Price (a)
|
|
2.58
|
|
|
3.54
|
|
|
—
|
|
|
Contract Amount (b)
|
|
17.5
|
|
|
2.3
|
|
|
—
|
|
|
Fair Value (b)
|
|
1.6
|
|
|
0.1
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||
Options - Sold Call (Short)
|
|
|
|
|
|
|
|
|||
Strike Price (a)
|
|
0.39
|
|
|
—
|
|
|
—
|
|
|
Contract Amount (b)
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
Fair Value (b)
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||
Swaps - Commodity
|
|
|
|
|
|
|
|
|
|
|
Pay fixed/receive variable (b)
|
|
6.1
|
|
|
3.8
|
|
|
0.9
|
|
|
Average pay rate (a)
|
|
2.92
|
|
|
2.85
|
|
|
2.73
|
|
|
Average received rate (a)
|
|
2.80
|
|
|
2.69
|
|
|
2.74
|
|
|
Fair Value (b)
|
|
5.8
|
|
|
3.5
|
|
|
0.9
|
|
|
Pay variable/receive fixed (b)
|
|
26.4
|
|
|
8.2
|
|
|
0.8
|
|
|
Average pay rate (a)
|
|
2.80
|
|
|
2.70
|
|
|
2.79
|
|
|
Average received rate (a)
|
|
2.90
|
|
|
2.80
|
|
|
2.77
|
|
|
Fair Value (b)
|
|
27.3
|
|
|
8.5
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|||
Swaps - Basis
|
|
|
|
|
|
|
|
|
|
|
Pay variable/receive variable (b)
|
|
15.9
|
|
|
—
|
|
|
—
|
|
|
Average pay rate (a)
|
|
3.14
|
|
|
—
|
|
|
—
|
|
|
Average received rate (a)
|
|
3.15
|
|
|
—
|
|
|
—
|
|
|
Fair Value (b)
|
|
16.0
|
|
|
—
|
|
|
—
|
|
|
/s/DELOITTE & TOUCHE LLP
|
|
Charlotte, North Carolina
|
|
February 28, 2019
|
|
December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant in Service
|
|
$
|
15,171
|
|
|
$
|
14,370
|
|
Accumulated Depreciation and Amortization
|
|
(5,109
|
)
|
|
(4,611
|
)
|
||
Construction Work in Progress
|
|
527
|
|
|
471
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
211
|
|
|
208
|
|
||
Goodwill
|
|
210
|
|
|
210
|
|
||
Utility Plant, Net
|
|
11,010
|
|
|
10,648
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation of $143 and $133
|
|
267
|
|
|
270
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
190
|
|
|
136
|
|
||
Other investments
|
|
22
|
|
|
68
|
|
||
Nonutility Property and Investments, Net
|
|
479
|
|
|
474
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
389
|
|
|
409
|
|
||
Receivables:
|
|
|
|
|
||||
Customer, net of allowance for uncollectible accounts of $7 and $6
|
|
632
|
|
|
665
|
|
||
Income taxes
|
|
—
|
|
|
198
|
|
||
Other
|
|
88
|
|
|
105
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Fuel
|
|
153
|
|
|
143
|
|
||
Materials and supplies
|
|
170
|
|
|
161
|
|
||
Prepayments
|
|
105
|
|
|
99
|
|
||
Other current assets
|
|
12
|
|
|
71
|
|
||
Total Current Assets
|
|
1,549
|
|
|
1,851
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|||
Regulatory assets
|
|
4,380
|
|
|
5,580
|
|
||
Other
|
|
236
|
|
|
186
|
|
||
Total Deferred Debits and Other Assets
|
|
4,616
|
|
|
5,766
|
|
||
Total
|
|
$
|
17,654
|
|
|
$
|
18,739
|
|
December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value, 143 million shares outstanding for all periods presented
|
|
$
|
2,389
|
|
|
$
|
2,390
|
|
Retained Earnings
|
|
2,247
|
|
|
2,915
|
|
||
Accumulated Other Comprehensive Loss
|
|
(34
|
)
|
|
(50
|
)
|
||
Total Common Equity
|
|
4,602
|
|
|
5,255
|
|
||
Long-Term Debt, Net
|
|
6,695
|
|
|
5,906
|
|
||
Total Capitalization
|
|
11,297
|
|
|
11,161
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
173
|
|
|
350
|
|
||
Current portion of long-term debt
|
|
59
|
|
|
727
|
|
||
Accounts payable
|
|
430
|
|
|
438
|
|
||
Customer deposits and customer prepayments
|
|
114
|
|
|
112
|
|
||
Revenue subject to refund
|
|
77
|
|
|
—
|
|
||
Taxes accrued
|
|
245
|
|
|
214
|
|
||
Interest accrued
|
|
89
|
|
|
87
|
|
||
Dividends declared
|
|
17
|
|
|
86
|
|
||
Other
|
|
72
|
|
|
99
|
|
||
Total Current Liabilities
|
|
1,276
|
|
|
2,113
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,112
|
|
|
1,261
|
|
||
Asset retirement obligations
|
|
577
|
|
|
568
|
|
||
Pension and postretirement benefits
|
|
376
|
|
|
360
|
|
||
Unrecognized tax benefits
|
|
38
|
|
|
19
|
|
||
Regulatory liabilities
|
|
2,789
|
|
|
3,059
|
|
||
Other
|
|
189
|
|
|
198
|
|
||
Total Deferred Credits and Other Liabilities
|
|
5,081
|
|
|
5,465
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|||
Total
|
|
$
|
17,654
|
|
|
$
|
18,739
|
|
Years Ended December 31, (Millions of dollars, except per share amounts)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
2,322
|
|
|
$
|
2,659
|
|
|
$
|
2,614
|
|
Gas-regulated
|
|
934
|
|
|
874
|
|
|
788
|
|
|||
Gas-nonregulated
|
|
796
|
|
|
874
|
|
|
825
|
|
|||
Total Operating Revenues
|
|
4,052
|
|
|
4,407
|
|
|
4,227
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
671
|
|
|
594
|
|
|
576
|
|
|||
Purchased power
|
|
92
|
|
|
80
|
|
|
64
|
|
|||
Gas purchased for resale
|
|
1,128
|
|
|
1,156
|
|
|
1,054
|
|
|||
Other operation and maintenance
|
|
835
|
|
|
728
|
|
|
741
|
|
|||
Impairment loss
|
|
1,376
|
|
|
1,118
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
403
|
|
|
382
|
|
|
371
|
|
|||
Other taxes
|
|
276
|
|
|
264
|
|
|
254
|
|
|||
Total Operating Expenses
|
|
4,781
|
|
|
4,322
|
|
|
3,060
|
|
|||
Operating Income (Loss)
|
|
(729
|
)
|
|
85
|
|
|
1,167
|
|
|||
|
|
|
|
|
|
|
||||||
Other Income (Expense), net
|
|
173
|
|
|
47
|
|
|
41
|
|
|||
Interest charges, net of allowance for borrowed funds used during construction of $12, $18 and $19
|
|
(384
|
)
|
|
(363
|
)
|
|
(342
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income (Loss) Before Income Tax Expense (Benefit)
|
|
(940
|
)
|
|
(231
|
)
|
|
866
|
|
|||
Income Tax Expense (Benefit)
|
|
(412
|
)
|
|
(112
|
)
|
|
271
|
|
|||
Net Income (Loss)
|
|
$
|
(528
|
)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
|
|
|
|
|
|
||||||
Earnings (Loss) Per Share of Common Stock
|
|
$
|
(3.70
|
)
|
|
$
|
(0.83
|
)
|
|
$
|
4.16
|
|
Weighted Average Common Shares Outstanding (millions)
|
|
143
|
|
|
143
|
|
|
143
|
|
|||
|
|
|
|
|
|
|
Years Ended December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net Income (Loss)
|
|
$
|
(528
|
)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized Gains (Losses) on Cash Flow Hedging Activities:
|
|
|
|
|
|
|
||||||
Arising during period, net of tax of $(1), $(4) and $2
|
|
(2
|
)
|
|
(7
|
)
|
|
4
|
|
|||
Reclassified as interest expense, net of tax of $2, $4 and $4
|
|
9
|
|
|
7
|
|
|
7
|
|
|||
Reclassified as gas purchased for resale, net of tax of $2, $- and $4
|
|
7
|
|
|
(1
|
)
|
|
6
|
|
|||
Net unrealized gains (losses) on cash flow hedging activities
|
|
14
|
|
|
(1
|
)
|
|
17
|
|
|||
Deferred Costs of Employee Benefit Plans (Note 9):
|
|
|
|
|
|
|
||||||
Gains arising during the period, net of tax of $1, $- and $-
|
|
2
|
|
|
—
|
|
|
—
|
|
|||
Reclassified to net income, net of tax of $-, $- and $-
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Net deferred gains (costs) of employee benefit plans
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|||
Other Comprehensive Income (Loss)
|
|
16
|
|
|
(1
|
)
|
|
16
|
|
|||
Total Comprehensive Income (Loss)
|
|
$
|
(512
|
)
|
|
$
|
(120
|
)
|
|
$
|
611
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net Income (Loss)
|
|
$
|
(528
|
)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
||||||
Impairment loss
|
|
1,376
|
|
|
1,118
|
|
|
—
|
|
|||
Gain on sale of investments
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred income taxes, net
|
|
(151
|
)
|
|
(911
|
)
|
|
242
|
|
|||
Depreciation and amortization
|
|
434
|
|
|
406
|
|
|
389
|
|
|||
Amortization of nuclear fuel
|
|
47
|
|
|
44
|
|
|
57
|
|
|||
Allowance for equity funds used during construction
|
|
(19
|
)
|
|
(23
|
)
|
|
(29
|
)
|
|||
Carrying cost recovery
|
|
(6
|
)
|
|
(34
|
)
|
|
(17
|
)
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
||||||
Receivables
|
|
37
|
|
|
(56
|
)
|
|
(112
|
)
|
|||
Income tax receivable
|
|
198
|
|
|
(56
|
)
|
|
(142
|
)
|
|||
Inventories
|
|
(88
|
)
|
|
(93
|
)
|
|
(43
|
)
|
|||
Prepayments
|
|
(4
|
)
|
|
(5
|
)
|
|
11
|
|
|||
Regulatory assets
|
|
(199
|
)
|
|
181
|
|
|
(114
|
)
|
|||
Regulatory liabilities
|
|
(350
|
)
|
|
1,051
|
|
|
(2
|
)
|
|||
Accounts payable
|
|
61
|
|
|
24
|
|
|
44
|
|
|||
Revenue subject to refund
|
|
77
|
|
|
—
|
|
|
—
|
|
|||
Unrecognized tax benefits
|
|
19
|
|
|
(224
|
)
|
|
175
|
|
|||
Taxes accrued
|
|
31
|
|
|
13
|
|
|
(41
|
)
|
|||
Pension and other postretirement benefits
|
|
16
|
|
|
(20
|
)
|
|
51
|
|
|||
Other assets
|
|
61
|
|
|
(47
|
)
|
|
(44
|
)
|
|||
Other liabilities
|
|
(18
|
)
|
|
(80
|
)
|
|
72
|
|
|||
Net Cash Provided From Operating Activities
|
|
964
|
|
|
1,169
|
|
|
