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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Reconciliation of the changes in the plans' benefit obligations and fair value of assets
The following tables provide a reconciliation of the changes in our share of the plans' benefit obligations and fair value of assets:
 
 
Pension Benefits
 
OPEB Benefits
(in millions)
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation
 
 
 
 
 
 
 
 
Obligation at January 1
 
$
664.1

 
$
704.7

 
$
151.4

 
$
220.2

Service cost
 
8.7

 
10.4

 
4.1

 
6.1

Interest cost
 
28.2

 
26.0

 
6.5

 
8.2

Plan amendments
 
—

 
—

 
6.2

 
(1.5
)
Net transfer to/from affiliates
 
3.6

 
—

 
—

 
(0.1
)
Actuarial loss (gain)
 
64.4

 
(42.7
)
 
(13.3
)
 
(70.7
)
Participant contributions
 
—

 
—

 
1.0

 
1.2

Benefit payments
 
(35.0
)
 
(34.3
)
 
(8.7
)
 
(9.9
)
Transfer
 
—

 
—

 
—

 
(2.1
)
Obligation at December 31
 
$
734.0

 
$
664.1

 
$
147.2

 
$
151.4

 
 
 
 
 
 
 
 
 
Change in fair value of plan assets
 
 
 
 
 
 
 
 
Fair value at January 1
 
$
639.3

 
$
712.4

 
$
231.7

 
$
250.5

Actual return on plan assets
 
139.0

 
(39.4
)
 
38.6

 
(10.3
)
Employer contributions
 
0.6

 
0.6

 
—

 
0.1

Participant contributions
 
—

 
—

 
1.0

 
1.2

Benefit payments
 
(35.0
)
 
(34.3
)
 
(8.7
)
 
(9.9
)
Net transfer from affiliates
 
3.6

 
—

 
0.8

 
0.1

Fair value at December 31
 
$
747.5

 
$
639.3

 
$
263.4

 
$
231.7

Funded status at December 31
 
$
13.5

 
$
(24.8
)
 
$
116.2

 
$
80.3
Amounts recognized on the balance sheets at December 31 related to the funded status of the benefit plans
The amounts recognized on our balance sheets at December 31 related to the funded status of the benefit plans were as follows:
 
 
Pension Benefits
 
OPEB Benefits
(in millions)
 
2019
 
2018
 
2019
 
2018
Pension and OPEB assets
 
$
20.8

 
$
—

 
$
127.5

 
$
92.8

Pension and OPEB obligations
 
7.3

 
24.8

 
11.3

 
12.5

Total net assets (liabilities)
 
$
13.5

 
$
(24.8
)

$
116.2


$
80.3
Information for pension plans with an accumulated benefit obligation in excess of plan assets
The following table shows information for pension plans with an accumulated benefit obligation in excess of plan assets. There were no plan assets related to these pension plans. Amounts presented are as of December 31:
(in millions)
 
2019
 
2018
Projected benefit obligation
 
$
7.3

 
$
7.3

Accumulated benefit obligation
 
7.3

 
7.3
Amounts that had not yet been recognized in the entity's net periodic benefit cost
The following table shows the amounts that had not yet been recognized in our net periodic benefit cost as of December 31:
 
 
Pension Benefits
 
OPEB Benefits
(in millions)
 
2019
 
2018
 
2019
 
2018
Net regulatory assets (liabilities)
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
176.1

 
$
220.4

 
$
(55.0
)
 
$
(17.9
)
Prior service credits
 
—

 
—

 
(65.1
)
 
(82.8
)
Total
 
$
176.1

 
$
220.4

 
$
(120.1
)
 
$
(100.7
)
Estimated amounts that will be amortized into net periodic benefit cost
The following table shows the estimated amounts that will be amortized into net periodic benefit cost during 2020:
(in millions)
 
Pension Benefits
 
OPEB Benefits
Net actuarial loss (gain)
 
$
23.1

 
$
(1.4
)
Prior service credits
 
—

 
(10.5
)
Total 2020 – estimated amortization
 
$
23.1

 
$
(11.9
)
Schedule of the components of net periodic benefit cost
The components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for the years ended December 31 were as follows:
 
 
Pension Benefits
 
OPEB Benefits
(in millions)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
 
$
8.7

 
$
10.4

 
$
9.0

 
$
4.1

 
$
6.1

 
$
6.2

Interest cost
 
28.2

 
26.0

 
26.7

 
6.5

 
8.2

 
9.1

Expected return on plan assets
 
(48.0
)
 
(48.3
)
 
(46.4
)
 
(16.5
)
 
(17.8
)
 
(16.7
)
Amortization of prior service credit
 
—

 
—

 
—

 
(11.5
)
 
(11.3
)
 
(9.8
)
Amortization of net actuarial loss
 
17.8

 
21.1

 
17.3

 
1.7

 
2.5

 
2.5

Net periodic benefit cost (credit)
 
$
6.7

 
$
9.2

 
$
6.6

 
$
(15.7
)
 
$
(12.3
)
 
$
(8.7
)
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for the plans
The weighted-average assumptions used to determine the benefit obligations for the plans were as follows for the years ended December 31:
 
 
Pension Benefits
 
OPEB Benefits
 
 
2019
 
2018
 
2019
 
2018
Discount rate
 
3.45%
 
4.30%
 
3.48%
 
4.29%
Rate of compensation increase
 
4.00%
 
4.00%
 
N/A
 
N/A
Assumed medical cost trend rate (Pre 65)
 
N/A
 
N/A
 
6.00%
 
6.25%
Ultimate trend rate (Pre 65)
 
N/A
 
N/A
 
5.00%
 
5.00%
Year ultimate trend rate is reached (Pre 65)
 
