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Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 (a)
Dec. 31, 2023 (a)
(Millions of Dollars)Level 1Level 2Level 3Measured at NAVTotalLevel 1Level 2Level 3Measured at NAVTotal
Cash equivalents$117 $— $— $— $117 $233 $— $— $— $233 
Commingled funds— — — 1,694 1,694 491 — — 1,235 1,726 
Debt securities— 656 6 — 662 — 683 4 — 687 
Equity securities25 — — — 25 35 — — — 35 
Other— 6 — — 6 — 9 — — 9 
Total$142 $662 $6 $1,694 $2,504 $759 $692 $4 $1,235 $2,690 
(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, 2024 (a)
Dec. 31, 2023 (a)
(Millions of Dollars)Level 1Level 2Level 3Measured at NAVTotalLevel 1Level 2Level 3Measured at NAVTotal
Cash equivalents$35 $— $— $— $35 $33 $— $— $— $33 
Insurance contracts— 40 — — 40 — 40 — — 40 
Commingled funds— — — 68 68 22 — — 72 94 
Debt securities— 201 — — 201 — 187 1 — 188 
Other— — — — — — 1 — — 1 
Total$35 $241 $— $68 $344 $55 $228 $1 $72 $356 
(a)See Note 10 for further information on fair value measurement inputs and methods.
Targeted asset allocations:
Pension BenefitsPostretirement Benefits
2024202320242023
Long-duration fixed income securities38 %38 %— %— %
Domestic and international equity securities31 31 25 9 
Alternative investments20 20 11 13 
Short-to-intermediate fixed income securities9 9 61 77 
Cash2 2 3 1 
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)2024202320242023
Change in Benefit Obligation:
Obligation at Jan. 1$2,943 $2,871 $394 $405 
Service cost76 74 1 1 
Interest cost151 158 21 22 
Plan amendments— (3)— — 
Actuarial (gain) loss(77)126 55 14 
Plan participants’ contributions— — 9 8 
Benefit payments (a)
(341)(283)(53)(56)
Obligation at Dec. 31$2,752 $2,943 $427 $394 
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1$2,690 $2,685 $356 $364 
Actual return on plan assets55 238 21 29 
Employer contributions100 50 11 11 
Plan participants’ contributions— — 9 8 
Benefit payments(341)(283)(53)(56)
Fair value of plan assets at Dec. 312,504 2,690 344 356 
Funded status of plans at Dec. 31$(248)$(253)$(83)$(38)
Amounts recognized in the Consolidated Balance Sheet at Dec. 31:
Noncurrent assets$— $1 $10 $28 
Current liabilities— — (4)(3)
Noncurrent liabilities(248)(254)(89)(63)
Net amounts recognized$(248)$(253)$(83)$(38)
(a)Includes lump-sum benefit payments used in the determination of settlement charges of $168 million in 2024.
Pension BenefitsPostretirement Benefits
Significant Assumptions Used to Measure Benefit Obligations:2024202320242023
Discount rate for year-end valuation5.88 %5.49 %5.88 %5.54 %
Expected average long-term increase in compensation level4.25 %4.25 %N/AN/A
Mortality tablePRI-2012PRI-2012PRI-2012PRI-2012
Health care costs trend rate — initial: Pre-65N/AN/A7.00 %6.50 %
Health care costs trend rate — initial: Post-65N/AN/A7.50 %5.50 %
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/A96
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
2025$235 $44 $3 $41 
2026226 43 3 40 
2027229 42 3 39 
2028231 42 3 39 
2029237 40 3 37 
2030-20341,137 187 18 169 
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost
Pension BenefitsPostretirement Benefits
(Millions of Dollars)2024202320242023
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss$1,074 $1,096 $113 $64 
Prior service credit(8)(9)— — 
Total$1,066 $1,087 $113 $64 
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$32 $20 $2 $2 
Noncurrent regulatory assets983 1,014 127 79 
Current regulatory liabilities— — (1)(1)
Noncurrent regulatory liabilities— — (18)(19)
Deferred income taxes14 14 1 1 
Net-of-tax accumulated other comprehensive income37 39 2 2 
Total$1,066 $1,087 $113 $64 
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)202420232022202420232022
Service cost$76 $74 $97 $1 $1 $2 
Interest cost151 158 110 21 22 15 
Expected return on plan assets(206)(209)(208)(17)(17)(18)
Amortization of prior service credit(2)(1)(1)— (1)(6)
Amortization of net loss30 22 75 2 1 2 
Settlement charge (a)
67 — 71 — — — 
Net periodic pension cost (credit)116 44 144 7 6 (5)
Effects of regulation(37)30 (30)— — 3 
Net benefit cost (credit) recognized for financial reporting$79 $74 $114 $7 $6 $(2)
Significant Assumptions Used to Measure Costs:
Discount rate5.49 %5.80 %3.08 %5.54 %5.80 %3.09 %
Expected average long-term increase in compensation level4.25 4.25 3.75 — — — 
Expected average long-term rate of return on assets6.93 6.93 6.49 5.00 5.00 4.10 
Voluntary Retirement Program, Significant Assumptions to Measure Benefit Obligation
Significant Assumptions to Measure Benefit Obligations:20242023
Discount rate for year-end valuation5.00 %5.50 %
Mortality tablePRI-2012PRI-2012
Health care costs trend rate7.00 %7.00 %
Ultimate trend assumption4.50 %N/A
Years until ultimate trend is reached9N/A