XML 49 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value of Financial Assets and Liabilities - Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Changes in Level 3 Commodity Derivatives          
Derivative instruments designated as fair value hedges $ 0   $ 0    
External credit rating, investment grade | Credit Concentration Risk          
Changes in Level 3 Commodity Derivatives          
Credit exposure, percentage 30.00%   30.00%    
Commodity Contract [Member]          
Changes in Level 3 Commodity Derivatives          
Balance at beginning of period $ 83 $ 284 $ 119 $ 27  
Purchases [1] 1 4 75 241  
Settlements [1] (18) (22) (66) (116)  
Net gains recognized as regulatory assets and liabilities [1] (3) (32) (65) 82  
Balance at end of period 63 $ 234 63 $ 234  
Other Current Assets          
Derivatives, Fair Value          
Derivative asset, net 66   66   $ 122
Other Noncurrent Assets          
Derivatives, Fair Value          
Derivative asset, net 1   1   3
Other Current Liabilities          
Derivatives, Fair Value          
Derivative liability, net 4   4   4
Other Noncurrent Liabilities          
Derivatives, Fair Value          
Derivative liability, net 0   0   2
Fair Value Measured on a Recurring Basis          
Derivatives, Fair Value          
Derivative asset, gross 63   63   119
Asset, netting [2] 0   0   0
Derivative asset, net 63   63   119
Fair Value Measured on a Recurring Basis | Level 1          
Derivatives, Fair Value          
Derivative asset, gross 0   0   0
Fair Value Measured on a Recurring Basis | Level 2          
Derivatives, Fair Value          
Derivative asset, gross 0   0   0
Fair Value Measured on a Recurring Basis | Level 3          
Derivatives, Fair Value          
Derivative asset, gross 63   63   119
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity          
Derivatives, Fair Value          
Derivative asset, gross 63   63   119
Asset, netting [2] 0   0   0
Derivative asset, net 63   63   119
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity          
Derivatives, Fair Value          
Derivative asset, gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity          
Derivatives, Fair Value          
Derivative asset, gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity          
Derivatives, Fair Value          
Derivative asset, gross 63   63   119
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs          
Derivatives, Fair Value          
Derivative asset, net [3] 3   3   3
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs          
Derivatives, Fair Value          
Derivative asset, net [3] 1   1   3
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs          
Derivatives, Fair Value          
Derivative liability, net [3] 4   4   4
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs          
Derivatives, Fair Value          
Derivative liability, net [3] $ 0   $ 0   $ 2
[1] Relates primarily to FTR instruments administered by SPP.
[2] SPS nets derivative instruments and related collateral on its balance sheet when supported by a legally enforceable master netting agreement. At Sept. 30, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral.
[3] 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.