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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity FTRs
(Amounts in Millions) (a)
June 30, 2020Dec. 31, 2019
MWh of electricity11.9  6.4  
(a)Amounts are not reflective of net positions in the underlying commodities.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Recurring Fair Value Measurements — SPS’ derivative assets and liabilities measured at fair value on a recurring basis:
June 30, 2020Dec. 31, 2019
Fair ValueFair Value
(Millions of Dollars)Level 1Level 2Level 3Fair Value
Total

Netting (a)
TotalLevel 1Level 2Level 3Fair Value
Total

Netting (a)
Total
Current derivative assets
Other derivative instruments:
Electric commodity$—  $—  $15.9  $15.9  $(0.2) $15.7  $—  $—  $11.8  $11.8  $—  $11.8  
Total current derivative assets$—  $—  $15.9  $15.9  $(0.2) 15.7  $—  $—  $11.8  $11.8  $—  11.8  
PPAs (b)
3.1  3.2  
Current derivative instruments$18.8  $15.0  
Noncurrent derivative assets
PPAs (b)
$11.1  $12.6  
Noncurrent derivative instruments$11.1  $12.6  
June 30, 2020Dec. 31, 2019
Fair ValueFair Value
(Millions of Dollars)Level 1Level 2Level 3Fair Value
Total
Netting (a)
TotalLevel 1Level 2Level 3Fair Value
Total
Netting (a)
Total
Current derivative liabilities
Other derivative instruments:
Electric commodity$—  $—  $0.2  $0.2  $(0.2) $—  $—  $—  $0.1  $0.1  $—  $0.1  
Total current derivative liabilities$—  $—  $0.2  $0.2  $(0.2) —  $—  $—  $0.1  $0.1  $—  0.1  
PPAs (b)
3.6  .3.6  
Current derivative instruments$3.6  $3.7  
Noncurrent derivative liabilities
PPAs (b)
$11.0  $12.8  
Noncurrent derivative instruments$11.0  $12.8  
(a)SPS nets derivative instruments and related collateral in its balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at June 30, 2020 and Dec. 31, 2019. At both June 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)During 2006, SPS qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
Changes in Level 3 Commodity Derivatives
Changes in Level 3 commodity derivatives for the three and six months ended June 30, 2020 and 2019:
Three Months Ended June 30
(Millions of Dollars)20202019
Balance at April 1$16.3  $3.1  
Purchases9.0  17.1  
Settlements(11.9) (13.1) 
Net transactions recorded during the period:
Net gains recognized as regulatory assets and liabilities2.3  15.1  
Balance at June 30$15.7  $22.2  
Six Months Ended June 30
(Millions of Dollars)20202019
Balance at Jan. 1$11.7  $14.7  
Purchases20.8  21.0  
Settlements(16.8) (19.7) 
Net transactions recorded during the period:
Net gains recognized as regulatory assets and liabilities—  6.2  
Balance at June 30$15.7  $22.2  
Carrying Amount and Fair Value of Long-term Debt
Other financial instruments for which the carrying amount did not equal fair value:
June 30, 2020Dec. 31, 2019
(Millions of Dollars)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Long-term debt$2,763.8  $3,249.4  $2,419.7  $2,706.1