Benefit Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Benefit Plans and Other Postretirement Benefits

	Three Months Ended Sept. 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	5	$	7	$	—	$	1
Interest cost (a)	14		10		4		2
Expected return on plan assets (a)	(19)		(19)		(3)		(4)
Amortization of prior service credit (a)	—		—		—		(1)
Amortization of net loss (a)	1		6		—		—
Settlement charge (b)	—		2		—		—
Net periodic benefit (credit) cost	1		6		1		(2)
Effects of regulation	3		(2)		—		1
Net benefit cost (credit) recognized for financial reporting	$	4	$	4	$	1	$	(1)
	Nine Months Ended Sept. 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	14	$	22	$	—	$	1
Interest cost (a)	43		31		12		8
Expected return on plan assets (a)	(57)		(58)		(11)		(12)
Amortization of prior service credit (a)	—		—		—		(2)
Amortization of net loss (a)	2		17		1		1
Settlement charge (b)	—		2		—		—
Net periodic benefit (credit) cost	2		14		2		(4)
Effects of regulation	9		3		—		2
Net benefit cost (credit) recognized for financial reporting	$	11	$	17	$	2	$	(2)

(a)The components of net periodic cost other than the service cost component are included in the line item “Other income (expense), net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.

(b)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 the third quarter of 2022 as a result of lump-sum distributions during the 2022 plan year, PSCo recorded a pension settlement charge of $2 million, the majority of which was not recognized due to the effects of regulation.

In January 2023, contributions totaling $50 million were made across Xcel Energy’s pension plans, of which none was attributable to PSCo. Xcel Energy does not expect additional pension contributions during 2023.