Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 26, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | XCEL ENERGY INC | |
Entity Central Index Key | 0000072903 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-3034 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0448030 | |
Entity Address, Address Line One | 414 Nicollet Mall | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55401 | |
City Area Code | (612) | |
Local Phone Number | 330-5500 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | XEL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 538,675,570 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenues | ||||
Electric | $ 3,176 | $ 2,941 | $ 8,643 | $ 7,430 |
Natural gas | 268 | 219 | 1,364 | 1,082 |
Other | 23 | 22 | 69 | 67 |
Total operating revenues | 3,467 | 3,182 | 10,076 | 8,579 |
Operating expenses | ||||
Electric fuel and purchased power | 1,210 | 981 | 3,643 | 2,611 |
Cost of natural gas sold and transported | 86 | 54 | 603 | 425 |
Cost of sales — other | 11 | 11 | 28 | 28 |
Operating and maintenance expenses | 568 | 579 | 1,752 | 1,708 |
Conservation and demand side management expenses | 78 | 73 | 222 | 215 |
Depreciation and amortization | 537 | 513 | 1,586 | 1,449 |
Taxes, Other | 152 | 158 | 472 | 453 |
Total operating expenses | 2,642 | 2,369 | 8,306 | 6,889 |
Operating income | 825 | 813 | 1,770 | 1,690 |
Other (expense) income, net | (3) | 1 | 5 | (6) |
Earnings from equity method investments | 13 | 12 | 47 | 29 |
Allowance for funds used during construction — equity | 21 | 30 | 53 | 91 |
Interest charges and financing costs | ||||
Interest charges — includes other financing costs of $7, $7, $22 and $21, respectively | 211 | 221 | 628 | 628 |
Allowance for funds used during construction — debt | (7) | (11) | (18) | (33) |
Total interest charges and financing costs | 204 | 210 | 610 | 595 |
Income before income taxes | 652 | 646 | 1,265 | 1,209 |
Income tax expense (benefit) | 43 | 43 | (17) | 24 |
Net income | $ 609 | $ 603 | $ 1,282 | $ 1,185 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 539 | 526 | 539 | 526 |
Diluted (in shares) | 539 | 528 | 539 | 527 |
Earnings per average common share: | ||||
Basic (in dollars per share) | $ 1.13 | $ 1.15 | $ 2.38 | $ 2.25 |
Diluted (in dollars per share) | $ 1.13 | $ 1.14 | $ 2.38 | $ 2.25 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Other financing costs | $ 7 | $ 7 | $ 22 | $ 21 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Comprehensive income: | ||||
Net income | $ 609 | $ 603 | $ 1,282 | $ 1,185 |
Pension and retiree medical benefits: | ||||
Reclassifications of loss to net income, net of tax of $1, $—, $2 and $1, respectively | 4 | 1 | 5 | 4 |
Derivative instruments: | ||||
Net fair value increase (decrease), net of tax of $1, $—, $1 and $(3), respectively | 3 | 0 | 4 | (10) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (2) | (1) | (6) | (4) |
Total other comprehensive income (loss) | 9 | 2 | 15 | (2) |
Total comprehensive income | $ 618 | $ 605 | $ 1,297 | $ 1,183 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension reclassifications, tax | $ 1 | $ 0 | $ 2 | $ 1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1 | 0 | 1 | (3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 0 | $ 0 | $ 1 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income | $ 1,282 | $ 1,185 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 1,597 | 1,459 |
Nuclear fuel amortization | 86 | 94 |
Deferred income taxes | (9) | 45 |
Allowance for equity funds used during construction | (53) | (91) |
Earnings from equity method investments | (47) | (29) |
Dividends from equity method investments | 31 | 32 |
Provision for bad debts | 53 | 39 |
Share-based compensation expense | 20 | 60 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (152) | (108) |
Accrued unbilled revenues | 58 | 124 |
Inventories | (82) | (37) |
Other current assets | 8 | (68) |
Accounts payable | 61 | (97) |
Net regulatory assets and liabilities | (997) | (139) |
Other current liabilities | (22) | (54) |
Pension and other employee benefit obligations | (131) | (138) |
Other, net | (124) | (103) |
Net cash provided by operating activities | 1,579 | 2,174 |
Investing activities | ||
Capital/construction expenditures | (3,032) | (3,681) |
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 684 |
Purchase of investment securities | (540) | (1,275) |
Proceeds from the sale of investment securities | 531 | 1,260 |
Other, net | (24) | (9) |
Net cash used in investing activities | (3,065) | (3,021) |
Financing activities | ||
Proceeds from (repayments of) short-term borrowings, net | 1,163 | (95) |
Proceeds from issuances of long-term debt | 1,920 | 2,940 |
Repayments of long-term debt, including reacquisition premiums | (399) | (701) |
Proceeds from issuance of common stock | 13 | 5 |
Dividends paid | (698) | (638) |
Other, net | (11) | (27) |
Net cash provided by financing activities | 1,988 | 1,484 |
Net change in cash, cash equivalents and restricted cash | 502 | 637 |
Cash, cash equivalents and restricted cash at beginning of period | 129 | 248 |
Cash, cash equivalents and restricted cash at end of period | 631 | 885 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (592) | (582) |
Cash paid for income taxes, net | (6) | (17) |
Supplemental disclosure of non-cash investing and financing transactions: | ||
Accrued property, plant and equipment additions | 476 | 933 |
Inventory transfers to property, plant and equipment | 87 | 250 |
Operating lease right-of-use assets | 4 | 361 |
Allowance for equity funds used during construction | 53 | 91 |
Issuance of common stock for reinvested dividends and/or equity awards | $ 26 | $ 51 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 631 | $ 129 |
Accounts receivable, net | 1,022 | 916 |
Accrued unbilled revenues | 656 | 714 |
Inventories | 587 | 535 |
Regulatory assets | 1,073 | 640 |
Derivative instruments | 228 | 49 |
Prepaid taxes | 55 | 42 |
Prepayments and other | 235 | 250 |
Total current assets | 4,487 | 3,275 |
Property, plant and equipment, net | 44,730 | 42,950 |
Other assets | ||
Nuclear decommissioning fund and other investments | 3,446 | 3,096 |
Regulatory assets | 3,101 | 2,737 |
Derivative instruments | 72 | 30 |
Operating lease right-of-use assets | 1,342 | 1,490 |
Other | 339 | 379 |
Total other assets | 8,300 | 7,732 |
Total assets | 57,517 | 53,957 |
Current liabilities | ||
Current portion of long-term debt | 621 | 421 |
Short-term debt | 1,747 | 584 |
Accounts payable | 1,319 | 1,237 |
Regulatory liabilities | 338 | 311 |
Taxes accrued | 553 | 578 |
Accrued interest | 206 | 203 |
Dividends payable | 246 | 231 |
Derivative instruments | 76 | 53 |
Operating lease liabilities | 218 | 214 |
Other | 440 | 407 |
Total current liabilities | 5,764 | 4,239 |
Deferred credits and other liabilities | ||
Deferred income taxes | 4,913 | 4,746 |
Regulatory liabilities | 5,389 | 5,302 |
Asset retirement obligations | 3,094 | 2,884 |
Derivative instruments | 99 | 131 |
Customer advances | 199 | 197 |
Pension and employee benefit obligations | 515 | 666 |
Operating lease liabilities | 1,187 | 1,344 |
Other | 207 | 228 |
Total deferred credits and other liabilities | 15,603 | 15,498 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 20,979 | 19,645 |
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 538,458,952 and 537,438,394 shares outstanding at Sept. 30, 2021 and Dec. 31, 2020, respectively | $ 1,346 | $ 1,344 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares, Outstanding | 538,458,952 | 537,438,394 |
Additional paid in capital | $ 7,443 | $ 7,404 |
Retained earnings | 6,508 | 5,968 |
Accumulated other comprehensive loss | (126) | (141) |
Total common stockholders’ equity | 15,171 | 14,575 |
Total liabilities and equity | $ 57,517 | $ 53,957 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2019 | 524,539,000 | ||||
Beginning balance at Dec. 31, 2019 | $ 13,239 | $ 1,311 | $ 6,656 | $ 5,413 | $ (141) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 1,185 | 1,185 | |||
Other comprehensive income | (2) | (2) | |||
Dividends declared on common stock (USD per share) | $ 1.29 | ||||
Dividends declared on common stock | (679) | (679) | |||
Issuances of common stock (in shares) | 968,299 | ||||
Issuances of common stock | 33 | $ 3 | 30 | ||
Stock Repurchased During Period, Value | (4) | $ (4) | |||
Stock Repurchased During Period, Shares | (54,475) | ||||
Share-based compensation | 7 | 12 | (5) | ||
Credit Losses, Topic 326 (ASC Topic 326) | (2) | (2) | |||
Balance (in shares) at Sep. 30, 2020 | 525,452,824 | ||||
Ending balance at Sep. 30, 2020 | 13,777 | $ 1,314 | 6,694 | 5,912 | (143) |
Balance (in shares) at Jun. 30, 2020 | 525,204,978 | ||||
Beginning balance at Jun. 30, 2020 | 13,385 | $ 1,313 | 6,679 | 5,538 | (145) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 603 | 603 | |||
Other comprehensive income | 2 | 2 | |||
Dividends declared on common stock (USD per share) | $ 0.43 | ||||
Dividends declared on common stock | (226) | (226) | |||
Issuances of common stock (in shares) | 302,321 | ||||
Issuances of common stock | 10 | $ 1 | 9 | ||
Stock Repurchased During Period, Value | (4) | $ (4) | |||
Stock Repurchased During Period, Shares | (54,475) | ||||
Share-based compensation | 7 | 10 | (3) | ||
Balance (in shares) at Sep. 30, 2020 | 525,452,824 | ||||
Ending balance at Sep. 30, 2020 | $ 13,777 | $ 1,314 | 6,694 | 5,912 | (143) |
Balance (in shares) at Dec. 31, 2020 | 537,438,394 | 537,438,394 | |||
Beginning balance at Dec. 31, 2020 | $ 14,575 | $ 1,344 | 7,404 | 5,968 | (141) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 1,282 | 1,282 | |||
Other comprehensive income | 15 | 15 | |||
Dividends declared on common stock (USD per share) | $ 1.373 | ||||
Dividends declared on common stock | (739) | (739) | |||
Issuances of common stock (in shares) | 1,020,558 | ||||
Issuances of common stock | 40 | $ 2 | 38 | ||
Share-based compensation | $ (2) | 1 | (3) | ||
Balance (in shares) at Sep. 30, 2021 | 538,458,952 | 538,458,952 | |||
Ending balance at Sep. 30, 2021 | $ 15,171 | $ 1,346 | 7,443 | 6,508 | (126) |
Balance (in shares) at Jun. 30, 2021 | 538,305,927 | ||||
Beginning balance at Jun. 30, 2021 | 14,792 | $ 1,346 | 7,435 | 6,146 | (135) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 609 | 609 | |||
Other comprehensive income | 9 | 9 | |||
Dividends declared on common stock (USD per share) | $ 0.4575 | ||||
Dividends declared on common stock | (247) | (247) | |||
Issuances of common stock (in shares) | 153,025 | ||||
Issuances of common stock | 10 | $ 0 | 10 | ||
Share-based compensation | $ (2) | (2) | 0 | ||
Balance (in shares) at Sep. 30, 2021 | 538,458,952 | 538,458,952 | |||
Ending balance at Sep. 30, 2021 | $ 15,171 | $ 1,346 | $ 7,443 | $ 6,508 | $ (126) |
Management's Opinion
