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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Cost and Fair Value of Nuclear Decommissioning Fund Investments
Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
June 30, 2020
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$21.6  $21.6  $—  $—  $—  $21.6  
Commingled funds766.0  —  —  —  897.2  897.2  
Debt securities512.9  —  531.0  10.0  —  541.0  
Equity securities473.5  933.5  1.3  —  —  934.8  
Total$1,774.0  $955.1  $532.3  $10.0  $897.2  $2,394.6  
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.4 million of rabbi trust assets and miscellaneous investments.
Dec. 31, 2019
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$33.4  $33.4  $—  $—  $—  $33.4  
Commingled funds732.8  —  —  —  934.9  934.9  
Debt securities489.2  —  495.2  12.7  —  507.9  
Equity securities484.6  962.0  1.4  —  —  963.4  
Total$1,740.0  $995.4  $496.6  $12.7  $934.9  $2,439.6  
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $55.6 million of rabbi trust assets and miscellaneous investments.
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2020:
Final Contractual Maturity
(Millions of Dollars)
Due in 1 Year
or Less
Due in 1 to 5
Years		Due in 5 to 10
Years		Due after 10
Years		Total
Debt securities$(3.8) $97.6  $212.1  $235.1  $541.0  
Rabbi Trust Securities Amortized Cost and Fair Value Measured on Recurrring Basis [Table Text Block]
Cost and fair value of assets held in rabbi trusts:
June 30, 2020
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3Total
Rabbi Trusts (a)
Cash equivalents$1.2  $1.2  $—  $—  $1.2  
Mutual funds12.9  13.9  —  —  13.9  
Total$14.1  $15.1  $—  $—  $15.1  
Dec. 31, 2019
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3Total
Rabbi Trusts (a)
Cash equivalents$1.2  $1.2  $—  $—  $1.2  
Mutual funds11.4  13.1  —  —  13.1  
Total$12.6  $14.3  $—  $—  $14.3  
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet.
Gross Notional Amounts of Commodity Forwards, Options, and FTRs
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
June 30, 2020Dec. 31, 2019
Megawatt hours of electricity95.3  79.1  
Million British thermal units of natural gas82.9  77.8  
(a)Amounts are not reflective of net positions in the underlying commodities.
(b)Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise.
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income mpact of derivative activity:
Pre-Tax Fair Value
Gains (Losses) Recognized
During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory (Assets) and Liabilities
Three Months Ended June 30, 2020
Other derivative instruments
Electric commodity$—  $2.3  
Natural gas commodity—  (0.3) 
Total$—  $2.0  
Six Months Ended June 30, 2020
Other derivative instruments
Electric commodity$—  $2.4  
Natural gas commodity—  0.2  
Total$—  $2.6  
Pre-Tax Fair Value
Gains (Losses) Recognized
During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory (Assets) and Liabilities
Three Months Ended June 30, 2019
Other derivative instruments
Electric commodity$—  $15.6  
Natural gas commodity—  (0.2) 
Total$—  $15.4  
Six Months Ended June 30, 2019
Other derivative instruments
Electric commodity$—  $(0.5) 
Natural gas commodity—  (0.3) 
Total$—  $(0.8) 
Pre-Tax (Gains) Losses
Reclassified into Income
During the Period from:		Pre-Tax Gains (Losses)
Recognized
During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory
Assets and (Liabilities)
Three Months Ended June 30, 2020
Derivatives designated as cash flow hedges
Interest rate$0.2  
(a)
$—  $—  
Total$0.2  $—  $—  
Other derivative instruments
Commodity trading$—  $—  $(1.3) 
(b)
Electric commodity—  (0.7) 
(c)
—  
Total$—  $(0.7) $(1.3) 
Six Months Ended June 30, 2020
Derivatives designated as cash flow hedges
Interest rate$0.5  
(a)
$—  $—  
Total$0.5  $—  $—  
Other derivative instruments
Commodity trading $—  $—  $0.7  
(b)
Electric commodity —  (1.9) 
(c)
—  
Natural gas commodity —  1.2  
(d)
(2.0) 
(d)
Total$—  $(0.7) $(1.3) 
Pre-Tax (Gains) Losses
Reclassified into Income
During the Period from:		Pre-Tax Gains (Losses)
Recognized
During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory
Assets and (Liabilities)
Three Months Ended June 30, 2019
Derivatives designated as cash flow hedges
Interest rate$0.3  
(a)
$—  $—  
Total$0.3  $—  $—  
Other derivative instruments
Commodity trading$—  $—  $1.6  
(b)
Total$—  $—  $1.6  
Six Months Ended June 30, 2019
Derivatives designated as cash flow hedges
Interest rate$0.5  
(a)
$—  $—  
Total$0.5  $—  $—  
Other derivative instruments
Commodity trading $—  $—  $(1.2) 
(b)
Electric commodity —  0.8  
(c)
—  
Natural gas commodity —  0.2  
(d)
(1.3) 
(d)
Total$—  $1.0  $(2.5) 
(a)Amounts recorded to interest charges.
