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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [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 plans' benefit obligations and fair value of assets:
 
 
Pension Benefits
 
Other Benefits
(Millions)
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation
 
 
 
 
 
 
 
 
Obligation at January 1
 
$
1,641.7

 
$
1,784.9

 
$
576.3

 
$
621.0

Service cost
 
24.8

 
30.2

 
21.0

 
24.9

Interest cost
 
76.2

 
71.2

 
23.5

 
24.8

Plan amendments
 
—

 
—

 
(90.4
)
 
0.2

Divestitures - UPPCO
 
(100.4
)
 
—

 
(22.3
)
 
—

Actuarial loss (gain), net
 
166.1

 
(153.1
)
 
33.1

 
(73.4
)
Participant contributions
 
—

 
—

 
10.0

 
10.6

Benefit payments
 
(102.7
)
 
(91.5
)
 
(33.3
)
 
(34.0
)
Federal subsidy on benefits paid
 
—

 
—

 
2.1

 
2.2

Obligation at December 31
 
$
1,705.7

 
$
1,641.7

 
$
520.0

 
$
576.3

 
 
 
 
 
 
 
 
 
Change in fair value of plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at January 1
 
$
1,527.7

 
$
1,348.1

 
$
470.1

 
$
424.4

Actual return on plan assets
 
94.6

 
205.4

 
18.2

 
57.8

Employer contributions
 
98.8

 
65.7

 
10.0

 
11.3

Participant contributions
 
—

 
—

 
10.0

 
10.6

Divestitures - UPPCO
 
(122.8
)
 
—

 
(27.3
)
 
—

Benefit payments
 
(102.7
)
 
(91.5
)
 
(33.3
)
 
(34.0
)
Fair value of plan assets at December 31
 
$
1,495.6

 
$
1,527.7

 
$
447.7

 
$
470.1

Funded Status at December 31
 
$
(210.1
)
 
$
(114.0
)
 
$
(72.3
)
 
$
(106.2
)
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
 
Other Benefits
(Millions)
 
2014
 
2013
 
2014
 
2013
Long-term assets
 
$
—

 
$
—

 
$
1.5

 
$
—

Current liabilities
 
9.1

 
8.9

 
0.2

 
0.2

Liabilities held for sale
 
—

 
6.9

 
—

 
3.4

Long-term liabilities
 
201.0

 
98.2

 
73.6

 
102.6

Total net liabilities
 
$
(210.1
)
 
$
(114.0
)
 
$
(72.3
)
 
$
(106.2
)
Information for pension plans with an accumulated benefit obligation in excess of plan assets
The following table shows information for the non-qualified pension plans for which we have an accumulated benefit obligation in excess of plan assets. There were no plan assets related to these non-qualified pension plans. Amounts presented are as of December 31:
(Millions)
 
2014
 
2013
Projected benefit obligation
 
$
64.1

 
$
65.4

Accumulated benefit obligation
 
61.2

 
63.0
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
 
Other Benefits
(Millions)
 
2014
 
2013
 
2014
 
2013
Accumulated other comprehensive loss (pre-tax) (1)
 
 
 
 
 
 
 
 
Net actuarial loss
 
$
40.2

 
$
33.3

 
$
0.2

 
$
0.7

Prior service credits
 
—

 
—

 
(0.1
)
 
(0.2
)
Total
 
$
40.2

 
$
33.3

 
$
0.1

 
$
0.5

 
 
 
 
 
 
 
 
 
Net regulatory assets (2)
 
 
 
 
 
 
 
 
Net actuarial loss
 
$
501.0

 
$
356.2

 
$
50.4

 
$
6.2

Prior service costs (credits)
 
1.8

 
2.4

 
(85.3
)
 
(12.4
)
Total
 
$
502.8

 
$
358.6

 
$
(34.9
)
 
$
(6.2
)

(1) 
Amounts related to the nonregulated entities are included in accumulated other comprehensive loss.

