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Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2020
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, 2020
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$22 $22 $— $— $— $22 
Commingled funds773 — — — 956 956 
Debt securities519 — 546 13 — 559 
Equity securities450 983 1 — 984 
Total$1,764 $1,005 $547 $13 $956 $2,521 
(a)    Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $160 million of equity investments in unconsolidated subsidiaries and $132 million of rabbi trust assets and miscellaneous investments.
Dec. 31, 2019
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$33 $33 $— $— $— $33 
Commingled funds733 — — — 935 935 
Debt securities489 — 495 13 — 508 
Equity securities485 962 2 — — 964 
Total$1,740 $995 $497 $13 $935 $2,440 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $155 million of equity investments in unconsolidated subsidiaries and $136 million of rabbi trust assets and 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, 2020:
Final Contractual Maturity
(Millions of Dollars)Due in 1 year or LessDue in 1 to 5 YearsDue in 5 to 10 YearsDue after 10 yearsTotal
Debt securities$1 $109 $208 $241 $559 
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, 2020
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3Total
Rabbi Trusts (a)
Cash equivalents$17 $17 $— $— $17 
Mutual funds58 65 — — 65 
Total$75 $82 $— $— $82 
Dec. 31, 2019
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3Total
Rabbi Trusts (a)
Cash equivalents$17 $17 $— $— $17 
Mutual funds57 65 — — 65 
Total$74 $82 $— $— $82 
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets.
Gross Notional Amounts of Commodity Forwards, Options, and FTRs
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
Sept. 30, 2020Dec. 31, 2019
Megawatt hours of electricity107 95 
Million British thermal units of natural gas177 110 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income
Impact of derivative activity:
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory (Assets) and Liabilities
Three Months Ended Sept. 30, 2020
Other derivative instruments
Electric commodity$— $(3)
Natural gas commodity— 2 
Total$— $(1)
Nine Months Ended Sept. 30, 2020
Derivatives designated as cash flow hedges
Interest rate$(13)$— 
Total$(13)$— 
Other derivative instruments
Electric commodity$— $(3)
Natural gas commodity— (1)
Total$— $(4)
Three Months Ended Sept. 30, 2019
Derivatives designated as cash flow hedges
Interest rate$(12)$— 
Total$(12)$— 
Other derivative instruments
Natural gas commodity$— $(3)
Total$— $(3)
Nine Months Ended Sept. 30, 2019
Derivatives designated as cash flow hedges
Interest rate$(33)$— 
Total$(33)$— 
Other derivative instruments
Electric commodity$— $4 
Natural gas commodity— (5)
Total$— $(1)
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 LossRegulatory Assets and (Liabilities)
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)
Three Months Ended Sept. 30, 2019
Derivatives designated as cash flow hedges
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments
Commodity trading$— $— $1 
(b)
Electric commodity— (1)
(c)
— 
Total$— $(1)$1 
Nine Months Ended Sept. 30, 2019
Derivatives designated as cash flow hedges
Interest rate$3 
(a)
$— $— 
Total$3 $— $— 
Other derivative instruments
Commodity trading$— $— $5 
(b)
Natural gas commodity— (1)
(d)
(4)
(d)
Total$— $(1)$1 
(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, 2020 and 2019 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, 2020 and 2019 related 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.
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, 2020Dec. 31, 2019
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$10 $51 $7 $68 $(49)$19 $3 $51 $24 $78 $(52)$26 
Electric commodity— — 32 32 (1)31 — — 21 21 (1)20 
Natural gas commodity— 16 — 16 — 16 — 6 — 6 — 6 
Total current derivative assets$10 $67 $39 $116 $(50)66 $3 $57 $45 $105 $(53)52 
PPAs (b)
3 3 
Current derivative instruments$69 $55 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$10 $36 $21 $67 $(46)$21 $9 $38 $7 $54 $(45)$9 
Total noncurrent derivative assets$10 $36 $21 $67 $(46)21 $9 $38 $7 $54 $(45)9 
PPAs (b)
10 13 
Noncurrent derivative instruments$31 $22 
Sept. 30, 2020Dec. 31, 2019
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$13 $52 $12 $77 $(49)$28 $4 $59 $15 $78 $(63)$15 
Electric commodity— — 1 1 (1)— — — 1 1 (1)— 
Natural gas commodity— 3 — 3 — 3 — 5 — 5 — 5 
Total current derivative liabilities$13 $55 $13 $81 $(50)31 $4 $64 $16 $84 $(64)20 
PPAs (b)
17 18 
Current derivative instruments$48 $38 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$5 $58 $53 $116 $(20)$96 $2 $79 $32 $113 $(13)$100 
Total noncurrent derivative liabilities$5 $58 $53 $116 $(20)96 $2 $79 $32 $113 $(13)100 
PPAs (b)
62 75 
Noncurrent derivative instruments$158 $175 
(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, 2020 and Dec. 31, 2019. At Sept. 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $32 million of obligations to return cash collateral and rights to reclaim cash collateral of $6 million and $11 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)20202019
Balance at July 1$34 $28 
Purchases— 5 
Settlements(17)(21)
Net transactions recorded during the period:
(Losses) gains recognized in earnings (a)
(25)1 
Net gains recognized as regulatory assets and liabilities2 2 
Balance at Sept. 30$(6)$15 
Nine Months Ended Sept. 30
(Millions of Dollars)20202019
Balance at Jan. 1$4 $29 
Purchases49 42 
Settlements(59)(48)
Net transactions recorded during the period:
Losses recognized in earnings (a)
(11)(9)
Net gains recognized as regulatory assets and liabilities11 1 
Balance at Sept. 30$(6)$15 
(a)Amounts relate to commodity derivatives held at the end of the period.
Carrying Amount and Fair Value of Long-term Debt
Other financial instruments which the carrying amount did not equal fair value:
Sept. 30, 2020Dec. 31, 2019
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$20,361 $24,396 $18,109 $20,227