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Schedule I, Condensed Financial Statements of Xcel Energy Inc

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule I, Condensed Financial Information

			Year Ended Dec. 31
			2023						2022						2021
Income
Equity earnings of subsidiaries			$	1,948					$	1,905					$	1,744
Total income			1,948						1,905						1,744
Expenses and other deductions
Operating expenses			25						19						21
Other (income) expenses			(13)						(2)						3
Interest charges and financing costs			235						206						173
Total expenses and other deductions			247						223						197
Income before income taxes			1,701						1,682						1,547
Income tax benefit			(70)						(54)						(50)
Net income			$	1,771					$	1,736					$	1,597
Other Comprehensive Income
Pension and retiree medical benefits, net of tax			$	(2)					$	9					$	8
Derivative instruments, net of tax			1						21						10
Other comprehensive income			(1)						30						18
Comprehensive income			$	1,770					$	1,766					$	1,615
Weighted average common shares outstanding:
Basic			552						547						539
Diluted			552						547						540
Earnings per average common share:
Basic			$	3.21					$	3.18					$	2.96
Diluted			3.21						3.17						2.96
See Notes to Condensed Financial Statements

			Year Ended Dec. 31
			2023						2022						2021
Operating activities
Net cash provided by operating activities			$	1,586					$	1,340					$	1,147
Investing activities
Capital contributions to subsidiaries			(975)						(921)						(1,661)
Net return in the utility money pool			21						—						57
Net cash used in investing activities			(954)						(921)						(1,604)
Financing activities
(Repayment of) proceeds from short-term borrowings, net			(66)						(407)						638
Proceeds from issuance of long-term debt			792						694						791
Repayment of long-term debt			(500)						—						(400)
Proceeds from issuance of common stock			270						322						366
Dividends paid			(1,092)						(1,012)						(935)
Other			(13)						(16)						(16)
Net cash (used in) provided by financing activities			(609)						(419)						444
Net change in cash, cash equivalents, and restricted cash			23						—						(13)
Cash, cash equivalents and restricted cash at beginning of period			1						1						14
Cash, cash equivalents and restricted cash at end of period			$	24					$	1					$	1
See Notes to Condensed Financial Statements

			Dec. 31
			2023						2022
Assets
Cash and cash equivalents			$	24					$	1
Accounts receivable from subsidiaries			404						443
Derivative instruments			—						1
Other current assets			5						7
Total current assets			433						452
Investment in subsidiaries			23,873						22,597
Other assets			(20)						(7)
Total other assets			23,853						22,590
Total assets			$	24,286					$	23,042
Liabilities and Equity
Current portion of long-term debt			—						500
Dividends payable			289						268
Short-term debt			165						231
Other current liabilities			66						17
Total current liabilities			520						1,016
Other liabilities			12						13
Total other liabilities			12						13
Commitments and contingencies
Capitalization
Long-term debt			6,137						5,338
Common stockholders' equity			17,617						16,675
Total capitalization			23,754						22,013
Total liabilities and equity			$	24,286					$	23,042
See Notes to Condensed Financial Statements

Notes to Condensed Financial Statements

Incorporated by reference are Xcel Energy’s consolidated statements of common stockholders’ equity and other comprehensive income in Part II, Item 8.

Basis of Presentation — The condensed financial information of Xcel Energy Inc. is presented to comply with Rule 12-04 of Regulation S-X. Xcel Energy Inc.’s investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded in the balance sheets. The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries.

As a holding company with no business operations, Xcel Energy Inc.’s assets consist primarily of investments in its utility subsidiaries. Xcel Energy Inc.’s material cash inflows are only from dividends and other payments received from its utility subsidiaries and the proceeds raised from the sale of debt and equity securities. The ability of its utility subsidiaries to make dividend and other payments is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the Federal Power Act, and applicable state laws. Management does not expect maintaining these requirements to have an impact on Xcel Energy Inc.’s ability to pay dividends at the current level in the foreseeable future. Each of its utility subsidiaries, however, is legally distinct and has no obligation, contingent or otherwise, to make funds available to Xcel Energy Inc.

