Benefit Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost

	Three Months Ended June 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	2	$	3	$	—	$	—
Interest cost (a)	6		4		—		1
Expected return on plan assets (a)	(8)		(7)		—		(1)
Amortization of net loss (a)	—		2		—		—
Net periodic benefit cost	$	—	$	2	$	—	$	—
Effects of regulation	1		(1)		—		—
Net benefit cost recognized for financial reporting	$	1	$	1	$	—	$	—

	Six Months Ended June 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	3	$	5	$	—	$	—
Interest cost (a)	12		8		1		1
Expected return on plan assets (a)	(16)		(15)		(1)		(1)
Amortization of net loss (a)	1		5		—		—
Net periodic benefit (credit) cost	$	—	$	3	$	—	$	—
Effects of regulation	2		—		—		—
Net benefit cost recognized for financial reporting	$	2	$	3	$	—	$	—

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

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