Benefit Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Benefit Plans and Other Postretirement Benefits [Abstract]

Projected Benefit Payments for the Pension and Postretirement Benefit Plans

The following table lists Xcel Energy’s projected benefit payments for the pension and postretirement benefit plans:

(Thousands of Dollars)	Projected Pension Benefit Payments		Gross Projected Postretirement Health Care Benefit Payments		Expected Medicare Part D Subsidies		Net Projected Postretirement Health Care Benefit Payments
2016	$	260,240	$	48,047	$	2,355	$	45,692
2017	255,206		47,460		2,493		44,967
2018	263,689		47,039		2,637		44,402
2019	268,975		46,522		2,761		43,761
2020	271,853		46,819		2,869		43,950
2021-2025	1,353,351		220,122		16,053		204,069

Contributions to Multiemployer Plans

Contributions to multiemployer plans were as follows for the years ended Dec. 31, 2015, 2014 and 2013. The average number of NSP-Minnesota union employees covered by the multiemployer pension plans decreased to approximately 900 in 2015 from approximately 1,000 in 2014. There were no other significant changes to the nature or magnitude of the participation of NSP-Minnesota and NSP-Wisconsin in multiemployer plans for the years presented:

(Thousands of Dollars)	2015		2014		2013
Multiemployer pension contributions:
NSP-Minnesota	$	17,223	$	20,254	$	23,515
NSP-Wisconsin	944		156		130
Total	$	18,167	$	20,410	$	23,645
Multiemployer other postretirement benefit contributions:
NSP-Minnesota	$	135	$	273	$	390
Total	$	135	$	273	$	390

Pension Plans

Benefit Plans and Other Postretirement Benefits [Abstract]

Target Asset Allocations and Plan Assets Measured at Fair Value

The following table presents the target pension asset allocations for Xcel Energy at Dec. 31 for the upcoming year:

	2015		2014
Domestic and international equity securities	39	%	37	%
Long-duration fixed income and interest rate swap securities	27		27
Short-to-intermediate fixed income securities	13		13
Alternative investments	19		21
Cash	2		2
Total	100	%	100	%

The following tables present, for each of the fair value hierarchy levels, Xcel Energy’s pension plan assets that are measured at fair value as of Dec. 31, 2015 and 2014:

	Dec. 31, 2015
(Thousands of Dollars)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	178,884	$	—	$	—	$	178,884
Derivatives	—		2,850		—		2,850
Government securities	—		412,932		—		412,932
Corporate bonds	—		248,439		—		248,439
Asset-backed securities	—		2,446		—		2,446
Common stock	93,831		—		—		93,831
Private equity investments	—		—		126,396		126,396
Commingled funds	—		1,759,066		—		1,759,066
Real estate	—		—		55,935		55,935
Other	—		3,001		—		3,001
Total	$	272,715	$	2,428,734	$	182,331	$	2,883,780

	Dec. 31, 2014
(Thousands of Dollars)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	193,141	$	—		$	—	$	193,141
Derivatives	—		1,590			—		1,590
Government securities	—		439,186			—		439,186
Corporate bonds	—		318,161			—		318,161
Asset-backed securities	—		3,759			—		3,759
Mortgage-backed securities	—		11,047			—		11,047
Common stock	102,667		—			—		102,667
Private equity investments	—		—			151,871		151,871
Commingled funds	—		1,826,420			—		1,826,420
Real estate	—		—			54,657		54,657
Securities lending collateral obligation and other	—		(18,728		)	—		(18,728		)
Total	$	295,808	$	2,581,435		$	206,528	$	3,083,771

Changes in Level 3 Plan Assets

The following tables present the changes in Xcel Energy’s Level 3 pension plan assets for the years ended Dec. 31, 2015, 2014 and 2013:

(Thousands of Dollars)	Jan. 1, 2015		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)			Purchases, Issuances and Settlements, Net			Transfers Out of Level 3		Dec. 31, 2015
Private equity investments	$	151,871	$	28,094	$	(40,848	)	$	(12,721	)	$	—	$	126,396
Real estate	54,657		7,083		(8,443		)	2,638			—		55,935
Total	$	206,528	$	35,177	$	(49,291	)	$	(10,083	)	$	—	$	182,331

(Thousands of Dollars)	Jan. 1, 2014		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)			Purchases, Issuances and Settlements, Net			Transfers Out of Level 3		Dec. 31, 2014
Private equity investments	$	152,849	$	25,694	$	(17,573	)	$	(9,099	)	$	—	$	151,871
Real estate	47,553		3,569		(2,443		)	5,978			—		54,657
Total	$	200,402	$	29,263	$	(20,016	)	$	(3,121	)	$	—	$	206,528

