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Benefit Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Benefit Plans and Other Postretirement Benefits [Abstract] |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
|  | Pension Benefits |  | Postretirement Benefits
(Millions of Dollars) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |
Net loss |  | $ | 1,633 |  |  | $ | 1,709 |  |  | $ | 116 |  |  | $ | 147 |
Prior service credit |  | (20 | ) |  | (25 | ) |  | (33 | ) |  | (44 | )
Total |  | $ | 1,613 |  |  | $ | 1,684 |  |  | $ | 83 |  |  | $ | 103 |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: |  |  |  |  |  |  |  |
Current regulatory assets |  | $ | 94 |  |  | $ | 100 |  |  | $ | — |  |  | $ | — |
Noncurrent regulatory assets |  | 1,446 |  |  | 1,511 |  |  | 89 |  |  | 107 |
Current regulatory liabilities |  | — |  |  | — |  |  | (1 | ) |  | (1 | )
Noncurrent regulatory liabilities |  | — |  |  | — |  |  | (10 | ) |  | (10 | )
Deferred income taxes |  | 19 |  |  | 19 |  |  | 1 |  |  | 2 |
Net-of-tax accumulated other comprehensive income |  | 54 |  |  | 54 |  |  | 4 |  |  | 5 |
Total |  | $ | 1,613 |  |  | $ | 1,684 |  |  | $ | 83 |  |  | $ | 103 |
Components of Net Periodic Benefit Costs | Net Periodic Benefit Cost (Credit) — Net periodic benefit cost (credit), other than the service cost component, is included in other income in the consolidated statements of income. Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income and regulatory assets and liabilities:
|  | Pension Benefits |  | Postretirement Benefits
(Millions of Dollars) |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Service cost |  | $ | 94 |  |  | $ | 94 |  |  | $ | 92 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost |  | 133 |  |  | 147 |  |  | 160 |  |  | 22 |  |  | 24 |  |  | 26 |
Expected return on plan assets |  | (209 | ) |  | (209 | ) |  | (210 | ) |  | (26 | ) |  | (25 | ) |  | (25 | )
Amortization of prior service credit |  | (5 | ) |  | (2 | ) |  | (2 | ) |  | (11 | ) |  | (11 | ) |  | (11 | )
Amortization of net loss |  | 111 |  |  | 107 |  |  | 97 |  |  | 8 |  |  | 7 |  |  | 4 |
Settlement charge (a) |  | 91 |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension cost (credit) |  | 215 |  |  | 218 |  |  | 137 |  |  | (5 | ) |  | (3 | ) |  | (4 | )
Costs not recognized due to effects of regulation |  | (75 | ) |  | (79 | ) |  | (15 | ) |  | 2 |  |  | — |  |  | — |
Net benefit cost (credit) recognized for financial reporting |  | $ | 140 |  |  | $ | 139 |  |  | $ | 122 |  |  | $ | (3 | ) |  | $ | (3 | ) |  | $ | (4 | )
Significant Assumptions Used to Measure Costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.63 | % |  | 4.13 | % |  | 4.66 | % |  | 3.62 | % |  | 4.13 | % |  | 4.65 | %
Expected average long-term increase in compensation level |  | 3.75 |  |  | 3.75 |  |  | 4.00 |  |  | — |  |  | — |  |  | — |
Expected average long-term rate of return on assets |  | 6.87 |  |  | 6.87 |  |  | 6.87 |  |  | 5.30 |  |  | 5.80 |  |  | 5.80 |
(a) | A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In 2018 and 2017, as a result of lump-sum distributions during the 2018 and 2017 plan years, Xcel Energy recorded a total pension settlement charge of $91 million in 2018 and $81 million in 2017, the majority of which was not recognized due to the effects of regulation. A total of $11 million and $8 million was recorded in the consolidated statements of income in 2018 and 2017, respectively.
Target Asset Allocations and Plan Assets Measured at Fair Value | . Targeted asset allocations:
|  | Pension Benefits |  | Postretirement Benefits
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Domestic and international equity securities |  | 36 | % |  | 36 | % |  | 18 | % |  | 24 | %
Long-duration fixed income securities |  | 30 |  |  | 27 |  |  | — |  |  | — |
Short-to-intermediate fixed income securities |  | 17 |  |  | 20 |  |  | 70 |  |  | 60 |
Alternative investments |  | 15 |  |  | 15 |  |  | 8 |  |  | 9 |
Cash |  | 2 |  |  | 2 |  |  | 4 |  |  | 7 |
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The following presents, for each of the fair value hierarchy levels, Xcel Energy’s pension plan assets measured at fair value:
|  | Dec. 31, 2018 (a) |  | Dec. 31, 2017 (a)
(Millions of Dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV |  | Total
Cash equivalents |  | $ | 137 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 137 |  |  | $ | 196 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 196 |
Commingled funds: |  | 914 |  |  | — |  |  | — |  |  | 987 |  |  | 1,901 |  |  | 1,054 |  |  | — |  |  | — |  |  | 1,075 |  |  | 2,129 |
Debt securities: |  | — |  |  | 621 |  |  | — |  |  | — |  |  | 621 |  |  | — |  |  | 673 |  |  | — |  |  | — |  |  | 673 |
Equity securities: |  | 106 |  |  | — |  |  | — |  |  | — |  |  | 106 |  |  | 114 |  |  | — |  |  | — |  |  | — |  |  | 114 |
Other |  | 2 |  |  | 5 |  |  | — |  |  | (30 | ) |  | (23 | ) |  | (29 | ) |  | 4 |  |  | — |  |  | 1 |  |  | (24 | )
Total |  | $ | 1,159 |  |  | $ | 626 |  |  | $ | — |  |  | $ | 957 |  |  | $ | 2,742 |  |  | $ | 1,335 |  |  | $ | 677 |  |  | $ | — |  |  | $ | 1,076 |  |  | $ | 3,088 |
(a) | See Note 10 for further information regarding fair value measurement inputs and methods.
