10-K - SCANA Corporation

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Table of Contents Lines of Credit and Short-Term Borrowings At December 31, 2011 and 2010, SCANA, SCE&G (including Fuel Company) and PSNC Energy had available the following committed LOC and had outstanding the following LOC advances, commercial paper, and LOC-supported letter of credit obligations: SCANA SCE&G PSNC Energy Millions of dollars 2011 2010 2011 2010 2011 2010 Lines of Credit: Committed long-term Total $ 300 $ 300 $ 1,100 $ 1,100 $ 100 $ 100 LOC advances — — — — — — Weighted average interest rate — — — — — — Outstanding commercial paper (270 or fewer days) $ 131 $ 39 $ 512 $ 381 $ 10 — Weighted average interest rate .63% .35% .56% .42% .57% — Letters of credit supported by LOC $ 3 $ 3 $ .3 $ .3 — — Available $ 166 $ 258 $ 588 $ 719 $ 90 $ 100 SCANA, SCE&G (including Fuel Company) and PSNC Energy are parties to five-year credit agreements in the amounts of $300 million, $1.1 billion (of which $400 million relates to Fuel Company), and $100 million, respectively, which expire October 23, 2015. These credit agreements are used for general corporate purposes, including liquidity support for each company’s commercial paper program and working capital needs and, in the case of Fuel Company, to finance or refinance the purchase of nuclear fuel, certain fossil fuels, and emission and other environmental allowances. These committed long-term facilities are revolving lines of credit under credit agreements with a syndicate of banks. Wells Fargo Bank, National Association, Bank of America, N. A. and Morgan Stanley Bank, N.A. each provide 10% of the aggregate $1.5 billion credit facilities, Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., TD Bank N.A. and UBS Loan Finance LLC each provide 8%, and Deutsche Bank AG New York Branch, Union Bank, N.A. and U.S. Bank National Association each provide 5.3%. Three other banks provide the remaining 6%. These bank credit facilities support the issuance of commercial paper by SCANA, SCE&G (including Fuel Company) and PSNC Energy. When the commercial paper markets are dislocated (due to either price or availability constraints), the credit facilities are available to support the borrowing needs of SCANA, SCE&G (including Fuel Company) and PSNC Energy. The Company is obligated with respect to an aggregate of $68.3 million of industrial revenue bonds which are secured by letters of credit issued by Branch Banking and Trust Company. The letters of credit expire, subject to renewal, in the fourth quarter of 2014. The Company pays fees to banks as compensation for maintaining committed lines of credit. 5. INCOME TAXES Total income tax expense attributable to income for 2011, 2010 and 2009 is as follows: Millions of dollars 2011 2010 2009 Current taxes: Federal $ 52 $ (47) $ 63 State 10 1 (6) Total current taxes 62 (46) 57 Deferred taxes, net: Federal 122 223 94 State 12 13 8 Total deferred taxes 134 236 102 Investment tax credits: Deferred-state — — 20 Amortization of amounts deferred-state (25) (28) (9) Amortization of amounts deferred-federal (3) (3) (3) Total investment tax credits (28) (31) 8 Total income tax expense $ 168 $ 159 $ 167 70
Table of Contents The difference between actual income tax expense and the amount calculated from the application of the statutory 35% federal income tax rate to pre-tax income is reconciled as follows: Millions of dollars 2011 2010 2009 Income $ 387 $ 376 $ 348 Income tax expense 168 159 167 Preferred stock dividends — — 9 Total pre-tax income $ 555 $ 535 $ 524 Income taxes on above at statutory federal income tax rate $ 194 $ 187 $ 183 Increases (decreases) attributed to: State income taxes (less federal income tax effect) 15 9 14 Amortization of state investment tax credits (less federal income tax effect) (16) (18) (6) Allowance for equity funds used during construction (5) (8) (10) Deductible dividends—Stock Purchase Savings Plan (9) (9) (8) Amortization of federal investment tax credits (3) (3) (3) Other differences, net (2) 1 1 Total income tax expense $ 168 $ 159 $ 167 Domestic production activities deduction (6) — (4) The tax effects of significant temporary differences comprising the Company’s net deferred tax liability of $1.5 billion at December 31, 2011 and $1.4 billion at December 31, 2010 are as follows: Millions of dollars 2011 2010 Deferred tax assets: Nondeductible reserves $ 99 $ 103 Nuclear decommissioning 47 45 Financial instruments 50 22 Unamortized investment tax credits 29 41 Deferred compensation 23 25 Unbilled revenue 19 19 Monetization of bankruptcy claim 13 14 Other 15 11 Total deferred tax assets $ 295 $ 280 Deferred tax liabilities: Property, plant and equipment $ 1,561 $ 1,418 Pension plan income 1 23 Deferred