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Benefit Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Benefit Plans and Other Postretirement Benefits [Abstract] |
Target Asset Allocations and Plan Assets Measured at Fair Value | For each of the fair value hierarchy levels, Xcel Energy’s pension plan assets measured at fair value:
|  | Dec. 31, 2023 (a) |  | Dec. 31, 2022 (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 |  | $ | 233 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 233 |  |  | $ | 129 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 129 |
Commingled funds |  | 491 |  |  | — |  |  | — |  |  | 1,235 |  |  | 1,726 |  |  | 935 |  |  | — |  |  | — |  |  | 882 |  |  | 1,817 |
Debt securities |  | — |  |  | 683 |  |  | 4 |  |  | — |  |  | 687 |  |  | — |  |  | 682 |  |  | 3 |  |  | — |  |  | 685 |
Equity securities |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | 47 |  |  | — |  |  | — |  |  | — |  |  | 47 |
Other |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Total |  | $ | 759 |  |  | $ | 692 |  |  | $ | 4 |  |  | $ | 1,235 |  |  | $ | 2,690 |  |  | $ | 1,111 |  |  | $ | 689 |  |  | $ | 3 |  |  | $ | 882 |  |  | $ | 2,685 |
(a)See Note 10 for further information regarding fair value measurement inputs and methods. For each of the fair value hierarchy levels, Xcel Energy’s postretirement benefit plan assets that were measured at fair value:
|  | Dec. 31, 2023 (a) |  | Dec. 31, 2022 (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 |  | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
Insurance contracts |  | — |  |  | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 41 |  |  | — |  |  | — |  |  | 41 |
Commingled funds |  | 22 |  |  | — |  |  | — |  |  | 72 |  |  | 94 |  |  | 54 |  |  | — |  |  | — |  |  | 63 |  |  | 117 |
Debt securities |  | — |  |  | 187 |  |  | 1 |  |  | — |  |  | 188 |  |  | — |  |  | 175 |  |  | 1 |  |  | — |  |  | 176 |
Other |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Total |  | $ | 55 |  |  | $ | 228 |  |  | $ | 1 |  |  | $ | 72 |  |  | $ | 356 |  |  | $ | 85 |  |  | $ | 215 |  |  | $ | 1 |  |  | $ | 63 |  |  | $ | 364 |
(a)See Note 10 for further information on fair value measurement inputs and methods. Targeted asset allocations:
|  | Pension Benefits |  | Postretirement Benefits
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Long-duration fixed income securities |  | 38 | % |  | 38 | % |  | — | % |  | — | %
Domestic and international equity securities |  | 31 |  |  | 33 |  |  | 9 |  |  | 16 |
Alternative investments |  | 20 |  |  | 18 |  |  | 13 |  |  | 12 |
Short-to-intermediate fixed income securities |  | 9 |  |  | 9 |  |  | 77 |  |  | 71 |
Cash |  | 2 |  |  | 2 |  |  | 1 |  |  | 1 |
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] |
|  | Pension Benefits |  | Postretirement Benefits
(Millions of Dollars) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Obligation at Jan. 1 |  | $ | 2,871 |  |  | $ | 3,718 |  |  | $ | 405 |  |  | $ | 511 |
Service cost |  | 74 |  |  | 97 |  |  | 1 |  |  | 2 |
Interest cost |  | 158 |  |  | 110 |  |  | 22 |  |  | 15 |
Plan amendments |  | (3) |  |  | 1 |  |  | — |  |  | — |
Actuarial (gain) loss |  | 126 |  |  | (703) |  |  | 14 |  |  | (85) |
Plan participants’ contributions |  | — |  |  | — |  |  | 8 |  |  | 8 |
Medicare subsidy reimbursements |  | — |  |  | — |  |  | — |  |  | 2 |
Benefit payments (a) |  | (283) |  |  | (352) |  |  | (56) |  |  | (48) |
Obligation at Dec. 31 |  | $ | 2,943 |  |  | $ | 2,871 |  |  | $ | 394 |  |  | $ | 405 |
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at Jan. 1 |  | $ | 2,685 |  |  | $ | 3,670 |  |  | $ | 364 |  |  | $ | 442 |
Actual return on plan assets |  | 238 |  |  | (683) |  |  | 29 |  |  | (51) |
Employer contributions |  | 50 |  |  | 50 |  |  | 11 |  |  | 13 |
Plan participants’ contributions |  | — |  |  | — |  |  | 8 |  |  | 8 |
Benefit payments |  | (283) |  |  | (352) |  |  | (56) |  |  | (48) |
Fair value of plan assets at Dec. 31 |  | 2,690 |  |  | 2,685 |  |  | 356 |  |  | 364 |
Funded status of plans at Dec. 31 |  | $ | (253) |  |  | $ | (186) |  |  | $ | (38) |  |  | $ | (41) |
Amounts recognized in the Consolidated Balance Sheet at Dec. 31: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 1 |  |  | $ | 15 |  |  | $ | 28 |  |  | $ | 33 |
Current liabilities |  | — |  |  | — |  |  | (3) |  |  | (2) |
Noncurrent liabilities |  | (254) |  |  | (201) |  |  | (63) |  |  | (72) |
Net amounts recognized |  | $ | (253) |  |  | $ | (186) |  |  | $ | (38) |  |  | $ | (41) |
(a)Includes lump-sum benefit payments used in the determination of a settlement charges of $195 million of in 2022.
