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Fair Value of Financial Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity FTRs
Amounts in Millions (a)
March 31, 2023Dec. 31, 2022
Megawatt hours of electricity3 8 
(a)Not reflective of net positions in the underlying commodities.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
March 31, 2023Dec. 31, 2022
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Electric commodity$— $— $23 $23 $— $23 $— $— $119 $119 $— $119 
Total current derivative assets$— $— $23 $23 $— 23 $— $— $119 $119 $— 119 
PPAs (b)
3 3 
Current derivative instruments$26 $122 
Noncurrent derivative assets
PPAs (b)
2 3 
Noncurrent derivative instruments$2 $3 
Current derivative liabilities
PPAs (b)
4 4 
Current derivative instruments$4 $4 
Noncurrent derivative liabilities
PPAs (b)
1 2 
Noncurrent derivative instruments$1 $2 
(a)SPS nets derivative instruments and related collateral on its balance sheet when supported by a legally enforceable master netting agreement. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral or rights to reclaim cash collateral. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)SPS currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
Changes in Level 3 Commodity Derivatives
Three Months Ended March 31
(Millions of Dollars)20232022
Balance at Jan. 1$119 $27 
Purchases (a)
6 4 
Settlements (a)
(16)(33)
Net transactions recorded during the period:
Net (losses) gains recognized as regulatory assets and liabilities (a)
(86)34 
Balance at March 31$23 $32 
(a)Relates primarily to FTR instruments administered by SPP.
Carrying Amount and Fair Value of Long-term Debt
March 31, 2023Dec. 31, 2022
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt$3,211 $2,770 $3,211 $2,674