Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Plan Disclosure [Line Items]

Asset Mix Policy of Funds:



	Defined Benefit Pension Plan		Postretirement Benefit Plan
Asset Category	Minimum	Maximum	Minimum	Maximum
Domestic Equities	12%	32%	0%	55%
International Equities	6%	16%	0%	25%
Fixed Income	59%	71%	20%	100%
Real Estate	0%	7%	0%	0%
Short-Term Investments/Other	0%	15%	0%	10%

As of December 31, 2017, the asset mix and acceptable minimum and maximum ranges established by the policy for the pension and other postretirement benefit plans were as follows:

Asset Mix Policy of Funds:



	Defined Benefit Pension Plan		Postretirement Benefit Plan
Asset Category	Minimum	Maximum	Minimum	Maximum
Domestic Equities	16%	36%	0%	55%
International Equities	8%	18%	0%	25%
Fixed Income	39%	51%	20%	100%
Diversified Credit	0%	13%	0%	0%
Real Estate	0%	13%	0%	0%
Short-Term Investments	0%	10%	0%	10%

Pension Plan and Postretirement Plan Asset Mix at December 31, 2018 and December 31, 2017:



	Defined Benefit Pension Assets		December 31, 2018		Postretirement Benefit Plan Assets		December 31, 2018
Asset Class (in millions)	Asset Value		% of Total Assets		Asset Value		% of Total Assets
Domestic Equities	$	355.5	19.0	%	$	78.8	36.4	%
International Equities	165.5		8.9	%	17.5		8.1	%
Fixed Income	1,241.9		66.5	%	115.1		53.2	%
Real Estate	52.7		2.8	%	—		—
Cash/Other	52.1		2.8	%	4.9		2.3	%
Total	$	1,867.7	100.0	%	$	216.3	100.0	%

	Defined Benefit Pension Assets		December 31, 2017		Postretirement Benefit Plan Assets		December 31, 2017
Asset Class (in millions)	Asset Value		% of Total Assets		Asset Value		% of Total Assets
Domestic Equities	$	698.2	32.3	%	$	96.0	36.6	%
International Equities	351.0		16.2	%	39.8		15.2	%
Fixed Income	977.6		45.3	%	117.5		44.8	%
Real Estate	49.9		2.3	%	—		—
Cash/Other	83.3		3.9	%	9.2		3.4	%
Total	$	2,160.0	100.0	%	$	262.5	100.0	%

Schedule Of Fair Value and Changes In The Fair Value Of The Plan Assets

Fair Value Measurements at December 31, 2018:



(in millions)	December 31, 2018			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Pension plan assets:
Cash	$	9.2		$	8.8	$	0.4		$	—
Equity securities
U.S. equities	0.2			0.2		—			—
Fixed income securities
Government	250.2			—		250.2			—
Corporate	442.8			—		442.8			—
Mutual Funds
U.S. multi-strategy	110.3			110.3		—			—
International equities	43.2			43.2		—			—
Fixed income	166.8			166.8		—			—
Private equity limited partnerships
U.S. multi-strategy⁽¹⁾	18.5			—		—			18.5
International multi-strategy⁽²⁾	12.5			—		—			12.5
Distressed opportunities	2.4			—		—			2.4
Real estate	52.7			—		—			52.7
Commingled funds⁽³⁾
Short-term money markets	18.3			—		—			—
U.S. equities	245.2			—		—			—
International equities	122.3			—		—			—
Fixed income	365.7			—		—			—
Pension plan assets subtotal	1,860.3			329.3		693.4			86.1
Other postretirement benefit plan assets:
Mutual funds
U.S. equities	68.4			68.4		—			—
International equities	17.5			17.5		—			—
Fixed income	114.8			114.8		—			—
Commingled funds⁽³⁾
Short-term money markets	5.2			—		—			—
U.S. equities	10.4			—		—			—
Other postretirement benefit plan assets subtotal	216.3			200.7		—			—
Due to brokers, net⁽⁴⁾	(1.1		)	—		(1.1		)	—
Accrued income/dividends	8.6			8.6		—			—
Total pension and other postretirement benefit plan assets	$	2,084.1		$	538.6	$	692.3		$	86.1

⁽¹⁾ This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States.

⁽²⁾ This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States.

⁽³⁾This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy.

⁽⁴⁾ This class represents pending trades with brokers.

