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Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Benefit Plans and Other Postretirement Benefits [Abstract]  
Target Asset Allocations and Plan Assets Measured at Fair Value
For each of the fair value hierarchy levels, Xcel Energy’s pension plan assets measured at fair value:
Dec. 31, 2022 (a)
Dec. 31, 2021 (a)
(Millions of Dollars)Level 1Level 2Level 3Measured at NAVTotalLevel 1Level 2Level 3Measured at NAVTotal
Cash equivalents$129 $— $— $— $129 $133 $— $— $— $133 
Commingled funds935 — — 882 1,817 1,324 — — 1,143 2,467 
Debt securities— 682 3 — 685 — 959 5 — 964 
Equity securities47 — — — 47 67 — — — 67 
Other— 7 — — 7 — 7 — 32 39 
Total$1,111 $689 $3 $882 $2,685 $1,524 $966 $5 $1,175 $3,670 
(a)See Note 10 for further information regarding fair value measurement inputs and methods.
For each of the fair value hierarchy levels, Xcel Energy’s postretirement benefit plan assets that were measured at fair value:
Dec. 31, 2022 (a)
Dec. 31, 2021 (a)
(Millions of Dollars)Level 1Level 2Level 3Measured at NAVTotalLevel 1Level 2Level 3Measured at NAVTotal
Cash equivalents$31 $— $— $— $31 $28 $— $— $— $28 
Insurance contracts— 41 — — 41 — 52 — — 52 
Commingled funds54 — — 63 117 64 — — 77 141 
Debt securities— 175 1 — 176 — 218 1 — 219 
Other— (1)— — (1)— 2 — — 2 
Total$85 $215 $1 $63 $364 $92 $272 $1 $77 $442 
(a)See Note 10 for further information on fair value measurement inputs and methods.
.
Targeted asset allocations:
Pension BenefitsPostretirement Benefits
2022202120222021
Domestic and international equity securities33 %33 %16 %15 %
Long-duration fixed income securities38 37 — — 
Short-to-intermediate fixed income securities9 11 71 71 
Alternative investments18 17 12 8 
Cash2 2 1 6 
Total100 %100 %100 %100 %
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
Pension BenefitsPostretirement Benefits
(Millions of Dollars)2022202120222021
Change in Benefit Obligation:
Obligation at Jan. 1$3,718 $3,964 $511 $574 
Service cost97 104 2 2 
Interest cost110 104 15 15 
Plan amendments1 5 — — 
Actuarial gain(703)(94)(85)(41)
Plan participants’ contributions— — 8 8 
Medicare subsidy reimbursements— — 2 2 
Benefit payments (a)
(352)(365)(48)(49)
Obligation at Dec. 31$2,871 $3,718 $405 $511 
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1$3,670 $3,599 $442 $452 
Actual return on plan assets(683)305 (51)16 
Employer contributions50 131 13 15 
Plan participants’ contributions— — 8 8 
Benefit payments(352)(365)(48)(49)
Fair value of plan assets at Dec. 31$2,685 $3,670 $364 $442 
Funded status of plans at Dec. 31$(186)$(48)$(41)$(69)
Amounts recognized in the Consolidated Balance Sheet at Dec. 31:
Noncurrent assets$15 $19 $33 $33 
Current liabilities— — (2)(4)
Noncurrent liabilities(201)(67)(72)(98)
Net amounts recognized$(186)$(48)$(41)$(69)
(a)Includes approximately $195 million in 2022 and $197 million in 2021 of lump-sum benefit payments used in the determination of a settlement charge.
Pension BenefitsPostretirement Benefits
Significant Assumptions Used to Measure Benefit Obligations:2022202120222021
Discount rate for year-end valuation5.80 %3.08 %5.80 %3.09 %
Expected average long-term increase in compensation level4.25 3.75 N/AN/A
Mortality tablePRI-2012PRI-2012PRI-2012PRI-2012
Health care costs trend rate — initial: Pre-65N/AN/A6.50 %5.30 %
Health care costs trend rate — initial: Post-65N/AN/A5.50 %4.90 %
Ultimate trend assumption — initial: Pre-65N/AN/A4.50 %4.50 %
Ultimate trend assumption — initial: Post-65N/AN/A4.50 %4.50 %
Years until ultimate trend is reachedN/AN/A74
Projected Benefit Payments for the Pension and Postretirement Benefit Plans
(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
2023$283 $42 $2 $40 
2024249 41 2 39 
2025249 40 2 38 
2026246 39 2 37 
2027243 37 2 35 
2028 - 20321,162 167 12 155 
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost
Pension BenefitsPostretirement Benefits
(Millions of Dollars)2022202120222021
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss$1,021 $978 $63 $81 
Prior service credit(7)(9)(1)(7)
Total$1,014 $969 $62 $74 
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$21 $74 $— $— 
Noncurrent regulatory assets943 846 78 90 
Current regulatory liabilities— — (1)(1)
Noncurrent regulatory liabilities— — (20)(19)
Deferred income taxes14 13 1 1 
Net-of-tax accumulated other comprehensive income36 36 4 3 
Total$1,014 $969 $62 $74 
Components of Net Periodic Benefit Costs
Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income and regulatory assets and liabilities:
Pension BenefitsPostretirement Benefits
(Millions of Dollars)202220212020202220212020
Service cost$97 $104 $95 $2 $2 $1 
Interest cost110 104 125 15 15 18 
Expected return on plan assets(208)(206)(208)(18)(18)(19)
Amortization of prior service credit(1)(1)(4)(6)(8)(8)
Amortization of net loss75 107 100 2 5 4 
Settlement charge (a)
71 59 — — — — 
Net periodic pension cost (credit)144 167 108 (5)(4)(4)
Effects of regulation(30)(46)9 3 2 3 
Net benefit cost (credit) recognized for financial reporting$114 $121 $117 $(2)$(2)$(1)
Significant Assumptions Used to Measure Costs:
Discount rate3.08 %2.71 %3.49 %3.09 %2.65 %3.47 %
Expected average long-term increase in compensation level3.75 3.75 3.75 — — — 
Expected average long-term rate of return on assets6.49 6.49 6.87 4.10 4.10 4.50