1,092
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Property additions and construction expenditures
|
|
(890
|
)
|
|
(1,225
|
)
|
|
(1,579
|
)
|
|||
Proceeds from monetization of guaranty settlement
|
|
—
|
|
|
1,096
|
|
|
—
|
|
|||
Proceeds from investments (including derivative collateral returned)
|
|
227
|
|
|
145
|
|
|
860
|
|
|||
Purchase of investments (including derivative collateral posted)
|
|
(155
|
)
|
|
(143
|
)
|
|
(788
|
)
|
|||
Payments upon interest rate derivative contract settlement
|
|
—
|
|
|
(39
|
)
|
|
(113
|
)
|
|||
Proceeds from interest rate derivative contract settlement
|
|
115
|
|
|
—
|
|
|
—
|
|
|||
Net Cash Used For Investing Activities
|
|
(703
|
)
|
|
(166
|
)
|
|
(1,620
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of long-term debt
|
|
935
|
|
|
150
|
|
|
592
|
|
|||
Repayments of long-term debt
|
|
(830
|
)
|
|
(17
|
)
|
|
(117
|
)
|
|||
Dividends
|
|
(209
|
)
|
|
(344
|
)
|
|
(325
|
)
|
|||
Short-term borrowings, net
|
|
(177
|
)
|
|
(591
|
)
|
|
410
|
|
|||
Net Cash Provided From (Used For) Financing Activities
|
|
(281
|
)
|
|
(802
|
)
|
|
560
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
(20
|
)
|
|
201
|
|
|
32
|
|
|||
Cash and Cash Equivalents, January 1
|
|
409
|
|
|
208
|
|
|
176
|
|
|||
Cash and Cash Equivalents, December 31
|
|
$
|
389
|
|
|
$
|
409
|
|
|
$
|
208
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash for—Interest paid (net of capitalized interest of $12, $18 and $19)
|
|
$
|
356
|
|
|
$
|
346
|
|
|
$
|
328
|
|
—Income taxes paid
|
|
4
|
|
|
2
|
|
|
229
|
|
|||
—Income taxes received
|
|
206
|
|
|
184
|
|
|
166
|
|
|||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
||||||
Accrued construction expenditures
|
|
85
|
|
|
139
|
|
|
109
|
|
|||
Capital leases
|
|
11
|
|
|
8
|
|
|
15
|
|
|||
Contributed construction
|
|
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, 2016
|
|
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 (Loss)
|
|
|
|
|
|
|
|
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
|
|
||
Net Loss
|
|
|
|
|
|
|
|
(528
|
)
|
|
|
|
|
|
|
|
(528
|
)
|
|||||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gains (losses) arising during the period
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|||||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
(528
|
)
|
|
14
|
|
|
2
|
|
|
16
|
|
|
(512
|
)
|
||||||||||
Purchase of Treasury Stock
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|||||||||||||
Dividends Declared
|
|
|
|
|
|
|
|
(140
|
)
|
|
|
|
|
|
|
|
(140
|
)
|
|||||||||||||
Balance as of December 31, 2018
|
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(13
|
)
|
|
$
|
2,247
|
|
|
$
|
(23
|
)
|
|
$
|
(11
|
)
|
|
$
|
(34
|
)
|
|
$
|
4,602
|
|
December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant in Service
|
|
$
|
12,803
|
|
|
$
|
12,161
|
|
Accumulated Depreciation and Amortization
|
|
(4,581
|
)
|
|
(4,124
|
)
|
||
Construction Work in Progress
|
|
350
|
|
|
375
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
211
|
|
|
208
|
|
||
Utility Plant, Net ($711 and $711 related to VIEs)
|
|
8,783
|
|
|
8,620
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation
|
|
72
|
|
|
71
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
190
|
|
|
136
|
|
||
Other investments
|
|
1
|
|
|
2
|
|
||
Nonutility Property and Investments, Net
|
|
263
|
|
|
209
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
377
|
|
|
395
|
|
||
Receivables:
|
|
|
|
|
||||
Customer, net of allowance for uncollectible accounts of $4 and $4
|
|
344
|
|
|
390
|
|
||
Affiliated companies
|
|
359
|
|
|
32
|
|
||
Income taxes
|
|
—
|
|
|
198
|
|
||
Other
|
|
68
|
|
|
85
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Fuel
|
|
89
|
|
|
90
|
|
||
Materials and supplies
|
|
158
|
|
|
149
|
|
||
Prepayments
|
|
82
|
|
|
82
|
|
||
Other current assets
|
|
1
|
|
|
56
|
|
||
Total Current Assets ($96 and $191 related to VIEs)
|
|
1,478
|
|
|
1,477
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Regulatory assets
|
|
4,256
|
|
|
5,476
|
|
||
Other
|
|
183
|
|
|
164
|
|
||
Total Deferred Debits and Other Assets ($34 and $50 related to VIEs)
|
|
4,439
|
|
|
5,640
|
|
||
Total
|
|
$
|
14,963
|
|
|
$
|
15,946
|
|
December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value, 40.3 million shares outstanding for all periods presented
|
|
$
|
2,860
|
|
|
$
|
2,860
|
|
Retained Earnings
|
|
1,279
|
|
|
1,982
|
|
||
Accumulated Other Comprehensive Loss
|
|
(3
|
)
|
|
(4
|
)
|
||
Total Common Equity
|
|
4,136
|
|
|
4,838
|
|
||
Noncontrolling interest
|
|
179
|
|
|
142
|
|
||
Total Equity
|
|
4,315
|
|
|
4,980
|
|
||
Long-Term Debt, net
|
|
5,132
|
|
|
4,441
|
|
||
Total Capitalization
|
|
9,447
|
|
|
9,421
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
73
|
|
|
252
|
|
||
Current portion of long-term debt
|
|
14
|
|
|
723
|
|
||
Accounts payable
|
|
267
|
|
|
251
|
|
||
Affiliated payables
|
|
347
|
|
|
102
|
|
||
Customer deposits and customer prepayments
|
|
83
|
|
|
70
|
|
||
Revenue subject to refund
|
|
77
|
|
|
—
|
|
||
Taxes accrued
|
|
239
|
|
|
208
|
|
||
Interest accrued
|
|
72
|
|
|
67
|
|
||
Dividends declared
|
|
10
|
|
|
82
|
|
||
Other
|
|
32
|
|
|
49
|
|
||
Total Current Liabilities
|
|
1,214
|
|
|
1,804
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
989
|
|
|
1,173
|
|
||
Asset retirement obligations
|
|
542
|
|
|
529
|
|
||
Pension and postretirement benefits
|
|
232
|
|
|
217
|
|
||
Unrecognized tax benefits
|
|
38
|
|
|
19
|
|
||
Regulatory liabilities
|
|
2,380
|
|
|
2,667
|
|
||
Other
|
|
105
|
|
|
97
|
|
||
Other - affiliate
|
|
16
|
|
|
19
|
|
||
Total Deferred Credits and Other Liabilities
|
|
4,302
|
|
|
4,721
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|
||
Total
|
|
$
|
14,963
|
|
|
$
|
15,946
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
2,322
|
|
|
$
|
2,659
|
|
|
$
|
2,614
|
|
Electric - nonconsolidated affiliate
|
|
5
|
|
|
5
|
|
|
5
|
|
|||
Gas
|
|
434
|
|
|
405
|
|
|
366
|
|
|||
Gas - nonconsolidated affiliate
|
|
1
|
|
|
1
|
|
|
1
|
|
|||
Total Operating Revenues
|
|
2,762
|
|
|
3,070
|
|
|
2,986
|
|
|||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
531
|
|
|
465
|
|
|
472
|
|
|||
Fuel used in electric generation - nonconsolidated affiliate
|
|
140
|
|
|
129
|
|
|
104
|
|
|||
Purchased power
|
|
92
|
|
|
80
|
|
|
64
|
|
|||
Gas purchased for resale
|
|
239
|
|
|
206
|
|
|
174
|
|
|||
Gas purchased for resale - nonconsolidated affiliate
|
|
—
|
|
|
—
|
|
|
9
|
|
|||
Other operation and maintenance
|
|
449
|
|
|
417
|
|
|
403
|
|
|||
Other operation and maintenance - nonconsolidated affiliate
|
|
182
|
|
|
180
|
|
|
199
|
|
|||
Impairment loss
|
|
1,376
|
|
|
1,118
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
327
|
|
|
312
|
|
|
302
|
|
|||
Other taxes
|
|
251
|
|
|
241
|
|
|
227
|
|
|||
Other taxes - nonconsolidated affiliate
|
|
6
|
|
|
5
|
|
|
7
|
|
|||
Total Operating Expenses
|
|
3,593
|
|
|
3,153
|
|
|
1,961
|
|
|||
Operating Income (Loss)
|
|
(831
|
)
|
|
(83
|
)
|
|
1,025
|
|
|||
Other Income (Expense), net
|
|
129
|
|
|
28
|
|
|
19
|
|
|||
Interest charges, net of allowance for borrowed funds used during construction of $9, $15 and $18
|
|
(303
|
)
|
|
(288
|
)
|
|
(270
|
)
|
|||
Income (Loss) Before Income Tax Expense
|
|
(1,005
|
)
|
|
(343
|
)
|
|
774
|
|
|||
Income Tax Expense (Benefit)
|
|
(416
|
)
|
|
(171
|
)
|
|
248
|
|
|||
Net Income (Loss)
|
|
(589
|
)
|
|
(172
|
)
|
|
526
|
|
|||
Other Comprehensive Income
|
|
|
|
|
|
|
||||||
Deferred cost of employee benefit plans, net of tax of $-, $- and $-
|
|
1
|
|
|
—
|
|
|
—
|
|
|||
Total Comprehensive Income (Loss)
|
|
(588
|
)
|
|
(172
|
)
|
|
526
|
|
|||
Less Comprehensive Income Attributable to Noncontrolling Interest
|
|
25
|
|
|
13
|
|
|
13
|
|
|||
Comprehensive Income Available (Loss Attributable) to Common Shareholder
|
|
$
|
(613
|
)
|
|
$
|
(185
|
)
|
|
$
|
513
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net income (Loss)
|
|
$
|
(589
|
)
|
|
$
|
(172
|
)
|
|
$
|
526
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
||||||
Impairment loss
|
|
1,376
|
|
|
1,118
|
|
|
—
|
|
|||
Deferred income taxes, net
|
|
(184
|
)
|
|
(780
|
)
|
|
207
|
|
|||
Depreciation and amortization
|
|
342
|
|
|
323
|
|
|
310
|
|
|||
Amortization of nuclear fuel
|
|
47
|
|
|
44
|
|
|
57
|
|
|||
Allowance for equity funds used during construction
|
|
(11
|
)
|
|
(15
|
)
|
|
(26
|
)
|
|||
Carrying cost recovery
