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Pension Plans and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Change in Benefit Obligation and Plan Assets

The following tables set forth the pension and other postretirement benefit plan disclosures as of December 31, 2024 and 2023 and the components of net periodic benefit costs for the years ended December 31, 2024, 2023 and 2022 (dollars in millions):


	Pension Benefits						Other Post- retirement Benefits
	2024			2023			2024			2023
Change in benefit obligation:
Benefit obligation as of beginning of year	$	585		$	558		$	122		$	116
Service cost		16			14			3			2
Interest cost		34			33			7			7
Actuarial (gain)/loss (1)		2			21			(9	)		4
Benefits paid		(36	)		(41	)		(6	)		(7	)
Curtailments		(1	)		—			—			—
Benefit obligation as of end of year (2)	$	600		$	585		$	117		$	122
Change in plan assets:
Fair value of plan assets as of beginning of year	$	590		$	541		$	58		$	49
Actual return on plan assets		42			79			9			9
Employer contributions		10			10			—			—
Benefits paid		(34	)		(40	)		—			—
Fair value of plan assets as of end of year (2)	$	608		$	590		$	67		$	58
Funded status	$	8		$	5		$	(50	)	$	(64	)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets	$	35		$	33		$	—		$	—
Other current liabilities		(2	)		(2	)		(1	)		(1	)
Non-current liabilities		(25	)		(26	)		(49	)		(63	)
Net amount recognized	$	8		$	5		$	(50	)	$	(64	)
Accumulated pension benefit obligation (2)	$	522		$	514
Accumulated postretirement benefit obligation:
For retirees							$	67		$	68
For fully eligible employees							$	16		$	16
For other participants							$	34		$	38
Included in accumulated other comprehensive loss (income) (net of tax):
Unrecognized prior service cost (credit)	$	3		$	4		$	—		$	(1	)
Unrecognized net actuarial loss		70			69			2			13
Total		73			73			2			12
Less regulatory asset		(73	)		(72	)		(2	)		(13	)
Accumulated other comprehensive loss for unfunded benefit obligation for pensions and other postretirement benefit plans	$	—		$	1		$	—		$	(1	)

(1)

The change in the pension benefit obligation related to actuarial loss is primarily related to changes in demographic experience, partially offset by financial assumption changes.

(2)

As of December 31, 2024, the SERP had a projected benefit obligation of $27 million and an accumulated benefit obligation of $26 million, with no plan assets.


	Pension Benefits						Other Post- retirement Benefits
	2024			2023			2024			2023
Weighted-average assumptions as of December 31:
Discount rate for benefit obligation		6.13	%		5.86	%		6.09	%		5.83	%
Discount rate for annual expense		5.86	%		6.10	%		5.83	%		6.10	%
Expected long-term return on plan assets		7.80	%		8.30	%		6.70	%		7.20	%
Rate of compensation increase		5.19	%		4.87	%
Medical cost trend pre-age 65 – initial								6.50	%		6.50	%
Medical cost trend pre-age 65 – ultimate								5.00	%		5.00	%
Ultimate medical cost trend year pre-age 65							2031			2030
Medical cost trend post-age 65 – initial								6.50	%		6.50	%
Medical cost trend post-age 65 – ultimate								5.00	%		5.00	%
Ultimate medical cost trend year post-age 65							2031			2030

Components of Net Periodic Benefit Cost


	Pension Benefits									Other Post-retirement Benefits
	2024			2023			2022			2024			2023			2022
Components of net periodic benefit cost:
Service cost (1)	$	16		$	14		$	24		$	3		$	2		$	4
Interest cost		34			33			27			7			7			6
Expected return on plan assets		(45	)		(44	)		(44	)		(4	)		(3	)		(3	)
Amortization of prior service cost (credit)		—			1			—			(1	)		(1	)		(1	)
Net loss recognition		2			5			4			—			—			3
Settlement loss (2)		—			—			12			—			—			—
Net periodic benefit cost	$	7		$	9		$	23		$	5		$	5		$	9

(1)

Total service cost in the table above is recorded to the same accounts as labor expense. Labor and benefits expense is recorded to various projects based on whether the work is a capital project or an operating expense. Approximately 45 percent of all labor and benefits is capitalized to utility property and 55 percent is expensed to utility other operating expenses.

(2)

The settlement loss was deferred as a regulatory asset and is being amortized over 12 years in accordance with regulatory accounting orders.

Employer Matching Contributions

Employer matching contributions were as follows for the years ended December 31 (dollars in millions):


	2024		2023		2022
Employer 401(k) matching contributions	$	16	$	15	$	13

Deferred Compensation Assets and Liabilities

There were deferred compensation assets included in other property and investments-net and corresponding deferred compensation liabilities included in other non-current liabilities and deferred credits on the Consolidated Balance Sheets of the following amounts as of December 31 (dollars in millions):


	2024		2023
Deferred compensation assets and liabilities	$	9	$	8

Pension Plan and SERP [Member]

Schedule of Expected Benefit Payments

The Company expects benefit payments under the pension plan and the SERP will total (dollars in millions):


	2025		2026		2027		2028		2029		Total 2030- 2034
Expected benefit payments	$	44	$	45	$	45	$	46	$	46	$	242

Schedule of Allocation of Plan Assets

The following table discloses by level within the fair value hierarchy (see Note 18 for a description of the fair value hierarchy) of the pension plan’s assets measured and reported as of December 31, 2024 at fair value (dollars in millions):


	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	8	$	—	$	8
Fixed income securities:
U.S. government issues		—		37		—		37
Corporate issues		—		213		—		213
International issues		—		33		—		33
Municipal issues		—		11		—		11
Mutual funds:
U.S. equity securities		160		—		—		160
International equity securities		63		—		—		63
Plan assets measured at NAV (not subject to hierarchy disclosure)
Common/collective trusts: real estate		—		—		—		24
Partnership/closely held investments:
International equity securities		—		—		—		52
Real estate		—		—		—		7
Total	$	223	$	302	$	—	$	608


	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	7	$	—	$	7
Fixed income securities:
U.S. government issues		—		19		—		19
Corporate issues		—		175		—		175
International issues		—		27		—		27
Municipal issues		—		14		—		14
Mutual funds:
U.S. equity securities		170		—		—		170
International equity securities		75		—		—		75
Plan assets measured at NAV (not subject to hierarchy disclosure)
Common/collective trusts: real estate		—		—		—		25
Partnership/closely held investments:
International equity securities		—		—		—		71
Real estate		—		—		—		7
Total	$	245	$	242	$	—	$	590