(2) 
Amounts related to the utilities are recorded as net regulatory assets or liabilities.
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 2015:
(Millions)
 
Pension Benefits
 
Other Benefits
Net actuarial loss
 
$
43.2

 
$
4.4

Prior service costs (credits)
 
0.2

 
(10.3
)
Total 2015 – estimated amortization
 
$
43.4

 
$
(5.9
)
Schedule of the components of net periodic benefit cost
The following table shows the components of net periodic benefit cost (including amounts capitalized to our balance sheets) for our benefit plans:
 
 
Pension Benefits
 
Other Benefits
(Millions)
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
 
$
24.8

 
$
30.2

 
$
46.0

 
$
21.0

 
$
24.9

 
$
20.8

Interest cost
 
76.2

 
71.2

 
78.0

 
23.5

 
24.8

 
28.5

Expected return on plan assets
 
(112.4
)
 
(105.5
)
 
(107.9
)
 
(33.0
)
 
(30.6
)
 
(28.2
)
Loss on plan settlement
 
0.9

 
—

 
—

 
—

 
—

 
—

Amortization of transition obligation
 
—

 
—

 
—

 
—

 
—

 
0.3

Amortization of prior service cost (credit)
 
0.6

 
4.0

 
5.0

 
(9.4
)
 
(2.5
)
 
(3.4
)
Amortization of net actuarial loss
 
33.3

 
56.7

 
34.0

 
3.2

 
8.4

 
6.6

Net periodic benefit cost
 
$
23.4

 
$
56.6

 
$
55.1

 
$
5.3

 
$
25.0

 
$
24.6
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
 
Other Benefits
 
 
2014
 
2013
 
2014
 
2013
Discount rate
 
4.08%
 
4.92%
 
4.00%
 
4.83%
Rate of compensation increase
 
4.23%
 
4.24%
 
N/A
 
N/A
Assumed medical cost trend rate
 
N/A
 
N/A
 
6.00%
 
6.50%
Ultimate trend rate
 
N/A
 
N/A
 
5.00%
 
5.00%
Year ultimate trend rate is reached
 
N/A
 
N/A
 
2023
 
2019
Assumed dental cost trend rate
 
N/A
 
N/A
 
5.00%
 
5.00%

The weighted-average assumptions used to determine the net periodic benefit cost for the plans were as follows for the years ended December 31:
 
 
Pension Benefits
 
 
2014
 
2013
 
2012
Discount rate
 
4.92%
 
4.07%
 
5.10%
Expected return on assets
 
8.00%
 
8.00%
 
8.25%
Rate of compensation increase
 
4.23%
 
4.25%
 
4.25%

 
 
Other Benefits
 
 
2014
 
2013
 
2012
Discount rate
 
4.65%
 
3.96%
 
4.94%
Expected return on assets
 
8.00%
 
8.00%
 
8.25%
Assumed medical cost trend rate (under age 65)
 
6.50%
 
7.00%
 
7.00%
Ultimate trend rate
 
5.00%
 
5.00%
 
5.00%
Year ultimate trend rate is reached
 
2019
 
2019
 
2016
Assumed medical cost trend rate (over age 65)
 
6.50%
 
7.00%
 
7.50%
Ultimate trend rate
 
5.00%
 
5.00%
 
5.50%
Year ultimate trend rate is reached
 
2019
 
2019
 
2016
Assumed dental cost trend rate
 
5.00%
 
5.00%
 
5.00%
Effects of a one-percentage-point change in assumed health care cost trend rates
For the year ended December 31, 2014, a one-percentage-point change in assumed health care cost trend rates would have had the following effects:
 
 
One-Percentage-Point
(Millions)
 
Increase
 
Decrease
Effect on total of service and interest cost components of net periodic postretirement health care benefit cost
 
$
6.1

 
$
(5.0
)
Effect on the health care component of the accumulated postretirement benefit obligation
 
58.7

 
(55.1
)
Investments recorded at fair value, by asset class
The following tables provide the fair values of our investments by asset class:
 
 
December 31, 2014
 
 
Pension Plan Assets
 
Other Benefit Plan Assets
(Millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
42.3

 
$
—

 
$
42.3

 
$
8.5

 
$
2.6

 
$
—

 
$
11.1

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States equity
 
91.0

 
336.2

 
—

 
427.2

 
20.6

 
122.8

 
—

 
143.4

International equity
 
92.4

 
383.9

 
—

 
476.3

 
18.7

 
117.8

 
—

 
136.5

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States government
 
70.3

 
21.6

 
—

 
91.9

 
111.1

 
—

 
—

 
111.1

Foreign government
 
—

 
20.6

 
—

 
20.6

 
—

 
—

 
—

 
—

Corporate debt
 
—

 
425.7

 
—

 
425.7

 
—

 
—

 
—

 
—

Other
 
—

 
53.5

 
—

 
53.5

 
1.0

 
—

 
—

 
1.0

 
 
253.7

 
1,283.8

 
—

 
1,537.5

 
159.9

 
243.2

 
—

 
403.1

401(h) other benefit plan assets invested as pension assets (1)
 
(7.4
)
 
(37.2
)
 
—

 
(44.6
)
 
7.4

 
37.2

 
—

 
44.6

Total (2)
 
$
246.3

 
$
1,246.6

 
$
—

 
$
1,492.9

 
$
167.3

 
$
280.4

 
$
—

 
$
447.7


(1) 
Pension trust assets are used to pay other postretirement benefits as allowed under Internal Revenue Code Section 401(h).

