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Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Benefit Plans and Other Postretirement Benefits [Abstract]  
Funded Status of Plans
 
 
Pension Benefits
 
Postretirement Benefits
(Millions of Dollars)
 
2019
 
2018
 
2019
 
2018
Change in Benefit Obligation:
 
 
 
 
 
 
 
 
Obligation at Jan. 1
 
$
139.8

 
$
156.8

 
$
12.8

 
$
16.4

Service cost
 
4.4

 
4.8

 
—

 
—

Interest cost
 
5.7

 
5.4

 
0.6

 
0.6

Plan participants’ contributions
 
—

 
—

 
—

 
—

Plan amendments
 
0.1

 
—

 
—

 
—

Actuarial loss (gain)
 
7.5

 
(13.4
)
 
0.4

 
(3.3
)
Benefit payments (a)
 
(14.1
)
 
(13.8
)
 
(0.9
)
 
(0.9
)
Obligation at Dec. 31
 
$
143.4

 
$
139.8

 
$
12.9

 
$
12.8

Change in Fair Value of Plan Assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at Jan. 1
 
$
109.5

 
$
124.9

 
$
0.4

 
$
1.1

Actual return on plan assets
 
21.4

 
(11.1
)
 
—

 
—

Plan participants’ contributions
 
—

 
—

 
—

 
—

Employer contributions
 
7.3

 
9.5

 
0.8

 
0.2

Benefit payments
 
(14.1
)
 
(13.8
)
 
(0.9
)
 
(0.9
)
Fair value of plan assets at Dec. 31
 
$
124.1

 
$
109.5

 
$
0.3

 
$
0.4

Funded status of plans at Dec. 31
 
$
(19.3
)
 
$
(30.3
)
 
$
(12.6
)
 
$
(12.4
)
Amounts recognized in the Consolidated Balance Sheet at Dec. 31:
 
 
 
 
 
 
 
 
Current liabilities
 
$
—

 
$
—

 
$
(0.8
)
 
$
(0.8
)
Noncurrent liabilities
 
(19.3
)
 
(30.3
)
 
(11.8
)
 
(11.6
)
Net amounts recognized
 
$
(19.3
)
 
$
(30.3
)
 
$
(12.6
)
 
$
(12.4
)
Significant Assumptions Used to Measure Benefit Obligations:
 
 
 
 
 
 
 
 
Discount rate for year-end valuation
 
3.49
%
 
4.31
%
 
3.47
%
 
4.32
%
Expected average long-term increase in compensation level
 
3.75

 
3.75

 
N/A

 
N/A

Mortality table
 
Pri-2012

 
RP-2014

 
Pri-2012

 
RP-2014

Health care costs trend rate — initial: Pre-65
 
N/A

 
N/A

 
6.0
%
 
6.5
%
Health care costs trend rate — initial: Post-65
 
N/A

 
N/A

 
5.1
%
 
5.3
%
Ultimate trend assumption — initial: Pre-65
 
N/A

 
N/A

 
4.5
%
 
4.5
%
Ultimate trend assumption — initial: Post-65
 
N/A

 
N/A

 
4.5
%
 
4.5
%
Years until ultimate trend is reached
 
N/A

 
N/A

 
3

 
4
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost
 
 
Pension Benefits
 
Postretirement Benefits
(Millions of Dollars)
 
2019
 
2018
 
2019
 
2018
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Net loss
 
$
64.3

 
$
74.3

 
$
7.0

 
$
6.8

Prior service credit
 
(0.2
)
 
(0.3
)
 
(1.1
)
 
(1.4
)
Total
 
$
64.1

 
$
74.0

 
$
5.9

 
$
5.4

Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates:
 
 
 
 
 
 
 
 
Current regulatory assets
 
$
4.3

 
$
5.3

 
$
—

 
$
0.2

Noncurrent regulatory assets
 
59.8

 
68.7

 
5.9

 
5.2

Total
 
$
64.1

 
$
74.0

 
$
5.9

 
$
5.4
Components of Net Periodic Benefit Costs
 
 
Pension Benefits
 
Postretirement Benefits
(Millions of Dollars)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
 
$
4.4

 
$
4.8

 
$
4.6

 
$
—

 
$
—

 
$
—

Interest cost
 
5.7

 
5.4

 
6.2

 
0.6

 
0.6

 
0.6

Expected return on plan assets
 
(8.3
)
 
(9.0
)
 
(9.2
)
 
—

 
(0.1
)
 
—

Amortization of prior service credit
 
—

 
—

 
0.1

 
(0.3
)
 
(0.4
)
 
(0.4
)
Amortization of net loss
 
4.4

 
5.7

 
5.9

 
0.3

 
0.6

 
0.4

Settlement charge (a)
 
—

 
7.2

 
7.1

 
—

 
—

 
—

Net periodic pension cost
 
$
6.2

 
$
14.1

 
$
14.7

 
$
0.6

 
$
0.7

 
$
0.6

Costs not recognized due to effects of regulation
 
0.2

 
(3.4
)
 
(4.2
)
 
—

 
—

 
—

Net benefit cost recognized for financial reporting
 
$
6.4

 
$
10.7

 
$
10.5

 
$
0.6

 
$
0.7

 
$
0.6

Significant Assumptions Used to Measure Costs:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
4.31
%
 
3.63
%
 
4.13
%
 
4.32
%
 
3.62
%
 
4.13
%
Expected average long-term increase in compensation level
 
3.75

 
3.75

 
3.75

 
—

 
—

 
—

Expected average long-term rate of return on assets
 
7.10

 
7.10

 
7.10

 
4.50

 
5.30

 
5.80

(a) 
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 2018 and 2017, as a result of lump-sum distributions during the 2018 and 2017 plan years, NSP-Wisconsin recorded a total pension settlement charge of $7.2 million in 2018 and $7.1 million in 2017, a total of $2 million of that amount was recorded in the income statement in both 2018 and 2017.
Target Asset Allocations and Plan Assets Measured at Fair Value
Target asset allocations:
 
 
Pension Benefits
 
Postretirement Benefits
 
 
2019
 
2018
 
2019
 
2018
Domestic and international equity securities
 
37
%
 
37
%
 
15
%
 
18
%
Long-duration fixed income and interest rate swap securities
 
30

 
28

 
—

 
—

Short-to-intermediate fixed income securities
 
14

 
18

 
72

 
70

Alternative investments
 
17

 
15

 
9

 
8

Cash
 
2

 
2

 
4

 
4

Total
 
100
%
 
100
%
 
100
%
 
100
%

Xcel Energy’s ongoing investment strategy is based on plan-specific investment recommendations that seek to minimize potential investment and interest rate risk as a plan’s funded status increases over time. The investment recommendations result in a greater percentage of long-duration fixed income securities being allocated to specific plans having relatively higher funded status ratios and a greater percentage of g
Projected Benefit Payments for the Pension and Postretirement Benefit Plans
(Thousands of  Dollars)
 
Projected Pension
Benefit Payments
 
Gross Projected
Postretirement
Health Care
Benefit Payments
 
Expected Medicare
Part D Subsidies
 
Net Projected
Postretirement
Health Care
Benefit Payments
2020
 
$
11.5

 
$
1.1

 
$
—

 
$
1.1

2021
 
10.9

 
1.1

 
—

 
1.1

2022
 
11.0

 
1.0

 
—

 
1.0

2023
 
10.8

 
1.0

 
—

 
1.0

2024
 
10.9

 
1.0

 
—

 
1.0

2025-2029
 
54.4

 
3.7

 
—

 
3.7