XML 51 R22.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segments and Related Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided, including the regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment.
Xcel Energy has the following reportable segments:
•Regulated Electric — The regulated electric utility segment generates, purchases, transmits, distributes and sells electricity in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations.
•Regulated Natural Gas — The regulated natural gas utility segment purchases, transports, stores, distributes and sells natural gas primarily in portions of Colorado, Michigan, Minnesota, North Dakota and Wisconsin.
Xcel Energy also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into RDF, investments in rental housing projects that qualify for low-income housing tax credits and equity method investments in EIP funds.
Xcel Energy had equity method investments of $244 million and $219 million as of Dec. 31, 2023 and 2022, respectively, included in the natural gas utility and all other segments.
Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.
Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
Xcel Energy’s segment information:
(Millions of Dollars)202320222021
Regulated Electric
Operating revenues — external$11,446 $12,123 $11,205 
Intersegment revenue2 2 2 
Total revenues$11,448 $12,125 $11,207 
Depreciation and amortization2,111 2,122 1,855 
Interest charges and financing costs670 636 568 
Income tax benefit(135)(162)(96)
Net income1,686 1,631 1,478 
Regulated Natural Gas
Operating revenues — external$2,645 $3,080 $2,132 
Intersegment revenue3 2 2 
Total revenues$2,648 $3,082 $2,134 
Depreciation and amortization323 276 254 
Interest charges and financing costs96 86 75 
Income tax expense50 68 54 
Net income219 264 231 
All Other
Total revenues$115 $107 $94 
Depreciation and amortization14 15 12 
Interest charges and financing costs238 203 173 
Income tax benefit(61)(41)(28)
Net loss(134)(159)(112)
Consolidated Total
Total revenues$14,211 $15,314 $13,435 
Reconciling eliminations(5)(4)(4)
Total operating revenues$14,206 $15,310 $13,431 
Depreciation and amortization2,448 2,413 2,121 
Interest charges and financing costs1,004 925 816 
Income tax benefit(146)(135)(70)
Net income1,771 1,736 1,597