|
|
(6
|
)
|
|
(34
|
)
|
|
(17
|
)
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
||||||
Receivables
|
|
50
|
|
|
(32
|
)
|
|
(47
|
)
|
|||
Receivables - affiliate
|
|
(2
|
)
|
|
12
|
|
|
(3
|
)
|
|||
Income tax receivable
|
|
198
|
|
|
(145
|
)
|
|
(53
|
)
|
|||
Inventories
|
|
(54
|
)
|
|
(60
|
)
|
|
(35
|
)
|
|||
Prepayments
|
|
—
|
|
|
6
|
|
|
(4
|
)
|
|||
Regulatory assets
|
|
(179
|
)
|
|
185
|
|
|
(94
|
)
|
|||
Other regulatory liabilities
|
|
(360
|
)
|
|
899
|
|
|
(5
|
)
|
|||
Accounts payable
|
|
61
|
|
|
20
|
|
|
8
|
|
|||
Accounts payable - affiliate
|
|
—
|
|
|
(28
|
)
|
|
13
|
|
|||
Revenue subject to refund
|
|
77
|
|
|
—
|
|
|
—
|
|
|||
Unrecognized tax benefits
|
|
19
|
|
|
(241
|
)
|
|
192
|
|
|||
Taxes accrued
|
|
31
|
|
|
13
|
|
|
(104
|
)
|
|||
Pension and other postretirement benefits
|
|
15
|
|
|
(21
|
)
|
|
39
|
|
|||
Other assets
|
|
77
|
|
|
(46
|
)
|
|
(99
|
)
|
|||
Other liabilities
|
|
22
|
|
|
(43
|
)
|
|
58
|
|
|||
Other liabilities - affiliate
|
|
(3
|
)
|
|
3
|
|
|
(1
|
)
|
|||
Net Cash Provided From Operating Activities
|
|
927
|
|
|
1,006
|
|
|
922
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Property additions and construction expenditures
|
|
(633
|
)
|
|
(928
|
)
|
|
(1,399
|
)
|
|||
Proceeds from monetization of guaranty settlement
|
|
—
|
|
|
1,096
|
|
|
—
|
|
|||
Proceeds from investments and sales of assets (including derivative collateral returned)
|
|
40
|
|
|
118
|
|
|
794
|
|
|||
Purchase of investments (including derivative collateral posted)
|
|
(29
|
)
|
|
(122
|
)
|
|
(740
|
)
|
|||
Purchase of investments - affiliate
|
|
(111
|
)
|
|
—
|
|
|
—
|
|
|||
Payments upon interest rate derivative contract settlement
|
|
—
|
|
|
(39
|
)
|
|
(113
|
)
|
|||
Proceeds from interest rate derivative contract settlement
|
|
115
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from investments - affiliate
|
|
111
|
|
|
—
|
|
|
9
|
|
|||
Investment in affiliate
|
|
(325
|
)
|
|
(28
|
)
|
|
—
|
|
|||
Net Cash Provided From (Used For) Investing Activities
|
|
(832
|
)
|
|
97
|
|
|
(1,449
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of debt
|
|
795
|
|
|
—
|
|
|
494
|
|
|||
Repayment of long-term debt
|
|
(825
|
)
|
|
(12
|
)
|
|
(112
|
)
|
|||
Dividends
|
|
(173
|
)
|
|
(319
|
)
|
|
(301
|
)
|
|||
Short-term borrowings, net
|
|
(179
|
)
|
|
(552
|
)
|
|
384
|
|
|||
Money pool borrowings, net
|
|
245
|
|
|
8
|
|
|
(4
|
)
|
|||
Contribution from parent
|
|
24
|
|
|
3
|
|
|
100
|
|
|||
Net Cash Provided From (Used For) Financing Activities
|
|
(113
|
)
|
|
(872
|
)
|
|
561
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
(18
|
)
|
|
231
|
|
|
34
|
|
|||
Cash and Cash Equivalents, January 1
|
|
395
|
|
|
164
|
|
|
130
|
|
|||
Cash and Cash Equivalents, December 31
|
|
$
|
377
|
|
|
$
|
395
|
|
|
$
|
164
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash for—Interest paid (net of capitalized interest of $9, $15 and $18)
|
|
$
|
264
|
|
|
$
|
269
|
|
|
$
|
251
|
|
—Income taxes paid
|
|
3
|
|
|
47
|
|
|
289
|
|
|||
—Income taxes received
|
|
216
|
|
|
145
|
|
|
189
|
|
|||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
||||||
Accrued construction expenditures
|
|
69
|
|
|
99
|
|
|
95
|
|
|||
Capital leases
|
|
8
|
|
|
8
|
|
|
14
|
|
|||
Contributed construction
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|
Common Stock
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Non-controlling
Interest
|
|
|
|||||||||||||
Millions
|
|
Shares
|
|
Amount
|
|
Retained
Earnings
|
|
|
|
Total
Equity
|
|||||||||||||
Balance at January 1, 2016
|
|
40
|
|
|
$
|
2,760
|
|
|
$
|
2,265
|
|
|
$
|
(3
|
)
|
|
$
|
129
|
|
|
$
|
5,151
|
|
Earnings (Loss) Available for (Attributable to) 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
|
)
|
|||||
Total Comprehensive Income
|
|
|
|
|
|
(185
|
)
|
|
(1
|
)
|
|
13
|
|
|
(173
|
)
|
|||||||
Capital contributions from parent
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
3
|
|
|
100
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(314
|
)
|
|
|
|
|
(8
|
)
|
|
(322
|
)
|
|||||
Balance at December 31, 2017
|
|
40
|
|
|
2,860
|
|
|
1,982
|
|
|
(4
|
)
|
|
142
|
|
|
4,980
|
|
|||||
Earnings (Loss) Available for (Attributable to) Common Shareholder
|
|
|
|
|
|
|
|
(614
|
)
|
|
|
|
|
25
|
|
|
(589
|
)
|
|||||
Deferred Cost of Employee Benefit Plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
(614
|
)
|
|
1
|
|
|
25
|
|
|
(588
|
)
|
|||||||
Capital contributions from parent
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
24
|
|
|
24
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(89
|
)
|
|
|
|
|
(12
|
)
|
|
(101
|
)
|
|||||
Balance at December 31, 2018
|
|
40
|
|
|
$
|
2,860
|
|
|
$
|
1,279
|
|
|
$
|
(3
|
)
|
|
$
|
179
|
|
|
$
|
4,315
|
|
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.
|
|
|
The Company
|
|
Consolidated SCE&G
|
||
Generation
|
|
2.61
|
%
|
|
2.61
|
%
|
Transmission
|
|
2.47
|
%
|
|
2.74
|
%
|
Distribution
|
|
2.48
|
%
|
|
2.41
|
%
|
Storage
|
|
2.48
|
%
|
|
2.71
|
%
|
General and other
|
|
5.64
|
%
|
|
3.18
|
%
|
•
|
Goodwill impairment guidance, issued in January 2017, removed Step 2 of the goodwill impairment test.
|
•
|
Guidance for revenue arising from contracts with customers uses a five-step analysis in determining when and how revenue is recognized, and requires that revenue recognition depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. As permitted, this guidance was adopted using the modified retrospective method whereby amounts and disclosures for prior periods were not restated. Revenue recognition patterns did not change as a result of adopting this guidance, and no cumulative effect adjustment to Retained Earnings was required. For additional required disclosures, see Note 3.
|
•
|
The required presentation of net periodic pension and postretirement benefit costs has been changed to distinguish between service cost components and non-service cost components. Service cost components continue to be included within operating income and are presented in the same line item as other compensation costs arising from services rendered by employees. Non-service cost components are now excluded from operating income. This guidance has been applied retrospectively for the presentation of the service cost components and other components, and resulted in the following changes to amounts reported in 2017 and 2016.
|
Increase (Decrease) Millions of dollars
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Year Ended December 31
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Other operation and maintenance
|
|
$
|
(9
|
)
|
|
$
|
(14
|
)
|
|
$
|
(7
|
)
|
|
$
|
(12
|
)
|
Total Operating Expenses
|
|
(9
|
)
|
|
(14
|
)
|
|
(7
|
)
|
|
(12
|
)
|
||||
Operating Income
|
|
9
|
|
|
14
|
|
|
7
|
|
|
12
|
|
||||
Other Income (Expense), Net
|
|
(9
|
)
|
|
(14
|
)
|
|
(7
|
)
|
|
(12
|
)
|
•
|
Guidance issued in January 2016 changed how entities measure certain equity investments and financial liabilities, among other things.
|
•
|
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.
|
•
|
Guidance issued in November 2016 clarified how restricted cash should be presented on the statement of cash flows, and entities were to apply the guidance retrospectively to all periods presented.
|
•
|
No capital costs related to the Nuclear Project incurred after March 12, 2015 will be recoverable by SCE&G.
|
•
|
SCE&G will provide refunds and restitution to customers from prior years' revenues totaling an aggregate
$2.039 billion
, comprised of
$1.032 billion
to be credited to customers over 20 years and
$1.007 billion
credited to customers over approximately 11 years.
|
•
|
Except for rate adjustments for fuel and environmental costs, demand side management costs, and other rates routinely adjusted on an annual or biannual basis, SCE&G will freeze retail electric base rates at current levels until January 1, 2021.
|
•
|
SCE&G's natural gas customers will receive a refund totaling
$2.45 million
in 2019, 2020 and 2021 combined.
|
•
|
Corporate giving will increase above historical levels by
$1 million
per year for at least five years.
|
•
|
SCE&G will not seek to pass on to ratepayers its initial capital investment in CEC, a 540-MW combined-cycle natural gas-fired generating facility, and will not seek to pass on to ratepayers any acquisition premium costs, transition costs, or transaction cost associated with the merger.
