v3.25.4
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Allocation of Plan Assets
December 31, 2025
Defined Benefit Pension PlanPostretirement Benefit Plan
Asset CategoryMinimumMaximumMinimumMaximum
Domestic Equities10%30%0%55%
International Equities5%15%0%25%
Fixed Income65%75%20%100%
Private Equity0%3%0%0%
Short-Term Investments0%10%0%10%

December 31, 2024
Defined Benefit Pension PlanPostretirement Benefit Plan
Asset CategoryMinimumMaximumMinimumMaximum
Domestic Equities10%30%0%55%
International Equities5%15%0%25%
Fixed Income65%75%20%100%
Private Equity0%3%0%0%
Short-Term Investments0%10%0%10%
The actual Pension Plan and Postretirement Plan Asset Mix at December 31, 2025 and December 31, 2024 are as follows:
Defined Benefit
Pension Assets(1)
December 31,
2025		Postretirement
Benefit Plan Assets		December 31,
2025
Asset Class (in millions)
Asset Value% of Total AssetsAsset Value% of Total Assets
Domestic Equities$270.0 20.2 %$105.4 40.8 %
International Equities137.5 10.3 %48.8 18.9 %
Fixed Income869.0 64.9 %99.2 38.5 %
Cash/Other61.9 4.6 %4.6 1.8 %
Total$1,338.4 100.0 %$258.0 100.0 %
 (1)Total includes accrued dividends and pending trades with brokers.
  