|  | Pension Benefits |  | Postretirement Benefits
Significant Assumptions Used to Measure Benefit Obligations: |  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate for year-end valuation |  | 5.49 | % |  | 5.80 | % |  | 5.54 | % |  | 5.80 | %
Expected average long-term increase in compensation level |  | 4.25 | % |  | 4.25 | % |  | N/A |  | N/A
Mortality table |  | PRI-2012 |  | PRI-2012 |  | PRI-2012 |  | PRI-2012
Health care costs trend rate — initial: Pre-65 |  | N/A |  | N/A |  | 6.50 | % |  | 6.50 | %
Health care costs trend rate — initial: Post-65 |  | N/A |  | N/A |  | 5.50 | % |  | 5.50 | %
Ultimate trend assumption — initial: Pre-65 |  | N/A |  | N/A |  | 4.50 | % |  | 4.50 | %
Ultimate trend assumption — initial: Post-65 |  | N/A |  | N/A |  | 4.50 | % |  | 4.50 | %
Years until ultimate trend is reached |  | N/A |  | N/A |  | 6 |  | 7
Projected Benefit Payments for the Pension and Postretirement Benefit Plans |
(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
2024 |  | $ | 398 |  |  | $ | 42 |  |  | $ | 2 |  |  | $ | 40 |
2025 |  | 214 |  |  | 40 |  |  | 2 |  |  | 38 |
2026 |  | 217 |  |  | 39 |  |  | 2 |  |  | 37 |
2027 |  | 223 |  |  | 37 |  |  | 2 |  |  | 35 |
2028 |  | 226 |  |  | 36 |  |  | 2 |  |  | 34 |
2029 - 2033 |  | 1,131 |  |  | 161 |  |  | 12 |  |  | 149 |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
|  | Pension Benefits |  | Postretirement Benefits
(Millions of Dollars) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |
Net loss |  | $ | 1,096 |  |  | $ | 1,021 |  |  | $ | 64 |  |  | $ | 63 |
Prior service credit |  | (9) |  |  | (7) |  |  | — |  |  | (1) |
Total |  | $ | 1,087 |  |  | $ | 1,014 |  |  | $ | 64 |  |  | $ | 62 |
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 |  | $ | 20 |  |  | $ | 21 |  |  | $ | 2 |  |  | $ | — |
Noncurrent regulatory assets |  | 1,014 |  |  | 943 |  |  | 79 |  |  | 78 |
Current regulatory liabilities |  | — |  |  | — |  |  | (1) |  |  | (1) |
Noncurrent regulatory liabilities |  | — |  |  | — |  |  | (19) |  |  | (20) |
Deferred income taxes |  | 14 |  |  | 14 |  |  | 1 |  |  | 1 |
Net-of-tax accumulated other comprehensive income |  | 39 |  |  | 36 |  |  | 2 |  |  | 4 |
Total |  | $ | 1,087 |  |  | $ | 1,014 |  |  | $ | 64 |  |  | $ | 62 |
Components of Net Periodic Benefit Costs | 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) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | 74 |  |  | $ | 97 |  |  | $ | 104 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost |  | 158 |  |  | 110 |  |  | 104 |  |  | 22 |  |  | 15 |  |  | 15 |
Expected return on plan assets |  | (209) |  |  | (208) |  |  | (206) |  |  | (17) |  |  | (18) |  |  | (18) |
Amortization of prior service credit |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (6) |  |  | (8) |
Amortization of net loss |  | 22 |  |  | 75 |  |  | 107 |  |  | 1 |  |  | 2 |  |  | 5 |
Settlement charge (a) |  | — |  |  | 71 |  |  | 59 |  |  | — |  |  | — |  |  | — |
Net periodic pension cost (credit) |  | 44 |  |  | 144 |  |  | 167 |  |  | 6 |  |  | (5) |  |  | (4) |
Effects of regulation |  | 30 |  |  | (30) |  |  | (46) |  |  | — |  |  | 3 |  |  | 2 |
Net benefit cost (credit) recognized for financial reporting |  | $ | 74 |  |  | $ | 114 |  |  | $ | 121 |  |  | $ | 6 |  |  | $ | (2) |  |  | $ | (2) |
Significant Assumptions Used to Measure Costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.80 | % |  | 3.08 | % |  | 2.71 | % |  | 5.80 | % |  | 3.09 | % |  | 2.65 | %
Expected average long-term increase in compensation level |  | 4.25 |  |  | 3.75 |  |  | 3.75 |  |  | — |  |  | — |  |  | — |
Expected average long-term rate of return on assets |  | 6.93 |  |  | 6.49 |  |  | 6.49 |  |  | 5.00 |  |  | 4.10 |  |  | 4.10 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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