XML 84 R39.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Benefit Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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, 2024 (a) |  | Dec. 31, 2023 (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 |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |  |  | $ | 233 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 233 |
Commingled funds |  | — |  |  | — |  |  | — |  |  | 1,694 |  |  | 1,694 |  |  | 491 |  |  | — |  |  | — |  |  | 1,235 |  |  | 1,726 |
Debt securities |  | — |  |  | 656 |  |  | 6 |  |  | — |  |  | 662 |  |  | — |  |  | 683 |  |  | 4 |  |  | — |  |  | 687 |
Equity securities |  | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |
Other |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Total |  | $ | 142 |  |  | $ | 662 |  |  | $ | 6 |  |  | $ | 1,694 |  |  | $ | 2,504 |  |  | $ | 759 |  |  | $ | 692 |  |  | $ | 4 |  |  | $ | 1,235 |  |  | $ | 2,690 |
(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, 2024 (a) |  | Dec. 31, 2023 (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 |  | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |
Insurance contracts |  | — |  |  | 40 |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | 40 |
Commingled funds |  | — |  |  | — |  |  | — |  |  | 68 |  |  | 68 |  |  | 22 |  |  | — |  |  | — |  |  | 72 |  |  | 94 |
Debt securities |  | — |  |  | 201 |  |  | — |  |  | — |  |  | 201 |  |  | — |  |  | 187 |  |  | 1 |  |  | — |  |  | 188 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 35 |  |  | $ | 241 |  |  | $ | — |  |  | $ | 68 |  |  | $ | 344 |  |  | $ | 55 |  |  | $ | 228 |  |  | $ | 1 |  |  | $ | 72 |  |  | $ | 356 |
(a)See Note 10 for further information on fair value measurement inputs and methods. Targeted asset allocations:
|  | Pension Benefits |  | Postretirement Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Long-duration fixed income securities |  | 38 | % |  | 38 | % |  | — | % |  | — | %
Domestic and international equity securities |  | 31 |  |  | 31 |  |  | 25 |  |  | 9 |
Alternative investments |  | 20 |  |  | 20 |  |  | 11 |  |  | 13 |
Short-to-intermediate fixed income securities |  | 9 |  |  | 9 |  |  | 61 |  |  | 77 |
Cash |  | 2 |  |  | 2 |  |  | 3 |  |  | 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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Obligation at Jan. 1 |  | $ | 2,943 |  |  | $ | 2,871 |  |  | $ | 394 |  |  | $ | 405 |
Service cost |  | 76 |  |  | 74 |  |  | 1 |  |  | 1 |
Interest cost |  | 151 |  |  | 158 |  |  | 21 |  |  | 22 |
Plan amendments |  | — |  |  | (3) |  |  | — |  |  | — |
Actuarial (gain) loss |  | (77) |  |  | 126 |  |  | 55 |  |  | 14 |
Plan participants’ contributions |  | — |  |  | — |  |  | 9 |  |  | 8 |
Benefit payments (a) |  | (341) |  |  | (283) |  |  | (53) |  |  | (56) |
Obligation at Dec. 31 |  | $ | 2,752 |  |  | $ | 2,943 |  |  | $ | 427 |  |  | $ | 394 |
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at Jan. 1 |  | $ | 2,690 |  |  | $ | 2,685 |  |  | $ | 356 |  |  | $ | 364 |
Actual return on plan assets |  | 55 |  |  | 238 |  |  | 21 |  |  | 29 |
Employer contributions |  | 100 |  |  | 50 |  |  | 11 |  |  | 11 |
Plan participants’ contributions |  | — |  |  | — |  |  | 9 |  |  | 8 |
Benefit payments |  | (341) |  |  | (283) |  |  | (53) |  |  | (56) |
Fair value of plan assets at Dec. 31 |  | 2,504 |  |  | 2,690 |  |  | 344 |  |  | 356 |
Funded status of plans at Dec. 31 |  | $ | (248) |  |  | $ | (253) |  |  | $ | (83) |  |  | $ | (38) |
Amounts recognized in the Consolidated Balance Sheet at Dec. 31: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | — |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 28 |
Current liabilities |  | — |  |  | — |  |  | (4) |  |  | (3) |
Noncurrent liabilities |  | (248) |  |  | (254) |  |  | (89) |  |  | (63) |
Net amounts recognized |  | $ | (248) |  |  | $ | (253) |  |  | $ | (83) |  |  | $ | (38) |
(a)Includes lump-sum benefit payments used in the determination of settlement charges of $168 million in 2024.