(Thousands of Dollars)	Jan. 1, 2013		Net Realized Gains (Losses)			Net Unrealized Gains (Losses)			Purchases, Issuances and Settlements, Net			Transfers Out of Level 3 (a)			Dec. 31, 2013
Asset-backed securities	$	14,639	$	—		$	—		$	—		$	(14,639	)	$	—
Mortgage-backed securities	39,904		—			—			—			(39,904		)	—
Private equity investments	158,498		22,058			(24,335		)	(3,372		)	—			152,849
Real estate	64,597		(2,659		)	8,690			9,317			(32,392		)	47,553
Total	$	277,638	$	19,399		$	(15,645	)	$	5,945		$	(86,935	)	$	200,402

Change in Projected Benefit Obligation

Benefit Obligations — A comparison of the actuarially computed pension benefit obligation and plan assets for Xcel Energy is presented in the following table:

(Thousands of Dollars)	2015			2014
Accumulated Benefit Obligation at Dec. 31	$	3,368,239		$	3,545,928
Change in Projected Benefit Obligation:
Obligation at Jan. 1	$	3,746,752		$	3,440,704
Service cost	99,311			88,342
Interest cost	148,524			156,619
Actuarial (gain) loss	(169,678		)	342,826
Benefit payments	(256,982		)	(281,739		)
Obligation at Dec. 31	$	3,567,927		$	3,746,752

Change in Fair Value of Plan Assets

(Thousands of Dollars)	2015			2014
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1	$	3,083,771		$	3,010,140
Actual (loss) return on plan assets	(33,102		)	224,808
Employer contributions	90,093			130,562
Benefit payments	(256,982		)	(281,739		)
Fair value of plan assets at Dec. 31	$	2,883,780		$	3,083,771

Funded Status of Plans

(Thousands of Dollars)	2015			2014
Funded Status of Plans at Dec. 31:
Funded status (a)	$	(684,147	)	$	(662,981	)

^(a)  Amounts are recognized in noncurrent liabilities on Xcel Energy’s consolidated balance sheets.

Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost

(Thousands of Dollars)	2015			2014
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss	$	1,710,097		$	1,757,935
Prior service credit	(9,073		)	(10,878		)
Total	$	1,701,024		$	1,747,057

Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates

(Thousands of Dollars)	2015		2014
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates:
Current regulatory assets	$	105,426	$	113,432
Noncurrent regulatory assets	1,520,975		1,558,649
Deferred income taxes	29,002		29,143
Net-of-tax accumulated OCI	45,621		45,833
Total	$	1,701,024	$	1,747,057

Schedule of Assumptions Used

	2015		2014		2013
Significant Assumptions Used to Measure Costs:
Discount rate	4.11	%	4.75	%	4.00	%
Expected average long-term increase in compensation level	3.75		3.75		3.75
Expected average long-term rate of return on assets	7.09		7.05		6.88

Measurement date Dec. 31, 2015 Dec. 31, 2014

	2015		2014
Significant Assumptions Used to Measure Benefit Obligations:
Discount rate for year-end valuation	4.66	%	4.11	%
Expected average long-term increase in compensation level	4.00		3.75
Mortality table	RP 2014		RP 2014

Components of Net Periodic Benefit Costs

Benefit Costs — The components of Xcel Energy’s net periodic pension cost were:

(Thousands of Dollars)	2015			2014			2013
Service cost	$	99,311		$	88,342		$	96,282
Interest cost	148,524			156,619			140,690
Expected return on plan assets	(213,890		)	(207,205		)	(198,452		)
Amortization of prior service (credit) cost	(1,805		)	(1,746		)	5,871
Amortization of net loss	125,152			116,762			144,151
Net periodic pension cost	157,292			152,772			188,542
Costs not recognized due to effects of regulation	(29,633		)	(26,315		)	(36,724		)
Net benefit cost recognized for financial reporting	$	127,659		$	126,457		$	151,818

Postretirement Benefit Plan

Benefit Plans and Other Postretirement Benefits [Abstract]

Target Asset Allocations and Plan Assets Measured at Fair Value

The following tables present, for each of the fair value hierarchy levels, Xcel Energy’s postretirement benefit plan assets that are measured at fair value as of Dec. 31, 2015 and 2014:

	Dec. 31, 2015
(Thousands of Dollars)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	19,638	$	—		$	—	$	19,638
Government securities	—		39,241			—		39,241
Insurance contracts	—		47,205			—		47,205
Corporate bonds	—		72,876			—		72,876
Asset-backed securities	—		28,691			—		28,691
Mortgage-backed securities	—		35,612			—		35,612
Commingled funds	—		204,782			—		204,782
Other	—		(412		)	—		(412		)
Total	$	19,638	$	427,995		$	—	$	447,633

	Dec. 31, 2014
(Thousands of Dollars)	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	$	26,324	$	—		$	—	$	26,324
Derivatives	—		186			—		186
Government securities	—		48,584			—		48,584
Insurance contracts	—		50,351			—		50,351
Corporate bonds	—		54,207			—		54,207
Asset-backed securities	—		3,619			—		3,619
Mortgage-backed securities	—		11,250			—		11,250
Commingled funds	—		282,378			—		282,378
Other	—		(1,841		)	—		(1,841		)
Total	$	26,324	$	448,734		$	—	$	475,058

^(a)  Includes restricted cash of $1.0 million at Dec. 31, 2014.