N/A
 
N/A
 
2028
 
2024
Assumed medical cost trend rate (Post 65)
 
N/A
 
N/A
 
5.80%
 
5.90%
Ultimate trend rate (Post 65)
 
N/A
 
N/A
 
5.00%
 
5.00%
Year ultimate trend rate is reached (Post 65)
 
N/A
 
N/A
 
2028
 
2028

The weighted-average assumptions used to determine net periodic benefit cost for the plans were as follows for the years ended December 31:
 
 
Pension Benefits
 
 
2019
 
2018
 
2017
Discount rate
 
4.30%
 
3.70%
 
4.19%
Expected return on assets
 
7.25%
 
7.25%
 
7.25%
Rate of compensation increase
 
4.00%
 
4.00%
 
4.00%

 
 
OPEB Benefits
 
 
2019
 
2018
 
2017
Discount rate
 
4.29%
 
3.67%
 
4.11%
Expected return on assets
 
7.25%
 
7.25%
 
7.25%
Assumed medical cost trend rate (Pre 65)
 
6.25%
 
6.50%
 
7.00%
Ultimate trend rate (Pre 65)
 
5.00%
 
5.00%
 
5.00%
Year ultimate trend rate is reached (Pre 65)
 
2024
 
2024
 
2021
Assumed medical cost trend rate (Post 65)
 
5.90%
 
6.00%
 
7.00%
Ultimate trend rate (Post 65)
 
5.00%
 
5.00%
 
5.00%
Year ultimate trend rate is reached (Post 65)
 
2028
 
2028
 
2021
Effects of a one-percentage-point change in assumed health care cost trend rates For the year ended December 31, 2019, a one-percentage-point change in assumed health care cost trend rates would have had the following effects:
(in millions)
 
1% Increase
 
1% Decrease
Effect on total of service and interest cost components of net periodic postretirement health care benefit cost
 
$
1.5

 
$
(1.1
)
Effect on the health care component of the accumulated postretirement benefit obligation
 
18.1

 
(14.6
)
Investments recorded at fair value, by asset class
The following tables provide the fair values of our investments by asset class:
 
 
December 31, 2019
 
 
Pension Plan Assets
 
OPEB Assets
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States equity
 
$
96.5

 
$
—

 
$
—

 
$
96.5

 
$
30.5

 
$
—

 
$
—

 
$
30.5

International equity
 
92.9

 
0.4

 
—

 
93.3

 
32.7

 
0.2

 
—

 
32.9

Fixed income securities: *
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States bonds
 
13.2

 
140.3

 
—

 
153.5

 
44.7

 
38.7

 
—

 
83.4

International bonds
 
6.5

 
23.4

 
—

 
29.9

 
7.9

 
1.4

 
—

 
9.3

 
 
$
209.1

 
$
164.1

 
$
—

 
$
373.2

 
$
115.8

 
$
40.3

 
$
—

 
$
156.1

Investments measured at net asset value
 
 
 
 
 
 
 
$
374.3

 
 
 
 
 
 
 
$
107.3

Total
 
$
209.1

 
$
164.1

 
$
—

 
$
747.5

 
$
115.8

 
$
40.3

 
$
—

 
$
263.4


*
This category represents investment grade bonds of United States and foreign issuers denominated in United States dollars from diverse industries.
 
 
December 31, 2018
 
 
Pension Plan Assets
 
OPEB Assets
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States equity
 
$
79.0

 
$
—

 
$
—

 
$
79.0

 
$
24.0

 
$
—

 
$
—

 
$
24.0

International equity
 
80.1

 
0.3

 
—

 
80.4

 
27.0

 
0.2

 
—

 
27.2

Fixed income securities: *
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States bonds
 
16.3

 
119.1

 
—

 
135.4

 
46.9

 
37.0

 
—

 
83.9

International bonds
 
2.3

 
21.0

 
—

 
23.3

 
2.5

 
1.6

 
—

 
4.1

 
 
$
177.7

 
$
140.4

 
$
—

 
$
318.1

 
$
100.4

 
$
38.8

 
$
—

 
$
139.2

Investments measured at net asset value
 
 
 
 
 
 
 
$
321.2

 
 
 
 
 
 
 
$
92.5

Total
 
$
177.7

 
$
140.4

 
$
—

 
$
639.3

 
$
100.4

 
$
38.8

 
$
—

 
$
231.7


*
This category represents investment grade bonds of United States and foreign issuers denominated in United States dollars from diverse industries.
Reconciliation of changes in the fair value of plan assets categorized as Level 3 measurements
The following table sets forth a reconciliation of changes in the fair value of pension and OPEB plan assets categorized as Level 3 in the fair value hierarchy:
 
 
Private Equity and
Real Estate
 
International Equity
(in millions)
 
Pension
 
OPEB
 
Pension
 
OPEB
Beginning balance at January 1, 2018
 
$
12.5

 
$
0.1

 
$
0.4

 
$
0.2

Realized and unrealized losses
 
0.7

 
—

 
(0.1
)
 
—

Purchases
 
2.4

 
—

 
—

 
—

Transfers out of level 3
 
(15.6
)
 
(0.1
)
 
(0.3
)
 
(0.2
)
Ending balance at December 31, 2018
 
$
—

 
$
—

 
$
—

 
$
—
Schedule of expected future benefit payments
The following table shows the payments, reflecting expected future service, that we expect to make for pension and OPEB over the next 10 years:
(in millions)
 
Pension Benefits
 
OPEB Benefits
2020
 
$
35.6

 
$
8.9

2021
 
36.3

 
8.0

2022
 
36.5

 
8.3

2023
 
37.4

 
8.6

2024
 
37.5

 
8.7

2025-2029
 
190.3

 
46.0