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Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Benefit Plans and Other Postretirement Benefits [Abstract]  
Target Asset Allocations and Plan Assets Measured at Fair Value
For each of the fair value hierarchy levels, PSCo’s pension plan assets measured at fair value:
Dec. 31, 2023 (a)
Dec. 31, 2022 (a)
(Millions of Dollars)Level 1Level 2Level 3Measured at NAVTotalLevel 1Level 2Level 3Measured at NAVTotal
Cash equivalents$94 $— $— $— $94 $52 $— $— $— $52 
Commingled funds177 — — 464 641 355 — — 317 672 
Debt securities— 287 1 — 288 — 286 1 — 287 
Equity securities12 — — — 12 17 — — — 17 
Other— 2 — — 2 — 3 — — 3 
Total$283 $289 $1 $464 $1,037 $424 $289 $1 $317 $1,031 
(a)See Note 8 for further information on fair value measurement inputs and methods.
Dec. 31, 2023 (a)
Dec. 31, 2022 (a)
(Millions of Dollars)Level 1Level 2Level 3Measured at NAVTotalLevel 1Level 2Level 3Measured at NAVTotal
Cash equivalents$29 $— $— $— $29 $28 $— $— $— $28 
Insurance contracts— 35 — — 35 — 36 — — 36 
Commingled funds20 — — 63 83 47 — — 56 103 
Debt securities— 165 1 — 166 — 153 1 — 154 
Other— 1 — — 1 — (1)— — (1)
Total$49 $201 $1 $63 $314 $75 $188 $1 $56 $320 
(a)See Note 8 for further information on fair value measurement inputs and methods
Pension BenefitsPostretirement Benefits
2023202220232022
Long-duration fixed income securities38 %38 %— %— %
Domestic and international equity securities31 33 9 16 
Alternative investments20 18 13 12 
Short-to-intermediate fixed income securities9 9 77 71 
Cash2 2 1 1 
Total100 %100 %100 %100 %
Change in Projected Benefit Obligation
Pension BenefitsPostretirement Benefits
(Millions of Dollars)2023202220232022
Change in Benefit Obligation:
Obligation at Jan. 1$1,032 $1,363 $296 $369 
Service cost19 29 1 1 
Interest cost58 41 16 10 
Actuarial (gain) loss45 (317)18 (55)
Plan participants’ contributions— — 7 7 
Medicare subsidy reimbursements— — — 1 
Benefit payments(83)(84)(42)(37)
Obligation at Dec. 31$1,071 $1,032 $296 $296 
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1$1,031 $1,351 $320 $393 
Actual return on plan assets89 (276)26 (46)
Employer contributions— 40 3 3 
Plan participants’ contributions— — 7 7 
Benefit payments(83)(84)(42)(37)
Fair value of plan assets at Dec. 31$1,037 $1,031 $314 $320 
Funded status of plans at Dec. 31$(34)$(1)$18 $24 
Amounts recognized in the Consolidated Balance Sheet at Dec. 31:
Noncurrent assets— 8 18 24 
Noncurrent liabilities(34)(9)— — 
Net amounts recognized$(34)$(1)$18 $24 
Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates
Pension BenefitsPostretirement Benefits
(Millions of Dollars)2023202220232022
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss$355 $325 $59 $53 
Prior service credit(1)(1)— — 
Total$354 $324 $59 $53 
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$3 $3 $1 $— 
Noncurrent regulatory assets351 320 58 53 
Net-of-tax accumulated other comprehensive income1 — 
Total$354 $324 $59 $53 
Measurement dateDec. 31, 2023Dec. 31, 2022Dec. 31, 2023Dec. 31, 2022
Components of Net Periodic Benefit Costs
Net Periodic Benefit Cost (Credit) — Net periodic benefit cost (credit), other than the service cost component, is included in other income (expense) in the statements of income.
Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income and regulatory assets and liabilities:
Pension BenefitsPostretirement Benefits
(Millions of Dollars)202320222021202320222021
Service cost$19 $29 $32 $1 $1 $1 
Interest cost58 41 39 16 10 11 
Expected return on plan assets(76)(78)(73)(15)(15)(16)
Amortization of prior service credit— — — — (2)(4)
Amortization of net loss1 23 32 1 1 3 
Settlement charge (a)
— 3 — — — — 
Net periodic pension cost (credit)2 18 30 3 (5)(5)
Effects of regulation9 4 — — 3 2 
Net benefit cost (credit) recognized for financial reporting$11 $22 $30 $3 $(2)$(3)
Significant Assumptions Used to Measure Costs:
Discount rate5.80 %3.08 %2.71 %5.80 %3.09 %2.65 %
Expected average long-term increase in compensation level4.25 3.75 3.75 N/AN/AN/A
Expected average long-term rate of return on assets6.53 6.39 6.38 5.00 4.10 4.10 
(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 2022, as a result of lump-sum distributions during the plan year, PSCo recorded a total pension settlement charge of $3 million. An immaterial amount was recorded in the income statement in 2022. There were no settlement charges recorded to the qualified pension plans in 2023 or 2021.
Projected Benefit Payments for the Pension and Postretirement Benefit Plans
PSCo’s projected benefit payments:
(Millions 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
2024$89 $31 $2 $29 
202580 30 2 28 
202680 29 2 27 
202780 28 2 26 
202879 27 2 25 
2029-2033384 123 12 111