10-K - SCANA Corporation

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Table of Contents SOUTH CAROLINA ELECTRIC & GAS COMPANY CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND COMPREHENSIVE INCOME Accumulated Other Common Stock Retained Comprehensive Noncontrolling Total Millions Shares Amount Earnings Income (Loss) Interest Equity Balance at January 1, 2009 40 $ 1,440 $ 1,310 $ (46) $ 95 $ 2,799 Comprehensive Income: Earnings available for common shareholder 272 7 279 Deferred cost of employee benefit plans, net of tax $8 13 13 Total Comprehensive Income 272 13 7 292 Capital contributions from parent 348 348 Cash dividends declared (175) (5) (180) Balance at December 31, 2009 40 $ 1,788 $ 1,407 $ (33) $ 97 $ 3,259 Comprehensive Income: Earnings Available for Common Shareholder 290 14 304 Deferred Cost of Employee Benefit Plans, net of tax $19 31 31 Total Comprehensive Income 290 31 14 335 Capital contributions from parent 146 146 Cash dividends declared (192) (7) (199) Balance at December 31, 2010 40 $ 1,934 $ 1,505 $ (2) $ 104 $ 3,541 Comprehensive Income (Loss): Earnings Available for Common Shareholder 306 10 316 Losses on Employee Benefit Plans, net of tax $- (1) (1) Total Comprehensive Income (Loss) 306 (1) 10 315 Capital contributions from parent 107 107 Cash dividends declared (184) (6) (190) Balance at December 31, 2011 40 $ 2,041 $ 1,627 $ (3) $ 108 $ 3,773 See Notes to Consolidated Financial Statements. 114
Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Principles of Consolidation SCE&G, a public utility, is a South Carolina corporation organized in 1924 and a wholly-owned subsidiary of SCANA, a South Carolina corporation. Consolidated SCE&G engages predominantly in the generation and sale of electricity to wholesale and retail customers in South Carolina and in the purchase, sale and transportation of natural gas to retail customers in South Carolina. The accompanying Consolidated Financial Statements reflect the accounts of SCE&G, Fuel Company and GENCO. Intercompany balances and transactions between SCE&G, Fuel Company and GENCO have been eliminated in consolidation. SCE&G has determined that it has a controlling financial interest in GENCO and Fuel Company (which are considered to be VIEs), and accordingly, the accompanying condensed consolidated financial statements include the accounts of SCE&G, GENCO and Fuel Company. The equity interests in GENCO and Fuel Company are held solely by SCANA, SCE&G’s parent. Accordingly, GENCO’s and Fuel Company’s equity and results of operations are reflected as noncontrolling interest in Consolidated SCE&G’s condensed consolidated financial statements. GENCO owns a coal-fired electric generating station with a 605 megawatt net generating capacity (summer rating). GENCO’s electricity is sold solely to SCE&G under the terms of a power purchase agreement and related operating agreement. The effects of these transactions are eliminated in consolidation. Substantially all of GENCO’s property (carrying value of approximately $491 million) serves as collateral for its long-term borrowings. Fuel Company acquires, owns and provides financing for SCE&G’s nuclear fuel, certain fossil fuels and emission allowances. See also Note 4. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Utility Plant Utility plant is stated substantially at original cost. The costs of additions, replacements and betterments to utility plant, including direct labor, material and indirect charges for engineering, supervision and an allowance for funds used during construction, are added to utility plant accounts. The original cost of utility property retired or otherwise disposed of is removed from utility plant accounts and generally charged to accumulated depreciation. The costs of repairs and replacements of items of property determined to be less than a unit of property or that do not increase the asset’s life or functionality are charged to expense. AFC is a noncash item that reflects the period cost of capital devoted to plant under construction. This accounting practice results in the inclusion of, as a component of construction cost, the costs of debt and equity capital dedicated to construction investment. AFC is included in rate base investment and depreciated as a component of plant cost in establishing rates for utility services. Consolidated SCE&G calculated AFC using average composite rates of 4.6% for 2011, 7.3% for 2010 and 7.4% for 2009. These rates do not exceed the maximum allowable rate as calculated under FERC Order No. 561. SCE&G capitalizes interest on nuclear fuel in process at the actual interest cost incurred. Consolidated SCE&G records provisions for depreciation and amortization using the straight-line method based on the estimated service lives of the various classes of property. The composite weighted average depreciation rates for utility plant assets were 2.90% in 2011, 2.84% in 2010 and 2.95% in 2009. Consolidated SCE&G records nuclear fuel amortization using the units-of-production method. Nuclear fuel amortization is included in “Fuel used in electric generation” and recovered through the fuel cost component of retail electric rates. Provisions for amortization of nuclear fuel include amounts necessary to satisfy obligations to the DOE under a contract for disposal of spent nuclear fuel. 115
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Table of Contents UNITED STATES SEC
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Table of Contents CAUTIONARY STATEM
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Table of Contents TERM MEANING MGP
