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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Schedule Of Allocation of Plan Assets

December 31, 2021			Defined Benefit Pension Plan												Postretirement Benefit Plan
Asset Category			Minimum						Maximum						Minimum						Maximum
Domestic Equities			7%						27%						0%						55%
International Equities			3%						13%						0%						25%
Fixed Income			69%						81%						20%						100%
Real Estate			0%						3%						0%						0%
Private Equity			0%						3%						0%						0%
Short-Term Investments			0%						10%						0%						10%

December 31, 2020			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%
Private Equity			0%						5%						0%						0%
Short-Term Investments			0%						10%						0%						10%

The actual Pension Plan and Postretirement Plan Asset Mix at December 31, 2021 and December 31, 2020 are as follows:

			Defined Benefit Pension Assets(1)						December 31, 2021						Postretirement Benefit Plan Assets						December 31, 2021
Asset Class (in millions)			Asset Value						% of Total Assets						Asset Value						% of Total Assets
Domestic Equities			$	324.3					16.4		%				$	118.6					40.4		%
International Equities			150.9						7.6		%				50.5						17.2		%
Fixed Income			1,382.3						69.7		%				118.8						40.4		%
Real Estate			37.2						1.9		%				—						—
Cash/Other			87.0						4.4		%				5.8						2.0		%
Total			$	1,981.7					100.0		%				$	293.7					100.0		%
			Defined Benefit Pension Assets(1)						December 31, 2020						Postretirement Benefit Plan Assets						December 31, 2020
Asset Class (in millions)			Asset Value						% of Total Assets						Asset Value						% of Total Assets
Domestic Equities			$	446.3					21.0		%				$	108.8					38.0		%
International Equities			230.1						10.9		%				48.2						16.8		%
Fixed Income			1,291.2						61.0		%				122.0						42.6		%
Real Estate			52.9						2.5		%				—						—
Cash/Other			97.2						4.6		%				7.4						2.6		%
Total			$	2,117.7					100.0		%				$	286.4					100.0		%

(1)Total includes accrued dividends and pending traders with brokers.

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

Fair Value Measurements at December 31, 2021: 

(in millions)			December 31, 2021						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			$	10.3					$	9.7					$	0.6					$	—
Equity securities
International equities			0.5						0.5						—						—
Fixed income securities
Government			387.3						—						387.3						—
Corporate			645.9						—						645.9						—
Mutual Funds
U.S. multi-strategy			128.4						128.4						—						—
International equities			38.7						38.7						—						—
Private equity limited partnerships(3)
U.S. multi-strategy(1)			10.9						—						—						—
International multi-strategy(2)			4.5						—						—						—
Distressed opportunities			0.1						—						—						—
Real estate(3)			37.2						—						—						—
Commingled funds(3)
Short-term money markets			55.0						—						—						—
U.S. equities			195.9						—						—						—
International equities			111.7						—						—						—
Fixed income			349.1						—						—						—
Pension plan assets subtotal			1,975.5						177.3						1,033.8						—
Other postretirement benefit plan assets:
Mutual funds
U.S. multi-strategy			103.8						103.8						—						—
International equities			24.4						24.4						—						—
Fixed income			118.5						118.5						—						—
Commingled funds(3)
Short-term money markets			5.8						—						—						—
U.S. equities			14.8						—						—						—
International equities			26.1						—						—						—
Other postretirement benefit plan assets subtotal			293.4						246.7						—						—
Due to brokers, net(4)			(1.8)						—						(1.8)						—
Receivables/payables			0.3						—						0.3						—
Accrued income/dividends			8.0						8.0						—						—
Total pension and other postretirement benefit plan assets			$	2,275.4					$	432.0					$	1,032.3					$	—

(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 a 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 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, 2021:

(in millions)			Fair Value						Unfunded Commitments						Redemption Frequency						Redemption Notice Period
Commingled Funds
Short-term money markets			$	60.8					$	—					Daily						1 day
U.S. equities			210.7						—						Daily						1 day - 5 days
International equities			137.8						—						Monthly						10 days-30 days
Fixed income			349.1						—						Daily						3 days
Private Equity and Real Estate Limited Partnerships(1)			20.4						12.1						N/A						N/A
Total			$	778.8					$	12.1

(1)Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation.