|
Year
|
|
Effective
|
|
Amount
|
2018
|
|
First billing cycle of May
|
|
$33.0 million
|
2017
|
|
First billing cycle of May
|
|
$37.0 million
|
2016
|
|
First billing cycle of May
|
|
$37.6 million
|
Year
|
|
Action
|
|
Amount
|
|
|||
2018
|
|
4.6
|
%
|
|
Decrease
|
|
$19.7 million
|
*
|
2017
|
|
2.2
|
%
|
|
Increase
|
|
$8.6 million
|
|
2016
|
|
1.2
|
%
|
|
Increase
|
|
$4.1 million
|
|
Rates Effective
|
|
2018
|
|
2017
|
March 1
|
|
$14.7 million
|
|
$1.9 million
|
September 1
|
|
$1.1 million
|
|
$0.7 million
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|||||||
Unrecovered Nuclear Project costs
|
|
$
|
2,768
|
|
|
3,976
|
|
|
$
|
2,768
|
|
|
3,976
|
|
||
AROs and related funding
|
|
406
|
|
|
434
|
|
|
380
|
|
|
410
|
|
||||
Deferred employee benefit plan costs
|
|
302
|
|
|
305
|
|
|
272
|
|
|
273
|
|
||||
Deferred losses on interest rate derivatives
|
|
448
|
|
|
456
|
|
|
448
|
|
|
456
|
|
||||
Other unrecovered plant
|
|
93
|
|
|
105
|
|
|
93
|
|
|
105
|
|
||||
DSM Programs
|
|
65
|
|
|
59
|
|
|
65
|
|
|
59
|
|
||||
Pipeline integrity management costs
|
|
73
|
|
|
51
|
|
|
9
|
|
|
8
|
|
||||
Environmental remediation costs
|
|
27
|
|
|
30
|
|
|
24
|
|
|
25
|
|
||||
Deferred storm damage costs
|
|
35
|
|
|
24
|
|
|
35
|
|
|
24
|
|
||||
Deferred transmission operating costs
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||
Other
|
|
148
|
|
|
140
|
|
|
147
|
|
|
140
|
|
||||
Total Regulatory Assets
|
|
$
|
4,380
|
|
|
$
|
5,580
|
|
|
$
|
4,256
|
|
|
$
|
5,476
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Monetization of guaranty settlement
|
|
$
|
1,098
|
|
|
1,095
|
|
|
$
|
1,098
|
|
|
1,095
|
|
||
Accumulated deferred income taxes
|
|
814
|
|
|
1,076
|
|
|
659
|
|
|
914
|
|
||||
Asset removal costs
|
|
779
|
|
|
757
|
|
|
541
|
|
|
527
|
|
||||
Deferred gains on interest rate derivatives
|
|
77
|
|
|
131
|
|
|
77
|
|
|
131
|
|
||||
Other
|
|
21
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Total Regulatory Liabilities
|
|
$
|
2,789
|
|
|
$
|
3,059
|
|
|
$
|
2,380
|
|
|
$
|
2,667
|
|
•
|
To recover costs related to fuel, pension, pipeline integrity and energy conservation, among others;
|
•
|
To recover carrying costs associated with debt-based financing;
|
•
|
To replace revenues lost as a result of the utility implementing DER programs and DSM Programs; and
|
•
|
For gas revenues, to achieve weather normalization or to decouple gas revenues from weather and other factors through the WNA at SCE&G or the CUT at PSNC Energy.
|
The Company
|
|
Consolidated SCE&G
|
|
PSNC Energy
|
|
Total
Gas-regulated
|
|
Gas-nonregulated
|
||||||||||||
Millions of dollars
|
|
Electric
|
|
Gas-regulated
|
|
Gas-regulated
|
|
|
||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer class:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
|
$
|
1,054
|
|
|
$
|
208
|
|
|
$
|
325
|
|
|
$
|
533
|
|
|
$
|
244
|
|
Commercial
|
|
744
|
|
|
117
|
|
|
125
|
|
|
242
|
|
|
92
|
|
|||||
Industrial
|
|
385
|
|
|
92
|
|
|
15
|
|
|
107
|
|
|
422
|
|
|||||
Transportation
|
|
—
|
|
|
13
|
|
|
32
|
|
|
45
|
|
|
—
|
|
|||||
Other
|
|
132
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
38
|
|
|||||
Revenues from contracts with customers
|
|
2,315
|
|
|
434
|
|
|
497
|
|
|
931
|
|
|
796
|
|
|||||
Other operating revenues
|
|
12
|
|
|
1
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|||||
Total Operating Revenues
|
|
$
|
2,327
|
|
|
$
|
435
|
|
|
$
|
500
|
|
|
$
|
935
|
|
|
$
|
796
|
|
The Company
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31,
|
|
|
|
|
|
2018
|
|
2017
|
||||||||||
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)
|
|
2019
|
-
|
2034
|
|
70
|
|
|
3.44
|
%
|
|
75
|
|
|
2.18
|
%
|
||
SCE&G First Mortgage Bonds (secured)
|
|
2021
|
-
|
2065
|
|
4,990
|
|
|
5.52
|
%
|
|
4,840
|
|
|
5.80
|
%
|
||
GENCO Notes (secured)
|
|
2019
|
-
|
2024
|
|
40
|
|
|
5.49
|
%
|
|
207
|
|
|
5.94
|
%
|
||
Industrial and Pollution Control Bonds (b)
|
|
2028
|
-
|
2038
|
|
122
|
|
|
3.52
|
%
|
|
122
|
|
|
3.52
|
%
|
||
PSNC Energy Senior Debentures and Notes
|
|
2020
|
-
|
2047
|
|
700
|
|
|
5.07
|
%
|
|
600
|
|
|
5.19
|
%
|
||
Other
|
|
2019
|
-
|
2027
|
|
73
|
|
|
3.46
|
%
|
|
28
|
|
|
2.83
|
%
|
||
Total debt
|
|
|
|
|
|
6,795
|
|
|
|
|
6,672
|
|
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
|
(59
|
)
|
|
|
|
(727
|
)
|
|
|
||||
Unamortized discount, net
|
|
|
|
|
|
(2
|
)
|
|
|
|
(1
|
)
|
|
|
||||
Unamortized debt issuance costs
|
|
|
|
|
|
(39
|
)
|
|
|
|
(38
|
)
|
|
|
||||
Total long-term debt, net
|
|
|
|
|
|
$
|
6,695
|
|
|
|
|
$
|
5,906
|
|
|
|
|
Consolidated SCE&G
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31,
|
|
|
|
|
|
2018
|
|
2017
|
||||||||||
Dollars in millions
|
|
Maturity
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
||||||||
First Mortgage Bonds (secured)
|
|
2021
|
-
|
2065
|
|
$
|
4,990
|
|
|
5.52
|
%
|
|
$
|
4,840
|
|
|
5.80
|
%
|
GENCO Notes (secured)
|
|
2019
|
-
|
2024
|
|
40
|
|
|
5.49
|
%
|
|
207
|
|
|
5.94
|
%
|
||
Industrial and Pollution Control Bonds (b)
|
|
2028
|
-
|
2038
|
|
122
|
|
|
3.52
|
%
|
|
122
|
|
|
3.52
|
%
|
||
Other
|
|
2019
|
-
|
2027
|
|
30
|
|
|
2.97
|
%
|
|
28
|
|
|
2.83
|
%
|
||
Total debt
|
|
|
|
|
|
5,182
|
|
|
|
|
5,197
|
|
|
|
|
|||
Current maturities of long-term debt
|
|
|
|
|
|
(14
|
)
|
|
|
|
(723
|
)
|
|
|
|
|||
Unamortized premium (discount), net
|
|
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
|
|
|||
Unamortized debt issuance costs
|
|
|
|
|
|
(35
|
)
|
|
|
|
(34
|
)
|
|
|
||||
Total long-term debt, net
|
|
|
|
|
|
$
|
5,132
|
|
|
|
|
$
|
4,441
|
|
|
|
|
Millions of dollars
|
|
Total
|
|
SCANA
|
|
SCE&G
|
|
PSNC Energy
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
—
|
|
||||
Total committed long-term
|
|
1,800.0
|
|
|
400.0
|
|
|
1,200.0
|
|
|
200.0
|
|
||||
LOC advances
|
|
40.0
|
|
|
40.0
|
|
|
—
|
|
|
—
|
|
||||
Weighted average interest rate
|
|
|
|
3.87
|
%
|
|
|
|
|
|||||||
Outstanding commercial paper (270 or fewer days)
|
|
172.9
|
|
|
2.0
|
|
|
73.2
|
|
|
97.7
|
|
||||
Weighted average interest rate
|
|
|
|
3.65
|
%
|
|
3.82
|
%
|
|
3.49
|
%
|
|||||
Letters of credit supported by LOC
|
|
37.6
|
|
|
37.3
|
|
|
0.3
|
|
|
—
|
|
||||
Available
|
|
$
|
1,549.5
|
|
|
$
|
320.7
|
|
|
$
|
1,126.5
|
|
|
$
|
102.3
|
|
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
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Current taxes (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal
|
|
$
|
(8
|
)
|
|
$
|
(414
|
)
|
|
$
|
36
|
|
|
$
|
(16
|
)
|
|
$
|
(410
|
)
|
|
$
|
50
|
|
State
|
|
5
|
|
|
18
|
|
|
13
|
|
|
—
|
|
|
(18
|
)
|
|
13
|
|
||||||
Total current taxes (benefit)
|
|
(3
|
)
|
|
(396
|
)
|
|
49
|
|
|
(16
|
)
|
|
(428
|
)
|
|
63
|
|
||||||
Deferred tax (benefit) expense, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Federal
|
|
(352
|
)
|
|
323
|
|
|
203
|
|
|
(346
|
)
|
|
261
|
|
|
167
|
|
||||||
State
|
|
(55
|
)
|
|
(37
|
)
|
|
21
|
|
|
(52
|
)
|
|
(2
|
)
|
|
20
|
|
||||||
Total deferred taxes (benefit)
|
|
(407
|
)
|
|
286
|
|
|
224
|
|
|
(398
|
)
|
|
259
|
|
|
187
|
|
||||||
Investment tax credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of amounts deferred-federal
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Total income tax expense (benefit)
|
|
$
|
(412
|
)
|
|
$
|
(112
|
)
|
|
$
|
271
|
|
|
$
|
(416
|
)
|
|
$
|
(171
|
)
|
|
$
|
248
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
U.S. statutory rate
|
|
21
|
%
|
|
35
|
%
|
|
35
|
%
|
|
21
|
%
|
|
35
|
%
|
|
35
|
%
|
||||||
Net income (loss)
|
|
$
|
(528
|
)
|
|
$
|
(119
|
)
|
|
$
|
595
|
|
|
$
|
(614
|
)
|
|
$
|
(185
|
)
|
|
$
|
513
|
|
Income tax expense (benefit)
|
|
(412
|
)
|
|
(112
|
)
|
|
271
|
|
|
(416
|
)
|
|
(171
|
)
|
|
248
|
|
||||||
Noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
13
|
|
|
13
|
|
||||||
Total pre-tax income (loss)
|
|
$
|
(940
|
)
|
|
$
|
(231
|
)
|
|
$
|
866
|
|
|
$
|
(1,005
|
)
|
|
$
|
(343
|
)
|
|
$
|
774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income taxes (benefit) on above at statutory federal income tax rate
|
|
$
|
(197
|
)
|
|
$
|
(81
|
)
|
|
$
|
303
|
|
|
$
|
(211
|
)
|
|
$
|
(120
|
)
|
|
$
|
271
|
|
Increases (decreases) attributed to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
State income taxes (less federal income tax effect)
|
|
(37
|
)
|
|
(7
|
)
|
|
27
|
|
|
(38
|
)
|
|
(8
|
)
|
|
26
|
|
||||||
State investment tax credits (less federal income tax effect)
|
|
(3
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|
(5
|
)
|
||||||
Allowance for equity funds used during construction
|
|
(4
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(9
|
)
|
||||||
Deductible dividends—401(k) Retirement Savings Plan
|
|
(2
|
)
|
|
(9
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of federal investment tax credits
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Section 45 tax credits
|
|
(9
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(8
|
)
|
||||||
Domestic production activities deduction
|
|
—
|
|
|
(18
|
)
|
|
(23
|
)
|
|
—
|
|
|
(18
|
)
|
|
(23
|
)
|
||||||
Remeasurement of deferred taxes in connection with enactment of Tax Act
|
|
(188
|
)
|
|
30
|
|
|
—
|
|
|
(176
|
)
|
|
(1
|
)
|
|
—
|
|
||||||
Nuclear Project impairment
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||||
Nondeductible merger-related costs
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other differences, net
|
|
2
|
|
|
(4
|
)
|
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|
(2
|
)
|
||||||
Total income tax expense (benefit)
|
|
$
|
(412
|
)
|
|
$
|
(112
|
)
|
|
$
|
271
|
|
|
$
|
(416
|
)
|
|
$
|
(171
|
)
|
|
$
|
248
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Deferred tax assets:
|
|
|
|
|
|
|
|
|
||||||||
Net operating loss and tax credit carryforward
|
|
