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v3.22.2.2

Benefit Plans and Other Postretirement Benefits | 9 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost (Credit)
|  | Three Months Ended Sept. 30
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(Millions of Dollars) |  | Pension Benefits |  | Postretirement Health Care Benefits
Service cost |  | $ | 24 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Interest cost (a) |  | 28 |  |  | 26 |  |  | 3 |  |  | 4 |
Expected return on plan assets (a) |  | (52) |  |  | (52) |  |  | (4) |  |  | (4) |
Amortization of prior service credit (a) |  | — |  |  | — |  |  | (2) |  |  | (2) |
Amortization of net loss (a) |  | 19 |  |  | 27 |  |  | 1 |  |  | 1 |
Settlement charge (b) |  | 55 |  |  | 39 |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | 74 |  |  | 66 |  |  | (2) |  |  | (1) |
Effects of regulation |  | (37) |  |  | (31) |  |  | 1 |  |  | 1 |
Net benefit cost (credit) recognized for financial reporting |  | $ | 37 |  |  | $ | 35 |  |  | $ | (1) |  |  | $ | — |
|  | Nine Months Ended Sept. 30
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(Millions of Dollars) |  | Pension Benefits |  | Postretirement Health Care Benefits
Service cost |  | $ | 73 |  |  | $ | 78 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost (a) |  | 83 |  |  | 78 |  |  | 11 |  |  | 11 |
Expected return on plan assets (a) |  | (156) |  |  | (155) |  |  | (13) |  |  | (13) |
Amortization of prior service credit (a) |  | (1) |  |  | (1) |  |  | (5) |  |  | (6) |
Amortization of net loss (a) |  | 56 |  |  | 81 |  |  | 2 |  |  | 4 |
Settlement charge (b) |  | 54 |  |  | 39 |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | 109 |  |  | 120 |  |  | (4) |  |  | (3) |
Effects of regulation |  | (30) |  |  | (32) |  |  | 2 |  |  | 2 |
Net benefit cost (credit) recognized for financial reporting |  | $ | 79 |  |  | $ | 88 |  |  | $ | (2) |  |  | $ | (1) |
(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b)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 the third quarter of 2022 and 2021, as a result of lump-sum distributions during the 2022 and 2021 plan years, Xcel Energy recorded pension settlement charges of $55 million and $39 million, respectively, the majority of which were not recognized in earnings due to the effects of regulation. A total of $7 million and $4 million of those amounts were recorded in other expense in the third quarter of 2022 and 2021, respectively. In January 2022, contributions of $50 million were made across four of Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2022.

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