XML 65 R45.htm IDEA: XBRL DOCUMENT v3.3.1.900
Pension and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Estimated Future Benefit Payments [Table Text Block]
Estimated Future Benefit Payments
    Pension
Postretirement Health and Life
Millions
 

 
2016

$39.8


$8.3

2017

$40.6


$8.6

2018

$41.1


$8.8

2019

$41.7


$9.1

2020

$41.8


$9.3

Years 2021 – 2025

$216.2


$48.0

Defined Benefit Costs Recorded in Regulatory Long-Term Assets or Liabilities and Accumulated Other Comprehensive Income Expected to be Recognized over Next Fiscal Year [Table Text Block]
The pension and postretirement health and life costs recorded in regulatory long-term assets or liabilities and accumulated other comprehensive income expected to be recognized as a component of net pension and postretirement benefit costs for the year ending December 31, 2016, are as follows:
 
      Pension
Postretirement
Health and Life
Millions
 
 
Net (Gain) Loss
$(8.4)
$0.2
Prior Service Credit

(2.9)
Total Pension and Postretirement Health and Life Credit
$(8.4)
$(2.7)
Assumptions Used to Determine Benefit Obligation and Net Periodic Benefit Costs [Table Text Block]
Assumptions Used to Determine Benefit Obligation
As of December 31
2015
2014
Discount Rate
 
 
Pension
4.72%
4.30%
Postretirement Health and Life
4.73%
4.33%
Rate of Compensation Increase
3.70 - 4.30%
3.70 - 4.30%
Health Care Trend Rates
 
 
Trend Rate
6.50%
6.75%
Ultimate Trend Rate
5.00%
5.00%
Year Ultimate Trend Rate Effective
2022
2022
Assumptions Used to Determine Net Periodic Benefit Costs
Year Ended December 31
2015
2014
2013
Discount Rate
4.30 - 4.33%
4.93 - 4.96%
4.10 - 4.13%
Expected Long-Term Return on Plan Assets
 
 
 
Pension
8.00%
8.00%
8.25%
Postretirement Health and Life
6.40 - 8.00%
6.40 - 8.00%
6.60 - 8.25%
Rate of Compensation Increase
3.70 - 4.30%
3.70 - 4.30%
4.30 - 4.60%


Plan Asset Allocations, Actual and Target [Table Text Block]
Plan Asset Target Allocations
    Pension
Postretirement
Health and Life (a)
Equity Securities
56
%
60
%
Debt Securities
35
%
37
%
Real Estate
9
%
3
%
 
100
%
100
%
(a)
Includes VEBAs and irrevocable grantor trusts.
Actual Plan Asset Allocations
Pension
Postretirement
Health and Life (a)
 
2015
2014
2015
2014
Equity Securities
47
%
48
%
57
%
58
%
Debt Securities
39
%
39
%
35
%
34
%
Private Equity
8
%
8
%
8
%
8
%
Real Estate
6
%
5
%


 
100
%
100
%
100
%
100
%
(a)
Includes VEBAs and irrevocable grantor trusts.

Pension [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Obligation and Funded Status [Table Text Block]
Pension Obligation and Funded Status
At December 31
2015

2014

Millions
 
 
Accumulated Benefit Obligation

$665.0


$661.4

Change in Benefit Obligation
 

 

Obligation, Beginning of Year

$714.5


$622.8

Service Cost
10.1

8.3

Interest Cost
29.9

29.8

Actuarial (Gain) Loss
(31.2
)
72.6

Benefits Paid
(40.2
)
(36.9
)
Participant Contributions
26.7

17.9

Obligation, End of Year

$709.8


$714.5

Change in Plan Assets
 

 

Fair Value, Beginning of Year

$544.2


$501.6

Actual Return on Plan Assets
(10.8
)
41.0

Employer Contribution (a)
28.1

38.5

Benefits Paid
(40.2
)
(36.9
)
Fair Value, End of Year

$521.3


$544.2

Funded Status, End of Year
$(188.5)
$(170.3)
 
 
 
Net Pension Amounts Recognized in Consolidated Balance Sheet Consist of:
 

 

Current Liabilities
$(1.3)
$(1.2)
Non-Current Liabilities
$(187.2)
$(169.1)

(a)
Includes Participant Contributions noted above.
Unrecognized Costs [Table Text Block]
The pension costs that are reported as a component within our Consolidated Balance Sheet, reflected in long-term regulatory assets or liabilities and accumulated other comprehensive income, consist of the following:
Unrecognized Pension Costs
As of December 31
2015

2014

Millions
 
 
Net Loss

$252.7


$250.4

Prior Service Cost

0.2

Total Unrecognized Pension Costs

$252.7


$250.6

Components of Net Periodic Expense [Table Text Block]
Components of Net Periodic Pension Expense
Year Ended December 31
2015

2014

2013

Millions
 
 
 