Guarantees and Indemnifications

Xcel Energy Inc. provides guarantees and bond indemnities under specified agreements or transactions, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. limit the exposure to a maximum stated amount. As of Dec. 31, 2023 and 2022, Xcel Energy Inc. had no assets held as collateral related to guarantees, bond indemnities and indemnification agreements.

Guarantees and bond indemnities issued and outstanding as of Dec. 31, 2023:

(Millions of Dollars)

Guarantor

Guarantee Amount

Current Exposure

Triggering Event

Guarantees of Capital Services purchase contracts for wind and solar generating equipment (a)

Xcel Energy Inc.

951

(b)

(c)

Guarantees of Xcel Energy Inc.’s utility subsidiaries’ performance on tax credit sale agreements

Xcel Energy Inc.

100

(d)

(c)

Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (e)

Xcel Energy Inc.

75

(f)

(g)

(a)Guarantees expire upon the satisfaction of all buyer obligations under the purchase contracts.

(b)Given that the manufacturing of equipment has not yet commenced, related exposure to the performance obligations of Capital Services at Dec. 31, 2023 has been assessed as immaterial.

(c)Nonperformance and/or nonpayment.

(d)Exposure to the performance obligations of the utility subsidiaries has been assessed as immaterial. The tax credit sales transactions closed as scheduled in January 2024.

(e)The surety bonds primarily relate to workers compensation benefits and utility projects. The workers compensation bonds are renewed annually and the project based bonds expire in conjunction with the completion of the related projects.

(f)Due to the number of projects associated with the surety bonds, the total current exposure of this indemnification cannot be determined. Xcel Energy Inc. believes the exposure to be significantly less than the total amount of the outstanding bonds.

(g)Per the indemnity agreement between Xcel Energy Inc. and the various surety companies, surety companies have the discretion to demand that collateral be posted.

Indemnification Agreements

Xcel Energy Inc. provides indemnifications through contracts entered into in the normal course of business. Indemnifications are primarily against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and certain income tax matters. Obligations under these agreements may be limited in terms of duration or amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.

Related Party Transactions — Xcel Energy Inc. presents related party receivables net of payables. Accounts receivable net of payables with affiliates at Dec. 31:

(Millions of Dollars)						2023						2022
NSP-Minnesota						$	120					$	82
NSP-Wisconsin						13						17
PSCo						44						111
SPS						47						61
Xcel Energy Services Inc.						144						145
Other subsidiaries of Xcel Energy Inc.						35						27
						$	403					$	443

Dividends — Cash dividends paid to Xcel Energy Inc. by its subsidiaries were $1,693 million, $1,503 million and $1,344 million for the years ended Dec. 31, 2023, 2022 and 2021, respectively. These cash receipts are included in operating cash flows of the condensed statements of cash flows.

Money Pool — FERC approval was received to establish a utility money pool arrangement with the utility subsidiaries, subject to receipt of required state regulatory approvals. The utility money pool allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc.

Money pool lending for Xcel Energy Inc.:

(Amounts in Millions, Except Interest Rates)						Three Months Ended Dec. 31, 2023
Loan outstanding at period end						$	21
Average loan outstanding						90
Maximum loan outstanding						250
Weighted average interest rate, computed on a daily basis						1.34		%
Weighted average interest rate at end of period						5.34
Money pool interest income						$	1

(Amounts in Millions, Except Interest Rates)						Year Ended Dec. 31, 2023						Year Ended Dec. 31, 2022						Year Ended Dec. 31, 2021
Loan outstanding at period end						$	21					$	—					$	—
Average loan outstanding						27						10						16
Maximum loan outstanding						250						204						439
Weighted average interest rate, computed on a daily basis						5.33		%				0.73		%				0.08		%
Weighted average interest rate at end of period						5.34						N/A						N/A
Money pool interest income						$	1					$	—					$	—

See notes to the consolidated financial statements in Part II, Item 8.

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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