Xcel Energy 2015 Annual Report Download - page 127
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Dec. 31, 2014
(Thousands of Dollars) Level 1 Level 2 Level 3 Total
Cash equivalents (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,324 $ — $ — $ 26,324
Derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 186 — 186
Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 48,584 — 48,584
Insurance contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 50,351 — 50,351
Corporate bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 54,207 — 54,207
Asset-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,619 — 3,619
Mortgage-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,250 — 11,250
Commingled funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 282,378 — 282,378
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,841) — (1,841)
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,324 $ 448,734 $ — $ 475,058
(a) Includes restricted cash of $1.0 million at Dec. 31, 2014.
For the years ended Dec. 31, 2015 and 2014 there were no assets transferred in or out of Level 3. The following table presents the
changes in Xcel Energy’s Level 3 postretirement benefit plan assets for the year ended Dec. 31, 2013:
(Thousands of Dollars) Jan. 1, 2013 Net Realized
Gains (Losses) Net Unrealized
Gains (Losses)
Purchases,
Issuances and
Settlements, Net Transfers Out
of Level 3 (a) Dec. 31, 2013
Private equity investments. . . . . . . . $ 757 $ — $ — $ — $ (757) $ —
Real estate . . . . . . . . . . . . . . . . . . . . 39,958 — — — (39,958) —
Total. . . . . . . . . . . . . . . . . . . . . . . . $ 40,715 $ — $ — $ — $ (40,715) $ —
(a) Transfers out of Level 3 into Level 2 were principally due to diminished use of unobservable inputs that were previously significant to these fair value
measurements and were subsequently sold during 2013.
Benefit Obligations — A comparison of the actuarially computed benefit obligation and plan assets for Xcel Energy is presented in
the following table:
(Thousands of Dollars) 2015 2014
Change in Projected Benefit Obligation:
Obligation at Jan. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 642,869 $ 731,428
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,116 3,457
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,297 34,028
Medicare subsidy reimbursements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,958 1,861
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,718 7,148
Actuarial gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45,793) (81,699)
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48,898) (53,354)
Obligation at Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 584,267 $ 642,869
(Thousands of Dollars) 2015 2014
Change in Fair Value of Plan Assets:
Fair value of plan assets at Jan. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 475,058 $ 492,036
Actual (loss) return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,570) 12,083
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,718 7,148
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,325 17,145
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48,898) (53,354)
Fair value of plan assets at Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 447,633 $ 475,058
(Thousands of Dollars) 2015 2014
Funded Status of Plans at Dec. 31:
Funded status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (136,634) $ (167,811)
Noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,820 1,014
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,495) (9,110)
Noncurrent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (130,959) (159,715)
Net postretirement amounts recognized on consolidated balance sheets . . . . . . . . . . . . . . . . . . . . . $ (136,634) $ (167,811)