Benefit Plans and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost

	Three Months Ended March 31
	2025		2024
(Millions of Dollars)	Pension Benefits
Service cost	$	2	$	2
Interest cost (a)	6		5
Expected return on plan assets (a)	(8)		(8)
Amortization of net loss (a)	—		1
Net periodic benefit cost	—		—
Effects of regulation	—		1
Net benefit cost recognized for financial reporting	$	—	$	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 statements of income or capitalized on the balance sheets as a regulatory asset.

In January 2025, contributions totaling $125 million were made across Xcel Energy’s pension plans, $3 million of which was attributable to SPS. Xcel Energy does not expect additional pension contributions during 2025.