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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Reconciliation of the changes in the plans' benefit obligations and fair value of assets
The following tables provide a reconciliation of the changes in our plans' benefit obligations and fair value of assets:
 
 
Pension Costs
 
OPEB Costs
(in millions)
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation
 
 
 
 
 
 
 
 
Obligation at January 1
 
$
3,083.0

 
$
1,505.5

 
$
842.0

 
$
397.7

Obligation assumed from acquisition
 
—

 
1,594.0

 
—

 
493.0

Service cost
 
45.4

 
30.4

 
26.1

 
20.7

Interest cost
 
130.8

 
94.3

 
37.0

 
26.7

Participant contributions
 
—

 
—

 
16.4

 
12.7

Plan amendments
 
(3.0
)
 
—

 
(18.9
)
 
—

Actuarial loss (gain)
 
71.7

 
14.6

 
(36.5
)
 
(74.0
)
Benefit payments
 
(269.1
)
 
(156.0
)
 
(49.1
)
 
(36.2
)
Federal subsidy on benefits paid
 
N/A

 
N/A

 
1.4

 
1.6

Plan curtailment
 
—

 
0.2

 
—

 
(0.2
)
Obligation at December 31
 
$
3,058.8

 
$
3,083.0

 
$
818.4

 
$
842.0

 
 
 
 
 
 
 
 
 
Change in fair value of plan assets
 
 
 
 
 
 
 
 
Fair value at January 1
 
$
2,755.1

 
$
1,444.6

 
$
749.8

 
$
333.5

Assets received from acquisition
 
—

 
1,420.9

 
—

 
442.1

Actual return on plan assets
 
199.4

 
(62.1
)
 
51.5

 
(15.6
)
Employer contributions
 
23.8

 
107.7

 
4.9

 
13.3

Participant contributions
 
—

 
—

 
16.4

 
12.7

Benefit payments
 
(269.1
)
 
(156.0
)
 
(49.1
)
 
(36.2
)
Fair value at December 31
 
$
2,709.2

 
$
2,755.1

 
$
773.5

 
$
749.8

Funded status at December 31
 
$
(349.6
)
 
$
(327.9
)
 
$
(44.9
)
 
$
(92.2
)
Amounts recognized on the balance sheets at December 31 related to the funded status of the benefit plans

The amounts recognized on our balance sheets at December 31 related to the funded status of the benefit plans were as follows:
 
 
Pension Costs
 
OPEB Costs
(in millions)
 
2016
 
2015
 
2016
 
2015
Other long-term assets
 
$
74.4

 
$
74.1

 
$
29.7

 
$
50.1

Pension and OPEB obligations *
 
424.0

 
402.0

 
74.6

 
142.3

Total net liabilities
 
$
(349.6
)
 
$
(327.9
)
 
$
(44.9
)
 
$
(92.2
)


*
Includes $0.8 million of pension and $0.4 million of OPEB obligations classified as liabilities held for sale as of December 31, 2015. These amounts are included in other current liabilities on our balance sheets.
Information for pension plans with an accumulated benefit obligation in excess of plan assets
The following table shows information for pension plans with an accumulated benefit obligation in excess of plan assets. Amounts presented are as of December 31:
(in millions)
 
2016
 
2015
Projected benefit obligation
 
$
1,667.0

 
$
1,706.6

Accumulated benefit obligation
 
1,549.5

 
1,560.5

Fair value of plan assets
 
1,242.9

 
1,304.6
Amounts that had not yet been recognized in the entity's net periodic benefit cost
The following table shows the amounts that have not yet been recognized in our net periodic benefit cost as of December 31:
 
 
Pension Costs
 
OPEB Costs
(in millions)
 
2016
 
2015
 
2016
 
2015
Accumulated other comprehensive loss (pre-tax) (1)
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
12.0

 
$
11.4

 
$
(1.0
)
 
$
(0.6
)
Total
 
$
12.0

 
$
11.4

 
$
(1.0
)
 
$
(0.6
)
 
 
 
 
 
 
 
 
 
Net regulatory assets (2)
 
 
 
 
 
 
 
 
Net actuarial loss
 
$
1,240.7

 
$
798.1

 
$
25.8

 
$
23.7

Prior service costs (credits)
 
10.5

 
4.7

 
(87.9
)
 
(3.3
)
Total
 
$
1,251.2

 
$
802.8

 
$
(62.1
)
 
$
20.4



(1) 
Amounts related to the nonregulated entities are included in accumulated other comprehensive loss.