Fair Value Measurements at December 31, 2020: 

(in millions)			December 31, 2020						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			$	11.9					$	11.9					$	—					$	—
Equity securities
U.S. equities			2.4						2.4						—						—
Fixed income securities
Government			243.4						—						243.4						—
Corporate			692.6						—						692.6						—
Mutual Funds
U.S. multi-strategy			161.3						161.3						—						—
International equities			55.4						55.4						—						—
Fixed income			0.1						0.1						—						—
Private equity limited partnerships(3)
U.S. multi-strategy(1)			10.9						—						—						—
International multi-strategy(2)			6.6						—						—						—
Distressed opportunities			0.3						—						—						—
Real Estate			52.9						—						—						—
Commingled funds(3)
Short-term money markets			78.8						—						—						—
U.S. equities			279.7						—						—						—
International equities			176.8						—						—						—
Fixed income			337.6						—						—						—
Pension plan assets subtotal			2,110.7						231.1						936.0						—
Other postretirement benefit plan assets:
Mutual funds
U.S. multi-strategy			94.8						94.8						—						—
International equities			24.1						24.1						—						—
Fixed income			121.8						121.8						—						—
Commingled funds(3)
Short-term money markets			7.6						—						—						—
U.S. equities			14.0						—						—						—
International equities			24.1						—						—						—
Other postretirement benefit plan assets subtotal			286.4						240.7						—						—
Due to brokers, net(4)			(1.6)						—						(1.6)						—
Accrued income/dividends			8.6						8.6						—						—
Total pension and other postretirement benefit plan assets			$	2,404.1					$	480.4					$	934.4					$	—

(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 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, 2020:

(in millions)			Fair Value						Unfunded Commitments						Redemption Frequency						Redemption Notice Period
Commingled Funds
Short-term money markets			$	86.4					$	—					Daily						1 day
U.S. equities			293.7						—						Monthly						1 day -5 days
International equities			200.9						—						Monthly						10 days - 30 days
Fixed income			337.6						—						Daily						3 days
Private Equity and Real Estate Limited Partnerships(1)			22.7						12.1						N/A						N/A
Total			$	941.3					$	12.1

(1)Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation.

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)			2021						2020						2021						2020
Change in projected benefit obligation(1)
Benefit obligation at beginning of year			$	2,058.4					$	2,130.5					$	590.8					$	576.5
Service cost			30.2						32.0						6.2						6.6
Interest cost			31.4						51.6						9.9						15.4
Plan participants’ contributions			—						—						4.2						4.1
Plan amendments			—						—						0.1						—
Actuarial (gain) loss(2)			(68.7)						140.1						(14.8)						24.8
Benefits paid			(198.9)						(174.5)						(40.6)						(37.0)
Estimated benefits paid by incurred subsidy			—						—						0.4						0.4
Spinoff to Eversource			—						(121.3)						—						—
Projected benefit obligation at end of year			$	1,852.4					$	2,058.4					$	556.2					$	590.8
Change in plan assets
Fair value of plan assets at beginning of year			$	2,117.7					$	2,080.9					$	286.4					$	261.4
Actual return on plan assets			58.9						329.9						23.9						36.3
Employer contributions			4.0						2.9						19.8						21.6
Plan participants’ contributions			—						—						4.2						4.1
Benefits paid			(198.9)						(174.6)						(40.6)						(37.0)
Spinoff to Eversource			—						(121.4)						—						—
Fair value of plan assets at end of year			$	1,981.7					$	2,117.7					$	293.7					$	286.4
Funded Status at end of year			$	129.3					$	59.3					$	(262.5)					$	(304.4)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets			159.3						91.4						—						—
Current liabilities			(2.8)						(2.9)						(1.0)						(0.9)
Noncurrent liabilities			(27.2)						(29.2)						(261.5)						(303.5)
Net amount recognized at end of year(3)			$	129.3					$	59.3					$	(262.5)					$	(304.4)
Amounts recognized in accumulated other comprehensive income or regulatory asset/liability(4)
Unrecognized prior service credit			$	0.3					$	0.3					$	(7.8)					$	(10.1)
Unrecognized actuarial loss			438.0						497.2						88.5						116.4
Net amount recognized at end of year			$	438.3					$	497.5					$	80.7					$	106.3

(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)The pension actuarial gain was primarily driven by the increase in discount rate. The postretirement benefit gain was also primarily driven by an increase in discount rates.

(3)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.

(4)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 $512.1 million and zero, respectively, as of December 31, 2021, and $583.3 million and zero, respectively, as of December 31, 2020 that would otherwise have been recorded to accumulated other comprehensive loss.