Management's Opinion | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of Sept. 30, 2021 and Dec. 31, 2020; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2021 and 2020; and Xcel Energy’s cash flows for the nine months ended Sept. 30, 2021 and 2020. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2021, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2020 balance sheet information has been derived from the audited 2020 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2020. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2020, filed with the SEC on Feb. 17, 2021. Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2020 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 32 6 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Accounts receivable, net Accounts receivable $ 1,119 $ 995 Less allowance for bad debts (97) (79) Accounts receivable, net $ 1,022 $ 916 (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Inventories Materials and supplies $ 283 $ 275 Fuel 155 176 Natural gas 149 84 Total inventories $ 587 $ 535 (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Property, plant and equipment, net Electric plant $ 49,293 $ 47,104 Natural gas plant 7,443 7,135 Common and other property 2,519 2,503 Plant to be retired (a) 603 677 Construction work in progress 2,263 1,877 Total property, plant and equipment 62,121 59,296 Less accumulated depreciation (17,711) (16,657) Nuclear fuel 3,065 2,970 Less accumulated amortization (2,745) (2,659) Property, plant and equipment, net $ 44,730 $ 42,950 (a) Includes regulator-approved retirements of Comanche Units 1 and 2 and jointly owned Craig Unit 1 for PSCo and Sherco Units 1 and 2 for NSP-Minnesota. Also includes SPS’ expected retirement of Tolk and conversion of Harrington to natural gas, and PSCo’s planned retirement of jointly owned Craig Unit 2. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Short-Term Borrowings Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2021 Year Ended Dec. 31, 2020 Borrowing limit $ 4,300 $ 3,100 Amount outstanding at period end 1,747 584 Average amount outstanding 1,742 1,126 Maximum amount outstanding 1,857 2,080 Weighted average interest rate, computed on a daily basis 0.57 % 1.45 % Weighted average interest rate at period end 0.56 0.23 Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There we re $19 million and $20 million of letters of credit outstanding under the cr edit facilities at Sept. 30, 2021 and Dec. 31, 2020, respectively. Amounts approximate their fair value and are subject to fees. Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities at least equal to the amount of commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. As of Sept. 30, 2021, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 1,250 $ 529 $ 721 PSCo 700 8 692 NSP-Minnesota 500 9 491 SPS 500 20 480 NSP-Wisconsin 150 — 150 Total $ 3,100 $ 566 $ 2,534 (a) Expires in June 2024. (b) Includes outstanding commercial paper and letters of credit. Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available credit facilities capacity. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2021 and Dec. 31, 2020. Term Loan Agreements — In February 2021, Xcel Energy Inc. entered into a $1.2 billion 364-Day Term Loan Agreement that matures Feb. 17, 2022. Xcel Energy has an option to extend through Feb. 16, 2023. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65%. As of Sept. 30, 2021 , Xcel Energy Inc.’s term loan borrowings were as follows: (Millions of Dollars) Limit Amount Used Available Xcel Energy Inc. $ 1,200 $ 1,200 $ — Bilateral Credit Agreement In April 2021, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit. As of Sept. 30, 2021, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows: (Millions of Dollars) Limit Amount Outstanding Available NSP-Minnesota $ 75 $ 41 $ 34 Long-Term Borrowings and Other Financing Instruments During the nine months ended Sept. 30, 2021, Xcel Energy Inc. and its utility subsidiaries issued the following: • PSCo issued $750 million of 1.875% first mortgage bonds due June 15, 2031. • SPS issued $250 million of 3.15% first mortgage bonds due May 1, 2050. • NSP-Minnesota issued $425 million of 2.25% first mortgage bonds due April 1, 2031 and $425 million of 3.20% first mortgage bonds due April 1, 2052. • NSP-Wisconsin issued $100 million of 2.82% first mortgage bonds du e May 1, 2051. Other Equity — Xcel Energy Inc. issued $38 million |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following: Three Months Ended Sept. 30, 2021 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 999 $ 133 $ 12 $ 1,144 C&I 1,515 76 7 1,598 Other 35 — 1 36 Total retail 2,549 209 20 2,778 Wholesale 288 — — 288 Transmission 167 — — 167 Other 17 45 — 62 Total revenue from contracts with customers 3,021 254 20 3,295 Alternative revenue and other 155 14 3 172 Total revenues $ 3,176 $ 268 $ 23 $ 3,467 Three Months Ended Sept. 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 962 $ 124 $ 11 $ 1,097 C&I 1,340 56 5 1,401 Other 34 — 2 36 Total retail 2,336 180 18 2,534 Wholesale 227 — — 227 Transmission 157 — — 157 Other 17 28 — 45 Total revenue from contracts with customers 2,737 208 18 2,963 Alternative revenue and other 204 11 4 219 Total revenues $ 2,941 $ 219 $ 22 $ 3,182 Nine Months Ended Sept. 30, 2021 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,488 $ 774 $ 33 $ 3,295 C&I 3,830 389 22 4,241 Other 96 — 5 101 Total retail 6,414 1,163 60 7,637 Wholesale 1,265 — — 1,265 Transmission 461 — — 461 Other 51 106 — 157 Total revenue from contracts with customers 8,191 1,269 60 9,520 Alternative revenue and other 452 95 9 556 Total revenues $ 8,643 $ 1,364 $ 69 $ 10,076 Nine Months Ended Sept. 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,356 $ 647 $ 32 $ 3,035 C&I 3,481 308 20 3,809 Other 94 — 4 98 Total retail 5,931 955 56 6,942 Wholesale 553 — — 553 Transmission 442 — — 442 Other 55 86 — 141 Total revenue from contracts with customers 6,981 1,041 56 8,078 Alternative revenue and other 449 41 11 501 Total revenues $ 7,430 $ 1,082 $ 67 $ 8,579 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 to the consolidated financial statements included in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2020 represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated by reference. Difference between the statutory rate and ETR: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 2021 2020 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.0 5.0 5.0 5.1 Decreases: Wind PTCs (12.1) (8.0) (20.0) (13.2) Plant regulatory differences (a) (5.8) (7.2) (6.0) (7.4) NOL carryback — (1.9) — (1.0) Other (net) (1.5) (2.2) (1.3) (2.5) Effective income tax rate 6.6 % 6.7 % (1.3) % 2.0 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Years Expiration 2014 — 2016 December 2022 2018 September 2022 Additionally, the statute of limitations related to certain federal tax credit carryforwards will remain open until those credits are utilized in subsequent returns. Further, the statute of limitations related to a federal tax loss carryback claim filed in 2020 has been extended. Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown . State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns. As of Sept. 30, 2021, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows: State Year Colorado 2014 Minnesota 2013 Texas 2012 Wisconsin 2016 • In February 2021, Minnesota concluded its review and commenced an audit of tax years 2015 - 2018. No material adjustments have been proposed. • In March 2021, Wisconsin began an audit of tax years 2016 - 2019. No material adjustments have been proposed. • In April 2021, Texas began an audit of tax years 2016 - 2019. No material adjustments have been proposed. • No other state income tax audits were in progress as of Sept. 30, 2021. Unrecognized Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which deductibility is highly certain, but for which there is uncertainty about the timing. A change in the timing of deductibility would not affect the ETR but would accelerate the payment to the taxing authority. Unrecognized tax benefits — permanent vs. temporary: (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Unrecognized tax benefit — Permanent tax positions $ 46 $ 41 Unrecognized tax benefit — Temporary tax positions 11 11 Total unrecognized tax benefit $ 57 $ 52 Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 NOL and tax credit carryforwards $ (35) $ (31) As Internal Revenue Service audits resume and the state audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $27 million in the next 12 months. Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. Interest payable related to unrecognized tax benefits: (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Payable for interest related to unrecognized tax benefits at beginning of period $ (3) $ — Interest expense related to unrecognized tax benefits — (3) Payable for interest related to unrecognized tax benefits at end of period $ (3) $ (3) No penalties were accrued related to unrecognized tax benefits as of Sept. 30, 2021 or Dec. 31, 2020. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic EPS was computed by dividing the earnings available to common shareholders by the average weighted number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. has common stock equivalents related to time-based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period. • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. Common shares outstanding used in the basic and diluted EPS computation: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 (Shares in Millions) 2021 2020 2021 2020 Basic 539 526 539 526 Diluted (a) 539 528 539 527 (a) Diluted common shares outstanding included common stock equivalents of 0.3 million an d 1.6 million for the three months ended Sept. 30, 2021 and 2020, respectively. Diluted common shares outstanding included common stock equivalents of 0.3 million and 1.0 million for the nine months ended Sept. 30, 2021 and 2020, respectively. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. • Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. • Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. • Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAV. Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled fund investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds’ investments may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of certain inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are expected to be recovered through fuel and purchased energy cost recovery mechanisms as applicable in each jurisdiction and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of FTRs relative to the electric utility operations of NSP-Minnesota and SPS, the numerous unobservable quantitative inputs pertinent to the value of FTRs are immaterial to the consolidated financial statements. Derivative Instruments Fair Value Measurements Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. Interest Rate Derivatives — Xcel Energy enters into various instruments that effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes, with changes in fair value prior to settlement recorded as other comprehensive income. As of Sept. 30, 2021, accumulated other comprehensive loss related to interest rate derivatives included $6 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. Wholesale and Commodity Trading Risk — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy. Sharing of any margins is determined through state regulatory proceedings as well as the operation of the FERC approved joint operating agreement. Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs, vehicle fuel and weather derivatives. Xcel Energy may enter into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, but may not be designated as qualifying hedging transactions. The classification of gains or losses for these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms. As of Sept. 30, 2021, Xcel Energy had no commodity contracts designated as cash flow hedges. Xcel Energy enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenues, net of amounts credited to customers under margin-sharing mechanisms. Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) Sept. 30, 2021 Dec. 31, 2020 Megawatt hours of electricity 101 87 Million British thermal units of natural gas 184 175 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise. Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts, prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of Sept. 30, 2021, six of Xcel Energy’s ten most significant counterparties for these activities, comprising $121 million, or 40%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Two of the ten most significant counterparties, comprising $29 million, or 10%, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. Two of these significant counterparties, comprising $44 million or 14% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Five of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities. Impact of Derivative Activity — Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 4 $ — Total $ 4 $ — Other derivative instruments: Electric commodity $ — $ 5 Natural gas commodity — 57 Total $ — $ 62 Nine Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 5 $ — Total $ 5 $ — Other derivative instruments: Electric commodity $ — $ 18 Natural gas commodity — 57 Total $ — $ 75 Three Months Ended Sept. 30, 2020 Other derivative instruments: Electric commodity $ — $ (3) Natural gas commodity — 2 Total $ — $ (1) Nine Months Ended Sept. 30, 2020 Derivatives designated as cash flow hedges: Interest rate $ (13) $ — Total $ (13) $ — Other derivative instruments: Electric commodity $ — $ (3) Natural gas commodity — (1) Total $ — $ (4) Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Three Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 1 (b) Electric commodity — 3 (c) — Total $ — $ 3 $ 1 Nine Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 7 (a) $ — $ — Total $ 7 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 49 (b) Electric commodity — (26) (c) — Natural gas commodity — 8 (d) (10) (d) Total $ — $ (18) $ 39 Three Months Ended Sept. 30, 2020 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 2 (b) Electric commodity — (3) (c) — Total $ — $ (3) $ 2 Nine Months Ended Sept. 30, 2020 Derivatives designated as cash flow hedges: Interest rate $ 5 (a) $ — $ — Total $ 5 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (1) (b) Electric commodity — (6) (c) — Natural gas commodity — 5 (d) (6) (d) Total $ — $ (1) $ (7) (a) Recorded to interest charges. (b) Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. (c) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. (d) Amounts for both the three and nine months ended Sept. 30, 2021 and 2020 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three and nine months ended Sept. 30, 2021 and 2020 relate to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. Xcel Energy had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2021 and 2020. Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies. At Sept. 30, 2021 and Dec. 31, 2020, there were $2 million and $4 million, respectively, of derivative liabilities with such underlying contract provisions. Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants. As of Sept. 30, 2021 and Dec. 31, 2020, there were approximately $62 million and $60 million, respectively, of derivative liabilities with such underlying contract provisions. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2021 and Dec. 31, 2020 . Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis: Sept. 30, 2021 Dec. 31, 2020 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Derivatives designated as cash flow hedges: Interest rate $ — $ 4 $ — $ 4 $ — $ 4 $ — $ — $ — $ — $ — $ — Other derivative instruments: Commodity trading $ 50 $ 240 $ 23 $ 313 $ (253) $ 60 $ 2 $ 67 $ 1 $ 70 $ (52) $ 18 Electric commodity — — 83 83 (1) 82 — — 20 20 (1) 19 Natural gas commodity — 79 — 79 — 79 — 9 — 9 — 9 Total current derivative assets $ 50 $ 323 $ 106 $ 479 $ (254) 225 $ 2 $ 76 $ 21 $ 99 $ (53) 46 PPAs (b) 3 3 Current derivative instruments $ 228 $ 49 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 23 $ 72 $ 99 $ 194 $ (129) $ 65 $ 8 $ 66 $ 8 $ 82 $ (62) $ 20 Total noncurrent derivative assets $ 23 $ 72 $ 99 $ 194 $ (129) 65 $ 8 $ 66 $ 8 $ 82 $ (62) 20 PPAs (b) 7 10 Noncurrent derivative instruments $ 72 $ 30 Sept. 30, 2021 Dec. 31, 2020 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Other derivative instruments: Commodity trading $ 48 $ 239 $ 25 $ 312 $ (253) $ 59 $ 4 $ 64 $ 17 $ 85 $ (58) $ 27 Electric commodity — — 1 1 (1) — — — 1 1 (1) — Natural gas commodity — — — — — — — 9 — 9 — 9 Total current derivative liabilities $ 48 $ 239 $ 26 $ 313 $ (254) 59 $ 4 $ 73 $ 18 $ 95 $ (59) 36 PPAs (b) 17 17 Current derivative instruments $ 76 $ 53 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 22 $ 69 $ 120 $ 211 $ (156) $ 55 $ 3 $ 58 $ 60 $ 121 $ (47) $ 74 Total noncurrent derivative liabilities $ 22 $ 69 $ 120 $ 211 $ (156) 55 $ 3 $ 58 $ 60 $ 121 $ (47) 74 PPAs (b) 44 57 Noncurrent derivative instruments $ 99 $ 131 (a) Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2021 and Dec. 31, 2020. At both Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include $15 million of obligations to return cash collateral. At Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include rights to reclaim cash collateral of $42 million and $6 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. Changes in Level 3 commodity derivatives: Three Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Balance at July 1 $ 71 $ 34 Purchases 2 — Settlements (53) (17) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 12 (25) Net gains recognized as regulatory assets and liabilities 27 2 Balance at Sept. 30 $ 59 $ (6) Nine Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Balance at Jan. 1 $ (49) $ 4 Purchases 65 49 Settlements (101) (59) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 59 (11) Net gains recognized as regulatory assets and liabilities 85 11 Balance at Sept. 30 $ 59 $ (6) (a) Presented amounts relate to instruments held at the end of the period. The consolidated income statement also includes gains and losses on Level 1 and 2 instruments, and Level 3 instruments settled during the period. Xcel Energy recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and nine months ended Sept. 30, 2021 and 2020. Fair Value of Long-Term Debt Other financial instruments for which the carrying amount did not equal fair value: Sept. 30, 2021 Dec. 31, 2020 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 21,600 $ 24,657 $ 20,066 $ 24,412 Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of Sept. 30, 2021 and Dec. 31, 2020 and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30 2021 2020 2021 2020 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 26 $ 24 $ — $ — Interest cost (a) 26 31 4 5 Expected return on plan assets (a) (52) (52) (4) (5) Amortization of prior service credit (a) — (1) (2) (2) Amortization of net loss (a) 27 25 1 1 Settlement charge (b) 39 — — — Net periodic benefit cost (credit) 66 27 (1) (1) Effects of regulation (31) 4 1 1 Net benefit cost (credit) recognized for financial reporting $ 35 $ 31 $ — $ — Nine Months Ended Sept. 30 2021 2020 2021 2020 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 78 $ 72 $ 1 $ 1 Interest cost (a) 78 94 11 14 Expected return on plan assets (a) (155) (156) (13) (15) Amortization of prior service credit (a) (1) (3) (6) (6) Amortization of net loss (a) 81 74 4 3 Settlement charge (b) 39 — — — Net periodic benefit cost (credit) 120 81 (3) (3) Effects of regulation (32) 7 2 2 Net benefit cost (credit) recognized for financial reporting $ 88 $ 88 $ (1) $ (1) (a) The components of net periodic cost other than the service cost component are included in the line item “Other (expense) income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b) A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2021 as a result of lump-sum distributions during the 2021 plan year, Xcel Energy recorded a total pension settlement charge of $39 million, the majority of which was not recognized in earnings due to the effects of regulation. A total of $4 million of that amount was recorded in other expense in the third quarter 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Environmental MGP, Landfill and Disposal Sites Xcel Energy is investigating, remediating or performing post-closure actions at 14 MGP, landfill or other disposal sites across its service territories. Xcel Energy has recognized its best estimate of costs/liabilities from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — Xcel Energy’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, Xcel Energy has eight regulated ash units in operation. Xcel Energy is conducting groundwater sampling and monitoring and implementing assessment of corrective measures at certain CCR landfills and surface impoundments. In NSP-Minnesota, no results above the groundwater protection standards in the rule were identified. In PSCo, increases above background concentrations were detected at four locations. Based on further assessments, PSCo is evaluating options for corrective action at two locations, one of which indicates potential offsite impacts to groundwater. The total cost is uncertain, but could be up to $35 million. PSCo is continuing to assess the financial and regulatory impacts. In August 2020, the EPA published its final rule to implement closure by April 2021 for all CCR impoundments affected by the August 2018 D.C. Circuit ruling. This final rule required Xcel Energy to expedite closure plans for two impoundments. In October 2020, NSP-Minnesota completed construction and placed in service a new impoundment to replace the clay lined impoundment at a cost of $9 million. With the new ash pond in service, NSP-Minnesota has initiated closure activities for the existing ash pond at an estimated cost of $4 million. NSP-Minnesota has five years to complete closure activities. PSCo also built an alternative collection and treatment system to remove the Comanche Station bottom ash pond from service. The total cost of the alternate treatment system is approximately $25 million. PSCo worked expeditiously to meet the April 11, 2021 deadline, but was not able to remove the pond from service until June 18, 2021. PSCo expects to negotiate a compliance order with the EPA. PSCo will also now proceed with closure of the pond, with an estimated cost of $3 million. Closure costs for existing impoundments are included in the calculation of the asset retirement obligation. | The following includes commitments, contingencies and unresolved contingencies that are material to Xcel Energy’s financial position. Leases Xcel Energy evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset. Components of lease expense: Three Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Operating leases PPA capacity payments $ 56 $ 56 Other operating leases (a) 2 5 Total operating lease expense (b) $ 58 $ 61 Finance leases Amortization of ROU assets $ 2 $ 2 Interest expense on lease liability 4 4 Total finance lease expense $ 6 $ 6 (a) Includes short-term lease expense o f $1 million and $2 million for 2021 and 2020, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Nine Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Operating leases PPA capacity payments $ 170 $ 145 Other operating leases (a) 19 22 Total operating lease expense (b) $ 189 $ 167 Finance leases Amortization of ROU assets $ 6 $ 5 Interest expense on lease liability 12 13 Total finance lease expense $ 18 $ 18 (a) Includes short-term lease expense of $4 million for 2021 and 2020, respectively. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Commitments under operating and finance leases as of Sept. 30, 2021: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,470 $ 191 $ 1,661 $ 246 Interest component of obligation (221) (35) (256) (173) Present value of minimum obligation $ 1,249 156 1,405 73 Less current portion (218) (3) Noncurrent operating and finance lease liabilities $ 1,187 $ 70 (a) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. VIEs Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the IPP. The utility subsidiaries had approxi mately 4,062 MW of capacity under long-term PPAs at both Sept. 30, 2021 and Dec. 31, 2020 with entities that have been determined to be VIEs. Xcel Energy concluded that these entities are not required to be consolidated in its financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. The PPAs have expiration dates through 2041. Other Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the agreements. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount. As of Sept. 30, 2021 and Dec. 31, 2020, Xcel Energy Inc. and its subsidiaries had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $60 million and $62 million at Sept. 30, 2021 and Dec. 31, 2020, respectively. Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2021 and 2020: Three Months Ended Sept. 30, 2021 Three Months Ended Sept. 30, 2020 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (80) $ (55) $ (135) $ (87) $ (58) $ (145) Other comprehensive gain before reclassifications (net of taxes of $1, $—, $— and $—, respectively) 3 — 3 — — — Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $—, $—, $— and $—, respectively) (a) 2 — 2 1 — 1 Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b) — 4 4 — 1 1 Net current period other comprehensive income 5 4 9 1 1 2 Accumulated other comprehensive loss at Sept. 30 $ (75) $ (51) $ (126) $ (86) $ (57) $ (143) Nine Months Ended Sept. 30, 2021 Nine Months Ended Sept. 30, 2020 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (85) $ (56) $ (141) $ (80) $ (61) $ (141) Other comprehensive gain (loss) before reclassifications (net of taxes of $1, $—, $(3) and $—, respectively) 4 — 4 (10) — (10) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $—, $1 and $—, respectively) (a) 6 — 6 4 — 4 Amortization of net actuarial loss (net of taxes of $—, $2, $— and $1, respectively) (b) — 5 5 — 4 4 Net current period other comprehensive income (loss) 10 5 15 (6) 4 (2) Accumulated other comprehensive loss at Sept. 30 $ (75) $ (51) $ (126) $ (86) $ (57) $ (143) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