(2) 
Amounts related to the utilities and WBS are recorded as net regulatory assets or liabilities.
Estimated amounts that will be amortized into net periodic benefit cost
The following table shows the estimated amounts that will be amortized into net periodic benefit cost during 2017:
(in millions)
 
Pension Costs
 
OPEB Costs
Net actuarial loss
 
$
87.2

 
$
5.8

Prior service costs (credits)
 
3.0

 
(11.2
)
Total 2017 – estimated amortization
 
$
90.2

 
$
(5.4
)
Schedule of the components of net periodic benefit cost
The components of net periodic benefit cost (including amounts capitalized to our balance sheets) for the years ended December 31 were as follows:
 
 
Pension Costs
 
OPEB Costs
(in millions)
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
 
$
45.4

 
$
30.4

 
$
10.1

 
$
26.1

 
$
20.7

 
$
8.5

Interest cost
 
130.8

 
94.3

 
68.1

 
37.0

 
26.7

 
17.8

Expected return on plan assets
 
(195.9
)
 
(155.6
)
 
(98.6
)
 
(52.7
)
 
(39.6
)
 
(23.7
)
Plan settlement
 
16.5

 
—

 
—

 
—

 
—

 
—

Plan curtailment
 
—

 
(0.3
)
 
—

 
—

 
—

 
—

Amortization of prior service cost (credit)
 
3.4

 
2.2

 
2.1

 
(9.4
)
 
(6.4
)
 
(1.8
)
Amortization of net actuarial loss
 
82.9

 
68.5

 
36.7

 
8.5

 
3.9

 
1.2

Net periodic benefit cost
 
$
83.1

 
$
39.5

 
$
18.4

 
$
9.5

 
$
5.3

 
$
2.0
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for the plans
The weighted-average assumptions used to determine the benefit obligations for the plans were as follows for the years ended December 31:
 
 
Pension
 
OPEB
 
 
2016
 
2015
 
2016
 
2015
Discount rate
 
4.16%
 
4.46%
 
4.14%
 
4.38%
Rate of compensation increase
 
3.60%
 
4.00%
 
N/A
 
N/A
Assumed medical cost trend rate
 
N/A
 
N/A
 
7.00%
 
7.50%
Ultimate trend rate
 
N/A
 
N/A
 
5.00%
 
5.00%
Year ultimate trend rate is reached
 
N/A
 
N/A
 
2021
 
2021

The weighted-average assumptions used to determine the net periodic benefit cost for the plans were as follows for the years ended December 31:
 
 
Pension Costs
 
 
2016
 
2015
 
2014
Discount rate
 
4.35%
 
4.11%
 
5.00%
Expected return on plan assets
 
7.12%
 
7.37%
 
7.25%
Rate of compensation increase
 
3.75%
 
4.00%
 
4.00%

 
 
OPEB Costs
 
 
2016
 
2015
 
2014
Discount rate
 
4.38%
 
4.09%
 
4.95%
Expected return on plan assets
 
7.25%
 
7.54%
 
7.50%
Assumed medical cost trend rate (Pre 65/Post 65)
 
7.50%
 
7.50%
 
7.50%
Ultimate trend rate
 
5.00%
 
5.00%
 
5.00%
Year ultimate trend rate is reached
 
2021
 
2021
 
2021
Effects of a one-percentage-point change in assumed health care cost trend rates
For the year ended December 31, 2016, a one-percentage-point change in assumed health care cost trend rates would have had the following effects:
(in millions)
 
1% Increase
 
1% Decrease
Effect on total of service and interest cost components of net periodic postretirement health care benefit cost
 
$
8.5

 
$
(6.9
)
Effect on health care component of the accumulated postretirement benefit obligations
 
49.6

 
(39.5
)
Investments recorded at fair value, by asset class
The following tables provide the fair values of our investments by asset class:
 
