XML 13 R36.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans and Equity Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations

The measurement date used to determine pension and other postretirement benefit obligations is December 31. Data related to the changes in the projected benefit obligation for pension benefits and the accumulated benefit obligation for other postretirement benefits are presented below.

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

(millions)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Benefit obligation, January 1

 

$

732

 

 

$

793

 

 

$

187

 

 

$

217

 

Service cost

 

 

15

 

 

 

17

 

 

 

3

 

 

 

4

 

Interest cost

 

 

28

 

 

 

29

 

 

 

9

 

 

 

8

 

Plan participants’ contributions

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Actuarial (gain) loss

 

 

47

 

 

 

(46

)

 

 

22

 

 

 

(31

)

Benefits paid

 

 

(21

)

 

 

(19

)

 

 

(13

)

 

 

(11

)

Settlements

 

 

(80

)

 

 

(42

)

 

 

 

 

 

 

Curtailment

 

 

6

 

 

 

 

 

 

3

 

 

 

 

Amounts funded to parent

 

 

 

 

 

 

 

 

2

 

 

 

(1

)

Benefit obligation, December 31

 

$

727

 

 

$

732

 

 

$

214

 

 

$

187

 

Schedule of Assumptions Used to Determine Benefit Obligations

Significant assumptions used to determine the above benefit obligations are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Annual discount rate used to determine benefit obligation

 

 

3.47

%

 

 

4.35

%

 

 

3.52

%

 

 

4.38

%

Assumed annual rate of future salary increases for projected

   benefit obligation

 

 

3.00

%

 

 

3.00

%

 

N/A

 

 

N/A

 

Schedule of Net Funded Status

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

At December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets

 

$

725

 

 

$

676

 

 

$

 

 

$

 

Benefit obligation

 

 

727

 

 

 

732

 

 

 

214

 

 

 

187

 

Funded status

 

$

(2

)

 

$

(56

)

 

$

(214

)

 

$

(187

)

 

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized on the consolidated balance sheets were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

At December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liability

 

$

 

 

$

 

 

$

(13

)

 

$

(11

)

Noncurrent liability

 

 

(2

)

 

 

(56

)

 

 

(201

)

 

 

(177

)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

At December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

2

 

 

$

3

 

 

$

2

 

 

$

1

 

 

Schedule of Amounts Recognized in Regulatory Assets

Amounts recognized in regulatory assets were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

At December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

125

 

 

$

202

 

 

$

29

 

 

$

9

 

Prior service cost

 

 

 

 

 

1

 

 

 

 

 

 

 

Total

 

$

125

 

 

$

203

 

 

$

29

 

 

$

9

 

 

Schedule of Changes in Fair Value of Plan Assets

Changes in Fair Value of Plan Assets

 

Pension Benefits

 

 

 

 

 

 

 

 

(millions)

 

2019

 

 

2018

 

Fair value of plan assets, January 1

 

$

677

 

 

$

781

 

Actual return (loss) on plan assets

 

 

149

 

 

 

(43

)

Benefits paid

 

 

(21

)

 

 

(61

)

Settlements

 

 

(80

)

 

 

 

Fair value of plan assets, December 31

 

$

725

 

 

$

677

 

Schedule of Allocation of Plan Assets

The pension plan asset allocation at December 31, 2019 and 2018 and the target allocation for 2020 are as follows:

 

 

 

Percentage of Plan Assets

 

 

 

Target

Allocation

 

 

December 31,

 

Asset Category

 

2020

 

 

2019

 

 

2018

 

Equity Securities

 

 

45

%

 

 

64

%

 

 

55

%

Fixed Income

 

 

50

%

 

 

35

%

 

 

34

%

Cash

 

 

5

%

 

 

1

%

 

 

%

Hedge Funds

 

 

%

 

 

%

 

 

11

%

Schedule of Fair Value Measurements By Category At December 31, 2019 and 2018, fair value measurements, and the level within the fair value hierarchy in which the measurements fall, were as follows:

 

At December 31,

 

2019

 

 

2018

 

