Benefit Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Benefit Plans and Other Postretirement Benefits [Abstract]

Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost

	Pension Benefits						Postretirement Benefits
(Millions of Dollars)	2018			2017			2018			2017
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss	$	1,633		$	1,709		$	116		$	147
Prior service credit	(20		)	(25		)	(33		)	(44		)
Total	$	1,613		$	1,684		$	83		$	103
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	$	94		$	100		$	—		$	—
Noncurrent regulatory assets	1,446			1,511			89			107
Current regulatory liabilities	—			—			(1		)	(1		)
Noncurrent regulatory liabilities	—			—			(10		)	(10		)
Deferred income taxes	19			19			1			2
Net-of-tax accumulated other comprehensive income	54			54			4			5
Total	$	1,613		$	1,684		$	83		$	103

Components of Net Periodic Benefit Costs

Net Periodic Benefit Cost (Credit) —Net periodic benefit cost (credit), other than the service cost component, is included in other income in the consolidated statements of income.

Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income and regulatory assets and liabilities:

	Pension Benefits									Postretirement Benefits
(Millions of Dollars)	2018			2017			2016			2018			2017			2016
Service cost	$	94		$	94		$	92		$	2		$	2		$	2
Interest cost	133			147			160			22			24			26
Expected return on plan assets	(209		)	(209		)	(210		)	(26		)	(25		)	(25		)
Amortization of prior service credit	(5		)	(2		)	(2		)	(11		)	(11		)	(11		)
Amortization of net loss	111			107			97			8			7			4
Settlement charge (a)	91			81			—			—			—			—
Net periodic pension cost (credit)	215			218			137			(5		)	(3		)	(4		)
Costs not recognized due to effects of regulation	(75		)	(79		)	(15		)	2			—			—
Net benefit cost (credit) recognized for financial reporting	$	140		$	139		$	122		$	(3	)	$	(3	)	$	(4	)
Significant Assumptions Used to Measure Costs:
Discount rate	3.63		%	4.13		%	4.66		%	3.62		%	4.13		%	4.65		%
Expected average long-term increase in compensation level	3.75			3.75			4.00			—			—			—
Expected average long-term rate of return on assets	6.87			6.87			6.87			5.30			5.80			5.80

^(a)  A settlement charge is required when the amount of all lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In 2018 and 2017, as a result of lump-sum distributions during the 2018 and 2017 plan years, Xcel Energy recorded a total pension settlement charge of $91 million in 2018 and $81 million in 2017, the majority of which was not recognized due to the effects of regulation. A total of $11 million and $8 million was recorded in the consolidated statements of income in 2018 and 2017, respectively.

Target Asset Allocations and Plan Assets Measured at Fair Value

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Targeted asset allocations:

	Pension Benefits				Postretirement Benefits
	2018		2017		2018		2017
Domestic and international equity securities	36	%	36	%	18	%	24	%
Long-duration fixed income securities	30		27		—		—
Short-to-intermediate fixed income securities	17		20		70		60
Alternative investments	15		15		8		9
Cash	2		2		4		7
Total	100	%	100	%	100	%	100	%

The following presents, for each of the fair value hierarchy levels, Xcel Energy’s pension plan assets measured at fair value:

	Dec. 31, 2018 (a)												Dec. 31, 2017 (a)
(Millions of Dollars)	Level 1		Level 2		Level 3		Measured at NAV			Total			Level 1			Level 2		Level 3		Measured at NAV		Total
Cash equivalents	$	137	$	—	$	—	$	—		$	137		$	196		$	—	$	—	$	—	$	196
Commingled funds:	914		—		—		987			1,901			1,054			—		—		1,075		2,129
Debt securities:	—		621		—		—			621			—			673		—		—		673
Equity securities:	106		—		—		—			106			114			—		—		—		114
Other	2		5		—		(30		)	(23		)	(29		)	4		—		1		(24		)
Total	$	1,159	$	626	$	—	$	957		$	2,742		$	1,335		$	677	$	—	$	1,076	$	3,088

^(a)  See Note 10 for further information regarding fair value measurement inputs and methods.

The following presents, for each of the fair value hierarchy levels, Xcel Energy’s postretirement benefit plan assets that were measured at fair value:

	Dec. 31, 2018 (a)										Dec. 31, 2017 (a)
(Millions of Dollars)	Level 1		Level 2		Level 3		Measured at NAV		Total		Level 1		Level 2		Level 3		Measured at NAV		Total
Cash equivalents	$	19	$	—	$	—	$	—	$	19	$	29	$	—	$	—	$	—	$	29
Insurance contracts	—		45		—		—		45		—		50		—		—		50
Commingled funds	133		—		—		40		173		148		—		—		—		148
Debt securities	—		179		—		—		179		—		198		—		—		198
Equity securities	—		—		—		—		—		35		—		—		—		35
Other	—		1		—		—		1		—		1		—		—		1
Total	$	152	$	225	$	—	$	40	$	417	$	212	$	249	$	—	$	—	$	461

^(a)  See Note 10 for further information on fair value measurement inputs and methods.

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

Funded Status — Comparisons of the actuarially computed benefit obligation, changes in plan assets and funded status of the pension and postretirement health care plans for Xcel Energy are as follows:

	Pension Benefits						Postretirement Benefits
(Millions of Dollars)	2018			2017			2018			2017
Change in Benefit Obligation:
Obligation at Jan. 1	$	3,828		$	3,682		$	621		$	603
Service cost	94			94			2			2
Interest cost	133			147			22			24
Plan amendments	—			(13		)	—			—
Actuarial (gain) loss	(224		)	259			(62		)	33
Plan participants’ contributions	—			—			8			8
Medicare subsidy reimbursements	—			—			1			1
Benefit payments (a)	(354		)	(341		)	(50		)	(50		)
Obligation at Dec. 31	$	3,477		$	3,828		$	542		$	621
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1	$	3,088		$	2,856		$	461		$	442
Actual return on plan assets	(142		)	411			(13		)	41
Employer contributions	150			162			11			20
Plan participants’ contributions	—			—			8			8
Benefit payments	(354		)	(341		)	(50		)	(50		)
Fair value of plan assets at Dec. 31	$	2,742		$	3,088		$	417		$	461
Funded status of plans at Dec. 31	$	(735	)	$	(740	)	$	(125	)	$	(160	)
Amounts recognized in the Consolidated Balance Sheet at Dec. 31:
Current liabilities	$	—		$	—		$	(7	)	$	(3	)
Noncurrent liabilities	(735		)	(740		)	(118		)	(157		)
Net amounts recognized	$	(735	)	$	(740	)	$	(125	)	$	(160	)

^(a)  Includes approximately $198 million in 2018 and $174 million in 2017 of lump-sum benefit payments used in the determination of a settlement charge.

Projected Benefit Payments for the Pension and Postretirement Benefit Plans

Xcel Energy’s projected benefit payments:

(Millions 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
2019	$	281	$	45	$	2	$	43
2020	260		45		2		43
2021	259		45		2		43
2022	260		44		2		42
2023	259		43		2		41
2024-2028	1,238		197		13		184