 
December 31, 2016
 
 
Pension Plan Assets
 
OPEB Assets
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
3.7

 
$
58.0

 
$
—

 
$
61.7

 
$
28.8

 
$
3.4

 
$
—

 
$
32.2

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Equity
 
273.9

 
0.1

 
—

 
274.0

 
34.3

 
—

 
—

 
34.3

International Equity
 
54.1

 
0.6

 
—

 
54.7

 
3.5

 
0.2

 
—

 
3.7

Fixed income securities: *
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Bonds
 
—

 
861.3

 
0.8

 
862.1

 
—

 
137.9

 
—

 
137.9

International Bonds
 
—

 
75.9

 
—

 
75.9

 
—

 
8.8

 
—

 
8.8

Private Equity and Real Estate
 
—

 
—

 
14.6

 
14.6

 
—

 
—

 
1.3

 
1.3

 
 
$
331.7

 
$
995.9

 
$
15.4

 
$
1,343.0

 
$
66.6

 
$
150.3

 
$
1.3

 
$
218.2

Investments measured at net asset value
 
 
 
 
 
 
 
$
1,366.2

 
 
 
 
 
 
 
$
555.3

Total
 
$
331.7

 
$
995.9

 
$
15.4

 
$
2,709.2

 
$
66.6

 
$
150.3

 
$
1.3

 
$
773.5


*
This category represents investment grade bonds of United States and foreign issuers denominated in United States dollars from diverse industries.
 
 
December 31, 2015
 
 
Pension Plan Assets
 
OPEB Assets
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
17.0

 
$
29.6

 
$
—

 
$
46.6

 
$
10.5

 
$
1.0

 
$
—

 
$
11.5

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Equity
 
132.6

 
3.4

 
—

 
136.0

 
24.6

 
0.1

 
—

 
24.7

International Equity
 
103.9

 
—

 
—

 
103.9

 
21.4

 
—

 
—

 
21.4

Fixed income securities: *
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Bonds
 
11.4

 
797.3

 
—

 
808.7

 
0.3

 
122.0

 
—

 
122.3

International Bonds
 
—

 
80.3

 
—

 
80.3

 
—

 
8.1

 
—

 
8.1

Private Equity and Real Estate
 
—

 
—

 
5.5

 
5.5

 
—

 
—

 
0.4

 
0.4

 
 
$
264.9

 
$
910.6

 
$
5.5

 
$
1,181.0

 
$
56.8

 
$
131.2

 
$
0.4

 
$
188.4

Investments measured at net asset value
 
 
 
 
 
 
 
$
1,574.1

 
 
 
 
 
 
 
$
561.4

Total
 
$
264.9

 
$
910.6

 
$
5.5

 
$
2,755.1

 
$
56.8

 
$
131.2

 
$
0.4

 
$
749.8



*
This category represents investment grade bonds of United States and foreign issuers denominated in United States dollars from diverse industries.
Reconciliation of changes in the fair value of pension assets categorized as Level 3 measurements
The following tables set forth a reconciliation of changes in the fair value of pension and OPEB plan assets categorized as Level 3 in the fair value hierarchy:
 
 
Private Equity and Real Estate
 
United States Bonds
(in millions)
 
Pension
 
OPEB
 
Pension
Beginning balance at January 1, 2016
 
$
5.5

 
$
0.4

 
$
—

Realized and unrealized gains
 
0.5

 
0.1

 
—

Purchases
 
8.6

 
0.8

 
0.8

Ending balance at December 31, 2016
 
$
14.6

 
$
1.3

 
$
0.8


 
 
Private Equity and Real Estate
(in millions)
 
Pension
 
OPEB
Beginning balance at January 1, 2015
 
$
—

 
$
—

Purchases
 
5.5

 
0.4

Ending balance at December 31, 2015
 
$
5.5

 
$
0.4
Schedule of expected future benefit payments

The following table shows the payments, reflecting expected future service, that we expect to make for pension and OPEB:
(in millions)
 
Pension Costs
 
OPEB Costs
2017
 
$
215.7

 
$
41.8

2018
 
217.1

 
49.6

2019
 
226.5

 
49.0

2020
 
233.1

 
50.9

2021
 
230.0

 
53.1

2022-2026
 
1,031.5

 
278.5