Defined Benefit Pension Assets(1)
December 31,
2024
Postretirement Benefit Plan Assets(1)
December 31,
2024
Asset Class (in millions)
Asset Value% of Total AssetsAsset Value% of Total Assets
Domestic Equities$258.9 19.4 %$99.6 40.9 %
International Equities122.5 9.2 %40.7 16.7 %
Fixed Income891.2 66.7 %96.5 39.6 %
Real Estate4.0 0.3 %— — 
Cash/Other59.8 4.4 %6.7 2.8 %
Total$1,336.4 100.0 %$243.5 100.0 %
(1)Total includes accrued dividends and pending trades with brokers.
Schedule Of Fair Value and Changes In The Fair Value Of The Plan Assets
Fair Value Measurements at December 31, 2025: 
(in millions)December 31,
2025		Quoted Prices in  Active Markets for
 Identical Assets
(Level 1)		Significant Other
Observable Inputs (Level 2)		Significant
Unobservable Inputs
 (Level 3)
Pension plan assets:
Cash$0.5 $0.5 $— $— 
Fixed income securities
Government197.1 — 197.1 — 
Corporate471.5 — 471.5 — 
Mortgages/ Asset Backed Securities3.9 — 3.9 — 
Other fixed income0.1 — 0.1 — 
Derivatives
Assets
0.6 — 0.6 — 
Mutual Funds
U.S. multi-strategy53.9 53.9 — — 
International equities34.0 34.0 — — 
Private equity limited partnerships(1)
U.S. multi-strategy(2)
2.4 — — — 
International multi-strategy(3)
0.2 — — — 
Distressed opportunities0.1 — — — 
Real estate(1)
— — — — 
Commingled funds(1)
Short-term money markets50.1 — — — 
U.S. equities216.1 — — — 
International equities103.6 — — — 
Fixed income196.5 — — — 
Pension plan assets subtotal$1,330.6 $88.4 $673.2 $— 
Other postretirement benefit plan assets:
Mutual funds
U.S. multi-strategy92.4 92.4 — — 
International equities16.8 16.8 — — 
Fixed income99.2 99.2 — — 
Commingled funds(1)
Short-term money markets4.6 — — — 
U.S. equities13.0 — — — 
International equities32.1 — — — 
Other postretirement benefit plan assets subtotal$258.1 $208.4 $— $— 
Due to brokers, net(4)
(0.6)— (0.6)— 
Accrued income/dividends8.3 8.3 — 
Total pension and other postretirement benefit plan assets$1,596.4 $305.1 $672.6 $— 
(1))This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy.
(2)This class includes limited partnerships that invest in a diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily inside the United States. 
(3)This class includes limited partnerships that invest a in diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily outside the United States.
(4)This class represents pending trades with brokers.
The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2025:
(in millions)Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Commingled Funds
Short-term money markets$54.7 $— Daily1 day
U.S. equities229.1 — Daily
1 day - 10 days
International equities135.7 — Monthly
1 day-10 days
Fixed income196.5 — Daily2 days
Private Equity and Real Estate Limited Partnerships(1)
2.7 9.3 N/AN/A
Total$618.7 $9.3 
(1)Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation.
Fair Value Measurements at December 31, 2024:
(in millions)December 31,
2024		Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable Inputs (Level 2)		Significant
Unobservable Inputs 
(Level 3)
Pension plan assets:
Cash$1.2 $1.1 $0.1 $— 
Fixed income securities
Government186.8 — 186.8 — 
Corporate486.6 — 486.6 — 
Mortgages/Asset backed securities3.6 — 3.6 — 
Mutual Funds
U.S. multi-strategy56.1 56.1 — — 
International equities57.2 57.2 — — 
Private equity limited partnerships(1)
U.S. multi-strategy(2)
3.1 — — — 
International multi-strategy(3)
0.8 — — — 
Distressed opportunities0.1 — — — 
Real estate(1)
4.0 — — — 
Commingled funds(1)
Short-term money markets45.9 — — — 
U.S. equities202.8 — — — 
International equities65.3 — — — 
Fixed income214.1 — — — 
Pension plan assets subtotal$1,327.6 $114.4 $677.1 $— 
Other postretirement benefit plan assets:
Mutual funds
U.S. multi-strategy87.4 87.4 — — 
International equities16.5 16.5 — — 
Fixed income96.5 96.5 — — 
Commingled funds(1)
Short-term money markets6.7 — — — 
U.S. equities12.2 — — — 
International equities24.2 — — — 
Other postretirement benefit plan assets subtotal$243.5 $200.4 $— $— 
Due to brokers, net(4)
(0.1)— (0.1)— 
Accrued income/dividends8.9 8.9 — — 
Total pension and other postretirement benefit plan assets$1,579.9 $323.7 $677.0 $— 
(1)This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy.
(2)This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily inside the United States. 
(3)This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily outside the United States.
(4)This class represents pending trades with brokers.
The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2024:
(in millions)Fair ValueRedemption FrequencyRedemption Notice Period
Commingled Funds
Short-term money markets$52.6 Daily1 day
U.S. equities215.0 Daily
1 day -5 days
International equities89.5 Monthly
10 days - 30 days
Fixed income214.1 Daily3 days
Private Equity and Real Estate Limited Partnerships(1)
8.0 N/AN/A
Total$579.2 
(1)Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation.
Schedule Of Reconciliation Of The Plan Funded Status The following table provides a reconciliation of the plans’ funded status and amounts reflected in our Consolidated Balance Sheets at December 31 based on a December 31 measurement date:
 Pension BenefitsOther Postretirement Benefits
(in millions)2025202420252024
Change in projected benefit obligation(1)
Benefit obligation at beginning of year$1,287.4 $1,401.8 $436.3 $468.8 
Service cost19.7 21.9 4.0 5.0 
Interest cost64.1 64.9 21.6 22.0 
Plan participants’ contributions— — 4.0 3.6 
Plan amendments— — (30.3)— 
Actuarial loss (gain)(2)
34.8 (64.8)(1.8)(22.5)
Benefits paid(135.2)(136.4)(39.0)(40.7)
Estimated benefits paid by incurred subsidy— — 0.1 0.1 
Projected benefit obligation at end of year$1,270.8 $1,287.4 $394.9 $436.3 
Change in plan assets
Fair value of plan assets at beginning of year$1,336.5 $1,426.8 $243.2 $236.5 
Actual return on plan assets132.8 43.7 28.7 20.0 
Employer contributions2.0 2.4 20.7 23.6 
Plan participants’ contributions— — 4.0 3.8 
Benefits paid(135.2)(136.4)(39.0)(40.7)
Fair value of plan assets at end of year$1,336.1 $1,336.5 $257.6 $243.2 
Funded Status at end of year$65.3 $49.1 $(137.3)$(193.1)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets$82.8 $66.5 $0.5 $— 
Current liabilities(2.6)(2.3)(1.0)(1.0)
Noncurrent liabilities(14.9)(15.1)(136.8)(192.1)
Net amount recognized at end of year(3)
$65.3 $49.1 $(137.3)$(193.1)
Amounts recognized in accumulated other comprehensive income or regulatory asset/liability(4)
Unrecognized prior service credit$0.2 $0.3 $(23.8)$3.8 
Unrecognized actuarial loss413.8 451.4 28.1 47.0 
 Net amount recognized at end of year$414.0 $451.7 $4.3 $50.8 
(1)The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation.
(2)The pension actuarial loss (gain) as of December 31, 2025 and December 31, 2024 was primarily driven by the decrease in discount rates interest rate movements and the increase in discount rates interest rate movements, respectively. The postretirement benefit actuarial (gain) as of December 31, 2025 and December 31, 2024 was primarily driven by claims experience changes in trend rates.
(3)We recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation.
(4)We determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $433.1 million and zero, respectively, as of December 31, 2025, and $485.3 million and zero, respectively, as of December 31, 2024 that would otherwise have been recorded to accumulated other comprehensive loss.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets for pension plans with a projected benefit obligation in excess of plan assets:
December 31,
(in millions)
20252024
Accumulated Benefit Obligation$17.5 $17.4 
Funded Status
Projected Benefit Obligation$17.5 $17.4 
Funded Status of Underfunded Pension Plans at End of Year
$(17.5)$(17.4)
The following table sets forth the year end accumulated benefit obligation, projected benefit obligation and fair value of plan assets for pension plans with plan assets in excess of the projected benefit obligation:
December 31,
(in millions)
20252024
Accumulated Benefit Obligation$1,245.5 $1,261.0 
Funded Status
Fair Value of Plan Assets$1,336.1 $1,336.4 
Projected Benefit Obligation1,253.3 1,269.9 
Funded Status of Overfunded Pension Plans at End of Year$82.8 $66.5 
Schedule Of Expected Payments To Participants In Pension Plan The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to the estimated future service of employees:
(in millions)Pension BenefitsOther
Postretirement Benefits
Year(s)
2026$151.9 $31.4 
2027130.3 31.3 
2028126.6 31.1 
2029119.4 31.0 
2030115.7 31.2 
2031-2035510.7 152.9 
Components Of The Plans' Net Periodic Benefits Cost
The following table provides the components of the plans’ actuarially determined net periodic benefits cost for each of the three years ended December 31, 2025, 2024 and 2023:
 Pension BenefitsOther Postretirement
Benefits
(in millions)202520242023202520242023
Components of Net Periodic Benefit (Income) Cost(1)
Service cost$19.7 $21.9 $20.5 $4.0 $5.0 $5.1 
Interest cost64.1 64.9 68.4 21.6 22.0 21.8 
Expected return on assets(92.4)(95.3)(94.5)(16.8)(16.1)(15.1)
Amortization of prior service cost (credit)0.1 0.1 0.1 (2.6)(1.8)(2.1)
Recognized actuarial loss25.5 28.6 33.7 1.7 3.2 3.3 
One-time charge
6.5 7.2 9.2 3.5 — — 
Total Net Periodic Benefits Cost
$23.5 $27.4 $37.4 $11.4 $12.3 $13.0 
(1)Service cost is presented in "Operation and maintenance" on the Statements of Consolidated Income. Non-service cost components are presented within "Other, net."
Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan
The following table provides the key assumptions that were used to calculate the pension and other postretirement benefits obligations for our various plans as of December 31:
 Pension BenefitsOther Postretirement  Benefits
  
