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Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Cost and Fair Value of Nuclear Decommissioning Fund Investments

Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:

						March 31, 2023
												Fair Value
(Millions of Dollars)						Cost						Level 1						Level 2						Level 3						NAV						Total
Nuclear decommissioning fund (a)
Cash equivalents						$	44					$	44					$	—					$	—					$	—					$	44
Commingled funds						743						—						—						—						1,076						1,076
Debt securities						751						—						707						7						—						714
Equity securities						507						1,172						2						—						—						1,174
Total						$	2,045					$	1,216					$	709					$	7					$	1,076					$	3,008

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $228 million of equity method investments and $137 million of rabbi trust assets and other miscellaneous investments.

						Dec. 31, 2022
												Fair Value
(Millions of Dollars)						Cost						Level 1						Level 2						Level 3						NAV						Total
Nuclear decommissioning fund (a)
Cash equivalents						$	29					$	29					$	—					$	—					$	—					$	29
Commingled funds						803						—						—						—						1,178						1,178
Debt securities						738						—						669						6						—						675
Equity securities						406						999						1						—						—						1,000
Total						$	1,976					$	1,028					$	670					$	6					$	1,178					$	2,882

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $219 million of equity investments in unconsolidated subsidiaries and $133 million of rabbi trust assets and other miscellaneous investments.

Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class

Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2023:

						Final Contractual Maturity
(Millions of Dollars)						Due in 1 Year or Less						Due in 1 to 5 Years						Due in 5 to 10 Years						Due after 10 Years						Total
Debt securities						$	1					$	220					$	254					$	239					$	714

Gross Notional Amounts of Commodity Forwards, Options, and FTRs

Gross notional amounts of commodity forwards, options and FTRs:

(Amounts in Millions) (a)(b)						March 31, 2023						Dec. 31, 2022
Megawatt hours of electricity						41						61
Million British thermal units of natural gas						117						131

(a)Not reflective of net positions in the underlying commodities.

(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.

Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income

						Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)						Accumulated Other Comprehensive Loss						Regulatory Assets and Liabilities
Three Months Ended March 31, 2023
Derivatives designated as cash flow hedges:
Interest rate						$	(7)					$	—
Total						$	(7)					$	—
Other derivative instruments:
Electric commodity						$	—					$	(92)
Natural gas commodity						—						3
Total						$	—					$	(89)
Three Months Ended March 31, 2022
Derivatives designated as cash flow hedges:
Interest rate						$	6					$	—
Total						$	6					$	—
Other derivative instruments:
Electric commodity						$	—					$	1
Natural gas commodity						—						4
Total						$	—					$	5

						Pre-Tax (Gains) Losses Reclassified into Income During the Period from:												Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)						Accumulated Other Comprehensive Loss						Regulatory Assets and Liabilities
Three Months Ended March 31, 2023
Derivatives designated as cash flow hedges:
Interest rate						$	1		(a)			$	—					$	—
Total						$	1					$	—					$	—
Other derivative instruments:
Commodity trading						$	—					$	—					$	(1)		(b)
Electric commodity						—						82			(c)			—
Natural gas commodity						—						9			(d)			(19)			(d)(e)
Total						$	—					$	91					$	(20)
Three Months Ended March 31, 2022
Derivatives designated as cash flow hedges:
Interest rate						$	2		(a)			$	—					$	—
Total						$	2					$	—					$	—
Other derivative instruments:
Commodity trading						$	—					$	—					$	2		(b)
Electric commodity						—						(13)			(c)			—
Natural gas commodity						—						3			(d)			(17)			(d)(e)
Total						$	—					$	(10)					$	(15)

(a)Recorded to interest charges.

(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(c)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.

(d)Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

(e)Relates primarily to option premium amortization.

Change in Level 3 Commodity Derivative

Changes in Level 3 commodity derivatives:

						Three Months Ended March 31
(Millions of Dollars)						2023						2022
Balance at Jan. 1						$	235					$	19
Purchases (a)						6						5
Settlements (a)						(29)						(50)
Net transactions recorded during the period:
(Losses) gains recognized in earnings (b)						(13)						42
Net (losses) gains recognized as regulatory assets and liabilities (a)						(121)						24
Balance at March 31						$	78					$	40

(a)Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.

(b)Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Carrying Amount and Fair Value of Long-term Debt

						March 31, 2023												Dec. 31, 2022
(Millions of Dollars)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, including current portion						$	23,719					$	21,167					$	23,964					$	20,897

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