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Regulatory Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Assets

Components of regulatory assets:

(Millions of Dollars)						See Note(s)						Remaining Amortization Period						Dec. 31, 2023												Dec. 31, 2022 (a)
Regulatory Assets																		Current						Noncurrent						Current						Noncurrent
Pension and retiree medical obligations						11						Various						$	27					$	1,106					$	22					$	1,069
Recoverable deferred taxes on AFUDC												Plant lives						—						332						—						292
Net AROs (b)						1, 12						Various						—						316						—						339
Excess deferred taxes — TCJA						7						Various						10						198						13						205
Depreciation differences												One to 12 years						17						189						17						193
Environmental remediation costs						1, 12						Various						15						94						20						92
Deferred natural gas, electric, steam energy/fuel costs												One to three years						239						80						581						299
Conservation programs (c)						1						One to two years						19						54						16						36
Purchased power contract costs												Term of related contract						4						40						10						36
PI extended power uprate												11 years						4						38						4						42
Benson biomass PPA termination and asset purchase												Five years						10						36						10						45
Sales true-up and revenue decoupling												One to two years						7						33						54						—
State commission adjustments												Plant lives						1						32						1						33
Losses on reacquired debt												Term of related debt						2						30						3						32
MISO capacity revenue tracker												One to two years						36						26						—						—
Gas pipeline inspection and remediation costs												One to two years						40						25						42						13
Contract valuation adjustments (d)						1, 10						Term of related contract						18						22						28						28
Nuclear refueling outage costs						1						One to two years						43						19						30						12
Grid modernization costs												One to two years						16						17						14						24
Renewable resources and environmental initiatives												One to two years						38						5						50						6
Other												Various						65						106						144						75
Total regulatory assets																		$	611					$	2,798					$	1,059					$	2,871

(a)Prior period amounts have been reclassified to conform with current year presentation.

(b)The 2022 amount is net of the nuclear decommissioning accruals and gains from decommissioning investments. In 2023, the nuclear decommissioning accruals and gains from decommissioning investments exceeded the expected cost of AROs in NSP-Minnesota and was reclassified to a regulatory liability.

(c)Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions.

(d)Includes the fair value of certain long-term PPAs used to meet energy capacity requirements and valuation adjustments on natural gas commodity purchases.

Regulatory Liabilities

Components of regulatory liabilities:

(Millions of Dollars)						See Note(s)						Remaining Amortization Period						Dec. 31, 2023												Dec. 31, 2022
Regulatory Liabilities																		Current						Noncurrent						Current						Noncurrent
Deferred income tax adjustments and TCJA refunds (a)						7						Various						$	7					$	3,015					$	9					$	3,110
Plant removal costs						1, 12						Various						—						1,984						—						1,819
Effects of regulation on employee benefit costs (b)												Various						—						253						—						247
Renewable resources and environmental initiatives												Various						9						188						6						173
Net AROs (c)												Various						—						90						—						—
Sales true-up and revenue decoupling												Two years						18						76						—						77
ITC deferrals						1						Various						1						60						1						61
LP&L departure payment												Up to 10 years						33						33						—						—
Formula rates												One to two years						29						18						32						17
DOE settlement												One to two years						18						6						12						3
Deferred natural gas, electric, steam energy/fuel costs												Less than one year						220						—						39						—
Contract valuation adjustments (d)						1, 10						Less than one year						56						—						175						1
Conservation programs (e)						1						Less than one year						47						—						72						—
Other												Various						90						104						72						61
Total regulatory liabilities (f)																		$	528					$	5,827					$	418					$	5,569

(a)Includes the revaluation of recoverable/regulated plant accumulated deferred income taxes and revaluation impact of non-plant accumulated deferred income taxes due to the TCJA.

(b)Includes regulatory amortization and certain 2018 TCJA benefits approved by the CPUC to offset the PSCo prepaid pension asset.

(c)Includes amounts recorded for future recovery of AROs, less amounts recovered through nuclear decommissioning accruals and gains from decommissioning investments.

(d)Includes the fair value of FTR instruments utilized/intended to offset the impacts of transmission system congestion.

(e)Includes costs for conservation programs, as well as incentives allowed in certain jurisdictions.

(f)Revenue subject to refund of $187 million and $67 million for 2023 and 2022, respectively, is included in other current liabilities.

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- Definition

Tabular disclosure of assets that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet.

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-Topic 980
-SubTopic 340
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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-Name Accounting Standards Codification
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Tabular disclosure of regulatory liabilities. Detailed information about liabilities that result from rate actions of a regulator. Rate actions of a regulator can impose a liability on a regulated enterprise resulting in a regulatory liability.

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-Topic 980
-SubTopic 405
-Name Accounting Standards Codification
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