Benefit Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost

	Three Months Ended Sept. 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	5	$	6	$	—	$	—
Interest cost (a)	9		7		1		—
Expected return on plan assets (a)	(11)		(12)		—		—
Amortization of prior service credit (a)	—		—		—		(1)
Amortization of net loss (a)	3		6		—		1
Settlement charge (b)	—		29		—		—
Net periodic benefit cost	6		36		1		—
Effects of regulation	8		(32)		—		—
Net benefit cost recognized for financial reporting	$	14	$	4	$	1	$	—
	Nine Months Ended Sept. 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	15	$	20	$	—	$	—
Interest cost (a)	27		19		2		1
Expected return on plan assets (a)	(34)		(36)		—		—
Amortization of prior service credit (a)	—		—		—		(2)
Amortization of net loss (a)	9		18		—		1
Settlement charge (b)	—		28		—		—
Net periodic benefit cost	17		49		2		—
Effects of regulation	13		(31)		—		—
Net benefit cost recognized for financial reporting	$	30	$	18	$	2	$	—

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

(b)In the third quarter of 2022, as a result of lump-sum distributions during the 2022 plan year, NSP-Minnesota recorded a pension settlement charge of $29 million, which was not recognized in earnings due to the effects of rate making.

In January 2023, contributions totaling $50 million were made across Xcel Energy’s pension plans, of which $23 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2023.