Service Cost

$10.1


$8.3


$9.9

Interest Cost
29.9

29.8

26.0

Expected Return on Plan Assets
(40.7
)
(38.2
)
(35.2
)
Amortization of Loss
17.9

14.2

21.5

Amortization of Prior Service Cost
0.2

0.3

0.3

Net Pension Expense

$17.4


$14.4


$22.5

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income and Regulatory Assets or Liabilities [Table Text Block]
Other Changes in Pension Plan Assets and Benefit Obligations Recognized in
Other Comprehensive Income and Regulatory Assets or Liabilities
Year Ended December 31
2015

2014

Millions
 
 
Net Loss
$20.2
$69.8
Amortization of Prior Service Cost
(0.2
)
(0.3
)
Amortization of Loss
(17.9
)
(14.2
)
Total Recognized in Other Comprehensive Income and Regulatory Assets or Liabilities
$2.1
$55.3
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
As of December 31
2015

2014

Millions
 
 
Projected Benefit Obligation

$709.8


$714.5

Accumulated Benefit Obligation

$665.0


$661.4

Fair Value of Plan Assets

$521.3


$544.2

Recurring Fair Value Measures [Table Text Block]
 
Fair Value as of December 31, 2014
Recurring Fair Value Measures
Level 1
Level 2
Level 3
Total
Millions
 
 
 
 
Assets:
 
 
 
 
Equity Securities:
 
 
 
 
U.S. Large-cap (a)

$32.1


$56.4



$88.5

U.S. Mid-cap Growth (a)
13.6

23.9


37.5

U.S. Small-cap (a)
13.9

24.4


38.3

International
46.1

45.9


92.0

Debt Securities:
 

 

 

 

Mutual Funds
0.1



0.1

Fixed Income
2.7

201.0


203.7

Cash and Cash Equivalents
11.9



11.9

Other Types of Investments:
 

 

 

 

Private Equity Funds



$43.3

43.3

Real Estate


28.9

28.9

Total Fair Value of Assets

$120.4


$351.6


$72.2


$544.2

(a)
The underlying investments classified under U.S. Equity Securities consist of money market funds (Level 1) and actively-managed funds (Level 2), which are combined with futures, and settle daily, to achieve the returns of the U.S. Equity Securities Large-cap, Mid-cap Growth, and Small-cap funds. Our exposure with respect to these investments includes both the futures and the underlying investments. 
 
Fair Value as of December 31, 2015
Recurring Fair Value Measures
Level 1
Level 2
Level 3
Total
Millions
 
 
 
 
Assets:
 
 
 
 
Equity Securities:
 
 
 
 
U.S. Large-cap (a)

$33.9


$42.1



$76.0

U.S. Mid-cap Growth (a)
14.2

17.7


31.9

U.S. Small-cap (a)
14.5

17.9


32.4

Mutual Funds
8.4



8.4

International
44.7

42.0


86.7

Debt Securities:
 

 

 

 

Mutual Funds
0.1



0.1

Fixed Income
2.7

185.3


188.0

Cash and Cash Equivalents
25.6



25.6

Other Types of Investments:
 

 

 

 

Private Equity Funds



$43.3

43.3

Real Estate


28.9

28.9

Total Fair Value of Assets

$144.1


$305.0


$72.2


$521.3

(a)
The underlying investments classified under U.S. Equity Securities consist of money market funds (Level 1) and actively-managed funds (Level 2), which are combined with futures, and settle daily, to achieve the returns of the U.S. Equity Securities Large-cap, Mid-cap Growth, and Small-cap funds. Our exposure with respect to these investments includes both the futures and the underlying investments. 
Recurring Fair Value Measures - Activity in Level 3 [Table Text Block]
Recurring Fair Value Measures
 
 
 
Activity in Level 3
 
Private Equity Funds
   Real Estate
Millions
 
 
 
Balance as of December 31, 2013
 

$46.8


$26.5

Actual Return on Plan Assets
 
1.2

2.8

Purchases, Sales, and Settlements – Net
 
(4.7
)
(0.4
)
Balance as of December 31, 2014
 

$43.3


$28.9

Recurring Fair Value Measures
 
 
Activity in Level 3
Private Equity Funds
    Real Estate
Millions
 
 
Balance as of December 31, 2014

$43.3


$28.9

Actual Return on Plan Assets
2.6

2.9

Purchases, Sales, and Settlements – Net
(2.6
)
(2.9
)
Balance as of December 31, 2015

$43.3


$28.9

Postretirement Health and Life [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Obligation and Funded Status [Table Text Block]
Postretirement Health and Life Obligation and Funded Status
At December 31
2015

2014

Millions
 
 
Change in Benefit Obligation
 
 
Obligation, Beginning of Year

$170.9


$151.9

Service Cost
4.3

3.4

Interest Cost
7.2

7.3

Actuarial (Gain) Loss
(14.4
)
18.1

Benefits Paid
(10.7
)
(8.9
)
Participant Contributions
2.9

2.6

Plan Amendments

(2.9
)
Plan Curtailments

(0.6
)
Obligation, End of Year

$160.2


$170.9

Change in Plan Assets
 
 
Fair Value, Beginning of Year

$163.2


$157.0

Actual Return on Plan Assets
(3.5
)
11.6

Employer Contribution
1.5

1.1

Participant Contributions
2.9

2.6

Benefits Paid
(10.7
)
(9.1
)
Fair Value, End of Year

$153.4


$163.2

Funded Status, End of Year
$(6.8)
$(7.7)
 