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, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. 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 transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. 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 refuse-derived fuel, investments in rental housing projects that qualify for low-income housing tax credits and the operations of MEC until July 2020. Xcel Energy had equity method investments of $204 million and $165 million as of Sept. 30, 2021 and Dec. 31, 2020, 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: Three Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Regulated Electric Operating revenues — external $ 3,176 $ 2,941 Intersegment revenue — 1 Total revenues $ 3,176 $ 2,942 Net income 629 632 Regulated Natural Gas Operating revenues — external $ 268 $ 219 Intersegment revenue 1 — Total revenues 269 219 Net income 10 — All Other Total revenues $ 23 $ 22 Net loss (30) (29) Consolidated Total Total revenues $ 3,468 $ 3,183 Reconciling eliminations (1) (1) Total operating revenues $ 3,467 $ 3,182 Net income 609 603 Nine Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Regulated Electric Operating revenues — external $ 8,643 $ 7,430 Intersegment revenue 1 1 Total revenues $ 8,644 $ 7,431 Net income 1,202 1,148 Regulated Natural Gas Operating revenues — external $ 1,364 $ 1,082 Intersegment revenue 2 1 Total revenues 1,366 1,083 Net income $ 161 $ 111 All Other Total revenues 69 67 Net loss $ (81) $ (74) Consolidated Total Total revenues $ 10,079 $ 8,581 Reconciling eliminations (3) (2) Total operating revenues $ 10,076 $ 8,579 Net income 1,282 1,185 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Accounts receivable, net Accounts receivable $ 1,119 $ 995 Less allowance for bad debts (97) (79) Accounts receivable, net $ 1,022 $ 916 |
Inventories | (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Inventories Materials and supplies $ 283 $ 275 Fuel 155 176 Natural gas 149 84 Total inventories $ 587 $ 535 |
Property, plant and equipment, net | (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Property, plant and equipment, net Electric plant $ 49,293 $ 47,104 Natural gas plant 7,443 7,135 Common and other property 2,519 2,503 Plant to be retired (a) 603 677 Construction work in progress 2,263 1,877 Total property, plant and equipment 62,121 59,296 Less accumulated depreciation (17,711) (16,657) Nuclear fuel 3,065 2,970 Less accumulated amortization (2,745) (2,659) Property, plant and equipment, net $ 44,730 $ 42,950 (a) Includes regulator-approved retirements of Comanche Units 1 and 2 and jointly owned Craig Unit 1 for PSCo and Sherco Units 1 and 2 for NSP-Minnesota. Also includes SPS’ expected retirement of Tolk and conversion of Harrington to natural gas, and PSCo’s planned retirement of jointly owned Craig Unit 2. |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Commercial paper and term loan borrowings | Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended Sept. 30, 2021 Year Ended Dec. 31, 2020 Borrowing limit $ 4,300 $ 3,100 Amount outstanding at period end 1,747 584 Average amount outstanding 1,742 1,126 Maximum amount outstanding 1,857 2,080 Weighted average interest rate, computed on a daily basis 0.57 % 1.45 % Weighted average interest rate at period end 0.56 0.23 (Millions of Dollars) Limit Amount Used Available Xcel Energy Inc. $ 1,200 $ 1,200 $ — |
Credit Facilities | As of Sept. 30, 2021, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 1,250 $ 529 $ 721 PSCo 700 8 692 NSP-Minnesota 500 9 491 SPS 500 20 480 NSP-Wisconsin 150 — 150 Total $ 3,100 $ 566 $ 2,534 (a) Expires in June 2024. (b) Includes outstanding commercial paper and letters of credit. As of Sept. 30, 2021, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows: (Millions of Dollars) Limit Amount Outstanding Available NSP-Minnesota $ 75 $ 41 $ 34 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Xcel Energy’s operating revenues consisted of the following: Three Months Ended Sept. 30, 2021 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 999 $ 133 $ 12 $ 1,144 C&I 1,515 76 7 1,598 Other 35 — 1 36 Total retail 2,549 209 20 2,778 Wholesale 288 — — 288 Transmission 167 — — 167 Other 17 45 — 62 Total revenue from contracts with customers 3,021 254 20 3,295 Alternative revenue and other 155 14 3 172 Total revenues $ 3,176 $ 268 $ 23 $ 3,467 Three Months Ended Sept. 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 962 $ 124 $ 11 $ 1,097 C&I 1,340 56 5 1,401 Other 34 — 2 36 Total retail 2,336 180 18 2,534 Wholesale 227 — — 227 Transmission 157 — — 157 Other 17 28 — 45 Total revenue from contracts with customers 2,737 208 18 2,963 Alternative revenue and other 204 11 4 219 Total revenues $ 2,941 $ 219 $ 22 $ 3,182 Nine Months Ended Sept. 30, 2021 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,488 $ 774 $ 33 $ 3,295 C&I 3,830 389 22 4,241 Other 96 — 5 101 Total retail 6,414 1,163 60 7,637 Wholesale 1,265 — — 1,265 Transmission 461 — — 461 Other 51 106 — 157 Total revenue from contracts with customers 8,191 1,269 60 9,520 Alternative revenue and other 452 95 9 556 Total revenues $ 8,643 $ 1,364 $ 69 $ 10,076 Nine Months Ended Sept. 30, 2020 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 2,356 $ 647 $ 32 $ 3,035 C&I 3,481 308 20 3,809 Other 94 — 4 98 Total retail 5,931 955 56 6,942 Wholesale 553 — — 553 Transmission 442 — — 442 Other 55 86 — 141 Total revenue from contracts with customers 6,981 1,041 56 8,078 Alternative revenue and other 449 41 11 501 Total revenues $ 7,430 $ 1,082 $ 67 $ 8,579 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Difference between the statutory rate and ETR: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 2021 2020 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State tax (net of federal tax effect) 5.0 5.0 5.0 5.1 Decreases: Wind PTCs (12.1) (8.0) (20.0) (13.2) Plant regulatory differences (a) (5.8) (7.2) (6.0) (7.4) NOL carryback — (1.9) — (1.0) Other (net) (1.5) (2.2) (1.3) (2.5) Effective income tax rate 6.6 % 6.7 % (1.3) % 2.0 % (a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. |
Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows: Tax Years Expiration 2014 — 2016 December 2022 2018 September 2022 |
Earliest Open Tax Years Subject to Examination by State Taxing Authorities in the Major Operating Jurisdictions | As of Sept. 30, 2021, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows: State Year Colorado 2014 Minnesota 2013 Texas 2012 Wisconsin 2016 • In February 2021, Minnesota concluded its review and commenced an audit of tax years 2015 - 2018. No material adjustments have been proposed. • In March 2021, Wisconsin began an audit of tax years 2016 - 2019. No material adjustments have been proposed. • In April 2021, Texas began an audit of tax years 2016 - 2019. No material adjustments have been proposed. • No other state income tax audits were in progress as of Sept. 30, 2021. |
Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits — permanent vs. temporary: (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Unrecognized tax benefit — Permanent tax positions $ 46 $ 41 Unrecognized tax benefit — Temporary tax positions 11 11 Total unrecognized tax benefit $ 57 $ 52 |
Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards: (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 NOL and tax credit carryforwards $ (35) $ (31) |
Interest Payable related to Unrecognized Tax Benefits | Interest payable related to unrecognized tax benefits: (Millions of Dollars) Sept. 30, 2021 Dec. 31, 2020 Payable for interest related to unrecognized tax benefits at beginning of period $ (3) $ — Interest expense related to unrecognized tax benefits — (3) Payable for interest related to unrecognized tax benefits at end of period $ (3) $ (3) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Common shares outstanding used in the basic and diluted EPS computation: Three Months Ended Sept. 30 Nine Months Ended Sept. 30 (Shares in Millions) 2021 2020 2021 2020 Basic 539 526 539 526 Diluted (a) 539 528 539 527 (a) Diluted common shares outstanding included common stock equivalents of 0.3 million an d 1.6 million for the three months ended Sept. 30, 2021 and 2020, respectively. Diluted common shares outstanding included common stock equivalents of 0.3 million and 1.0 million for the nine months ended Sept. 30, 2021 and 2020, respectively. |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: Sept. 30, 2021 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 38 $ 38 $ — $ — $ — $ 38 Commingled funds 821 — — — 1,208 1,208 Debt securities 620 — 643 15 — 658 Equity securities 407 1,178 2 — — 1,180 Total $ 1,886 $ 1,216 $ 645 $ 15 $ 1,208 $ 3,084 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $204 million of equity method investments and $158 million of rabbi trust assets and miscellaneous investments. Dec. 31, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 40 $ 40 $ — $ — $ — $ 40 Commingled funds 787 — — — 1,041 1,041 Debt securities 528 — 572 13 — 585 Equity securities 446 1,109 2 — — 1,111 Total $ 1,801 $ 1,149 $ 574 $ 13 $ 1,041 $ 2,777 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $165 million of equity method investments and $154 million of rabbi trust assets and other miscellaneous investments. |
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of Sept. 30, 2021: Final Contractual Maturity (Millions of Dollars) Due in 1 year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 years Total Debt securities $ 2 $ 153 $ 204 $ 299 $ 658 |
Rabbi Trust Securities Amortized Cost and Fair Value Measured on Recurrring Basis [Table Text Block] | Cost and fair value of assets held in rabbi trusts: Sept. 30, 2021 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 17 $ 17 $ — $ — $ 17 Mutual funds 71 84 — — 84 Total $ 88 $ 101 $ — $ — $ 101 Dec. 31, 2020 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 Total Rabbi Trusts (a) Cash equivalents $ 32 $ 32 $ — $ — $ 32 Mutual funds 60 70 — — 70 Total $ 92 $ 102 $ — $ — $ 102 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets. |
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) Sept. 30, 2021 Dec. 31, 2020 Megawatt hours of electricity 101 87 Million British thermal units of natural gas 184 175 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise. |
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | Impact of Derivative Activity — Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory (Assets) and Liabilities Three Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 4 $ — Total $ 4 $ — Other derivative instruments: Electric commodity $ — $ 5 Natural gas commodity — 57 Total $ — $ 62 Nine Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 5 $ — Total $ 5 $ — Other derivative instruments: Electric commodity $ — $ 18 Natural gas commodity — 57 Total $ — $ 75 Three Months Ended Sept. 30, 2020 Other derivative instruments: Electric commodity $ — $ (3) Natural gas commodity — 2 Total $ — $ (1) Nine Months Ended Sept. 30, 2020 Derivatives designated as cash flow hedges: Interest rate $ (13) $ — Total $ (13) $ — Other derivative instruments: Electric commodity $ — $ (3) Natural gas commodity — (1) Total $ — $ (4) Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and (Liabilities) Three Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 1 (b) Electric commodity — 3 (c) — Total $ — $ 3 $ 1 Nine Months Ended Sept. 30, 2021 Derivatives designated as cash flow hedges: Interest rate $ 7 (a) $ — $ — Total $ 7 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 49 (b) Electric commodity — (26) (c) — Natural gas commodity — 8 (d) (10) (d) Total $ — $ (18) $ 39 Three Months Ended Sept. 30, 2020 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 2 (b) Electric commodity — (3) (c) — Total $ — $ (3) $ 2 Nine Months Ended Sept. 30, 2020 Derivatives designated as cash flow hedges: Interest rate $ 5 (a) $ — $ — Total $ 5 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (1) (b) Electric commodity — (6) (c) — Natural gas commodity — 5 (d) (6) (d) Total $ — $ (1) $ (7) (a) Recorded to interest charges. (b) Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. (c) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis: Sept. 30, 2021 Dec. 31, 2020 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Derivatives designated as cash flow hedges: Interest rate $ — $ 4 $ — $ 4 $ — $ 4 $ — $ — $ — $ — $ — $ — Other derivative instruments: Commodity trading $ 50 $ 240 $ 23 $ 313 $ (253) $ 60 $ 2 $ 67 $ 1 $ 70 $ (52) $ 18 Electric commodity — — 83 83 (1) 82 — — 20 20 (1) 19 Natural gas commodity — 79 — 79 — 79 — 9 — 9 — 9 Total current derivative assets $ 50 $ 323 $ 106 $ 479 $ (254) 225 $ 2 $ 76 $ 21 $ 99 $ (53) 46 PPAs (b) 3 3 Current derivative instruments $ 228 $ 49 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 23 $ 72 $ 99 $ 194 $ (129) $ 65 $ 8 $ 66 $ 8 $ 82 $ (62) $ 20 Total noncurrent derivative assets $ 23 $ 72 $ 99 $ 194 $ (129) 65 $ 8 $ 66 $ 8 $ 82 $ (62) 20 PPAs (b) 7 10 Noncurrent derivative instruments $ 72 $ 30 Sept. 30, 2021 Dec. 31, 2020 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Other derivative instruments: Commodity trading $ 48 $ 239 $ 25 $ 312 $ (253) $ 59 $ 4 $ 64 $ 17 $ 85 $ (58) $ 27 Electric commodity — — 1 1 (1) — — — 1 1 (1) — Natural gas commodity — — — — — — — 9 — 9 — 9 Total current derivative liabilities $ 48 $ 239 $ 26 $ 313 $ (254) 59 $ 4 $ 73 $ 18 $ 95 $ (59) 36 PPAs (b) 17 17 Current derivative instruments $ 76 $ 53 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 22 $ 69 $ 120 $ 211 $ (156) $ 55 $ 3 $ 58 $ 60 $ 121 $ (47) $ 74 Total noncurrent derivative liabilities $ 22 $ 69 $ 120 $ 211 $ (156) 55 $ 3 $ 58 $ 60 $ 121 $ (47) 74 PPAs (b) 44 57 Noncurrent derivative instruments $ 99 $ 131 (a) Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2021 and Dec. 31, 2020. At both Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include $15 million of obligations to return cash collateral. At Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include rights to reclaim cash collateral of $42 million and $6 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b) During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Change in Level 3 Commodity Derivative | Changes in Level 3 commodity derivatives: Three Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Balance at July 1 $ 71 $ 34 Purchases 2 — Settlements (53) (17) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 12 (25) Net gains recognized as regulatory assets and liabilities 27 2 Balance at Sept. 30 $ 59 $ (6) Nine Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Balance at Jan. 1 $ (49) $ 4 Purchases 65 49 Settlements (101) (59) Net transactions recorded during the period: Gains (losses) recognized in earnings (a) 59 (11) Net gains recognized as regulatory assets and liabilities 85 11 Balance at Sept. 30 $ 59 $ (6) (a) Presented amounts relate to instruments held at the end of the period. The consolidated income statement also includes gains and losses on Level 1 and 2 instruments, and Level 3 instruments settled during the period. |
