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Benefit Plans and Other Postretirement Benefits (Tables)

12 Months Ended

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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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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