Xcel Energy 2009 Annual Report Download - page 124

The following table presents, for each of the fair value hierarchy levels, postretirement benefit plan assets that are
measured at fair value as of Dec. 31, 2009:
Level 1 Level 2 Level 3 Total
(Thousands of Dollars)
Cash equivalents ................................... $— $165,291 $ — $165,291
Short term investments ............................... — 2,226 — 2,226
Derivatives ....................................... — 5,937 — 5,937
Government securities ................................ — 1,538 — 1,538
Corporate bonds ................................... — 60,416 — 60,416
Asset-backed & mortgage-backed securities ................... — — 55,371 55,371
Preferred stock ..................................... — 540 — 540
Registered investment companies (mutual funds) ................ — 89,296 — 89,296
Securities lending collateral obligation and other ................ — 4,074 — 4,074
Total ......................................... $— $329,318 $55,371 $384,689
The following table presents the changes in Level 3 postretirement benefit plan assets for the year ended Dec. 31, 2009:
Purchases,
Realized and Issuances, and
Unrealized Settlements
Jan. 1, 2009 Gains (net) Dec. 31, 2009
(Thousands of Dollars)
Asset-backed & mortgage-backed securities ................... $78,693 $4,051 $(27,373) $55,371
Benefit Obligations — A comparison of the actuarially computed benefit obligation and plan assets for Xcel Energy
postretirement health care plans that benefit employees of its utility subsidiaries is presented in the following table:
2009 2008
(Thousands of Dollars)
Change in Projected Benefit Obligation:
Obligation at Jan. 1 .................................................... $794,597 $ 830,315
Service cost ......................................................... 4,665 5,350
Interest cost ......................................................... 50,412 51,047
Medicare subsidy reimbursements ............................................ 3,226 6,178
Plan amendments ...................................................... (27,407) —
Plan participants’ contributions ............................................. 13,786 13,892
Actuarial gain ........................................................ (47,446) (46,827)
Benefit payments ...................................................... (62,931) (65,358)
Obligation at Dec. 31 ................................................... $728,902 $ 794,597
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1 ............................................ $299,566 $ 427,459
Actual return (loss) return on plan assets ....................................... 72,101 (132,226)
Plan participants’ contributions ............................................. 13,786 13,892
Employer contributions .................................................. 62,167 55,799
Benefit payments ...................................................... (62,931) (65,358)
Fair value of plan assets at Dec. 31 ........................................... $384,689 $ 299,566
Funded Status of Plans at Dec. 31:
Funded status ........................................................ $(344,213) $(495,031)
Current liabilities ...................................................... (2,240) (4,928)
Noncurrent liabilities ................................................... (341,973) (490,103)
Net pension amounts recognized on consolidated balance sheets ......................... $(344,213) $(495,031)
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost:
Net loss ............................................................ $189,743 $ 305,844
Prior service credit ..................................................... (33,886) (9,205)
Transition obligation .................................................... 44,035 58,479
Total ............................................................. $199,892 $ 355,118
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