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2018:



	Balance at January 1, 2018		Total gains or losses (unrealized / realized)			Purchases		(Sales)			Balance at December 31, 2018
Private equity limited partnerships
U.S. multi-strategy	26.7		2.4			0.7		(11.3		)	18.5
International multi-strategy	19.1		(0.6		)	—		(6.0		)	12.5
Distressed opportunities	3.2		(0.8		)	—		—			2.4
Real estate	49.9		1.7			1.8		(0.7		)	52.7
Total	$	98.9	$	2.7		$	2.5	$	(18.0	)	$	86.1

The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2018:



(in millions)	Fair Value		Redemption Frequency	Redemption Notice Period
Commingled Funds
Short-term money markets	$	23.5	Daily	1 day
U.S. equities	255.6		Monthly	3 days
International equities	122.3		Monthly	10-30 days
Fixed income	365.7		Monthly	3 days
Total	$	767.1

Fair Value Measurements at December 31, 2017:



(in millions)	December 31, 2017			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Pension plan assets:
Cash	$	9.7		$	9.7	$	—	$	—
Equity securities
U.S. equities	0.3			0.3		—		—
Fixed income securities
Government	143.4			—		143.4		—
Corporate	332.6			—		332.6		—
Mutual Funds
U.S. multi-strategy	231.5			231.5		—		—
International equities	85.8			85.8		—		—
Fixed income	242.3			242.3		—		—
Private equity limited partnerships
U.S. multi-strategy⁽¹⁾	26.7			—		—		26.7
International multi-strategy⁽²⁾	19.1			—		—		19.1
Distressed opportunities	3.2			—		—		3.2
Real Estate	49.9			—		—		49.9
Commingled funds⁽³⁾
Short-term money markets	34.1			—		—		—
U.S. equities	466.6			—		—		—
International equities	265.1			—		—		—
Fixed income	244.9			—		—		—
Pension plan assets subtotal	2,155.2			569.6		476.0		98.9
Other postretirement benefit plan assets:
Mutual funds
U.S. equities	83.8			83.8		—		—
International equities	39.8			39.8		—		—
Fixed income	117.3			117.3		—		—
Commingled funds⁽³⁾
Short-term money markets	9.4			—		—		—
U.S. equities	12.2			—		—		—
Other postretirement benefit plan assets subtotal	262.5			240.9		—		—
Due to brokers, net⁽⁴⁾	(2.5		)	—		—		—
Accrued investment income/dividends	7.3			—		—		—
Total pension and other postretirement benefit plan assets	$	2,422.5		$	810.5	$	476.0	$	98.9

⁽²⁾ This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States.

⁽³⁾ This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy.

⁽⁴⁾ This class represents pending trades with brokers.

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2017:



	Balance at January 1, 2017		Total gains or losses (unrealized / realized)			Purchases		(Sales)			Balance at December 31, 2017
Fixed income securities
Other fixed income	$	0.1	$	(0.1	)	$	—	$	—		$	—
Private equity limited partnerships
U.S. multi-strategy	34.8		2.1			0.9		(11.1		)	26.7
International multi-strategy	24.9		1.1			0.1		(7.0		)	19.1
Distress opportunities	4.1		0.4			—		(1.3		)	3.2
Real estate	9.2		(0.6		)	42.1		(0.8		)	49.9
Total	$	73.1	$	2.9		$	43.1	$	(20.2	)	$	98.9



(in millions)	Fair Value		Redemption Frequency	Redemption Notice Period
Commingled Funds
Short-term money markets	$	43.5	Daily	1 day
U.S. equities	478.8		Monthly	3 days
International equities	265.1		Monthly	14-30 days
Fixed income	244.9		Monthly	3 days
Total	$	1,032.3

Schedule Of Reconciliation Of The Plan Funded Status

The following table provides a reconciliation of the plans’ funded status and amounts reflected in our Consolidated Balance Sheets at December 31 based on a December 31 measurement date:



	Pension Benefits						Other Postretirement Benefits
(in millions)	2018			2017			2018			2017
Change in projected benefit obligation⁽¹⁾
Benefit obligation at beginning of year	$	2,192.6		$	2,165.8		$	556.3		$	529.0
Service cost	31.3			30.0			5.0			4.8
Interest cost	67.1			68.3			17.6			17.8
Plan participants’ contributions	—			—			5.7			5.7
Plan amendments	0.2			0.9			0.1			1.6
Actuarial (gain) loss	(103.9		)	98.3			(51.7		)	36.2
Settlement loss	0.8			1.6			—			—
Benefits paid	(206.8		)	(172.3		)	(41.1		)	(39.3		)
Estimated benefits paid by incurred subsidy	—			—			0.6			0.5
Projected benefit obligation at end of year	$	1,981.3		$	2,192.6		$	492.5		$	556.3
Change in plan assets
Fair value of plan assets at beginning of year	$	2,160.0		$	1,750.9		$	262.5		$	231.4
Actual (loss) return on plan assets	(88.4		)	299.1			(31.8		)	33.1
Employer contributions	2.9			282.3			21.0			31.6
Plan participants’ contributions	—			—			5.7			5.7
Benefits paid	(206.8		)	(172.3		)	(41.1		)	(39.3		)
Fair value of plan assets at end of year	$	1,867.7		$	2,160.0		$	216.3		$	262.5
Funded Status at end of year	$	(113.6	)	$	(32.6	)	$	(276.2	)	$	(293.8	)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets	—			9.8			—			—
Current liabilities	(3.0		)	(2.8		)	(0.8		)	(0.7		)
Noncurrent liabilities	(110.6		)	(39.6		)	(275.4		)	(293.1		)
Net amount recognized at end of year⁽²⁾	$	(113.6	)	$	(32.6	)	$	(276.2	)	$	(293.8	)
Amounts recognized in accumulated other comprehensive income or regulatory asset/liability⁽³⁾
Unrecognized prior service credit	$	3.2		$	2.5		$	(19.0	)	$	(23.1	)
Unrecognized actuarial loss	761.2			692.9			75.3			84.2
Net amount recognized at end of year	$	764.4		$	695.4		$	56.3		$	61.1

⁽¹⁾ The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation.

