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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity Forwards and Options
Gross notional amounts of commodity forwards and options:
(Amounts in Millions) (a)(b)
Dec. 31, 2022Dec. 31, 2021
MWh of electricity8 15 
MMBtu of natural gas43 71 
(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
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other
Comprehensive Loss		Regulatory (Assets) and Liabilities
Year Ended Dec. 31, 2022
Other derivative instruments
Natural gas commodity$— $(15)
Total$— $(15)
Year Ended Dec. 31, 2021
Other derivative instruments
Natural gas commodity$— $(1)
Total$— $(1)
Year Ended Dec. 31, 2020
Other derivative instruments
Natural gas commodity$— $(10)
Total$— $(10)
Pre-Tax (Gains) Losses
Reclassified into Income
During the Period from:
(Millions of Dollars)
Accumulated
Other
Comprehensive
Loss
Regulatory
Assets and
(Liabilities)
Pre-Tax Gains (Losses) Recognized
During the Period
in Income
Year Ended Dec. 31, 2022
Derivatives designated as cash flow hedges
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments
Commodity trading$— $— $7 
(b)
Natural gas commodity— 8 
(c)
(17)
(c)(d)
Total$— $8 $(10)
Year Ended Dec. 31, 2021
Derivatives designated as cash flow hedges
Interest rate$2 
(a)
$— $— 
Total$2 $— $— 
Other derivative instruments
Commodity trading$— $— $12 
(b)
Natural gas commodity— 4 
(c)
(15)
(c)(d)
Total$— $4 $(3)
Year Ended Dec. 31, 2020
Derivatives designated as cash flow hedges
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments
Commodity trading$— $— $3 
(b)
Natural gas commodity— 8 
(c)
(8)
(c)(d)
Total$— $8 $(5)
(a)    Recorded to interest charges.
(b)    Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c)    Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(d)    Relates primarily to option premium amortization.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level erivative assets and liabilities measured at fair value on a recurring basis were as follows:
Dec. 31, 2022Dec. 31, 2021
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$16 $220 $1 $237 $(184)$53 $12 $97 $— $109 $(81)$28 
Natural gas commodity— 12 — 12 — 12 — 11 — 11 — 11 
Total current derivative assets$16 $232 $1 $249 $(184)$65 $12 $108 $— $120 $(81)$39 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$12 $32 $9 $53 $(31)$22 $10 $28 $54 $92 $(65)$27 
Total noncurrent derivative assets$12 $32 $9 $53 $(31)$22 $10 $28 $54 $92 $(65)$27 
Current derivative liabilities
Other derivative instruments:
Commodity trading$5 $237 $1 $243 $(223)$20 $6 $90 $16 $112 $(85)$27 
Natural gas commodity— 10 — 10 — 10 — 3 — 3 — 3 
Total current derivative liabilities$5 $247 $1 $253 $(223)$30 $6 $93 $16 $115 $(85)$30 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$7 $40 $— $47 $(38)$9 $3 $— $101 $104 $(75)$29 
Total noncurrent derivative liabilities$7 $40 $— $47 $(38)$9 $3 $— $101 $104 $(75)$29 
(a)PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Dec. 31, 2022 and 2021, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2022 and 2021, derivative assets and liabilities include rights to reclaim cash collateral of $46 million and $14 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
Changes in Level 3 commodity derivatives:
Year Ended Dec. 31
(Millions of Dollars)202220212020
Balance at Jan. 1$(63)$(44)13
Settlements (a)
12 4 — 
Net transactions recorded during the period:
Gains (losses) recognized in earnings (a)
60 (23)(31)
Balance at Dec. 31$9 $(63)$(44)
(a)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.
Fair Value of Long-Term Debt
As of Dec. 31, other financial instruments for which the carrying amount did not equal fair value:
20222021
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$6,860 $5,881 $6,467 $7,291 
Fair value of PSCo’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 Dec. 31, 2022 and 2021, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
Carrying Amount and Fair Value of Long-term Debt
20222021
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$6,860 $5,881 $6,467 $7,291