$
|
539
|
|
|
$
|
600
|
|
|
$
|
493
|
|
|
$
|
541
|
|
Toshiba settlement
|
|
274
|
|
|
273
|
|
|
274
|
|
|
273
|
|
||||
Nondeductible accruals
|
|
84
|
|
|
88
|
|
|
40
|
|
|
42
|
|
||||
Asset retirement obligation, including nuclear decommissioning
|
|
143
|
|
|
141
|
|
|
135
|
|
|
132
|
|
||||
Regulatory liability, non-property accumulated deferred income tax
|
|
—
|
|
|
54
|
|
|
—
|
|
|
54
|
|
||||
Financial instruments
|
|
10
|
|
|
15
|
|
|
—
|
|
|
—
|
|
||||
Unamortized investment tax credits
|
|
7
|
|
|
8
|
|
|
7
|
|
|
8
|
|
||||
Other
|
|
4
|
|
|
6
|
|
|
5
|
|
|
5
|
|
||||
Total deferred tax assets
|
|
1,061
|
|
|
1,185
|
|
|
954
|
|
|
1,055
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Property, plant and equipment
|
|
1,227
|
|
|
1,220
|
|
|
1,033
|
|
|
1,035
|
|
||||
Regulatory asset, unrecovered nuclear plant costs
|
|
668
|
|
|
962
|
|
|
668
|
|
|
962
|
|
||||
Deferred employee benefit plan costs
|
|
60
|
|
|
60
|
|
|
53
|
|
|
53
|
|
||||
Regulatory asset, asset retirement obligation
|
|
94
|
|
|
91
|
|
|
88
|
|
|
85
|
|
||||
Regulatory asset, other unrecovered plant
|
|
24
|
|
|
27
|
|
|
24
|
|
|
27
|
|
||||
Demand side management costs
|
|
16
|
|
|
16
|
|
|
16
|
|
|
16
|
|
||||
Prepayments
|
|
21
|
|
|
21
|
|
|
20
|
|
|
19
|
|
||||
Other
|
|
63
|
|
|
49
|
|
|
41
|
|
|
31
|
|
||||
Total deferred tax liabilities
|
|
2,173
|
|
|
2,446
|
|
|
1,943
|
|
|
2,228
|
|
||||
Net deferred tax liabilities
|
|
$
|
1,112
|
|
|
$
|
1,261
|
|
|
$
|
989
|
|
|
$
|
1,173
|
|
|
|
December 31, 2018
|
|
|
|
|
||||||
Millions of dollars
|
|
The Company
|
|
Consolidated SCE&G
|
|
Expiration Year
|
||||||
Federal NOL Carryforwards
|
|
$
|
1,807
|
|
|
$
|
1,642
|
|
|
2037
|
||
Federal Tax Credits
|
|
83
|
|
|
83
|
|
|
2035
|
-
|
2038
|
||
State NOL Carryforwards
|
|
2,447
|
|
|
2,198
|
|
|
2037
|
||||
State Tax Credits
|
|
30
|
|
|
30
|
|
|
2026
|
-
|
2033
|
||
Total Tax Credits and NOL Carryforwards
|
|
$
|
4,367
|
|
|
$
|
3,953
|
|
|
|
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Unrecognized tax benefits, January 1
|
|
$
|
98
|
|
|
$
|
350
|
|
|
$
|
49
|
|
|
$
|
98
|
|
|
$
|
350
|
|
|
$
|
49
|
|
Gross increases—uncertain tax positions in prior period
|
|
8
|
|
|
—
|
|
|
94
|
|
|
8
|
|
|
—
|
|
|
94
|
|
||||||
Gross decreases—uncertain tax positions in prior period
|
|
—
|
|
|
(273
|
)
|
|
—
|
|
|
—
|
|
|
(273
|
)
|
|
—
|
|
||||||
Gross increases—current period uncertain tax positions
|
|
—
|
|
|
21
|
|
|
207
|
|
|
—
|
|
|
21
|
|
|
207
|
|
||||||
Unrecognized tax benefits, December 31
|
|
$
|
106
|
|
|
$
|
98
|
|
|
$
|
350
|
|
|
$
|
106
|
|
|
$
|
98
|
|
|
$
|
350
|
|
|
|
Commodity and Energy Management Contracts (in bcf)
|
|||||||
Hedge designation
|
|
Gas Distribution
|
|
Gas Marketing
|
|
Total
|
|||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
Commodity
|
|
6.4
|
|
|
12.9
|
|
|
19.3
|
|
Energy Management (a)
|
|
—
|
|
|
46.8
|
|
|
46.8
|
|
Total (a)
|
|
6.4
|
|
|
59.7
|
|
|
66.1
|
|
|
|
|
|
|
|
|
|||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
Commodity
|
|
6.4
|
|
|
13.4
|
|
|
19.8
|
|
Energy Management (a)
|
|
—
|
|
|
41.9
|
|
|
41.9
|
|
Total (a)
|
|
6.4
|
|
|
55.3
|
|
|
61.7
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||
Designated as hedging instruments
|
|
$
|
106.8
|
|
|
$
|
111.2
|
|
|
$
|
36.4
|
|
|
$
|
36.4
|
|
Not designated as hedging instruments
|
|
35.0
|
|
|
735.0
|
|
|
35.0
|
|
|
735.0
|
|
Fair Values of Derivative Instruments
|
||||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||
Millions of dollars
|
|
Balance Sheet Location
|
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other current liabilities
|
|
—
|
|
|
$
|
2
|
|
|
—
|
|
|
$
|
1
|
|
||
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
19
|
|
|
—
|
|
|
7
|
|
||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
—
|
|
|
$
|
22
|
|
|
—
|
|
|
$
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
$
|
3
|
|
|
—
|
|
|
$
|
3
|
|
||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
$
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Energy management contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Prepayments
|
|
11
|
|
|
12
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other current assets
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other current liabilities
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other deferred debits and other assets
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
14
|
|
|
$
|
16
|
|
|
—
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Other current liabilities
|
|
—
|
|
|
$
|
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 current assets and current liabilities
|
|
$
|
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
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other current liabilities
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
59
|
|
|
$
|
8
|
|
|
$
|
54
|
|
|
$
|
5
|
|
The Company and Consolidated SCE&G:
|
|
Gain (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, 2018
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
1
|
|
|
Interest expense
|
|
$
|
(1
|
)
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(2
|
)
|
|
Interest expense
|
|
$
|
(2
|
)
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
—
|
|
|
Interest expense
|
|
$
|
(2
|
)
|
The Company:
|
|
Gain (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, 2018
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
1
|
|
|
Interest expense
|
|
$
|
(9
|
)
|
Commodity contracts
|
|
(3
|
)
|
|
Gas purchased for resale
|
|
(7
|
)
|
||
Total
|
|
$
|
(2
|
)
|
|
|
|
$
|
(16
|
)
|
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
|
)
|
The Company and Consolidated SCE&G:
|
|
Gain (Loss) Deferred in
|
|
Gain (Loss) Reclassified from
Deferred Accounts into Income
|
||||||
Millions of dollars
|
|
Regulatory Accounts
|
|
Location
|
|
Amount
|
||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
64
|
|
|
Interest Expense
|
|
$
|
(2
|
)
|
Interest rate contracts
|
|
|
|
Other Income
|
|
115
|
|
|||
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
|
)
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||
in Net Liability Position
|
|
|
|
|
|
|
|
|
|
|
||||||
Aggregate fair value of derivatives in net liability position
|
|
$
|
24.8
|
|
|
$
|
33.7
|
|
|
$
|
11.2
|
|
|
$
|
14.7
|
|
Fair value of collateral already posted
|
|
24.3
|
|
|
28.9
|
|
|
11.0
|
|
|
10.1
|
|
||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
|
|
$
|
0.5
|
|
|
$
|
4.8
|
|
|
$
|
0.2
|
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
|
||||||||
in Net Asset Position
|
|
|
|
|
|
|
|
|
||||||||
Aggregate fair value of derivatives in net asset position
|
|
—
|
|
|
$
|
53.5
|
|
|
—
|
|
|
$
|
53.5
|
|
||
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
|
|
|
—
|
|
|
$
|
53.5
|
|
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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross Amounts of Recognized Assets
|
|
—
|
|
|
$
|
1
|
|
|
$
|
13
|
|
|
$
|
14
|
|
|
—
|
|
||
Gross Amounts Offset in Statement of Financial Position
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|||||
Net Amounts Presented in Statement of Financial Position
|
|
—
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Cash Collateral Received
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Amount
|
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
—
|
|
||
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Prepayments
|
|
|
|
|
|
|
|
$
|
12
|
|
|
—
|
|
|||||||
Other current assets
|
|
|
|
|
|
|
|
1
|
|
|
—
|
|
||||||||
Other deferred debits and other assets
|
|
|
|
|
|
|
|
1
|
|
|
—
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
14
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross Amounts of Recognized Liabilities
|
|
$
|
24
|
|
|
$
|
1
|
|
|
$
|
13
|
|
|
$
|
38
|
|
|
$
|
11
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|||||
Net Amounts Presented in Statement of Financial Position
|
|
24
|
|
|
1
|
|
|
2
|
|
|
27
|
|
|
11
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Cash Collateral Posted
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
(11
|
)
|
|||||
Net Amount
|
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
—
|
|
||
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Prepayments
|
|
|
|
|
|
|
|
$
|
13
|
|
|
—
|
|
|||||||
Other current liabilities
|
|
|
|
|
|
|
|
3
|
|
|
$
|
1
|
|
|||||||
Other deferred credits and other liabilities
|
|
|
|
|
|
|
|
22
|
|
|
10
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
38
|
|
|
$
|
11
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
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
|
)
|
|
(29
|
)
|
|
—
|
|
|||||
Net Amount
|
|
$
|
4
|
|
|
3
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
15
|
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
|
|
|
|
|
|
$
|
2
|
|
|
—
|
|
|||||||
Other current liabilities
|
|
|
|
|
|
|
|
7
|
|
|
$
|
2
|
|
|||||||
Other deferred credits and other liabilities
|
|
|
|
|
|
|
|
28
|
|
|
13
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
37
|
|
|
$
|
15
|
|
|
|
As of December 31, 2018
|
|
As of December 31, 2017
|
|||||||||||||||||||||||||
|
|
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 1
|
Level 2
|
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Available for sale securities
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
$
|
119
|
|
|
—
|
|
|
$
|
100
|
|
—
|
|
|||||
Held to maturity securities
|
|
—
|
|
|
$
|
6
|
|
|
—
|
|
—
|
|
|
—
|
|
|
$
|
6
|
|
|
—
|
|
—
|
|
|||||
Interest rate contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
$
|
54
|
|
||||||
Commodity contracts
|
|
$
|
1
|
|
|
—
|
|
|
—
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
—
|
|
||||||
Energy management contracts
|
|
11
|
|
|
2
|
|
|
—