Carrying Amount and Fair Value of Long-term Debt | Other financial instruments for which the carrying amount did not equal fair value: Sept. 30, 2021 Dec. 31, 2020 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 21,600 $ 24,657 $ 20,066 $ 24,412 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit) Three Months Ended Sept. 30 2021 2020 2021 2020 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 26 $ 24 $ — $ — Interest cost (a) 26 31 4 5 Expected return on plan assets (a) (52) (52) (4) (5) Amortization of prior service credit (a) — (1) (2) (2) Amortization of net loss (a) 27 25 1 1 Settlement charge (b) 39 — — — Net periodic benefit cost (credit) 66 27 (1) (1) Effects of regulation (31) 4 1 1 Net benefit cost (credit) recognized for financial reporting $ 35 $ 31 $ — $ — Nine Months Ended Sept. 30 2021 2020 2021 2020 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 78 $ 72 $ 1 $ 1 Interest cost (a) 78 94 11 14 Expected return on plan assets (a) (155) (156) (13) (15) Amortization of prior service credit (a) (1) (3) (6) (6) Amortization of net loss (a) 81 74 4 3 Settlement charge (b) 39 — — — Net periodic benefit cost (credit) 120 81 (3) (3) Effects of regulation (32) 7 2 2 Net benefit cost (credit) recognized for financial reporting $ 88 $ 88 $ (1) $ (1) (a) The components of net periodic cost other than the service cost component are included in the line item “Other (expense) income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b) A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2021 as a result of lump-sum distributions during the 2021 plan year, Xcel Energy recorded a total pension settlement charge of $39 million, the majority of which was not recognized in earnings due to the effects of regulation. A total of $4 million of that amount was recorded in other expense in the third quarter 2021. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Finance Lease, Liability, Fiscal Year Maturity | Commitments under operating and finance leases as of Sept. 30, 2021: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,470 $ 191 $ 1,661 $ 246 Interest component of obligation (221) (35) (256) (173) Present value of minimum obligation $ 1,249 156 1,405 73 Less current portion (218) (3) Noncurrent operating and finance lease liabilities $ 1,187 $ 70 (a) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. | |
Lease, Cost | Components of lease expense: Three Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Operating leases PPA capacity payments $ 56 $ 56 Other operating leases (a) 2 5 Total operating lease expense (b) $ 58 $ 61 Finance leases Amortization of ROU assets $ 2 $ 2 Interest expense on lease liability 4 4 Total finance lease expense $ 6 $ 6 (a) Includes short-term lease expense o f $1 million and $2 million for 2021 and 2020, respectively. | Nine Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Operating leases PPA capacity payments $ 170 $ 145 Other operating leases (a) 19 22 Total operating lease expense (b) $ 189 $ 167 Finance leases Amortization of ROU assets $ 6 $ 5 Interest expense on lease liability 12 13 Total finance lease expense $ 18 $ 18 (a) Includes short-term lease expense of $4 million for 2021 and 2020, respectively. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2021 and 2020: Three Months Ended Sept. 30, 2021 Three Months Ended Sept. 30, 2020 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at July 1 $ (80) $ (55) $ (135) $ (87) $ (58) $ (145) Other comprehensive gain before reclassifications (net of taxes of $1, $—, $— and $—, respectively) 3 — 3 — — — Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $—, $—, $— and $—, respectively) (a) 2 — 2 1 — 1 Amortization of net actuarial loss (net of taxes of $—, $1, $— and $—, respectively) (b) — 4 4 — 1 1 Net current period other comprehensive income 5 4 9 1 1 2 Accumulated other comprehensive loss at Sept. 30 $ (75) $ (51) $ (126) $ (86) $ (57) $ (143) Nine Months Ended Sept. 30, 2021 Nine Months Ended Sept. 30, 2020 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (85) $ (56) $ (141) $ (80) $ (61) $ (141) Other comprehensive gain (loss) before reclassifications (net of taxes of $1, $—, $(3) and $—, respectively) 4 — 4 (10) — (10) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (net of taxes of $1, $—, $1 and $—, respectively) (a) 6 — 6 4 — 4 Amortization of net actuarial loss (net of taxes of $—, $2, $— and $1, respectively) (b) — 5 5 — 4 4 Net current period other comprehensive income (loss) 10 5 15 (6) 4 (2) Accumulated other comprehensive loss at Sept. 30 $ (75) $ (51) $ (126) $ (86) $ (57) $ (143) (a) Included in interest charges. (b) Included in the computation of net periodic pension and postretirement benefit costs. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | Xcel Energy’s segment information: Three Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Regulated Electric Operating revenues — external $ 3,176 $ 2,941 Intersegment revenue — 1 Total revenues $ 3,176 $ 2,942 Net income 629 632 Regulated Natural Gas Operating revenues — external $ 268 $ 219 Intersegment revenue 1 — Total revenues 269 219 Net income 10 — All Other Total revenues $ 23 $ 22 Net loss (30) (29) Consolidated Total Total revenues $ 3,468 $ 3,183 Reconciling eliminations (1) (1) Total operating revenues $ 3,467 $ 3,182 Net income 609 603 Nine Months Ended Sept. 30 (Millions of Dollars) 2021 2020 Regulated Electric Operating revenues — external $ 8,643 $ 7,430 Intersegment revenue 1 1 Total revenues $ 8,644 $ 7,431 Net income 1,202 1,148 Regulated Natural Gas Operating revenues — external $ 1,364 $ 1,082 Intersegment revenue 2 1 Total revenues 1,366 1,083 Net income $ 161 $ 111 All Other Total revenues 69 67 Net loss $ (81) $ (74) Consolidated Total Total revenues $ 10,079 $ 8,581 Reconciling eliminations (3) (2) Total operating revenues $ 10,076 $ 8,579 Net income 1,282 1,185 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - PSCo $ in Millions | Oct. 25, 2021USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recovered Winter Storm Uri Deferred net natural gas, fuel, and purchased energy costs - electric utility | $ 263 |
Recovered Winter Storm Uri Deferred net natural gas, fuel, and purchased energy costs - natural gas utility | 287 |
Carrying charges through a rider mechanism | 0 |
Electric customers refunds | 41 |
Foregone recovery of replacement power costs | 14 |
Incremental bad debt expense | $ 11 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 2 | |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 2 | $ 2 |
Selected Balance Sheet Data Sel
Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 1,119 | $ 995 |
Less allowance for bad debts | (97) | (79) |
Accounts receivable, net | $ 1,022 | $ 916 |
Selected Balance Sheet Data S_2
Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Public Utilities, Inventory [Line Items] | ||
Total inventories | $ 587 | $ 535 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 283 | 275 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 155 | 176 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 149 | $ 84 |
Selected Balance Sheet Data, Pr
Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 62,121 | $ 59,296 | |
Less accumulated depreciation and amortization | (17,711) | (16,657) | |
Property, plant and equipment, net | 44,730 | 42,950 | |
Electric plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 49,293 | 47,104 | |
Natural gas plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,443 | 7,135 | |
Common and other property | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,519 | 2,503 | |
Plant to be retired | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | [1] | 603 | 677 |
Construction work in progress | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,263 | 1,877 | |
Nuclear fuel | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,065 | 2,970 | |
Less accumulated depreciation and amortization | $ (2,745) | $ (2,659) | |
[1] | Includes regulator-approved retirements of Comanche Units 1 and 2 and jointly owned Craig Unit 1 for PSCo and Sherco Units 1 and 2 for NSP-Minnesota. Also includes SPS’ expected retirement of Tolk and conversion of Harrington to natural gas, and PSCo’s planned retirement of jointly owned Craig Unit 2 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,747 | $ 584 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 4,300 | 3,100 |
Amount outstanding at period end | 1,747 | 584 |
Average amount outstanding | 1,742 | 1,126 |
Maximum amount outstanding | $ 1,857 | $ 2,080 |
Weighted average interest rate, computed on a daily basis | 0.57% | 1.45% |
Weighted average interest rate at period end | 0.56% | 0.23% |
Letters of Credit (Details)
Letters of Credit (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 1,747 | $ 584 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 19 | $ 20 |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - USD ($) | Oct. 25, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||||
Active gas litigation cases | $ 1 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | $ 3,100,000,000 | ||
Outstanding | [2] | 566,000,000 | ||
Available | 2,534,000,000 | |||
Direct advances on the credit facility outstanding | 0 | $ 0 | ||
Revolving Credit Facility [Member] | PSCo | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 700,000,000 | ||
Outstanding | [2] | 8,000,000 | ||
Available | 692,000,000 | |||
Revolving Credit Facility [Member] | NSP-Minnesota | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 500,000,000 | ||
Outstanding | [2] | 9,000,000 | ||
Available | 491,000,000 | |||
Revolving Credit Facility [Member] | SPS | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 500,000,000 | ||
Outstanding | [2] | 20,000,000 | ||
Available | 480,000,000 | |||
Revolving Credit Facility [Member] | NSP-Wisconsin | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 150,000,000 | ||
Outstanding | [2] | 0 | ||
Available | 150,000,000 | |||
Revolving Credit Facility [Member] | Xcel Energy Inc. | ||||
Line of Credit Facility [Line Items] | ||||
Credit Facility | [1] | 1,250,000,000 | ||
Outstanding | [2] | 529,000,000 | ||
Available | $ 721,000,000 | |||
[1] | Expires in June 2024. | |||
[2] | Includes outstanding commercial paper and letters of credit. |
Borrowings and Other Financin_4
Borrowings and Other Financing Instruments Term Loan (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Feb. 17, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||||
Amount outstanding at period end | $ 1,747,000,000 | $ 584,000,000 | ||
Proceeds from issuance of common stock | 13,000,000 | $ 5,000,000 | ||
Expiration Period, Line of Credit | $ 364 | |||
Letter of Credit | ||||
Short-term Debt [Line Items] | ||||
Amount outstanding at period end | 19,000,000 | $ 20,000,000 | ||
364-Day Term Loan [Member] | Short-term Debt [Member] | Xcel Energy Inc. | ||||
Short-term Debt [Line Items] | ||||
Credit Facility | 1,200,000,000 | $ 1,200,000,000 | ||