⁽²⁾ We recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation.

⁽³⁾ We determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $798.3 million and $0.1 million, respectively, as of December 31, 2018, and $733.5 million and $0.1 million, respectively, as of December 31, 2017 that would otherwise have been recorded to accumulated other comprehensive loss.

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan

The following table provides the key assumptions that were used to calculate the pension and other postretirement benefits obligations for our various plans as of December 31:



	Pension Benefits				Other Postretirement Benefits
	2018		2017		2018		2017
Weighted-average assumptions to Determine Benefit Obligation
Discount Rate	4.26	%	3.58	%	4.31	%	3.67	%
Rate of Compensation Increases	4.00	%	4.00	%	—		—
Health Care Trend Rates
Trend for Next Year	—		—		8.48	%	8.52	%
Ultimate Trend	—		—		4.50	%	4.50	%
Year Ultimate Trend Reached	—		—		2026		2025

The following table provides the key assumptions that were used to calculate the net periodic benefits cost for our various plans:



	Pension Benefits						Other Postretirement Benefits
	2018		2017		2016		2018		2017		2016
Weighted-average Assumptions to Determine Net Periodic Benefit Cost
Discount rate - service cost⁽¹⁾	3.79	%	4.40	%	4.24	%	3.89	%	4.58	%	4.33	%
Discount rate - interest cost⁽¹⁾	3.15	%	3.31	%	4.24	%	3.27	%	3.48	%	4.33	%
Expected Long-Term Rate of Return on Plan Assets	7.00	%	7.25	%	8.00	%	5.80	%	6.99	%	7.85	%
Rate of Compensation Increases	4.00	%	4.00	%	4.00	%	—		—		—

Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:



(in millions)	1% point increase		1% point decrease
Effect on service and interest components of net periodic cost	$	1.3	$	(1.1	)
Effect on accumulated postretirement benefit obligation	25.0		(22.0		)

Schedule Of Expected Payments To Participants In Pension Plan

The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to the estimated future service of employees:



(in millions)	Pension Benefits		Other Postretirement Benefits		Federal Subsidy Receipts
Year(s)
2019	$	177.4	$	34.3	$	0.5
2020	176.0		35.0		0.5
2021	176.5		35.7		0.5
2022	174.4		36.0		0.4
2023	166.5		35.8		0.4
2024-2028	748.7		171.8		1.7

Components Of The Plans' Net Periodic Benefits Cost

The following table provides the components of the plans’ actuarially determined net periodic benefits cost for each of the three years ended December 31, 2018, 2017 and 2016:



	Pension Benefits									Other Postretirement Benefits
(in millions)	2018			2017			2016			2018			2017			2016
Components of Net Periodic Benefit Cost⁽¹⁾
Service cost	$	31.3		$	30.0		$	30.7		$	5.0		$	4.8		$	5.0
Interest cost	67.1			68.3			89.7			17.6			17.8			22.0
Expected return on assets	(142.3		)	(123.1		)	(132.9		)	(14.9		)	(15.9		)	(17.2		)
Amortization of prior service cost (credit)	(0.4		)	(0.7		)	(0.2		)	(4.0		)	(4.4		)	(4.9		)
Recognized actuarial loss	40.6			52.9			61.2			3.8			3.0			3.1
Settlement loss	18.5			13.7			—			—			—			—
Total Net Periodic Benefits Cost	$	14.8		$	41.1		$	48.5		$	7.5		$	5.3		$	8.0

⁽¹⁾Service cost is presented in "Operation and maintenance" on the Statements of Consolidated Income (Loss). Non-service cost components are presented within "Other, net."

Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income

The following table provides other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory asset or liability:



	Pension Benefits						Other Postretirement Benefits
(in millions)	2018			2017			2018			2017
Other Changes in Plan Assets and Projected Benefit Obligations Recognized in Other Comprehensive Income or Regulatory Asset or Liability
Net prior service cost	$	0.2		$	0.9		$	0.1		$	1.6
Net actuarial loss (gain)	127.5			(76.1		)	(5.0		)	18.9
Settlements	(18.5		)	(13.7		)	—			—
Less: amortization of prior service cost	0.4			0.7			4.0			4.4
Less: amortization of net actuarial loss	(40.6		)	(52.9		)	(3.8		)	(3.0		)
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability	$	69.0		$	(141.1	)	$	(4.7	)	$	21.9
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability	$	83.8		$	(100.0	)	$	2.8		$	27.2