v3.26.3
Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Gross Notional Amounts of Commodity Forwards and Options
Gross notional amounts of commodity forwards and options:
(Amounts in Millions) (a)(b)
Sept. 30, 2026Dec. 31, 2025
MWh of electricity1 1 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis, but weighted for the probability of exercise.
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income
(Millions of Dollars)Pre-Tax Gains (Losses) Recognized During the Period in Income
Three Months Ended Sept. 30, 2026
Other derivative instruments:
Commodity trading$7 
(a)
Total$7 
Three Months Ended Sept. 30, 2025
Other derivative instruments:
Commodity trading$(2)
(a)
Total$(2)
Nine Months Ended Sept. 30, 2026
Other derivative instruments:
Commodity trading$12 
(a)
Natural gas commodity(7)
(b)(c)
Total$5 
Nine Months Ended Sept. 30, 2025
Other derivative instruments:
Natural gas commodity$(9)
(b)(c)
Total$(9)
(a)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(b)Amounts are primarily recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(c)Relates primarily to option premium amortization.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Sept. 30, 2026Dec. 31, 2025
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$— $2 $— $2 $(2)$— $— $6 $— $6 $(6)$— 
Natural gas commodity— 8 — 8 — 8 — 7 — 7 — 7 
Total current derivative assets (b)
$— $10 $— $10 $(2)$8 $— $13 $— $13 $(6)$7 
Sept. 30, 2026Dec. 31, 2025
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$— $3 $— $3 $(2)$1 $— $7 $— $7 $(6)$1 
Natural gas commodity— 4 — 4 — 4 — 7 — 7 — 7 
Total current derivative liabilities (b)
$— $7 $— $7 $(2)$5 $— $14 $— $14 $(6)$8 
(a)PSCo nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At both Sept. 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include immaterial 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)Current derivative assets are included in prepayments and other as of Sept. 30, 2026 and Dec. 31, 2025. Total current derivative liabilities are included in other current liabilities as of Sept. 30, 2026 and Dec. 31, 2025.
Carrying Amount and Fair Value of Long-term Debt
Sept. 30, 2026Dec. 31, 2025
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$12,460 $10,711 $10,376 $9,452