Required debt to total capitalization ratio | 6500.00% | |||
Amount outstanding at period end | 1,200,000,000 | |||
Available | $ 0 |
Borrowings and Other Financin_5
Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,747 | $ 584 |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 19 | $ 20 |
Bilateral Credit Agreement [Member] | NSP-Minnesota | Letter of Credit | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year | |
Credit Facility | $ 75 | |
Amount outstanding at period end | 41 | |
Available | $ 34 |
Borrowings and Other Financin_6
Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - Bonds [Member] - USD ($) | Jul. 19, 2021 | Mar. 23, 2021 | Mar. 02, 2021 | Mar. 01, 2021 |
PSCo | Series Due June 15, 2031 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 750,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | |||
SPS | Series Due 2050 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |||
NSP-Wisconsin | Series Due May 1, 2051 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 100,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.82% | |||
NSP-Minnesota | Series Due April 1, 2031 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 425,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||
NSP-Minnesota | Series Due April 1, 2052 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 425,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% |
Borrowings and Other Financin_7
Borrowings and Other Financing Instruments Forward Equity Agreement (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Forward Contract Indexed to Issuer's Equity [Line Items] | ||
Proceeds from issuance of common stock | $ 13 | $ 5 |
Dividend Reinvestment Program | ||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||
Proceeds from issuance of common stock | $ 38 | $ 30 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 2,778 | $ 2,534 | $ 7,637 | $ 6,942 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 288 | 227 | 1,265 | 553 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 167 | 157 | 461 | 442 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 62 | 45 | 157 | 141 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,295 | 2,963 | 9,520 | 8,078 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 172 | 219 | 556 | 501 |
Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,144 | 1,097 | 3,295 | 3,035 |
C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,598 | 1,401 | 4,241 | 3,809 |
Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36 | 36 | 101 | 98 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,467 | 3,182 | 10,076 | 8,579 |
Regulated Electric | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,549 | 2,336 | 6,414 | 5,931 |
Regulated Electric | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 288 | 227 | 1,265 | 553 |
Regulated Electric | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 167 | 157 | 461 | 442 |
Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 17 | 51 | 55 |
Regulated Electric | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,021 | 2,737 | 8,191 | 6,981 |
Regulated Electric | Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 155 | 204 | 452 | 449 |
Regulated Electric | Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 999 | 962 | 2,488 | 2,356 |
Regulated Electric | C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,515 | 1,340 | 3,830 | 3,481 |
Regulated Electric | Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 35 | 34 | 96 | 94 |
Regulated Electric | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,176 | 2,941 | 8,643 | 7,430 |
Regulated Natural Gas | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 209 | 180 | 1,163 | 955 |
Regulated Natural Gas | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Regulated Natural Gas | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 45 | 28 | 106 | 86 |
Regulated Natural Gas | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 254 | 208 | 1,269 | 1,041 |
Regulated Natural Gas | Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 14 | 11 | 95 | 41 |
Regulated Natural Gas | Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 133 | 124 | 774 | 647 |
Regulated Natural Gas | C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 76 | 56 | 389 | 308 |
Regulated Natural Gas | Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Regulated Natural Gas | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 268 | 219 | 1,364 | 1,082 |
All Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20 | 18 | 60 | 56 |
All Other | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
All Other | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
All Other | Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20 | 18 | 60 | 56 |
All Other | Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 3 | 4 | 9 | 11 |
All Other | Residential | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12 | 11 | 33 | 32 |
All Other | C&I | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7 | 5 | 22 | 20 |
All Other | Other | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 2 | 5 | 4 |
All Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 23 | $ 22 | $ 69 | $ 67 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | |
State tax (net of federal tax effect) | 5.00% | 5.00% | 5.00% | 5.10% | |
Wind PTCs | (12.10%) | (8.00%) | (20.00%) | (13.20%) | |
Plant regulatory differences (a) | [1] | (5.80%) | (7.20%) | (6.00%) | (7.40%) |
Other (net) | (1.50%) | (2.20%) | (1.30%) | (2.50%) | |
Effective income tax rate | 6.60% | 6.70% | (1.30%) | 2.00% | |
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback, Percent | 0.00% | (1.90%) | 0.00% | (1.00%) | |
[1] | Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. |
Income Taxes State Audits (Deta
Income Taxes State Audits (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | ||
Potential Tax Adjustments | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | $ 0 |
WISCONSIN | ||
Income Tax Examination [Line Items] | ||
Potential Tax Adjustments | 0 | |
NSP-Minnesota | ||
Income Tax Examination [Line Items] | ||
Potential Tax Adjustments | $ 0 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefits (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit — Permanent tax positions | $ 46,000,000 | $ 41,000,000 | |
Unrecognized tax benefit — Temporary tax positions | 11,000,000 | 11,000,000 | |
Total unrecognized tax benefit | 57,000,000 | 52,000,000 | |
NOL and tax credit carryforwards | 35,000,000 | 31,000,000 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 27,000,000 | ||
Potential Tax Adjustments | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | (3,000,000) | (3,000,000) | $ 0 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 0 | $ (3,000,000) |
Common Stock Equivalents (Detai
Common Stock Equivalents (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 539,000 | 526,000 | 539,000 | 526,000 |
Diluted (in shares) | 539,000 | 528,000 | 539,000 | 527,000 |
Dilutive Effect of Contingently Issuable Shares | 300 | 1,600 | 300 | 1,000 |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |||
Nuclear decommissinoning fund [Abstract] | |||||
Equity investments in unconsolidated subsidiaries | $ 204 | $ 165 | |||
Miscellaneous investments | 158 | 154 | |||
Available-for-sale Securities, Gross Unrealized Gain | $ 981 | 1,200 | |||
Available-for-sale Securities, Gross Unrealized Loss | 5 | 5 | |||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Due in one year or less | 2 | ||||
Due in 1 to 5 years | 153 | ||||
Due in 5 to 10 years | 204 | ||||
Due after 10 years | 299 | ||||
Total | 658 | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 1,886 | [1] | 1,801 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 38 | [1] | 40 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 821 | 787 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 620 | [1] | 528 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity Securities, FV-NI | 407 | [1] | 446 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 1,208 | [1] | 1,041 | [2] | |
Decommissioning Fund Investments | 3,084 | [1] | 2,777 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 38 | [1] | 40 | [2] | |
Alternative investment | 0 | [1] | 0 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 1,208 | [1] | 1,041 | [2] | |
Commingled funds | 1,208 | 1,041 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 658 | [1] | 585 | [2] | |
Alternative investment | 0 | [1] | 0 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Alternative investment | 0 | [1] | 0 | [2] | |
Equity Securities, FV-NI | 1,180 | [1] | 1,111 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 1,216 | [1] | 1,149 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 38 | [1] | 40 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 0 | 0 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 0 | [1] | 0 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity Securities, FV-NI | 1,178 | [1] | 1,109 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 645 | [1] | 574 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 0 | [1] | 0 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 0 | 0 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 643 | [1] | 572 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity Securities, FV-NI | 2 | [1] | 2 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Decommissioning Fund Investments | 15 | [1] | 13 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Cash equivalents | 0 | [1] | 0 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Commingled funds | 0 | 0 | |||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Debt securities | 15 | [1] | 13 | [2] | |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities | |||||
Nuclear decommissinoning fund [Abstract] | |||||
Equity Securities, FV-NI | $ 0 | [1] | $ 0 | [2] | |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $204 million of equity method investments and $158 million of rabbi trust assets and miscellaneous investments. | ||||
[2] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $165 million of equity method investments and $154 million of rabbi trust assets and other miscellaneous investments. |
Rabbi Trust (Details)
Rabbi Trust (Details) - Rabbi Trust [Member] - Fair Value, Measured on a Recurring Basis - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Cost | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | $ 88 | $ 92 |
Cost | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 17 | 32 |
Cost | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 71 | 60 |
Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 101 | 102 |
Fair Value | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 17 | 32 |
Fair Value | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 84 | 70 |
Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 101 | 102 |
Fair Value | Level 1 | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 17 | 32 |
Fair Value | Level 1 | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 84 | 70 |
Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 0 | 0 |
Fair Value | Level 2 | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Fair Value | Level 2 | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | 0 | 0 |
Fair Value | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Rabbi Trusts Assets at Fair Value | [1] | 0 | 0 |
Fair Value | Level 3 | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 0 | 0 |
Fair Value | Level 3 | Mutual Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mutual funds | [1] | $ 0 | $ 0 |
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets. |
Interest Rate Derivatives (Deta
Interest Rate Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Other Current Assets | |||
Derivative [Line Items] | |||
Derivative Asset, Net | $ 228 | $ 49 | |
Other Current Assets | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 479 | 99 | |
Netting | [1] | 254 | 53 |
Derivative Asset, Net | 225 | 46 | |
Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 50 | 2 | |
Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 323 | 76 | |
Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 106 | 21 | |
Interest rate derivatives | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 6 | ||
Interest rate derivatives | Other Current Assets | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 4 | 0 | |
Netting | [1] | 0 | 0 |
Derivative Asset, Net | 4 | 0 | |
Interest rate derivatives | Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 0 | 0 | |
Interest rate derivatives | Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | 4 | 0 | |