employee benefit plan costs 128 106 Deferred fuel costs 47 42 Other 65 61 Total deferred tax liabilities 1,802 1,650 Net deferred tax liability $ 1,507 $ 1,370 The Company files a consolidated federal income tax return, and the Company and its subsidiaries file various applicable state and local income tax returns. The IRS has completed examinations of the Company’s federal returns through 2004, and the Company’s federal returns through 2007 are closed for additional assessment. With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2008. In the first quarter of 2010, in connection with a fuel cost recovery settlement (see Note 2), SCE&G accelerated the recognition of certain previously deferred state income tax credits. In the second quarter of 2010, the Company revised (reduced) its estimate of the benefit to be realized from the domestic production activities deduction as a result of a change in method of accounting for certain repairs for tax purposes. In the third quarter of 2010, in connection with the adoption of new retail electric base rates, and pursuant to an SCPSC order, SCE&G accelerated the recognition of additional previously deferred state income tax credits (see Note 2) and also adopted the flow through method of accounting for current and future state tax credits. 71
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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
Page 19 and 20: Table of Contents One rating agency
Page 21 and 22: Table of Contents • Uncertainties
Page 23 and 24: Table of Contents ELECTRIC PROPERTI
Page 25 and 26: Table of Contents Litigation In May
Page 27 and 28: Table of Contents PART II ITEM 5. M
Page 29 and 30: Table of Contents SCANA CORPORATION
Page 31 and 32: Table of Contents Key Earnings Driv
Page 33 and 34: Table of Contents Retail Gas Market
Page 35 and 36: Table of Contents • 2010 vs 2009
Page 39 and 40: Table of Contents The Company’s c
Page 41 and 42: Table of Contents With respect to h
Page 43 and 44: Table of Contents Air Quality With
Page 45 and 46: Table of Contents Electric Operatio
Page 47 and 48: Table of Contents the effects of di
Page 49 and 50: Table of Contents substantial compl
Page 51 and 52: Table of Contents ITEM 7A. QUANTITA
Page 53 and 54: Table of Contents ITEM 8. FINANCIAL
Page 55 and 56: Table of Contents See Notes to Cons
Page 59 and 60: Table of Contents NOTES TO CONSOLID
Page 61 and 62: 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: Table of Contents SCANA issued comm
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 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 115 and 116: Table of Contents NOTES TO CONSOLID
Page 117 and 118: Table of Contents $32.7 million, of
Page 119 and 120: Table of Contents 2. RATE AND OTHER
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Table of Contents Regulatory Assets
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Table of Contents 4. LONG-TERM AND
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Table of Contents The tax effects o
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Table of Contents The fair value of
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Table of Contents 8. EMPLOYEE BENEF
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Table of Contents The pension plan
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Table of Contents Net Periodic Bene
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Table of Contents Nonvested shares
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Table of Contents Claims and Litiga
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Table of Contents Disclosure of Rep
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Table of Contents ITEM 9. CHANGES I
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Table of Contents SCE&G: Evaluation
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Table of Contents ITEM 14. PRINCIPA
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Table of Contents Schedule II—Val
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Table of Contents SIGNATURES Pursua
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Table of Contents Applicable to Exh
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Exhibit 12.01 SCANA CORPORATION CAL
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Exhibit 23.01 CONSENT OF INDEPENDEN
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Exhibit 24.01 POWER OF ATTORNEY KNO
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Exhibit 31.01 CERTIFICATION I, Kevi
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Exhibit 31.03 CERTIFICATION I, Kevi
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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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