|  | Pension Benefits |  | Postretirement Benefits
Significant Assumptions Used to Measure Benefit Obligations: |  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate for year-end valuation |  | 5.88 | % |  | 5.49 | % |  | 5.88 | % |  | 5.54 | %
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 |  | 7.00 | % |  | 6.50 | %
Health care costs trend rate — initial: Post-65 |  | N/A |  | N/A |  | 7.50 | % |  | 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 |  | 9 |  | 6
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
2025 |  | $ | 235 |  |  | $ | 44 |  |  | $ | 3 |  |  | $ | 41 |
2026 |  | 226 |  |  | 43 |  |  | 3 |  |  | 40 |
2027 |  | 229 |  |  | 42 |  |  | 3 |  |  | 39 |
2028 |  | 231 |  |  | 42 |  |  | 3 |  |  | 39 |
2029 |  | 237 |  |  | 40 |  |  | 3 |  |  | 37 |
2030-2034 |  | 1,137 |  |  | 187 |  |  | 18 |  |  | 169 |
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost |
|  | Pension Benefits |  | Postretirement Benefits
(Millions of Dollars) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |
Net loss |  | $ | 1,074 |  |  | $ | 1,096 |  |  | $ | 113 |  |  | $ | 64 |
Prior service credit |  | (8) |  |  | (9) |  |  | — |  |  | — |
Total |  | $ | 1,066 |  |  | $ | 1,087 |  |  | $ | 113 |  |  | $ | 64 |
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 |  | $ | 32 |  |  | $ | 20 |  |  | $ | 2 |  |  | $ | 2 |
Noncurrent regulatory assets |  | 983 |  |  | 1,014 |  |  | 127 |  |  | 79 |
Current regulatory liabilities |  | — |  |  | — |  |  | (1) |  |  | (1) |
Noncurrent regulatory liabilities |  | — |  |  | — |  |  | (18) |  |  | (19) |
Deferred income taxes |  | 14 |  |  | 14 |  |  | 1 |  |  | 1 |
Net-of-tax accumulated other comprehensive income |  | 37 |  |  | 39 |  |  | 2 |  |  | 2 |
Total |  | $ | 1,066 |  |  | $ | 1,087 |  |  | $ | 113 |  |  | $ | 64 |
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) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 76 |  |  | $ | 74 |  |  | $ | 97 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost |  | 151 |  |  | 158 |  |  | 110 |  |  | 21 |  |  | 22 |  |  | 15 |
Expected return on plan assets |  | (206) |  |  | (209) |  |  | (208) |  |  | (17) |  |  | (17) |  |  | (18) |
Amortization of prior service credit |  | (2) |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |  |  | (6) |
Amortization of net loss |  | 30 |  |  | 22 |  |  | 75 |  |  | 2 |  |  | 1 |  |  | 2 |
Settlement charge (a) |  | 67 |  |  | — |  |  | 71 |  |  | — |  |  | — |  |  | — |
Net periodic pension cost (credit) |  | 116 |  |  | 44 |  |  | 144 |  |  | 7 |  |  | 6 |  |  | (5) |
Effects of regulation |  | (37) |  |  | 30 |  |  | (30) |  |  | — |  |  | — |  |  | 3 |
Net benefit cost (credit) recognized for financial reporting |  | $ | 79 |  |  | $ | 74 |  |  | $ | 114 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | (2) |
Significant Assumptions Used to Measure Costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.49 | % |  | 5.80 | % |  | 3.08 | % |  | 5.54 | % |  | 5.80 | % |  | 3.09 | %
Expected average long-term increase in compensation level |  | 4.25 |  |  | 4.25 |  |  | 3.75 |  |  | — |  |  | — |  |  | — |
Expected average long-term rate of return on assets |  | 6.93 |  |  | 6.93 |  |  | 6.49 |  |  | 5.00 |  |  | 5.00 |  |  | 4.10 |
Voluntary Retirement Program, Significant Assumptions to Measure Benefit Obligation |
Significant Assumptions to Measure Benefit Obligations: |  | 2024 |  | 2023
Discount rate for year-end valuation |  | 5.00 | % |  | 5.50 | %
Mortality table |  | PRI-2012 |  | PRI-2012
Health care costs trend rate |  | 7.00 | % |  | 7.00 | %
Ultimate trend assumption |  | 4.50 | % |  | N/A
Years until ultimate trend is reached |  | 9 |  | N/A

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Voluntary Retirement Program, Significant Assumptions to Measure Benefit Obligation + References No definition available. + Details
Name: | xel_VoluntaryRetirementProgramSignificantAssumptionsToMeasureBenefitObligationTableTextBlock
Namespace Prefix: | xel_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration