Employee Benefit Plans

9 Months Ended

Sep. 30, 2017

Retirement Benefits [Abstract]

Employee Benefit Plans [Text Block]

Note 8 – Employee Benefit Plans

Net periodic benefit cost (credit) is as follows:

	Pension Benefits
	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2017			2016			2017			2016
	(Millions)
Components of net periodic benefit cost (credit):
Service cost	$	13		$	13		$	38		$	40
Interest cost	15			16			44			47
Expected return on plan assets	(21		)	(22		)	(62		)	(64		)
Amortization of net actuarial loss	6			8			20			23
Net actuarial loss from settlements	—			—			—			1
Net periodic benefit cost (credit)	$	13		$	15		$	40		$	47

	Other Postretirement Benefits
	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2017			2016			2017			2016
	(Millions)
Components of net periodic benefit cost (credit):
Service cost	$	—		$	—		$	1		$	1
Interest cost	2			2			6			6
Expected return on plan assets	(3		)	(3		)	(9		)	(9		)
Amortization of prior service credit	(3		)	(3		)	(10		)	(11		)
Reclassification to regulatory liability	1			1			3			3
Net periodic benefit cost (credit)	$	(3	)	$	(3	)	$	(9	)	$	(10	)

Amortization of prior service credit and net actuarial loss included in net periodic benefitcost (credit) for our other postretirement benefit plans associated with Transco and Northwest Pipeline are recorded to regulatory assets/liabilities instead of other comprehensive income (loss). The amounts of amortization of prior service credit recognized in regulatory liabilities were $2 million for the three months ended September 30, 2017 and 2016, and $6 million and $7 million for the nine months ended September 30, 2017 and 2016, respectively.

During the nine months ended September 30, 2017, we contributed $83 million to our pension plans and $4 million to our other postretirement benefit plans. We presently anticipate making additional contributions of approximately $1 million to our pension plans and approximately $1 million to our other postretirement benefit plans in the remainder of 2017.

In September 2017, we initiated a program to pay out certain deferred vested pension benefits to reduce investment risk, cash funding volatility, and administrative costs. Eligible participants had until October 31, 2017, to make elections. We expect to make the lump-sum payments and commence the annuity payments in December 2017, and intend to fund the payments from existing assets in our pension plans. As a result of these payouts and based on current assumptions, we expect to record a pre-tax, non-cash settlement charge in the fourth quarter of 2017 that we estimate will be between $70 million and $100 million. The ultimate amount of the charge will largely depend upon the actual level of participation as well as the actuarial assumptions used to measure the pension plans’ assets and obligations, including the discount rates.