(millions)

 

 

 

 

 

 

 

 

Investments with fair value measure at Level 2:

 

 

 

 

 

 

 

 

Mutual funds

 

$

152

 

 

$

99

 

Short-term investment vehicles

 

 

 

 

 

19

 

US Treasury securities

 

 

3

 

 

 

7

 

Corporate debt instruments

 

 

233

 

 

 

86

 

Government and other debt instruments

 

 

26

 

 

 

16

 

Total assets in the fair value hierarchy

 

 

414

 

 

 

227

 

Investments at net asset value:

 

 

 

 

 

 

 

 

Common collective trust

 

 

311

 

 

 

373

 

Joint venture interests

 

 

 

 

 

77

 

Total investments

 

$

725

 

 

$

677

 

 

Schedule of Expected Benefit Payments

Expected Benefit Payments

 

(millions)

 

Pension

Benefits

 

 

Other

Postretirement

Benefits

 

2020

 

$

70

 

 

$

13

 

2021

 

 

37

 

 

 

13

 

2022

 

 

48

 

 

 

13

 

2023

 

 

46

 

 

 

13

 

2024

 

 

46

 

 

 

13

 

2025 - 2029

 

 

210

 

 

 

69

 

 

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

15

 

 

$

17

 

 

$

18

 

 

$

3

 

 

$

4

 

 

$

4

 

Interest cost

 

 

28

 

 

 

29

 

 

 

32

 

 

 

9

 

 

 

8

 

 

 

9

 

Expected return on assets

 

 

(40

)

 

 

(48

)

 

 

(46

)

 

 

 

 

 

 

 

 

 

Prior service cost amortization

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial losses

 

 

11

 

 

 

11

 

 

 

14

 

 

 

 

 

 

 

 

 

1

 

Settlement loss

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Curtailment

 

 

6

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

Net periodic benefit cost

 

$

36

 

 

$

9

 

 

$

19

 

 

$

15

 

 

$

12

 

 

$

14

 

 

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (net of tax) were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year actuarial (gain) loss

 

$

(1

)

 

$

1

 

 

$

 

 

$

1

 

 

$

(1

)

 

$

1

 

Schedule of Defined Benefit Plan Amounts Recognized in Regulatory Assets

Other changes in plan assets and benefit obligations recognized in regulatory assets were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year actuarial (gain) loss

 

$

(51

)

 

$

41

 

 

$

(25

)

 

$

20

 

 

$

(26

)

 

$

7

 

Amortization of actuarial losses

 

 

(11

)

 

 

(10

)

 

 

(13

)

 

 

 

 

 

(1

)

 

 

 

Amortization of prior service cost

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Settlement loss

 

 

(16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in regulatory assets

 

$

(78

)

 

$

31

 

 

$

(39

)

 

$

20

 

 

$

(27

)

 

$

7

 

Schedule of Assumptions Used in Determining Net Periodic Benefit Cost

Significant assumptions used in determining net periodic benefit cost:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

Discount rate

 

3.57/4.38%

 

 

 

3.71

%

 

 

4.22

%

 

4.08/4.41%

 

 

 

3.74

%

 

 

4.30

%

Expected return on plan assets

 

 

7.00

%

 

 

7.00

%

 

 

7.25

%

 

n/a

 

 

n/a

 

 

n/a

 

Rate of compensation increase

 

 

3.00

%

 

 

3.00

%

 

 

3.00

%

 

n/a

 

 

n/a

 

 

n/a

 

Health care cost trend rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.60

%

 

 

7.00

%

 

 

6.60

%

Ultimate health care cost trend rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.00

%

 

 

5.00

%

 

 

5.00

%

Year achieved

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

2023

 

 

2021

 

 

Schedule of Amounts in Regulatory Assets to be Recognized Over the Next Fiscal Year

The estimated amounts to be amortized from regulatory assets into net periodic benefit cost in 2020 are as follows:

 

(millions)

 

Pension

Benefits

 

 

Other

Postretirement

Benefits

 

Actuarial loss

 

$

6

 

 

$

1