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
—
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest rate contracts
|
|
—
|
|
|
24
|
|
|
—
|
|
$
|
11
|
|
|
—
|
|
|
32
|
|
|
—
|
|
15
|
|
||||||
Commodity contracts
|
|
1
|
|
|
—
|
|
|
—
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
—
|
|
|||||||
Energy management contracts
|
|
12
|
|
|
3
|
|
|
—
|
|
—
|
|
|
1
|
|
|
4
|
|
|
—
|
|
—
|
|
|
|
As of December 31, 2018
|
|
As of December 31, 2017
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
The Company
|
|
$
|
6,753.9
|
|
|
$
|
7,180.8
|
|
|
$
|
6,632.9
|
|
|
$
|
7,399.7
|
|
Consolidated SCE&G
|
|
5,145.6
|
|
|
5,469.7
|
|
|
5,163.3
|
|
|
5,790.3
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Benefit obligation, January 1
|
|
$
|
933.2
|
|
|
$
|
904.3
|
|
|
$
|
289.2
|
|
|
$
|
274.7
|
|
|
$
|
793.0
|
|
|
$
|
768.4
|
|
|
$
|
216.6
|
|
|
$
|
207.2
|
|
Service cost
|
|
21.0
|
|
|
21.7
|
|
|
4.6
|
|
|
4.5
|
|
|
17.1
|
|
|
18.1
|
|
|
3.6
|
|
|
3.7
|
|
||||||||
Interest cost
|
|
34.1
|
|
|
37.4
|
|
|
10.1
|
|
|
11.5
|
|
|
29.0
|
|
|
31.9
|
|
|
8.0
|
|
|
9.5
|
|
||||||||
Plan participants’ contributions
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
1.1
|
|
||||||||
Actuarial (gain) loss
|
|
(53.1
|
)
|
|
42.2
|
|
|
(38.4
|
)
|
|
9.7
|
|
|
(45.5
|
)
|
|
36.6
|
|
|
(30.7
|
)
|
|
6.8
|
|
||||||||
Benefits paid
|
|
(71.7
|
)
|
|
(72.4
|
)
|
|
(13.2
|
)
|
|
(12.5
|
)
|
|
(61.3
|
)
|
|
(62.0
|
)
|
|
(10.4
|
)
|
|
(10.3
|
)
|
||||||||
Amounts funded to parent
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
(1.4
|
)
|
||||||||
Benefit obligation, December 31
|
|
$
|
863.5
|
|
|
$
|
933.2
|
|
|
$
|
253.7
|
|
|
$
|
289.2
|
|
|
$
|
732.3
|
|
|
$
|
793.0
|
|
|
$
|
187.4
|
|
|
$
|
216.6
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Annual discount rate used to determine benefit obligation
|
4.35
|
%
|
|
3.71
|
%
|
|
4.38
|
%
|
|
3.74
|
%
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Fair value of plan assets
|
|
$
|
727.3
|
|
|
$
|
849.6
|
|
|
—
|
|
|
—
|
|
|
$
|
676.7
|
|
|
$
|
781.3
|
|
|
—
|
|
|
—
|
|
||||
Benefit obligation
|
|
863.5
|
|
|
933.2
|
|
|
$
|
253.7
|
|
|
$
|
289.2
|
|
|
732.3
|
|
|
793.0
|
|
|
$
|
187.4
|
|
|
$
|
216.6
|
|
||||
Funded status
|
|
$
|
(136.2
|
)
|
|
$
|
(83.6
|
)
|
|
$
|
(253.7
|
)
|
|
$
|
(289.2
|
)
|
|
$
|
(55.6
|
)
|
|
$
|
(11.7
|
)
|
|
$
|
(187.4
|
)
|
|
$
|
(216.6
|
)
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Current liability
|
|
—
|
|
|
—
|
|
|
$
|
(13.3
|
)
|
|
$
|
(13.5
|
)
|
|
—
|
|
|
—
|
|
|
$
|
(10.5
|
)
|
|
$
|
(10.8
|
)
|
||||
Noncurrent liability
|
|
$
|
(136.2
|
)
|
|
$
|
(83.6
|
)
|
|
(240.4
|
)
|
|
(275.7
|
)
|
|
$
|
(55.6
|
)
|
|
$
|
(11.7
|
)
|
|
(176.9
|
)
|
|
(205.8
|
)
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Net actuarial loss
|
|
$
|
12.8
|
|
|
$
|
8.8
|
|
|
$
|
1.1
|
|
|
$
|
3.5
|
|
|
$
|
3.4
|
|
|
$
|
2.1
|
|
|
$
|
0.5
|
|
|
$
|
1.5
|
|
Prior service cost
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
12.9
|
|
|
$
|
8.9
|
|
|
$
|
1.1
|
|
|
$
|
3.5
|
|
|
$
|
3.4
|
|
|
$
|
2.1
|
|
|
$
|
0.5
|
|
|
$
|
1.5
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
December 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Net actuarial loss
|
|
$
|
230.4
|
|
|
$
|
194.8
|
|
|
$
|
10.9
|
|
|
$
|
43.3
|
|
|
$
|
202.4
|
|
|
$
|
171.4
|
|
|
$
|
9.0
|
|
|
$
|
35.9
|
|
Prior service cost
|
|
0.7
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
231.1
|
|
|
$
|
196.0
|
|
|
$
|
10.9
|
|
|
$
|
43.3
|
|
|
$
|
203.0
|
|
|
$
|
172.4
|
|
|
$
|
9.0
|
|
|
$
|
35.9
|
|
Pension Benefits
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Fair value of plan assets, January 1
|
|
$
|
849.6
|
|
|
$
|
793.6
|
|
|
$
|
781.3
|
|
|
$
|
732.9
|
|
Actual return (loss) on plan assets
|
|
(50.6
|
)
|
|
128.4
|
|
|
(43.3
|
)
|
|
110.4
|
|
||||
Benefits paid
|
|
(71.7
|
)
|
|
(72.4
|
)
|
|
(61.3
|
)
|
|
(62.0
|
)
|
||||
Fair value of plan assets, December 31
|
|
$
|
727.3
|
|
|
$
|
849.6
|
|
|
$
|
676.7
|
|
|
$
|
781.3
|
|
|
|
Percentage of Plan Assets
|
|||||||
|
|
Target
Allocation
|
|
December 31,
|
|||||
Asset Category
|
|
2019
|
|
2018
|
|
2017
|
|||
Equity Securities
|
|
58
|
%
|
|
55
|
%
|
|
58
|
%
|
Fixed Income
|
|
33
|
%
|
|
34
|
%
|
|
31
|
%
|
Hedge Funds
|
|
9
|
%
|
|
11
|
%
|
|
11
|
%
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Investments with fair value measure at Level 2:
|
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
|
$
|
107
|
|
|
$
|
120
|
|
|
$
|
99
|
|
|
$
|
110
|
|
Short-term investment vehicles
|
|
20
|
|
|
17
|
|
|
19
|
|
|
16
|
|
||||
US Treasury securities
|
|
7
|
|
|
15
|
|
|
7
|
|
|
14
|
|
||||
Corporate debt instruments
|
|
92
|
|
|
91
|
|
|
86
|
|
|
84
|
|
||||
Government and other debt instruments
|
|
18
|
|
|
17
|
|
|
16
|
|
|
15
|
|
||||
Total assets in the fair value hierarchy
|
|
244
|
|
|
260
|
|
|
227
|
|
|
239
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Investments at net asset value:
|
|
|
|
|
|
|
|
|
||||||||
Common collective trust
|
|
400
|
|
|
498
|
|
|
373
|
|
|
458
|
|
||||
Joint venture interests
|
|
83
|
|
|
92
|
|
|
77
|
|
|
84
|
|
||||
Total investments at fair value
|
|
$
|
727
|
|
|
$
|
850
|
|
|
$
|
677
|
|
|
$
|
781
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
2019
|
|
$
|
71.5
|
|
|
$
|
13.6
|
|
|
$
|
71.5
|
|
|
$
|
10.8
|
|
2020
|
|
62.4
|
|
|
14.3
|
|
|
62.4
|
|
|
11.4
|
|
||||
2021
|
|
65.6
|
|
|
14.9
|
|
|
65.6
|
|
|
11.8
|
|
||||
2022
|
|
69.6
|
|
|
15.4
|
|
|
69.6
|
|
|
12.2
|
|
||||
2023
|
|
66.6
|
|
|
15.8
|
|
|
66.6
|
|
|
12.6
|
|
||||
2024-2028
|
|
284.9
|
|
|
82.3
|
|
|
284.9
|
|
|
65.4
|
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
21.0
|
|
|
$
|
21.7
|
|
|
$
|
20.7
|
|
|
$
|
4.6
|
|
|
$
|
4.5
|
|
|
$
|
4.4
|
|
Interest cost
|
|
34.1
|
|
|
37.4
|
|
|
39.4
|
|
|
10.1
|
|
|
11.5
|
|
|
12.1
|
|
||||||
Expected return on assets
|
|
(56.7
|
)
|
|
(54.7
|
)
|
|
(55.9
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Prior service cost amortization
|
|
0.5
|
|
|
1.6
|
|
|
3.9
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||||
Amortization of actuarial losses
|
|
12.8
|
|
|
16.3
|
|
|
14.8
|
|
|
0.7
|
|
|
1.0
|
|
|
0.5
|
|
||||||
Net periodic benefit cost
|
|
$
|
11.7
|
|
|
$
|
22.3
|
|
|
$
|
22.9
|
|
|
$
|
15.4
|
|
|
$
|
17.0
|
|
|
$
|
17.3
|
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
17.1
|
|
|
$
|
18.1
|
|
|
$
|
16.9
|
|
|
$
|
3.6
|
|
|
$
|
3.7
|
|
|
$
|
3.6
|
|
Interest cost
|
|
29.0
|
|
|
31.9
|
|
|
33.4
|
|
|
8.0
|
|
|
9.5
|
|
|
9.9
|
|
||||||
Expected return on assets
|
|
(48.1
|
)
|
|
(46.7
|
)
|
|
(47.4
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Prior service cost amortization
|
|
0.4
|
|
|
1.4
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||||
Amortization of actuarial losses
|
|
10.9
|
|
|
13.9
|
|
|
12.5
|
|
|
0.6
|
|
|
0.8
|
|
|
0.4
|
|
||||||
Net periodic benefit cost
|
|
$
|
9.3
|
|
|
$
|
18.6
|
|
|
$
|
18.8
|
|
|
$
|
12.2
|
|
|
$
|
14.0
|
|
|
$
|
14.2
|
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
4.5
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.6
|
|
|
$
|
(2.4
|
)
|
|
$
|
1.1
|
|
|
$
|
0.8
|
|
Amortization of actuarial losses
|
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total recognized in OCI
|
|
$
|
4.0
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
1.0
|
|
|
$
|
0.8
|
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Current year actuarial loss
|
|
$
|
1.4
|
|
|
$
|
0.3
|
|
|
—
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
Amortization of actuarial losses
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total recognized in OCI
|
|
$
|
1.3
|
|
|
$
|
0.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
0.5
|
|
|
$
|
0.3
|
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
46.7
|
|
|
$
|
(27.1
|
)
|
|
$
|
29.4
|
|
|
$
|
(31.8
|
)
|
|
$
|
9.4
|
|
|
$
|
11.1
|
|
Amortization of actuarial losses
|
|
(11.1
|
)
|
|
(14.1
|
)
|
|
(12.7
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|
(0.4
|
)
|
||||||
Amortization of prior service cost
|
|
(0.5
|
)
|
|
(1.4
|
)
|
|
(3.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
||||||
Total recognized in regulatory assets
|
|
$
|
35.1
|
|
|
$
|
(42.6
|
)
|
|
$
|
13.3
|
|
|
$
|
(32.4
|
)
|
|
$
|
8.6
|
|
|
$
|
10.4
|
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
40.7
|
|
|
$
|
(24.8
|
)
|
|
$
|
26.3
|
|
|
$
|
(26.4
|
)
|
|
$
|
7.3
|
|
|
$
|
9.2
|
|
Amortization of actuarial losses
|
|
(9.7
|
)
|
|
(12.5
|
)
|
|
(11.2
|
)
|
|
(0.5
|
)
|
|
(0.7
|
)
|
|
(0.3
|
)
|
||||||
Amortization of prior service cost
|
|
(0.4
|
)
|
|
(1.3
|
)
|
|
(3.0
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Total recognized in regulatory assets
|
|
$
|
30.6
|
|
|
$
|
(38.6
|
)
|
|
$
|
12.1
|
|
|
$
|
(26.9
|
)
|
|
$
|
6.6
|
|
|
$
|
8.7
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||
Discount rate
|
3.71
|
%
|
|
4.22
|
%
|
|
4.68
|
%
|
|
3.74
|
%
|
|
4.30
|
%
|
|
4.78
|
%
|
Expected return on plan assets
|
7.00
|
%
|
|
7.25
|
%
|
|
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
|
|
|
7.00
|
%
|
|
6.60
|
%
|
|
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
|
|
|
2023
|
|
|
2021
|
|
|
2021
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|||
Actuarial loss
|
|
$
|
0.8
|
|
|
—
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||
Actuarial loss
|
|
$
|
14.7
|
|
|
—
|
|
|
$
|
12.9
|
|
|
—
|
|
Prior service cost
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
||
Total
|
|
$
|
15.0
|
|
|
—
|
|
|
$
|
13.2
|
|
|
—
|
|
•
|
No capital costs related to the Nuclear Project incurred after March 12, 2015 will be recoverable by SCE&G, which results in rate base associated with the Nuclear Project of
$2.768 billion
after recording an impairment charge of
$1.372 billion
(pre-tax, and incremental to impairment losses recorded in 2017).