 
 
Net Postretirement Health and Life Amounts Recognized in Consolidated Balance Sheet Consist of:
 
 
Non-Current Assets
$6.4
$6.6
Current Liabilities
$(1.0)
$(0.9)
Non-Current Liabilities
$(12.2)
$(13.4)


Unrecognized Costs [Table Text Block]
The postretirement health and life costs that are reported as a component within our Consolidated Balance Sheet, reflected in regulatory long-term assets or liabilities and accumulated other comprehensive income, consist of the following:
Unrecognized Postretirement Health and Life Costs
As of December 31
2015

2014

Millions
 
 
Net Loss
$6.5
$6.9
Prior Service Credit
(7.6
)
(10.6
)
Total Unrecognized Postretirement Health and Life Credit
$(1.1)
$(3.7)
Components of Net Periodic Expense [Table Text Block]
Components of Net Periodic Postretirement Health and Life Expense
Year Ended December 31
2015

2014

2013

Millions
 
 
 
Service Cost

$4.3


$3.4


$3.9

Interest Cost
7.2

7.3

6.8

Expected Return on Plan Assets
(10.9
)
(10.3
)
(9.7
)
Amortization of Loss
0.4

0.5

1.6

Amortization of Prior Service Credit
(3.0
)
(2.5
)
(2.5
)
Effect of Plan Settlement (a)


(1.6
)
Net Postretirement Health and Life Credit
$(2.0)
$(1.6)
$(1.5)

(a)
Result of the termination of a legacy benefit plan.
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income and Regulatory Assets or Liabilities [Table Text Block]
Other Changes in Postretirement Benefit Plan Assets and Benefit Obligations
Recognized in Other Comprehensive Income and Regulatory Assets or Liabilities
Year Ended December 31
2015

2014

Millions
 

 
Net Loss

$16.4
Prior Service Credit Arising During the Period

(3.0
)
Amortization of Prior Service Credit

$3.0

2.5

Amortization of Loss
(0.4
)
(0.5
)
Total Recognized in Other Comprehensive Income and Regulatory Assets or Liabilities
$2.6
$15.4
Sensitivity of a One-Percentage-Point Change in Health Care Trend Rates [Table Text Block]
Sensitivity of a One-Percentage-Point Change in Health Care Trend Rates
 
One Percent
Increase
One Percent
Decrease
Millions
 
 
Effect on Total of Postretirement Health and Life Service and Interest Cost

$1.9

$(1.5)
Effect on Postretirement Health and Life Obligation

$19.3

$(15.9)
Recurring Fair Value Measures [Table Text Block]
 
Fair Value as of December 31, 2015
Recurring Fair Value Measures
Level 1
Level 2
Level 3
Total
Millions
 
 
 
 
Assets:
 
 
 
 
Equity Securities:
 
 
 
 
U.S. Large-cap (a)

$28.2




$28.2

U.S. Mid-cap Growth (a)
19.1



19.1

U.S. Small-cap (a)
12.1



12.1

International
26.8



26.8

Debt Securities:
 

 

 

 

Mutual Funds
45.2



45.2

Fixed Income


$8.4


8.4

Cash and Cash Equivalents
1.6



1.6

Other Types of Investments:
 

 

 

 

Private Equity Funds



$12.0

12.0

Total Fair Value of Assets

$133.0


$8.4


$12.0


$153.4


(a)
The underlying investments classified under U.S. Equity Securities consist of mutual funds (Level 1).
 
Fair Value as of December 31, 2014
Recurring Fair Value Measures
Level 1
Level 2
Level 3
Total
Millions
 
 
 
 
Assets:
 
 
 
 
Equity Securities:
 
 
 
 
U.S. Large-cap (a)

$29.3




$29.3

U.S. Mid-cap Growth (a)
20.0



20.0

U.S. Small-cap (a)
12.6



12.6

International
30.6



30.6

Debt Securities:
 

 

 

 

Mutual Funds
44.5



44.5

Fixed Income


$9.9


9.9

Cash and Cash Equivalents
3.4



3.4

Other Types of Investments:
 

 

 

 

Private Equity Funds



$12.9

12.9

Total Fair Value of Assets

$140.4


$9.9


$12.9


$163.2


(a)
The underlying investments classified under U.S. Equity Securities consist of mutual funds (Level 1). 
Recurring Fair Value Measures - Activity in Level 3 [Table Text Block]
Recurring Fair Value Measures
 
Activity in Level 3
Private Equity Funds
Millions
 
Balance as of December 31, 2013

$13.1

Actual Return on Plan Assets
1.4

Purchases, Sales, and Settlements – Net
(1.6
)
Balance as of December 31, 2014

$12.9

Recurring Fair Value Measures
 
Activity in Level 3
Private Equity Funds
Millions
 
Balance as of December 31, 2014

$12.9

Actual Return on Plan Assets
1.2

Purchases, Sales, and Settlements – Net
(2.1
)
Balance as of December 31, 2015

$12.0