2025202420252024
Weighted-average assumptions to Determine Benefit Obligation
Discount Rate5.28 %5.58 %5.45 %5.66 %
Rate of Compensation Increases4.00 %4.00 %N/AN/A
Interest Crediting Rates4.00 %4.00 %N/AN/A
Health Care Trend Rates
Trend for Next YearN/AN/A9.52 %9.77 %
Ultimate TrendN/AN/A4.75 %4.75 %
Year Ultimate Trend ReachedN/AN/A20342033
The following table provides the key assumptions that were used to calculate the net periodic benefits cost for our various plans:
 Pension Benefits Other Postretirement
Benefits
  
202520242023202520242023
Weighted-average Assumptions to Determine Net Periodic Benefit Cost
Discount rate - service cost5.74 %5.06 %5.25 %5.89 %5.14 %5.30 %
Discount rate - interest cost5.28 %4.88 %5.06 %5.35 %4.89 %5.07 %
Expected long-term rate of return on plan assets
7.30 %7.02 %7.00 %7.09 %7.06 %6.96 %
Rate of compensation increases
4.00 %4.00 %4.00 %N/AN/AN/A
Interest crediting rates
4.00 %4.00 %4.00 %N/AN/AN/A
Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income
The following table provides other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory asset or liability:
  
Pension BenefitsOther Postretirement
Benefits
(in millions)2025202420252024
Other Changes in Plan Assets and Projected Benefit Obligations 
Recognized in Other Comprehensive Income or Regulatory Asset 
or Liability
Net prior service (credit) cost
$— $— $(30.3)$— 
Net actuarial (gain) loss
(5.6)(13.1)(13.7)(26.4)
One time charge
(6.5)(7.2)(3.4)— 
Less: amortization of prior service cost(0.1)(0.1)2.6 1.8 
Less: amortization of net actuarial loss(25.5)(28.6)(1.7)(3.2)
Total Recognized in Other Comprehensive Income or Regulatory 
Asset or Liability		$(37.7)$(49.0)$(46.5)$(27.8)
Amount Recognized in Net Periodic Benefits Cost and Other 
Comprehensive Income or Regulatory Asset or Liability		$(14.2)$(21.6)$(35.1)$(15.5)