(b)Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate.
(c)Amounts are recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate.
(d)Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Recurring Fair Value Measurements — NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis:
June 30, 2020Dec. 31, 2019
Fair ValueFair Value
Total
Netting (a)
Fair ValueFair Value
Total
Netting (a)
(Millions of Dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Current derivative assets
Other derivative instruments:
Commodity trading$2.5  $35.3  $9.8  $47.6  $(31.7) $15.9  $1.6  $39.5  $23.6  $64.7  $(42.1) $22.6  
Electric commodity—  —  29.7  29.7  (1.4) 28.3  —  —  8.7  8.7  (0.9) 7.8  
Natural gas commodity—  1.1  —  1.1  —  1.1  —  2.1  —  2.1  —  2.1  
Total current derivative assets$2.5  $36.4  $39.5  $78.4  $(33.1) $45.3  $1.6  $41.6  $32.3  $75.5  $(43.0) $32.5  
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$9.7  $30.7  $23.7  $64.1  $(37.2) $26.9  $8.5  $29.4  $6.0  $43.9  $(34.8) $9.1  
Total noncurrent derivative assets$9.7  $30.7  $23.7  $64.1  $(37.2) 26.9  $8.5  $29.4  $6.0  $43.9  $(34.8) 9.1  
PPAs (b)
0.1  0.1  
Noncurrent derivative instruments$27.0  $9.2  
June 30, 2020Dec. 31, 2019
Fair ValueFair Value
Total
Netting (a)
Fair ValueFair Value
Total
Netting (a)
(Millions of Dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Current derivative liabilities
Other derivative instruments:
Commodity trading$3.2  $28.9  $8.1  $40.2  $(31.6) $8.6  $2.2  $42.1  $15.0  $59.3  $(49.8) $9.5  
Electric commodity—  —  1.4  1.4  (1.4) —  —  —  1.0  1.0  (1.0) —  
Natural gas commodity—  0.5  —  0.5  —  0.5  —  1.7  —  1.7  —  1.7  
Total current derivative liabilities$3.2  $29.4  $9.5  $42.1  $(33.0) 9.1  $2.2  $43.8  $16.0  $62.0  $(50.8) 11.2  
PPAs (b)
13.9  13.8  
Current derivative instruments$23.0  $25.0  
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$3.0  $51.8  $18.3  $73.1  $(5.7) $67.4  $2.0  $32.3  $17.0  $51.3  $(3.3) $48.0  
Total noncurrent derivative liabilities$3.0  $51.8  $18.3  $73.1  $(5.7) 67.4  $2.0  $32.3  $17.0  $51.3  $(3.3) 48.0  
PPAs (b)
55.3  62.2  
Noncurrent derivative instruments$122.7  $110.2  
(a)NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At June 30, 2020, no derivative assets and liabilities include the rights to reclaim cash collateral and $7.9 million at Dec. 31, 2019. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
Changes in Level 3 Commodity Derivatives
Changes in Level 3 commodity derivatives for the three and six months ended June 30, 2020 and 2019:
Three Months Ended June 30
(Millions of Dollars)20202019
Balance at April 1$2.8  $(10.0) 
Purchases28.0  16.7  
Settlements(12.6) (3.1) 
Net transactions recorded during the period:
Gains recognized in earnings (a)
10.9  7.0  
Net gains (losses) recognized as regulatory assets and liabilities6.3  (4.6) 
Balance at June 30$35.4  $6.0  
Six Months Ended June 30
(Millions of Dollars)20202019
Balance at Jan. 1$5.3  $14.3  
Purchases28.0  16.7  
Settlements(24.3) (6.4) 
Net transactions recorded during the period:
Gains (losses) recognized in earnings (a)
17.1  (11.6) 
Net gains (losses) recognized as regulatory assets and liabilities9.3  (7.0) 
Balance at June 30$35.4  $6.0  
(a)These amounts relate to commodity derivatives held at the end of the period.
Carrying Amount and Fair Value of Long-term Debt
Other financial instruments for which the carrying amount did not equal fair value:
June 30, 2020Dec. 31, 2019
(Millions of Dollars)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Long-term debt, including current portion$6,202.3  $7,517.5  $5,521.3  $6,296.5