Interest rate derivatives | Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Asset, Gross | $ 0 | $ 0 | |
[1] | Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2021 and Dec. 31, 2020. At both Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include $15 million of obligations to return cash collateral. At Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include rights to reclaim cash collateral of $42 million and $6 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. |
Commodity Derivatives (Details)
Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)MWhMMBTU | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)MWhMMBTU | Sep. 30, 2020USD ($) | Dec. 31, 2020MWhMMBTU | ||
Other Derivative Instruments | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 62 | $ (1) | $ 75 | $ (4) | ||
Cash Flow Hedge Commodity [Member] | ||||||
Derivative [Line Items] | ||||||
Commodity contracts designated as cash flow hedges | $ 0 | $ 0 | ||||
Electric Commodity [Member] | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Derivative, Nonmonetary Notional Amount | MWh | [1],[2] | 101 | 101 | 87 | ||
Natural Gas Commodity | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Derivative, Nonmonetary Notional Amount | MMBTU | [1],[2] | 184 | 184 | 175 | ||
Natural Gas Commodity | Other Derivative Instruments | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 57 | 2 | $ 57 | (1) | ||
Natural Gas Commodity for Electric Generation | Other Derivative Instruments | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Not reflective of net positions in the underlying commodities. | |||||
[2] | Notional amounts for options included on a gross basis but weighted for the probability of exercise. |
Consideration of Credit Risk an
Consideration of Credit Risk and Concentrations (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Counterparty | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Counterparty | Sep. 30, 2020USD ($) | ||
Impact of Derivative Activity [Abstract] | |||||
Fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | |
Other Derivative Instruments | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 62,000,000 | (1,000,000) | 75,000,000 | (4,000,000) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 3,000,000 | (3,000,000) | (18,000,000) | (1,000,000) | |
Pre-tax gains (losses) recognized during the period in income | 1,000,000 | 2,000,000 | 39,000,000 | (7,000,000) | |
Other Derivative Instruments | Electric Commodity | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 5,000,000 | (3,000,000) | 18,000,000 | (3,000,000) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [1] | 3,000,000 | (3,000,000) | (26,000,000) | (6,000,000) |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | |
Other Derivative Instruments | Natural Gas Commodity | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | |
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 57,000,000 | 2,000,000 | 57,000,000 | (1,000,000) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [2] | 8,000,000 | 5,000,000 | ||
Pre-tax gains (losses) recognized during the period in income | [2] | (10,000,000) | (6,000,000) | ||
Other Derivative Instruments | Commodity Trading | |||||
Impact of Derivative Activity [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | [3] | 1,000,000 | 2,000,000 | 49,000,000 | (1,000,000) |
Other Derivative Instruments | Natural Gas Commodity for Electric Generation | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 4,000,000 | 5,000,000 | (13,000,000) | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,000,000 | 1,000,000 | 7,000,000 | 5,000,000 | |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | |||||
Impact of Derivative Activity [Abstract] | |||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 4,000,000 | 5,000,000 | (13,000,000) | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [4] | 2,000,000 | 1,000,000 | 7,000,000 | 5,000,000 |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | |
Pre-tax gains (losses) recognized during the period in income | $ 0 | $ 0 | $ 0 | $ 0 | |
Credit Concentration Risk | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | 10 | |||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 5 | 5 | |||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | 6 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 121,000,000 | $ 121,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 40.00% | 40.00% | |||
Credit Concentration Risk | Internal Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 2 | 2 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 29,000,000 | $ 29,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 10.00% | 10.00% | |||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 2 | 2 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 44,000,000 | $ 44,000,000 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 14.00% | 14.00% | |||
[1] | Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||
[2] | Amounts for both the three and nine months ended Sept. 30, 2021 and 2020 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three and nine months ended Sept. 30, 2021 and 2020 relate to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. | ||||
[3] | Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||
[4] | Recorded to interest charges. |
Credit Related Contingent Featu
Credit Related Contingent Features (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 2 | $ 4 |
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value | 62 | 60 |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 0 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Derivatives, Fair Value [Line Items] | ||||||
Return Cash Collateral | $ 15 | $ 15 | $ 15 | |||
Reclaim Cash Collateral | 42 | 42 | 6 | |||
Commodity Trading | ||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||||
Balance at beginning of period | 71 | $ 34 | (49) | $ 4 | ||
Purchases | 2 | 0 | 65 | 49 | ||
Settlements | (53) | (17) | (101) | (59) | ||
Gains (losses) recognized in earnings | [1] | 12 | (25) | 59 | (11) | |
Net gains recognized as regulatory assets and liabilities | 27 | 2 | 85 | 11 | ||
Balance at end of period | 59 | (6) | 59 | (6) | ||
Transfers Level 3, Net | 0 | $ 0 | 0 | $ 0 | ||
Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | 228 | 228 | 49 | |||
Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | 72 | 72 | 30 | |||
Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | 76 | 76 | 53 | |||
Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | 99 | 99 | 131 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 479 | 479 | 99 | |||
Netting | [2] | (254) | (254) | (53) | ||
Derivative Asset, Net | 225 | 225 | 46 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 50 | 50 | 2 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 323 | 323 | 76 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 106 | 106 | 21 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 313 | 313 | 70 | |||
Netting | [2] | (253) | (253) | (52) | ||
Derivative Asset, Net | 60 | 60 | 18 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 83 | 83 | 20 | |||
Netting | [2] | (1) | (1) | (1) | ||
Derivative Asset, Net | 82 | 82 | 19 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 79 | 79 | 9 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Asset, Net | 79 | 79 | 9 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 50 | 50 | 2 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 240 | 240 | 67 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 79 | 79 | 9 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 23 | 23 | 1 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 83 | 83 | 20 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 4 | 4 | 0 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Asset, Net | 4 | 4 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Designated as Hedging Instrument | Level 1 | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Designated as Hedging Instrument | Level 2 | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 4 | 4 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Assets | Designated as Hedging Instrument | Level 3 | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 194 | 194 | 82 | |||
Netting | [2] | (129) | (129) | (62) | ||
Derivative Asset, Net | 65 | 65 | 20 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 23 | 23 | 8 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 72 | 72 | 66 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 99 | 99 | 8 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 194 | 194 | 82 | |||
Netting | [2] | (129) | (129) | (62) | ||
Derivative Asset, Net | 65 | 65 | 20 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 23 | 23 | 8 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 72 | 72 | 66 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Gross | 99 | 99 | 8 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 313 | 313 | 95 | |||
Netting | [2] | (254) | (254) | (59) | ||
Derivative Liability, Net | 59 | 59 | 36 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 48 | 48 | 4 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 239 | 239 | 73 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 26 | 26 | 18 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 312 | 312 | 85 | |||
Netting | [2] | (253) | (253) | (58) | ||
Derivative Liability, Net | 59 | 59 | 27 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 1 | 1 | 1 | |||
Netting | [2] | (1) | (1) | (1) | ||
Derivative Liability, Net | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 9 | |||
Netting | [2] | 0 | 0 | 0 | ||
Derivative Liability, Net | 0 | 0 | 9 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 48 | 48 | 4 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 239 | 239 | 64 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 9 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 25 | 25 | 17 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Electric Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 1 | 1 | 1 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 0 | 0 | 0 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 211 | 211 | 121 | |||
Netting | [2] | (156) | (156) | (47) | ||
Derivative Liability, Net | 55 | 55 | 74 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 22 | 22 | 3 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 69 | 69 | 58 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 120 | 120 | 60 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 211 | 211 | 121 | |||
Netting | [2] | (156) | (156) | (47) | ||
Derivative Liability, Net | 55 | 55 | 74 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 22 | 22 | 3 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 69 | 69 | 58 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Gross | 120 | 120 | 60 | |||
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [3] | 3 | 3 | 3 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Net | [3] | 7 | 7 | 10 | ||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | [3] | 17 | 17 | 17 | ||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Net | [3] | $ 44 | $ 44 | $ 57 | ||
[1] | Presented amounts relate to instruments held at the end of the period. The consolidated income statement also includes gains and losses on Level 1 and 2 instruments, and Level 3 instruments settled during the period | |||||
[2] | Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2021 and Dec. 31, 2020. At both Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include $15 million of obligations to return cash collateral. At Sept. 30, 2021 and Dec. 31, 2020, derivative assets and liabilities include rights to reclaim cash collateral of $42 million and $6 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||||
[3] | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 21,600 | $ 20,066 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 24,657 | $ 24,412 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2021USD ($)Plan | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | ||
Pension Plan [Member] | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | $ 26 | $ 24 | $ 78 | $ 72 | ||
Interest Cost | [1] | 26 | 31 | 78 | 94 | |
Expected Return on Plan Assets | [1] | (52) | (52) | (155) | (156) | |
Amortization of Prior Service Credit | [1] | 0 | (1) | (1) | (3) | |
Amortization of Net Loss | [1] | 27 | 25 | 81 | 74 | |
Net periodic benefit cost (credit) | 66 | 27 | 120 | 81 | ||
Effects of regulation | (31) | 4 | (32) | 7 | ||
Net benefit cost (credit) recognized for financial reporting | 35 | 31 | 88 | 88 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | 39 | 0 | 39 | 0 | |