The following presents, for each of the fair value hierarchy levels, Xcel Energy’s postretirement benefit plan assets that were measured at fair value:
|  | Dec. 31, 2018 (a) |  | Dec. 31, 2017 (a)
(Millions of Dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV |  | Total
Cash equivalents |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |
Insurance contracts |  | — |  |  | 45 |  |  | — |  |  | — |  |  | 45 |  |  | — |  |  | 50 |  |  | — |  |  | — |  |  | 50 |
Commingled funds |  | 133 |  |  | — |  |  | — |  |  | 40 |  |  | 173 |  |  | 148 |  |  | — |  |  | — |  |  | — |  |  | 148 |
Debt securities |  | — |  |  | 179 |  |  | — |  |  | — |  |  | 179 |  |  | — |  |  | 198 |  |  | — |  |  | — |  |  | 198 |
Equity securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |
Other |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 152 |  |  | $ | 225 |  |  | $ | — |  |  | $ | 40 |  |  | $ | 417 |  |  | $ | 212 |  |  | $ | 249 |  |  | $ | — |  |  | $ | — |  |  | $ | 461 |
(a) | See Note 10 for further information on fair value measurement inputs and methods.
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Funded Status — Comparisons of the actuarially computed benefit obligation, changes in plan assets and funded status of the pension and postretirement health care plans for Xcel Energy are as follows:
|  | Pension Benefits |  | Postretirement Benefits
(Millions of Dollars) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Obligation at Jan. 1 |  | $ | 3,828 |  |  | $ | 3,682 |  |  | $ | 621 |  |  | $ | 603 |
Service cost |  | 94 |  |  | 94 |  |  | 2 |  |  | 2 |
Interest cost |  | 133 |  |  | 147 |  |  | 22 |  |  | 24 |
Plan amendments |  | — |  |  | (13 | ) |  | — |  |  | — |
Actuarial (gain) loss |  | (224 | ) |  | 259 |  |  | (62 | ) |  | 33 |
Plan participants’ contributions |  | — |  |  | — |  |  | 8 |  |  | 8 |
Medicare subsidy reimbursements |  | — |  |  | — |  |  | 1 |  |  | 1 |
Benefit payments (a) |  | (354 | ) |  | (341 | ) |  | (50 | ) |  | (50 | )
Obligation at Dec. 31 |  | $ | 3,477 |  |  | $ | 3,828 |  |  | $ | 542 |  |  | $ | 621 |
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at Jan. 1 |  | $ | 3,088 |  |  | $ | 2,856 |  |  | $ | 461 |  |  | $ | 442 |
Actual return on plan assets |  | (142 | ) |  | 411 |  |  | (13 | ) |  | 41 |
Employer contributions |  | 150 |  |  | 162 |  |  | 11 |  |  | 20 |
Plan participants’ contributions |  | — |  |  | — |  |  | 8 |  |  | 8 |
Benefit payments |  | (354 | ) |  | (341 | ) |  | (50 | ) |  | (50 | )
Fair value of plan assets at Dec. 31 |  | $ | 2,742 |  |  | $ | 3,088 |  |  | $ | 417 |  |  | $ | 461 |
Funded status of plans at Dec. 31 |  | $ | (735 | ) |  | $ | (740 | ) |  | $ | (125 | ) |  | $ | (160 | )
Amounts recognized in the Consolidated Balance Sheet at Dec. 31: |  |  |  |  |  |  |  |
Current liabilities |  | $ | — |  |  | $ | — |  |  | $ | (7 | ) |  | $ | (3 | )
Noncurrent liabilities |  | (735 | ) |  | (740 | ) |  | (118 | ) |  | (157 | )
Net amounts recognized |  | $ | (735 | ) |  | $ | (740 | ) |  | $ | (125 | ) |  | $ | (160 | )
(a) | Includes approximately $198 million in 2018 and $174 million in 2017 of lump-sum benefit payments used in the determination of a settlement charge.
Projected Benefit Payments for the Pension and Postretirement Benefit Plans | Xcel Energy’s projected benefit payments:
(Millions of Dollars) |  | Projected Pension Benefit Payments |  | Gross Projected Postretirement Health Care Benefit Payments |  | Expected Medicare Part D Subsidies |  | Net Projected Postretirement Health Care Benefit Payments
2019 |  | $ | 281 |  |  | $ | 45 |  |  | $ | 2 |  |  | $ | 43 |
2020 |  | 260 |  |  | 45 |  |  | 2 |  |  | 43 |
2021 |  | 259 |  |  | 45 |  |  | 2 |  |  | 43 |
2022 |  | 260 |  |  | 44 |  |  | 2 |  |  | 42 |
2023 |  | 259 |  |  | 43 |  |  | 2 |  |  | 41 |
2024-2028 |  | 1,238 |  |  | 197 |  |  | 13 |  |  | 184 |

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