Summary
Xcel Energy Inc. (XEL) filed an 8-K on August 8, 2007, to update its previously filed 2006 Form 10-K. The primary purpose of this filing is to retrospectively present PSR Investments, Inc. (PSRI), a subsidiary of Public Service Company of Colorado, as a discontinued operation. This change is a result of a settlement in principle with the U.S. government and Xcel Energy's decision to surrender all corporate-owned life insurance (COLI) policies, following the government's acceptance of the offer. This reclassification impacts several sections of the 2006 Form 10-K, including Selected Financial Data, Management's Discussion and Analysis (MD&A), Market Risk Disclosures, and Financial Statements. Importantly, Xcel Energy states that this retrospective adjustment has no impact on the reported net income for any period. Investors should note that this filing primarily addresses historical financial presentation and should be read in conjunction with the original 10-K and subsequent 10-Q filings.
Key Highlights
- 1Xcel Energy is retrospectively reclassifying PSR Investments, Inc. (PSRI) as a discontinued operation in its 2006 Form 10-K.
- 2The reclassification is driven by a settlement in principle with the U.S. government and the surrender of corporate-owned life insurance (COLI) policies.
- 3Revised financial information, including Selected Financial Data, MD&A, Market Risk, and Financial Statements, are being filed as exhibits.
- 4This change affects the presentation of PSRI within the consolidated financial statements for all periods presented.
- 5Xcel Energy explicitly states that this adjustment has no impact on reported net income.
- 6The filing serves to update historical financial data and should be reviewed alongside the original 10-K and subsequent 10-Q filings.