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

Information for pension plans with a projected benefit obligation in excess of plan assets:

			December 31,
			2021						2020
Accumulated Benefit Obligation			$	30.0					$	32.1
Funded Status
Projected Benefit Obligation			30.0						32.1
Fair Value of Plan Assets			—						—
Funded Status of Underfunded Pension Plans at End of Year(1)			$	(30.0)					$	(32.1)

(1)As of December 31, 2021 and 2020, only our nonqualified plans were underfunded. These plans have no assets as they are not funded until benefits are paid.

Information for pension plans with plan assets in excess of the projected benefit obligation:

			December 31,
			2021						2020
Accumulated Benefit Obligation			$	1,804.3					$	2,004.7
Funded Status
Projected Benefit Obligation			1,822.4						2,026.3
Fair Value of Plan Assets			1,981.7						2,117.7
Funded Status of Overfunded Pension Plans at End of Year			$	159.3					$	91.4

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)
2022			$	157.3					$	38.1					$	0.4
2023			150.4						37.4						0.4
2024			145.6						36.9						0.3
2025			143.1						36.5						0.3
2026			135.7						35.8						0.3
2027-2031			598.9						168.7						1.1

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, 2021, 2020 and 2019:

			Pension Benefits																		Other Postretirement Benefits
(in millions)			2021						2020						2019						2021						2020						2019
Components of Net Periodic Benefit (Income) Cost(1)
Service cost			$	30.2					$	32.0					$	29.2					$	6.2					$	6.6					$	5.1
Interest cost			31.4						51.6						72.3						9.9						15.4						19.2
Expected return on assets			(101.6)						(111.6)						(108.8)						(15.3)						(14.4)						(13.1)
Amortization of prior service cost (credit)			0.1						0.7						0.2						(2.2)						(2.1)						(3.2)
Recognized actuarial loss			21.7						33.8						45.2						4.6						4.9						2.0
Settlement/curtailment loss			11.4						10.5						9.5						—						1.5						—
Total Net Periodic Benefits (Income) Cost			$	(6.8)					$	17.0					$	47.6					$	3.2					$	11.9					$	10.0

(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 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
			2021						2020						2021						2020
Weighted-average assumptions to Determine Benefit Obligation
Discount Rate			2.76		%				2.38		%				2.85		%				2.49		%
Rate of Compensation Increases			4.00		%				4.00		%				—						—
Interest Crediting Rates			4.00		%				4.00		%				—						—
Health Care Trend Rates
Trend for Next Year			—						—						6.20		%				6.69		%
Ultimate Trend			—						—						4.50		%				4.50		%
Year Ultimate Trend Reached			—						—						2030						2029

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
			2021						2020						2019						2021						2020						2019
Weighted-average Assumptions to Determine Net Periodic Benefit Cost
Discount rate - service cost			2.81		%				3.39		%				4.48		%				3.00		%				3.52		%				4.59		%
Discount rate - interest cost			1.57		%				2.65		%				3.84		%				1.73		%				2.76		%				3.94		%
Expected Long-Term Rate of Return on Plan Assets			5.20		%				5.70		%				6.10		%				5.50		%				5.67		%				5.83		%
Rate of Compensation Increases			4.00		%				4.00		%				4.00		%				—						—						—
Interest Crediting Rates			4.00		%				4.00		%				4.00		%				—						—						—

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)			2021						2020						2021						2020
Other Changes in Plan Assets and Projected Benefit Obligations  Recognized in Other Comprehensive Income or Regulatory Asset  or Liability
Net prior service cost			$	—					$	—					$	0.1					$	—
Net actuarial loss (gain)			(26.0)						(78.2)						(23.3)						2.9
Settlements/curtailments			(11.4)						(10.5)						—						(1.5)
Less: amortization of prior service cost			(0.1)						(0.7)						2.2						2.1
Less: amortization of net actuarial loss			(21.7)						(33.8)						(4.6)						(4.9)
Less: gain attributable to spinoff to Eversource			—						(33.1)						—						—
Less: prior service cost attributable to spinoff to Eversource			—						(2.0)						—						—
Total Recognized in Other Comprehensive Income or Regulatory  Asset or  Liability			$	(59.2)					$	(158.3)					$	(25.6)					$	(1.4)
Amount Recognized in Net Periodic Benefits Cost and Other  Comprehensive Income or Regulatory Asset or Liability			$	(66.0)					$	(141.3)					$	(22.4)					$	10.5

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-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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