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Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Derivatives, Fair Value [Line Items]      
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Assets, Current   Assets, Current
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent   Other Assets, Noncurrent
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Liabilities, Current   Liabilities, Current
Derivative Liability, Current $ 45   $ 74
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Liabilities, Other than Long-Term Debt, Noncurrent   Liabilities, Other than Long-Term Debt, Noncurrent
Derivative Liability, Noncurrent $ 90   $ 86
Reclaim Cash Collateral 8   7
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Fair value hedges 0 $ 0  
Commodity Trading      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Balance at beginning of period 90 235  
Purchases [1] 3 6  
Settlements [1] (51) (29)  
Gains (losses) recognized in earnings [2] 0 (13)  
Net (losses) gains recognized as regulatory assets and liabilities (a) [1] 49 (121)  
Balance at end of period 91 78  
Other Derivative Instruments      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 12 91  
Other Derivative Instruments | Electric Commodity      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) [3] 12 82  
Other Derivative Instruments | Natural Gas Commodity      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) [4] 0 9  
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 2    
Designated as Hedging Instrument | Cash Flow Hedges      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 0 $ 0  
Fair Value Measured on a Recurring Basis      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 95   133
Netting [5] $ (57)   $ (67)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current   Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent   Other Liabilities, Noncurrent
Fair Value Measured on a Recurring Basis | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross $ 7   $ 6
Fair Value Measured on a Recurring Basis | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 79   115
Fair Value Measured on a Recurring Basis | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 9   12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 91   97
Netting [5] $ (53)   $ (60)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current   Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent   Other Liabilities, Noncurrent
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross $ 4   $ 7
Netting [5] $ (4)   $ (7)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current   Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross $ 0   $ 12
Netting [5] $ 0   $ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current   Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross $ 7   $ 6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 79   86
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 5   5
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 4   7
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross $ 0   $ 0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current   Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Current Assets      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross $ 138   $ 167
Netting [5] (54)   (66)
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 9   8
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 45   65
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 84   94
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 84   91
Netting [5] (50)   (59)
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 54   62
Netting [5] (4)   (7)
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0   14
Netting [5] 0   0
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 9   8
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
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
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 45   51
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
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 0   14
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 30   32
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 54   62
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
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 124   110
Netting [5] (34)   (34)
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 12   14
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 54   51
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 58   45
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 117   110
Netting [5] (34)   (34)
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 7   0
Netting 0   0
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 12   14
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0   0
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 54   51
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0   0
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 51   45
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 7   0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap      
Derivatives, Fair Value [Line Items]      
Netting [5] 0   0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   17
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 1 | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 2 | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   17
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 3 | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0   0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 108   103
Netting [5] (38)   (39)
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 14   16
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 52   50
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 42   37
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 108   103
Netting [5] (38)   (39)
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 14   16
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 52   50
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 $ 42   $ 37
Fair Value, Measurements, Nonrecurring | PPAs      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] [6] Other Liabilities, Current   Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] [6] Other Liabilities, Noncurrent   Other Liabilities, Noncurrent
[1] Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.
[2] Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
[3] 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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.
[4] Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[5] Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $8 million and $7 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.
[6] Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.