Summary
This filing is an amendment to a previous Form 8-K, specifically addressing how certain financial information related to its subsidiary, PSR Investments, Inc. (PSRI), should be presented. Initially, Xcel Energy classified PSRI as a discontinued operation following a settlement regarding corporate-owned life insurance (COLI) policies. However, upon further review and consultation with the SEC staff, Xcel Energy has restated its historical financial information to present PSRI as a continuing operation. This change is primarily an accounting reclassification and, importantly, does not impact the company's reported net income for any annual reporting period. Investors should note that this amendment corrects the presentation of PSRI from discontinued to continuing operations. While the underlying business and its financial impact on net income remain the same, this restatement clarifies the ongoing nature of these operations. The filing includes corrected sections from Xcel Energy's 2006 Form 10-K, such as selected financial data, management's discussion and analysis, and financial statements, to reflect this change. The COLI tax settlement has been implemented and the related policies surrendered.
Key Highlights
- 1Amendment No. 1 to Form 8-K clarifies accounting treatment of PSRI.
- 2PSRI will now be presented as a continuing operation, not a discontinued operation.
- 3This change is a result of a reassessment following SEC staff review.
- 4The restatement has no impact on Xcel Energy's reported net income for any annual period.
- 5The filing corrects and refiles key financial information sections from the 2006 Form 10-K.
- 6The COLI tax settlement has been fully implemented with policy surrenders.
- 7This is an accounting reclassification and not an indicator of new operational performance changes.