Pension Plan [Member] | Parent Company | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Contributions to Xcel Energy's pension plans | $ 125 | |||||
Number of pension plans to which contributions were made | Plan | 4 | |||||
Other Postretirement Benefits Plan [Member] | ||||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 0 | 0 | 1 | 1 | ||
Interest Cost | [1] | 4 | 5 | 11 | 14 | |
Expected Return on Plan Assets | [1] | (4) | (5) | (13) | (15) | |
Amortization of Prior Service Credit | [1] | (2) | (2) | (6) | (6) | |
Amortization of Net Loss | [1] | 1 | 1 | 4 | 3 | |
Net periodic benefit cost (credit) | (1) | (1) | (3) | (3) | ||
Effects of regulation | 1 | 1 | 2 | 2 | ||
Net benefit cost (credit) recognized for financial reporting | 0 | 0 | (1) | (1) | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | The components of net periodic cost other than the service cost component are included in the line item “Other (expense) income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset | |||||
[2] | A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the third quarter of 2021 as a result of lump-sum distributions during the 2021 plan year, Xcel Energy recorded a total pension settlement charge of $39 million, the majority of which was not recognized in earnings due to the effects of regulation. A total of $4 million of that amount was recorded in other expense in the third quarter 2021 |
Gas Trading Litigation (Details
Gas Trading Litigation (Details) number in Millions | Oct. 25, 2021USD ($) | Sep. 30, 2021 |
Loss Contingencies [Line Items] | ||
Active gas litigation cases | $ 1 | |
Breckenridge Litigation | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 3 |
Commitments and Contingencies N
Commitments and Contingencies NSP-Minnesota-Sherco (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2021USD ($) | |
NSP-Minnesota | |
Rate Matters [Abstract] | |
Customer refund of previously recovered purchased power costs | $ 17 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Westmoreland - NSP-Minnesota $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Gain (Loss) Related to Litigation Settlement | $ 36 |
Public Utilities, General Disclosures [Line Items] | |
Gain (Loss) Related to Litigation Settlement | $ 36 |
Commitments and Contingencies M
Commitments and Contingencies MISO ROE Complaints (Details) - NSP Minnesota and NSP Wisconsin - FERC Proceeding, MISO ROE Complaint [Member] - Federal Energy Regulatory Commission (FERC) [Member] | 1 Months Ended | 3 Months Ended | 7 Months Ended | 16 Months Ended | 17 Months Ended | 23 Months Ended | |
Feb. 28, 2015 | Nov. 30, 2013 | Jun. 30, 2017 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 1238.00% | 1238.00% | |||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 867.00% | 915.00% | |||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 1032.00% | ||||||
Public Utilities, ROE developed with new approach | 988.00% | ||||||
Public Utilities, ROE New Base, Complaint Number 1 | 1002.00% | ||||||
Basis Point Reduction | 1000.00% | ||||||
Basis Point Reduction - First Complaint | 100000000.00% | ||||||
Basis Point Reduction - Second Complaint | 100000000.00% | ||||||
Basis Point Reduction - Third Complaint | 200000000.00% |
Commitments and Contingencies F
Commitments and Contingencies FERC NOPR on ROE Incentive Adders (Details) - Federal Energy Regulatory Commission (FERC) [Member] - NSP Minnesota, NSP Wisconsin and SPS | Sep. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |
ROE incentive adders related to FERC NOPR | 0.50% |
Public Utilities, General Disclosures [Line Items] | |
ROE incentive adders related to FERC NOPR | 0.50% |
SPP OATT Upgrade Costs (Details
SPP OATT Upgrade Costs (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
SPS | Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 13 |
Gas Cost Adjustment NOPR (Detai
Gas Cost Adjustment NOPR (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||
recoverability of costs in excess of forecasted amount - low end | 9000.00% | |
recoverability of costs in excess of forecasted amount - high end | 9500.00% | |
SPS | Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 13 |
Contract Termination (Details)
Contract Termination (Details) - SPS $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)MW | |
Loss Contingencies [Line Items] | |
Megawatts, Lubbock Power and Light contract | MW | 170 |
Lubbock Power and Light Contract Length | 25 years |
Settlement Agreement Payment, Lubbock Power and Light Contract | $ | $ 78 |
MGP, Landfill and Disposal Site
MGP, Landfill and Disposal Sites (Details) | Sep. 30, 2021 |
Other MGP, Landfill, or Disposal Sites [Domain] | |
Manufactured Gas Plant (MGP) Site [Abstract] | |
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 14 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) - Federal Coal Ash Regulation $ in Millions | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Site Contingency [Line Items] | |
Number of sites where regulated ash units will still be in operation at a specified date | 8 |
NSP-Minnesota | |
Site Contingency [Line Items] | |
Number of sites where statistically significant increases over established groundwater standards exist | 0 |
Cost of construction of a new impoundment | $ 9 |
Estimated cost of closure of an impoundment | $ 4 |
Time period of existing ash pond closure completion in accordance with the CCR rule | 5 years |
PSCo | |
Site Contingency [Line Items] | |
Number of sites where statistically significant increases over established groundwater standards exist | 4 |
Number of sites where corrective action options are being evaluated for locations with statistically significant increases above background concentrations | 2 |
Number of sites where monitoring results indicate potential offsite impacts to groundwater | 1 |
Estimated cost to remediate groundwater sampling results | $ 35 |
Estimated cost of construction of an alternative collection and treatment system | 25 |
Estimated cost to close Comanche station bottom ash pond | $ 3 |
NSP-Minnesota and PSCo | |
Site Contingency [Line Items] | |
Number of impoundments where closure plans will be expedited | 2 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Finance Lease, Right-of-Use Asset, Amortization | $ 2 | $ 2 | $ 6 | $ 5 | ||||||
Finance Lease, Interest Expense | 4 | 4 | 12 | 13 | ||||||
Finance Lease, Cost | 6 | 6 | 18 | 18 | ||||||
Operating Lease, Cost | 58 | [1] | 61 | [1] | 189 | [2] | 167 | [2] | ||
Lessee, Operating Lease, Liability, to be Paid | 1,661 | 1,661 | ||||||||
Finance Lease, Liability, Payment, Due | [3] | 246 | 246 | |||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (256) | (256) | ||||||||
Finance Lease, Liability, Undiscounted Excess Amount | [3] | (173) | (173) | |||||||
Operating Lease, Liability | 1,405 | 1,405 | ||||||||
Finance Lease, Liability | [3] | 73 | 73 | |||||||
Operating Lease, Liability, Current | (218) | (218) | $ (214) | |||||||
Finance Lease, Liability, Current | [3] | (3) | (3) | |||||||
Operating lease liabilities | 1,187 | 1,187 | $ 1,344 | |||||||
Finance Lease, Liability, Noncurrent | [3] | 70 | 70 | |||||||
Short-term Lease, Cost | 1 | 2 | 4 | 4 | ||||||
PPAs | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Lease, Cost | 56 | 56 | 170 | 145 | ||||||
Lessee, Operating Lease, Liability, to be Paid | 1,470 | 1,470 | ||||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (221) | (221) | ||||||||
Operating Lease, Liability | 1,249 | 1,249 | ||||||||
Property, Plant and Equipment, Other Types | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Operating Lease, Cost | 2 | [4] | $ 5 | [4] | 19 | [5] | $ 22 | [5] | ||
Lessee, Operating Lease, Liability, to be Paid | 191 | 191 | ||||||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (35) | (35) | ||||||||
Operating Lease, Liability | $ 156 | $ 156 | ||||||||
[1] | PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. | |||||||||
[2] | PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. | |||||||||
[3] | Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. | |||||||||
[4] | Includes short-term lease expense o f $1 million and $2 million for 2021 and 2020, respectively. | |||||||||
[5] | Includes short-term lease expense of $4 million for 2021 and 2020, respectively. |
Variable Interest Entities (Det
Variable Interest Entities (Details) - MW | Sep. 30, 2021 | Dec. 31, 2020 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements (in MW) | 4,062 | 4,062 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies, Guarantees and Indemnifications [Abstract] | ||
Assets Held As Collateral For Guarantor Obligations | $ 0 | $ 0 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 60,000,000 | $ 62,000,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | $ 15,171 | $ 15,171 | $ 14,575 | ||||||
Interest Rate Derivatives, Tax | 43 | $ 43 | (17) | $ 24 | |||||
Gains and Losses on Cash Flow Hedges | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | (75) | (86) | (75) | (86) | $ (80) | (85) | $ (87) | $ (80) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 0 | 0 | 0 | 0 | ||||
Net current period other comprehensive income (loss) | 5 | 1 | 10 | (6) | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3 | 0 | 4 | (10) | |||||
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 0 | 1 | (3) | ||||||
Interest Rate Derivatives, Tax | 0 | 0 | 1 | 1 | |||||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 | ||||||
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 2 | 1 | 6 | 4 | ||||
Defined Benefit Pension and Postretirement Items | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | (51) | (57) | (51) | (57) | (55) | (56) | (58) | (61) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 4 | 1 | 5 | 4 | ||||
Net current period other comprehensive income (loss) | 4 | 1 | 5 | 4 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | |||||
Defined Benefit Pension and Postretirement Items | Reclassification out of Accumulated Other Comprehensive Income | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 0 | 0 | 0 | ||||||
Interest Rate Derivatives, Tax | 0 | 0 | 0 | 0 | |||||
Reclassification from AOCI, Current Period, Tax | 1 | 0 | 2 | 1 | |||||
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 0 | 0 | 0 | 0 | ||||
Total | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Accumulated other comprehensive income (loss) | (126) | (143) | (126) | (143) | $ (135) | $ (141) | $ (145) | $ (141) | |
Losses reclassified from net accumulated other comprehensive loss | [1] | 4 | 1 | 5 | 4 | ||||
Net current period other comprehensive income (loss) | 9 | 2 | 15 | (2) | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3 | 0 | 4 | (10) | |||||
Total | Interest Rate Swap | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | $ 2 | $ 1 | $ 6 | $ 4 | ||||
[1] | Included in the computation of net periodic pension and postretirement benefit costs. | ||||||||
[2] | Included in interest charges. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | |||||
Equity Method Investments | $ 204 | $ 204 | $ 165 | ||
Segment Reporting Information [Line Items] | |||||
Electric | 3,176 | $ 2,941 | 8,643 | $ 7,430 | |
Net income | 609 | 603 | 1,282 | 1,185 | |
Natural gas | 268 | 219 | 1,364 | 1,082 | |
Other | 23 | 22 | 69 | 67 | |
Regulated and Unregulated Operating Revenue | 3,467 | 3,182 | 10,076 | 8,579 | |
Equity Method Investments | 204 | 204 | 165 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | 3,468 | 3,183 | 10,079 | 8,581 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | (1) | (1) | (3) | (2) | |
Regulated Electric | |||||
Segment Reporting Information [Line Items] | |||||
Net income | 629 | 632 | 1,202 | 1,148 | |
Revenues Including Intersegment Revenues | 3,176 | 2,942 | 8,644 | 7,431 | |
Regulated Electric | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Electric | 3,176 | 2,941 | 8,643 | 7,430 | |
Regulated Electric | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Electric | 0 | 1 | 1 | 1 | |
Regulated Natural Gas | |||||
Segment Reporting [Abstract] | |||||
Equity Method Investments | 204 | 204 | 165 | ||
Segment Reporting Information [Line Items] | |||||
Net income | 10 | 0 | 161 | 111 | |
Revenues Including Intersegment Revenues | 269 | 219 | 1,366 | 1,083 | |
Equity Method Investments | 204 | 204 | $ 165 | ||
Regulated Natural Gas | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Natural gas | 268 | 219 | 1,364 | 1,082 | |
Regulated Natural Gas | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Natural gas | 1 | 0 | 2 | 1 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net income | (30) | (29) | (81) | (74) | |
All Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Other | $ 23 | $ 22 | $ 69 | $ 67 |