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Pension And Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2025
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Pension And Other Postretirement Benefits
We provide defined contribution plans and noncontributory defined benefit retirement plans that cover certain of our employees. Benefits under the defined benefit retirement plans reflect the employees' compensation, years of service and age at retirement. Additionally, we provide health care and life insurance benefits for certain retired employees. Certain active employees may become eligible for these benefits if they reach retirement age while working for us. The expected cost of such benefits is accrued during the employees' years of service. We determined that, for certain rate-regulated subsidiaries, the future recovery of postretirement benefit costs is probable, and we record regulatory assets and liabilities for amounts that would otherwise have been recorded to expense or accumulated other comprehensive loss. Current rates of rate-regulated companies include postretirement benefit costs, including amortization of the regulatory assets and liabilities that arose prior to inclusion of these costs in rates. For most plans, cash contributions are remitted to grantor trusts.
For the nine months ended September 30, 2025 and 2024, we contributed $1.5 million and $1.9 million, respectively, to our pension plans and $15.4 million and $18.3 million, respectively, to our OPEB plans.
The following table provides the components of the plans' actuarially determined net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024:
Pension BenefitsOPEB
Three Months Ended September 30, (in millions)
2025202420252024
Components of Net Periodic Benefit Cost(1)
Service cost$4.9 $5.5 $1.0 $1.3 
Interest cost16.0 16.3 5.6 5.5 
Expected return on assets(23.1)(23.8)(4.2)(4.0)
Amortization of prior service credit— — (0.4)(0.4)
Recognized actuarial loss6.4 7.2 0.4 0.8 
Settlement loss5.6 5.9 — — 
Total Net Periodic Benefit Cost $9.8 $11.1 $2.4 $3.2 
(1)The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net," respectively, on the Condensed Statements of Consolidated Income (unaudited).
Pension BenefitsOPEB
Nine Months Ended September 30, (in millions)
2025202420252024
Components of Net Periodic Benefit Cost(1)
Service cost$14.7 $16.4 $3.0 $3.9 
Interest cost48.0 48.9 16.8 16.4 
Expected return on assets(69.3)(71.4)(12.6)(12.0)
Amortization of prior service credit— — (1.2)(1.2)
Recognized actuarial loss19.2 21.6 1.2 2.4 
Settlement loss5.6 5.9 — — 
Total Net Periodic Benefit Cost $18.2 $21.4 $7.2 $9.5 
(1)The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net," respectively, on the Condensed Statements of Consolidated Income (unaudited).
During the three months ended September 30, 2025, one of our qualified pension plans met the requirement for settlement accounting. A one-time settlement charge of $5.6 million was recorded during the three months ended September 30, 2025.
In August 2025, we communicated to plan participants of one of our OPEB plans the intention to move from a group self-insured Medicare supplemental health plan to a Sponsored Health Reimbursement Account, with eligible retirees electing coverage through a Healthcare Exchange. This change will become effective on January 1, 2026. Given the intention of the plan and communication to participants, this was considered a plan amendment at the time of communication. This plan amendment triggered remeasurement of this plan, resulting in a decrease to the OPEB regulatory asset of $5.7 million, a decrease to OPEB
liability of $23.3 million, and an increase to accumulated other comprehensive loss of $17.6 million. Net periodic OPEB benefit cost for 2025 decreased by $1.7 million as a result of the interim remeasurement.
In line with the remeasurement, key inputs, economic assumptions, and demographic assumptions changed to calculate the updated OPEB benefit obligation and the net periodic benefit cost at the interim remeasurement date for the plan that triggered settlement accounting. For remeasurement, we used a weighted-average discount rate of 5.53%, a weighted-average health care trend rate of 9.97% for next year and ultimate trend rate of 4.75% to be reached in 2034, and weighted-average expected return on assets of 6.88%.