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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Defined Benefit Plans Disclosures

The following table presents information relating to the Pension Plans:



	Pension benefits as of December 31,
	2019			2018
	(In Thousands)
Change in benefit obligation:
Projected benefit obligation at January 1	$	697,228		$	782,108
Service cost	7,412			8,450
Interest cost	27,343			25,220
Actuarial loss/(gain)	88,311			(62,303		)
Amendments (primarily increases in pension bands)	—			5,446
Curtailments⁽¹⁾	—			450
Benefits paid	(37,499		)	(62,143		)
Projected benefit obligation at December 31	782,795			697,228
Change in plan assets:
Fair value of plan assets at January 1	684,485			738,947
Actual return on plan assets	122,690			(22,404		)
Employer contributions	28			30,085
Benefits paid	(37,499		)	(62,143		)
Fair value of plan assets at December 31	769,704			684,485
Unfunded status	$	(13,091	)	$	(12,743	)
Amounts recognized in the statement of financial position:
Noncurrent liabilities	$	(13,091	)	$	(12,743	)
Net amount recognized at end of year	$	(13,091	)	$	(12,743	)
Sources of change in regulatory assets⁽²⁾:
Prior service cost arising during period	$	—		$	5,446
Net (gain)/loss arising during period	(4,472		)	902
Amortization of prior service cost	(3,823		)	(4,618		)
Amortization of loss	(11,084		)	(11,403		)
Total recognized in regulatory assets	$	(19,379	)	$	(9,673	)
Amounts included in regulatory assets:
Net loss	$	167,750		$	183,306
Prior service cost	14,323			18,146
Total amounts included in regulatory assets	$	182,073		$	201,452

Information For Pension Plans With A Benefit Obligation In Excess Of Plan Assets



	Pension benefits as of December 31,
	2019		2018
	(In Thousands)
Benefit obligation	$	782,795	$	697,228
Plan assets	769,704		684,485
Benefit obligation in excess of plan assets	$	13,091	$	12,743

Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets



	Pension benefits as of December 31,
	2019		2018
	(In Thousands)
Accumulated benefit obligation	$	771,592	$	687,136
Plan assets	769,704		684,485
Accumulated benefit obligation in excess of plan assets	$	1,888	$	2,651

Schedule Of Net Periodic Benefit Costs



	Pension benefits for years ended December 31,
	2019			2018			2017
	(In Thousands)
Components of net periodic benefit cost:
Service cost	$	7,412		$	8,450		$	7,344
Interest cost	27,343			25,220			25,305
Expected return on plan assets	(29,907		)	(40,801		)	(44,672		)
Amortization of prior service cost	3,823			3,837			4,240
Recognized actuarial loss	11,084			11,403			13,195
Recognized settlement loss	—			1,230			146
Total pension cost	19,755			9,339			5,558
Less: amounts capitalized	1,237			1,223			845
Amount charged to expense	$	18,518		$	8,116		$	4,713
Rates relevant to each year’s expense calculations:
Discount rate – defined benefit pension plan	4.36		%	3.67		%	4.29		%
Discount rate – supplemental retirement plan	4.24		%	3.60		%	4.00		%
Expected return on defined benefit pension plan assets	4.50		%	5.45		%	6.75		%
Expected return on supplemental retirement plan assets	4.50		%	5.45		%	6.75		%

Schedule Of Asset Allocation Guidelines

The following table summarizes the Company’s target pension plan allocation for 2019:



Asset Category:	Target Allocations
Equity Securities	27%
Debt Securities	73%

Schedule Of Fair Value Of Pension Plan Assets



	Fair Value Measurements at
	December 31, 2019
	(in thousands)
			Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs
Asset Category	Total		(Level 1)		(Level 2)		%
Cash and cash equivalents	$	2,599	$	2,599	$	—	—	%
Government debt securities	154,798		39		154,759		20	%
Mutual fund - equities	214,369		2,744		211,625		28	%
Mutual fund - debt	397,938		1,664		396,274		52	%
Total⁽¹⁾	$	769,704	$	7,046	$	762,658	100	%

(1)

In 2019, the qualified Defined Benefit Pension Plan moved all investments except for cash and cash equivalents into collective trusts; therefore, the 2019 balances under the Government debt securities, Mutual fund - equities, and Mutual fund - debt categories shown above as level 2 represent investments through collective trusts. The Defined Benefit Pension Plan has chosen collective trusts for which the underlying investments are mutual funds, mutual funds categories for which debt securities are the primary underlying investment, or real estate in alignment with the target asset allocation.



	Fair Value Measurements at
	December 31, 2018
	(in thousands)
			Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs
Asset Category	Total		(Level 1)		(Level 2)		%
Short-term investments	$	3,597	$	3,597	$	—	1	%
Mutual funds:
U.S. equities	1,906		1,906		—		—	%
International equities	52,354		52,354		—		8	%
Fixed income	497,323		497,323		—		72	%
Fixed income securities:
U.S. Treasury securities	129,305		129,305		—		19	%
Total	$	684,485	$	684,485	$	—	100	%

Schedule Of Expected Benefit Payments

Expected benefit payments are expected to be paid out of the Pension Plans as follows:



Year	Pension Benefits
	(In Thousands)
2020	$	42,215
2021	43,552
2022	44,606
2023	45,095
2024	45,362
2024 through 2028	231,475

Indianapolis Power And Light Company

Entity Information [Line Items]