|
•
|
SCE&G will provide refunds and restitution to customers from prior years' revenues totaling an aggregate
$2.039 billion
, comprised of
$1.032 billion
to be credited to customers over 20 years and
$1.007 billion
credited to customers over approximately 11 years. These refunds include amounts to be refunded to customers related to the monetization of guaranty settlement described in Note 2.
|
•
|
Except for rate adjustments for fuel and environmental costs, demand side management costs, and other rates routinely adjusted on an annual or biannual basis, SCE&G will freeze retail electric base rates at current levels until January 1, 2021.
|
•
|
SCE&G's natural gas customers will receive refunds totaling
$2.45 million
in 2019, 2020 and 2021 combined.
|
•
|
Corporate giving will increase by
$1 million
per year for at least five years above historical levels.
|
•
|
SCE&G will not seek to pass on to ratepayers its initial capital investment in CEC, a 540-MW combined-cycle natural gas-fired generating facility, and will not seek to pass on to ratepayers any acquisition premium costs, transition costs, or transaction cost associated with the merger. SCE&G's decision to not seek recovery of the initial capital investment in CEC was included in the determination of impairment charges recorded in 2017.
|
•
|
A pre-tax impairment charge of approximately
$105 million
(approximately $79 million net of tax) related to certain assets that had been constructed in connection with the Nuclear Project that were not abandoned but were instead transferred to Unit 1.
|
•
|
A regulatory liability for refunds and restitution to electric customers of approximately $
1.007 billion
pre-tax (approximately $755 million net of tax).
|
•
|
A regulatory liability for refunds to natural gas customers totaling
$2.45 million
pre-tax (approximately $1.8 million net of tax).
|
•
|
A liability related to charitable contributions in South Carolina of approximately
$22
million pre-tax (approximately $16 million net of tax). It is expected that an additional liability related to charitable contributions in North Carolina of approximately
$0.7 million
pre-tax (approximately $0.5 million net of tax) would be recorded by the Company.
|
•
|
A write-off of excess deferred taxes of approximately
$145 million
related to the regulatory liability for the monetization of guaranty settlement.
|
|
|
Future Payments
|
||||||||||||||||||||||
Millions of dollars
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||
The Company and Consolidated SCE&G
|
|
$
|
40
|
|
|
$
|
39
|
|
|
$
|
39
|
|
|
$
|
38
|
|
|
$
|
38
|
|
|
$
|
396
|
|
|
|
Rent Expense
|
|
Future Minimum Rental Payments
|
||||||||||||||||||||||||||||||||
Millions of dollars
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||||||
The Company
|
|
$
|
10.2
|
|
|
$
|
10
|
|
|
$
|
9.7
|
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
30
|
|
Consolidated SCE&G
|
|
12.2
|
|
|
11.4
|
|
|
10.2
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
16
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
|
$
|
568
|
|
|
$
|
558
|
|
|
$
|
529
|
|
|
$
|
522
|
|
Liabilities incurred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Liabilities settled
|
|
(15
|
)
|
|
(10
|
)
|
|
(15
|
)
|
|
(9
|
)
|
||||
Accretion expense
|
|
25
|
|
|
25
|
|
|
23
|
|
|
23
|
|
||||
Revisions in estimated cash flows
|
|
(1
|
)
|
|
(5
|
)
|
|
4
|
|
|
(7
|
)
|
||||
Ending balance
|
|
$
|
577
|
|
|
$
|
568
|
|
|
$
|
541
|
|
|
$
|
529
|
|
Millions of dollars
|
Electric
Operations
|
|
Gas
Distribution
|
|
Gas
Marketing
|
|
All Other
|
|
Adjustments/
Eliminations
|
|
Consolidated
Total
|
||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External Revenue
|
$
|
2,322
|
|
|
$
|
934
|
|
|
$
|
796
|
|
|
—
|
|
|
—
|
|
|
$
|
4,052
|
|
||
Intersegment Revenue
|
5
|
|
|
1
|
|
|
139
|
|
|
$
|
470
|
|
|
$
|
(615
|
)
|
|
—
|
|
||||
Operating Income (Loss)
|
(894
|
)
|
|
173
|
|
|
n/a
|
|
|
—
|
|
|
(8
|
)
|
|
(729
|
)
|
||||||
Interest Expense
|
18
|
|
|
37
|
|
|
1
|
|
|
—
|
|
|
328
|
|
|
384
|
|
||||||
Depreciation and Amortization
|
307
|
|
|
94
|
|
|
2
|
|
|
15
|
|
|
(15
|
)
|
|
403
|
|
||||||
Income Tax Expense (Benefit)
|
9
|
|
|
26
|
|
|
15
|
|
|
(25
|
)
|
|
(437
|
)
|
|
(412
|
)
|
||||||
Net Income (Loss)
|
n/a
|
|
|
n/a
|
|
|
43
|
|
|
(90
|
)
|
|
(481
|
)
|
|
(528
|
)
|
||||||
Segment Assets
|
7,988
|
|
|
3,517
|
|
|
305
|
|
|
1,212
|
|
|
4,632
|
|
|
17,654
|
|
||||||
Expenditures for Assets
|
973
|
|
|
345
|
|
|
2
|
|
|
8
|
|
|
(438
|
)
|
|
890
|
|
||||||
Deferred Tax Assets
|
4
|
|
|
17
|
|
|
2
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External Revenue
|
$
|
2,659
|
|
|
$
|
874
|
|
|
$
|
874
|
|
|
—
|
|
|
—
|
|
|
$
|
4,407
|
|
||
Intersegment Revenue
|
5
|
|
|
2
|
|
|
127
|
|
|
$
|
389
|
|
|
$
|
(523
|
)
|
|
—
|
|
||||
Operating Income (Loss)
|
(154
|
)
|
|
187
|
|
|
n/a
|
|
|
—
|
|
|
52
|
|
|
85
|
|
||||||
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
|
969
|
|
|
149
|
|
|
n/a
|
|
|
—
|
|
|
49
|
|
|
1,167
|
|
||||||
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
|
)
|
|
—
|
|
Millions of dollars
|
|
Electric
Operations |
|
Gas
Distribution |
|
Adjustments/
Eliminations |
|
Consolidated
Total |
||||||||
2018
|
|
|
|
|
|
|
|
|
||||||||
External Revenue
|
|
$
|
2,327
|
|
|
$
|
435
|
|
|
—
|
|
|
$
|
2,762
|
|
|
Operating Income (Loss)
|
|
(894
|
)
|
|
63
|
|
|
—
|
|
|
(831
|
)
|
||||
Interest Expense
|
|
18
|
|
|
—
|
|
|
$
|
285
|
|
|
303
|
|
|||
Depreciation and Amortization
|
|
307
|
|
|
32
|
|
|
(12
|
)
|
|
327
|
|
||||
Segment Assets
|
|
7,988
|
|
|
934
|
|
|
6,041
|
|
|
14,963
|
|
||||
Expenditures for Assets
|
|
973
|
|
|
90
|
|
|
(430
|
)
|
|
633
|
|
||||
Deferred Tax Assets
|
|
4
|
|
|
n/a
|
|
|
(4
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Revenue
|
|
$
|
2,664
|
|
|
$
|
406
|
|
|
—
|
|
|
$
|
3,070
|
|
|
Operating Income (Loss)
|
|
(154
|
)
|
|
71
|
|
|
—
|
|
|
(83
|
)
|
||||
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
|
|
969
|
|
|
56
|
|
|
—
|
|
|
1,025
|
|
||||
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
|
)
|
|
—
|
|
Millions of dollars
|
|
The Company
|
|
Consolidated SCE&G
|
||||
Gross Utility Plant:
|
|
|
|
|
||||
Generation
|
|
$
|
5,751
|
|
|
$
|
5,751
|
|
Transmission
|
|
2,417
|
|
|
1,758
|
|
||
Distribution
|
|
6,032
|
|
|
4,456
|
|
||
Storage
|
|
99
|
|
|
74
|
|
||
General and other
|
|
631
|
|
|
535
|
|
||
Intangible
|
|
241
|
|
|
229
|
|
||
Construction work in progress
|
|
527
|
|
|
350
|
|
||
Nuclear Fuel
|
|
611
|
|
|
611
|
|
||
Total Gross Utility Plant
|
|
$
|
16,309
|
|
|
$
|
13,764
|
|
|
|
|
|
|
||||
Gross Nonutility Property
|
|
$
|
410
|
|
|
$
|
73
|
|
As of December 31,
|
|
2018
|
|
2017
|
||||
|
|
Unit 1
|
|
Unit 1
|
||||
Percent owned
|
|
66.7%
|
|
66.7%
|
||||
Plant in service
|
|
$
|
1.5
|
billion
|
|
$
|
1.5
|
billion
|
Accumulated depreciation
|
|
$
|
643.9
|
million
|
|
$
|
637.6
|
million
|
Construction work in progress
|
|
$
|
127.5
|
million
|
|
$
|
110.1
|
million
|
Millions of Dollars
|
|
2018
|
|
2017
|
|
2016
|
||||||
Purchases from Canadys Refined Coal, LLC
|
|
$
|
149.9
|
|
|
$
|
162.1
|
|
|
$
|
161.8
|
|
Sales to Canadys Refined Coal, LLC
|
|
149.0
|
|
|
161.1
|
|
|
160.8
|
|
Millions of Dollars
|
|
2018
|
|
2017
|
||||
Receivable from Canadys Refined Coal, LLC
|
|
$
|
6.8
|
|
|
$
|
4.9
|
|
Payable to Canadys Refined Coal, LLC
|
|
6.8
|
|
|
4.9
|
|
Millions of Dollars
|
|
2018
|
|
2017
|
|
2016
|
||||||
Purchases from SCANA Energy
|
|
$
|
139.0
|
|
|
$
|
127.4
|
|
|
$
|
111.5
|
|
Direct and Allocated Costs from SCANA Services
|
|
283.3
|
|
|
302.8
|
|
|
337.7
|
|
Millions of Dollars
|
|
2018
|
|
2017
|
||||
Payable to SCANA Energy
|
|
$
|
14.1
|
|
|
$
|
10.0
|
|
Payable to SCANA Services
|
|
37.7
|
|
|
42.0
