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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity FTRs
Amounts in Millions (a)
June 30, 2023Dec. 31, 2022
Megawatt hours of electricity17 8 
(a)Not reflective of net positions in the underlying commodities.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
June 30, 2023Dec. 31, 2022
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:
Electric commodity$— $— $83 $83 $— $83 $— $— $119 $119 $— $119 
Total current derivative assets$— $— $83 $83 $— 83 $— $— $119 $119 $— 119 
PPAs (b)
3 3 
Current derivative instruments$86 $122 
Noncurrent derivative assets
PPAs (b)
2 3 
Noncurrent derivative instruments$2 $3 
Current derivative liabilities
PPAs (b)
4 4 
Current derivative instruments$4 $4 
Noncurrent derivative liabilities
PPAs (b)
— 2 
Noncurrent derivative instruments$— $2 
(a)SPS nets derivative instruments and related collateral on its balance sheet when supported by a legally enforceable master netting agreement. At June 30, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral.
(b)SPS currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
Changes in Level 3 Commodity Derivatives
Three Months Ended June 30
(Millions of Dollars)20232022
Balance at April 1$23 $32 
Purchases (a)
68 232 
Settlements (a)
(32)(85)
Net transactions recorded during the period:
Net gains recognized as regulatory assets and liabilities (a)
24 105 
Balance at June 30$83 $284 
Six Months Ended June 30
(Millions of Dollars)20232022
Balance at Jan. 1$119 $27 
Purchases (a)
74 237 
Settlements (a)
(48)(94)
Net transactions recorded during the period:
Net (losses) gains recognized as regulatory assets and liabilities (a)
(62)114 
Balance at June 30$83 $284 
(a)Relates primarily to FTR instruments administered by SPP.
Carrying Amount and Fair Value of Long-term Debt
June 30, 2023Dec. 31, 2022
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$3,212 $2,678 $3,211 $2,674 
Derivative Instruments, Gain (Loss)
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Regulatory Assets and Liabilities
Three Months Ended June 30, 2023
Other derivative instruments
Electric commodity$(8)
Total$(8)
Six Months Ended June 30, 2023
Other derivative instruments
Electric commodity$(83)
Total$(83)
Three Months Ended June 30, 2022
Other derivative instruments
Electric commodity$92 
Total$92 
Six Months Ended June 30, 2022
Other derivative instruments
Electric commodity$93 
Total$93 
Pre-Tax Losses Reclassified into Income During the Period from:
(Millions of Dollars)Regulatory Assets and Liabilities
Three Months Ended June 30, 2023
Other derivative instruments
Electric commodity4 
(a)
Total$4 
Six Months Ended June 30, 2023
Other derivative instruments
Electric commodity72 
(a)
Total$72 
Three Months Ended June 30, 2022
Other derivative instruments
Electric commodity24 
(a)
Total$24 
Six Months Ended June 30, 2022
Other derivative instruments
Electric commodity34 
(a)
Total$34