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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Dec. 31, 2020
Fair ValueFair Value Total
Netting (a)
Total (b)
(Millions of Dollars)Level 1Level 2Level 3
Current derivative assets
Natural gas commodity$— $1 $— $1 $— $1 
(a)NSP-Wisconsin 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 Dec. 31, 2020. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)Included in prepayments and other current assets balance of $7 million at Dec. 31, 2020 on the consolidated balance sheets.
Dec. 31, 2019
Fair ValueFair Value Total
Netting (a)
Total (b)
(Millions of Dollars)Level 1Level 2Level 3
Current derivative assets
Natural gas commodity$— $1 $— $1 $— $1 
(a)NSP-Wisconsin 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 Dec. 31, 2019. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)Included in prepayments and other current assets balance of $5 million at Dec. 31, 2019 on the consolidated balance sheets.
Carrying Amount and Fair Value of Long-term Debt
As of Dec. 31, other financial instruments for which the carrying amount did not equal fair value:
20202019
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$906 $1,124 $808 $924