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Revenues from contracts with customers
|
|
$
|
20
|
|
|
—
|
|
|
—
|
|
|
$
|
5
|
|
|
—
|
|
|
—
|
|
||||
Other income
|
|
180
|
|
|
$
|
79
|
|
|
$
|
64
|
|
|
141
|
|
|
$
|
45
|
|
|
$
|
29
|
|
||
Other expense
|
|
(46
|
)
|
|
(55
|
)
|
|
(52
|
)
|
|
(28
|
)
|
|
(32
|
)
|
|
(36
|
)
|
||||||
Allowance for equity funds used during construction
|
|
19
|
|
|
23
|
|
|
29
|
|
|
11
|
|
|
15
|
|
|
26
|
|
||||||
Other income (expense), net
|
|
$
|
173
|
|
|
$
|
47
|
|
|
$
|
41
|
|
|
$
|
129
|
|
|
$
|
28
|
|
|
$
|
19
|
|
The Company
Millions of dollars, except per share amounts |
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Annual
|
||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Operating Revenues
|
|
$
|
1,180
|
|
|
$
|
843
|
|
|
$
|
926
|
|
|
$
|
1,103
|
|
|
$
|
4,052
|
|
Operating Income (Loss)
|
|
189
|
|
|
103
|
|
|
183
|
|
|
(1,204
|
)
|
|
(729
|
)
|
|||||
Net Income (Loss)
|
|
169
|
|
|
8
|
|
|
67
|
|
|
(772
|
)
|
|
(528
|
)
|
|||||
Earnings (Loss) Per Share of Common Stock
|
|
1.18
|
|
|
0.06
|
|
|
0.47
|
|
|
(5.41
|
)
|
|
(3.70
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Operating Revenues
|
|
$
|
1,173
|
|
|
$
|
1,001
|
|
|
$
|
1,076
|
|
|
$
|
1,157
|
|
|
$
|
4,407
|
|
Operating Income (Loss)
|
|
320
|
|
|
251
|
|
|
122
|
|
|
(608
|
)
|
|
85
|
|
|||||
Net Income (Loss)
|
|
171
|
|
|
121
|
|
|
34
|
|
|
(445
|
)
|
|
(119
|
)
|
|||||
Earnings (Loss) Per Share of Common Stock
|
|
1.19
|
|
|
0.85
|
|
|
0.24
|
|
|
(3.11
|
)
|
|
(0.83
|
)
|
Consolidated SCE&G
Millions of dollars
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Annual
|
||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Operating Revenues
|
|
$
|
702
|
|
|
$
|
632
|
|
|
$
|
739
|
|
|
$
|
689
|
|
|
$
|
2,762
|
|
Operating Income (Loss)
|
|
121
|
|
|
107
|
|
|
212
|
|
|
(1,271
|
)
|
|
(831
|
)
|
|||||
Total Comprehensive Income (Loss)
|
|
128
|
|
|
31
|
|
|
104
|
|
|
(852
|
)
|
|
(589
|
)
|
|||||
Comprehensive Income Available (Loss Attributable) to Common Shareholder
|
|
124
|
|
|
26
|
|
|
98
|
|
|
(861
|
)
|
|
(613
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Operating Revenues
|
|
$
|
719
|
|
|
$
|
756
|
|
|
$
|
856
|
|
|
$
|
739
|
|
|
$
|
3,070
|
|
Operating Income (Loss)
|
|
226
|
|
|
247
|
|
|
124
|
|
|
(680
|
)
|
|
(83
|
)
|
|||||
Total Comprehensive Income (Loss)
|
|
112
|
|
|
126
|
|
|
42
|
|
|
(452
|
)
|
|
(172
|
)
|
|||||
Comprehensive Income Available (Loss Attributable) to Common Shareholder
|
|
109
|
|
|
123
|
|
|
39
|
|
|
(456
|
)
|
|
(185
|
)
|
/s/DELOITTE & TOUCHE LLP
|
|
Charlotte, North Carolina
|
|
February 28, 2019
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Audit Fees
(1)
|
|
$
|
3,670,000
|
|
|
$
|
3,670,360
|
|
|
$
|
2,621,562
|
|
|
$
|
3,127,191
|
|
Audit-Related Fees
(2)
|
|
138,700
|
|
|
168,229
|
|
|
97,048
|
|
|
139,172
|
|
||||
Tax Fees
(3)
|
|
123,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total Fees
|
|
$
|
3,932,073
|
|
|
$
|
3,838,589
|
|
|
$
|
2,718,610
|
|
|
$
|
3,266,363
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
6
|
|
|
$
|
15
|
|
|
—
|
|
|
$
|
14
|
|
|
$
|
7
|
|
2017
|
|
6
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|
6
|
|
||||
2016
|
|
5
|
|
|
12
|
|
|
—
|
|
|
11
|
|
|
6
|
|
||||
Reserves other than those deducted from assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserve for injuries and damages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
9
|
|
|
$
|
5
|
|
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
2017
|
|
9
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
9
|
|
||||
2016
|
|
6
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
9
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
SCE&G:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserves deducted from related assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Uncollectible accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
4
|
|
|
$
|
7
|
|
|
—
|
|
|
$
|
7
|
|
|
$
|
4
|
|
2017
|
|
3
|
|
|
8
|
|
|
—
|
|
|
7
|
|
|
4
|
|
||||
2016
|
|
3
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
3
|
|
||||
Reserves other than those deducted from assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserve for injuries and damages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
8
|
|
|
$
|
5
|
|
|
—
|
|
|
$
|
7
|
|
|
$
|
6
|
|
2017
|
|
8
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
2016
|
|
5
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
8
|
|
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 February 1, 2019
(Filed as Exhibit 3.1 to Form 8-K on February 8, 2019 (File No. 001-08809)
and incorporated by reference herein).
|
3.02
|
|
|
|
|
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)
|
3.03
|
|
|
X
|
|
|
|
By-Laws of SCANA as amended and restated as of January 1, 2019 (
Filed as Exhibit 3.1 to Form 8-K on January 2, 2019 (File No. 001-08809
) and incorporated by reference herein)
|
3.04
|
|
|
|
|
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
|
|
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)
|
10.02
|
|
|
|
|
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)
|
10.03
|
|
|
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)
|
10.04
|
|
|
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)
|
10.05
|
|
|
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)
|
10.06
|
|
|
X
|
|
X
|
|
Settlement Agreement dated as of July 27, 2017, by and among Toshiba, 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)
|
10.07
|
|
|
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)
|
10.08
|
|
|
X
|
|
X
|
|
|
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.
|
|||||||
** 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.
|
|
|
SCANA CORPORATION
|
|
BY:
|
/s/ Thomas F. Farrell, II
|
|
|
(Thomas F. Farrell, II, Chairman of the Board of Directors)
|
|
|
|
DATE:
|
February 28, 2019
|
|
Signature
|
Title
|
/s/ Thomas F. Farrell, II
|
Chairman of the Board of Directors
|
Thomas F. Farrell, II
|
|
|
|
|
|
/s/ P. Rodney Blevins
|
Director, President and Chief Executive Officer
|
P. Rodney Blevins
|
|
|
|
|
|
/s/ James R. Chapman
|
Director, Executive Vice President and Chief Financial Officer
|
James R. Chapman
|
|
|
|
|
|
/s/ Michele L. Cardiff
|
Vice President, Controller and Chief Accounting Officer
|
Michele L. Cardiff
|
|
|
|
|
|
|
|
|
|
|
|
SOUTH CAROLINA ELECTRIC & GAS COMPANY
|
|
BY:
|
/s/ Thomas F. Farrell, II
|
|
|
(Thomas F. Farrell, II, Chairman of the Board of Directors)
|
|
|
|
DATE:
|
February 28, 2019
|
|
Signature
|
Title
|
/s/ Thomas F. Farrell, II
|
Chairman of the Board of Directors
|
Thomas F. Farrell, II
|
|
|
|
|
|
/s/ P. Rodney Blevins
|
Director, President and Chief Executive Officer
|
P. Rodney Blevins
|
|
|
|
|
|
/s/ James R. Chapman
|
Director, Executive Vice President and Chief Financial Officer
|
James R. Chapman
|
|
|
|
|
|
/s/ Michele L. Cardiff
|
Vice President, Controller and Chief Accounting Officer
|
Michele L. Cardiff
|
|
|
|
|
|
|
|
|
|
February 28, 2019
|
/s/P. Rodney Blevins
|
|
P. Rodney Blevins
|
|
Chief Executive Officer
|
|
February 28, 2019
|
/s/James R. Chapman
|
|
James R. Chapman
|
|
Chief Financial Officer
|
|
February 28, 2019
|
/s/P. Rodney Blevins
|
|
P. Rodney Blevins
|
|
Chief Executive Officer
|
February 28, 2019
|
/s/James R. Chapman
|
|
James R. Chapman
|
|
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 28, 2019
|
|
|
|
|
|
|
|
|
/s/ P. Rodney Blevins
|
|
/s/ James R. Chapman
|
P. Rodney Blevins
|
|
James R. Chapman
|
Chief Executive Officer
|
|
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 28, 2019
|
|
|
|
|
|
|
|
|
/s/ P. Rodney Blevins
|
|
/s/ James R. Chapman
|
P. Rodney Blevins
|
|
James R. Chapman
|
Chief Executive Officer
|
|
Chief Financial Officer
|