XML 49 R32.htm IDEA: XBRL DOCUMENT v3.25.4
Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity FTRs
(Amounts in Millions) (a)
Dec. 31, 2025Dec. 31, 2024
MWh of electricity7 7 
(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
Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
Dec. 31, 2025Dec. 31, 2024
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$— $— $79 $79 $— $79 $— $— $67 $67 $— $67 
Total current derivative assets$— $— $79 $79 $— $79 $— $— $67 $67 $— $67 
(a)SPS nets derivative instruments and related collateral on its balance sheet when supported by a legally enforceable master netting agreement. At Dec. 31, 2025 and 2024, derivative assets 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.
Changes in Level 3 Commodity Derivatives
Changes in Level 3 commodity derivatives:
Year Ended Dec. 31
(Millions of Dollars)202520242023
Balance at Jan. 1$67 $39 $119 
Purchases (a)
201 138 79 
Settlements (a)
(202)(242)(89)
Net transactions recorded during the period:
Net gains (losses) recognized as regulatory assets and liabilities (a)
13 132 (70)
Balance at Dec. 31$79 $67 $39 
(a)Relates primarily to FTR instruments administered by SPP.
Carrying Amount and Fair Value of Long-term Debt
20252024
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt$4,046 $3,529 $3,551 $2,968 
Derivative Instruments, Gain (Loss)
Impact of derivative activity:
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Regulatory (Assets) and Liabilities
Year Ended Dec. 31, 2025
Other derivative instruments
Electric commodity$15 
Total$15 
Year Ended Dec. 31, 2024
Other derivative instruments
Electric commodity$62 
Total$62 
Year Ended Dec. 31, 2023
Other derivative instruments
Electric commodity$(88)
Total$(88)
Pre-Tax (Gains) Losses Reclassified into Income During the Period from:
(Millions of Dollars)Regulatory
Assets and (Liabilities)
Year Ended Dec. 31, 2025
Other derivative instruments
Electric commodity(26)
(a)
Total$(26)
Year Ended Dec. 31, 2024
Other derivative instruments
Electric commodity(43)
(a)
Total$(43)
Year Ended Dec. 31, 2023
Other derivative instruments
Electric commodity78 
(a)
Total$78 
(a)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.