Benefit Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost (Credit)

	Three Months Ended June 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	18	$	25	$	—	$	1
Interest cost (a)	40		28		5		4
Expected return on plan assets (a)	(52)		(52)		(4)		(5)
Amortization of prior service credit (a)	—		(1)		—		(1)
Amortization of net loss (a)	5		18		1		—
Net periodic benefit cost (credit)	11		18		2		(1)
Effects of regulation	7		1		—		—
Net benefit cost (credit) recognized for financial reporting	$	18	$	19	$	2	$	(1)

	Six Months Ended June 30
	2023		2022		2023		2022
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	37	$	49	$	—	$	1
Interest cost (a)	80		55		11		8
Expected return on plan assets (a)	(105)		(104)		(9)		(9)
Amortization of prior service credit (a)	(1)		(1)		—		(3)
Amortization of net loss (a)	11		37		1		1
Settlement charge (b)	—		(1)		—		—
Net periodic benefit cost (credit)	22		35		3		(2)
Effects of regulation	14		6		—		1
Net benefit cost (credit) recognized for financial reporting	$	36	$	41	$	3	$	(1)

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

(b)In the six months ended June 30, 2022, Xcel Energy recognized $1 million in settlement charge true-ups related to the fourth quarter of 2021.

In January 2023, contributions totaling $50 million were made across Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2023.