The following table presents the target postretirement asset allocations for Xcel Energy at Dec. 31 for the upcoming year:

	2015		2014
Domestic and international equity securities	25	%	25	%
Short-to-intermediate fixed income securities	57		57
Alternative investments	13		13
Cash	5		5
Total	100	%	100	%

Changes in Level 3 Plan Assets

For the years ended Dec. 31, 2015 and 2014 there were no assets transferred in or out of Level 3. The following table presents the changes in Xcel Energy’s Level 3 postretirement benefit plan assets for the year ended Dec. 31, 2013:

(Thousands of Dollars)	Jan. 1, 2013		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Purchases, Issuances and Settlements, Net		Transfers Out of Level 3 (a)			Dec. 31, 2013
Private equity investments	$	757	$	—	$	—	$	—	$	(757	)	$	—
Real estate	39,958		—		—		—		(39,958		)	—
Total	$	40,715	$	—	$	—	$	—	$	(40,715	)	$	—

Change in Projected Benefit Obligation

Benefit Obligations — A comparison of the actuarially computed benefit obligation and plan assets for Xcel Energy is presented in the following table:

(Thousands of Dollars)	2015			2014
Change in Projected Benefit Obligation:
Obligation at Jan. 1	$	642,869		$	731,428
Service cost	2,116			3,457
Interest cost	25,297			34,028
Medicare subsidy reimbursements	1,958			1,861
Plan participants’ contributions	6,718			7,148
Actuarial gain	(45,793		)	(81,699		)
Benefit payments	(48,898		)	(53,354		)
Obligation at Dec. 31	$	584,267		$	642,869

Change in Fair Value of Plan Assets

(Thousands of Dollars)	2015			2014
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1	$	475,058		$	492,036
Actual (loss) return on plan assets	(3,570		)	12,083
Plan participants’ contributions	6,718			7,148
Employer contributions	18,325			17,145
Benefit payments	(48,898		)	(53,354		)
Fair value of plan assets at Dec. 31	$	447,633		$	475,058

Funded Status of Plans

(Thousands of Dollars)	2015			2014
Funded Status of Plans at Dec. 31:
Funded status	$	(136,634	)	$	(167,811	)
Noncurrent assets	1,820			1,014
Current liabilities	(7,495		)	(9,110		)
Noncurrent liabilities	(130,959		)	(159,715		)
Net postretirement amounts recognized on consolidated balance sheets	$	(136,634	)	$	(167,811	)

Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost

(Thousands of Dollars)	2015			2014
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss	$	103,039		$	124,064
Prior service credit	(64,925		)	(75,610		)
Total	$	38,114		$	48,454

Amounts Not Yet Recognized as Components of Net Periodic Benefit Costs Recorded on the Balance Sheet Based Upon Expected Recovery in Rates

(Thousands of Dollars)	2015			2014
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates:
Current regulatory assets	$	352		$	285
Noncurrent regulatory assets	50,135			59,697
Current regulatory liabilities	(985		)	(892		)
Noncurrent regulatory liabilities	(16,916		)	(17,216		)
Deferred income taxes	2,148			2,559
Net-of-tax accumulated OCI	3,380			4,021
Total	$	38,114		$	48,454

Schedule of Assumptions Used

Measurement date Dec. 31, 2015 Dec. 31, 2014

	2015		2014
Significant Assumptions Used to Measure Benefit Obligations:
Discount rate for year-end valuation	4.65	%	4.08	%
Mortality table	RP 2014		RP 2014
Health care costs trend rate — initial	6.00	%	6.50	%

	2015		2014		2013
Significant Assumptions Used to Measure Costs:
Discount rate	4.08	%	4.82	%	4.10	%
Expected average long-term rate of return on assets	5.80		7.17		7.11

Effects of One-Percent Change in Assumed Health Care Cost Trend Rate

A one-percent change in the assumed health care cost trend rate would have the following effects on Xcel Energy:

	One-Percentage Point
(Thousands of Dollars)	Increase		Decrease
APBO	$	56,383	$	(47,972	)
Service and interest components	3,113		(2,594		)

Components of Net Periodic Benefit Costs

Benefit Costs — The components of Xcel Energy’s net periodic postretirement benefit costs were:

(Thousands of Dollars)	2015			2014			2013
Service cost	$	2,116		$	3,457		$	4,079
Interest cost	25,297			34,028			32,141
Expected return on plan assets	(26,600		)	(33,954		)	(33,011		)
Amortization of transition obligation	—			—			825
Amortization of prior service credit	(10,686		)	(10,688		)	(12,501		)
Amortization of net loss	5,404			11,740			22,325
Net periodic postretirement benefit cost	$	(4,469	)	$	4,583		$	13,858