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Table of Contents Regulated Utiliti
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Table of Contents Electric Intercon
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Table of Contents Gas Cost, Supply
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Table of Contents SCE&G holds licen
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Table of Contents PSNC Energy’s r
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Table of Contents Furthermore, rece
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Table of Contents One rating agency
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Table of Contents • Uncertainties
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Table of Contents ELECTRIC PROPERTI
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Table of Contents Litigation In May
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Table of Contents PART II ITEM 5. M
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Table of Contents SCANA CORPORATION
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Table of Contents Key Earnings Driv
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Table of Contents Retail Gas Market
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Table of Contents • 2010 vs 2009
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Table of Contents • 2011 vs 2010
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Table of Contents The Company’s c
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Table of Contents With respect to h
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Table of Contents Air Quality With
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Table of Contents Electric Operatio
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Table of Contents the effects of di
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Table of Contents substantial compl
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Table of Contents ITEM 7A. QUANTITA
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Table of Contents ITEM 8. FINANCIAL
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Table of Contents See Notes to Cons
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Table of Contents See Notes to Cons
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Table of Contents NOTES TO CONSOLID
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Table of Contents costs for turbine
Page 63 and 64: Table of Contents Fuel costs, emiss
Page 65 and 66: Table of Contents In May 2009, two
Page 67 and 68: Table of Contents Accumulated defer
Page 69 and 70: Table of Contents SCANA issued comm
Page 71 and 72: Table of Contents The difference be
Page 73 and 74: Table of Contents losses from its h
Page 75 and 76: Table of Contents The effect of der
Page 77 and 78: Table of Contents 8. EMPLOYEE BENEF
Page 79 and 80: Table of Contents The Company’s p
Page 81 and 82: Table of Contents Net Periodic Bene
Page 83 and 84: Table of Contents Equity Awards In
Page 85 and 86: Table of Contents SCE&G maintains a
Page 87 and 88: Table of Contents 11. AFFILIATED TR
Page 89 and 90: Table of Contents 13. QUARTERLY FIN
Page 91 and 92: Table of Contents ITEM 7. MANAGEMEN
Page 93 and 94: Table of Contents retain large comm
Page 95 and 96: Table of Contents • 2011 vs 2010
Page 97 and 98: Table of Contents regulations, will
Page 99 and 100: Table of Contents on its draws, whi
Page 101 and 102: Table of Contents To help mitigate
Page 103 and 104: Table of Contents The RSA allows na
Page 105 and 106: Table of Contents site of Summer St
Page 107 and 108: Table of Contents ITEM 7A. QUANTITA
Page 109 and 110: Table of Contents ITEM 8. FINANCIAL
Page 111 and 112: Table of Contents December 31, (Mil
Page 113: Table of Contents See Notes to Cons
Page 117 and 118: Table of Contents $32.7 million, of
Page 119 and 120: Table of Contents 2. RATE AND OTHER
Page 121 and 122: Table of Contents Regulatory Assets
Page 123 and 124: Table of Contents 4. LONG-TERM AND
Page 125 and 126: Table of Contents The tax effects o
Page 127 and 128: Table of Contents The fair value of
Page 129 and 130: Table of Contents 8. EMPLOYEE BENEF
Page 131 and 132: Table of Contents The pension plan
Page 133 and 134: Table of Contents Net Periodic Bene
Page 135 and 136: Table of Contents Nonvested shares
Page 137 and 138: Table of Contents Claims and Litiga
Page 139 and 140: Table of Contents Disclosure of Rep
Page 141 and 142: Table of Contents ITEM 9. CHANGES I
Page 143 and 144: Table of Contents SCE&G: Evaluation
Page 145 and 146: Table of Contents ITEM 14. PRINCIPA
Page 147 and 148: Table of Contents Schedule II—Val
Page 149 and 150: Table of Contents SIGNATURES Pursua
Page 151 and 152: Table of Contents Applicable to Exh
Page 153 and 154: Exhibit 12.01 SCANA CORPORATION CAL
Page 155 and 156: Exhibit 23.01 CONSENT OF INDEPENDEN
Page 157 and 158: Exhibit 24.01 POWER OF ATTORNEY KNO
Page 159 and 160: Exhibit 31.01 CERTIFICATION I, Kevi
Page 161 and 162: Exhibit 31.03 CERTIFICATION I, Kevi
Page 163 and 164: Exhibit 32.01 SCANA CORPORATION CER
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Exhibit 32.03 SOUTH CAROLINA ELECTR
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scg-20111231.xml
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scg-20111231_cal.xml
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scg-20111231_pre.xml
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10-K - SCANA Corporation

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