(2) 
Investments do not include accruals or pending transactions that are included in the table reconciling the change in fair value of plan assets.
 
 
December 31, 2013
 
 
Pension Plan Assets
 
Other Benefit Plan Assets
(Millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
2.0

 
$
36.6

 
$
—

 
$
38.6

 
$
—

 
$
4.0

 
$
—

 
$
4.0

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States equity
 
100.4

 
445.1

 
—

 
545.5

 
21.4

 
132.2

 
—

 
153.6

International equity
 
114.1

 
429.0

 
—

 
543.1

 
19.5

 
125.5

 
—

 
145.0

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States government
 
—

 
93.6

 
—

 
93.6

 
121.2

 
0.7

 
—

 
121.9

Foreign government
 
—

 
16.9

 
2.4

 
19.3

 
—

 
—

 
—

 
—

Corporate debt
 
—

 
250.0

 
1.3

 
251.3

 
—

 
—

 
—

 
—

Asset-backed securities
 
—

 
61.8

 
—

 
61.8

 
—

 
—

 
—

 
—

Other
 
—

 
17.4

 
—

 
17.4

 
1.0

 
—

 
—

 
1.0

 
 
216.5

 
1,350.4

 
3.7

 
1,570.6

 
163.1

 
262.4

 
—

 
425.5

401(h) other benefit plan assets invested as pension assets (1)
 
(6.1
)
 
(37.9
)
 
(0.1
)
 
(44.1
)
 
6.1

 
37.9

 
0.1

 
44.1

Total (2)
 
$
210.4

 
$
1,312.5

 
$
3.6

 
$
1,526.5

 
$
169.2

 
$
300.3

 
$
0.1

 
$
469.6


(1) 
Pension trust assets are used to pay other postretirement benefits as allowed under Internal Revenue Code Section 401(h).

(2) 
Investments do not include accruals or pending transactions that are included in the table reconciling the change in fair value of plan assets.
Reconciliation of changes in the fair value of pension assets categorized as Level 3 measurements
The following tables set forth a reconciliation of changes in the fair value of pension plan assets categorized as Level 3 in the fair value hierarchy:
(Millions)
 
Foreign Government Debt
 
Corporate Debt
 
Total
Beginning balance at January 1, 2014
 
$
2.4

 
$
1.3

 
$
3.7

Sales
 
(2.4
)
 
(1.3
)
 
(3.7
)
Ending balance at December 31, 2014
 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
Net unrealized gains (losses) related to assets still held at the end of the period
 
$
—

 
$
—

 
$
—



(Millions)
 
Foreign Government Debt
 
Corporate Debt
 
Asset-Backed Securities
 
Total
Beginning balance at January 1, 2013
 
$
4.1

 
$
1.0

 
$
0.1

 
$
5.2

Net realized and unrealized losses
 
(0.3
)
 
(0.4
)
 
—

 
(0.7
)
Purchases
 
0.6

 
—

 
—

 
0.6

Sales
 
(2.0
)
 
(0.4
)
 
—

 
(2.4
)
Transfers into Level 3
 
—

 
1.4

 
—

 
1.4

Transfers out of Level 3
 
—

 
(0.3
)
 
(0.1
)
 
(0.4
)
Ending balance at December 31, 2013
 
$
2.4

 
$
1.3

 
$
—

 
$
3.7

 
 
 
 
 
 
 
 
 
Net unrealized losses related to assets still held at the end of the period
 
$
(0.2
)
 
$
(0.3
)
 
$
—

 
$
(0.5
)
Schedule of expected payments for pension and other postretirement benefits and expected federal subsidies which will partially offset other postretirement benefits
The following table shows the payments, reflecting expected future service, that we expect to make for pension and other postretirement benefits.
(Millions)
 
Pension Benefits
 
Other Benefits
2015
 
$
124.6

 
$
23.7

2016
 
122.3

 
26.0

2017
 
127.6

 
28.4

2018
 
126.0

 
30.6

2019
 
136.5

 
33.3

2020 through 2024
 
644.4

 
195.8