v3.24.3
Pension And Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Pension And Other Postretirement Benefits
We provide defined contribution plans and noncontributory defined benefit retirement plans that cover certain of our employees. Benefits under the defined benefit retirement plans reflect the employees' compensation, years of service and age at retirement. Additionally, we provide health care and life insurance benefits for certain retired employees. The majority of such employees may become eligible for these benefits if they reach retirement age while working for us. The expected cost of such benefits is accrued during the employees' years of service. We determined that, for certain rate-regulated subsidiaries, the future recovery of postretirement benefit costs is probable, and we record regulatory assets and liabilities for amounts that would otherwise have been recorded to expense or accumulated other comprehensive loss. Current rates of rate-regulated companies include postretirement benefit costs, including amortization of the regulatory assets and liabilities that arose prior to inclusion of these costs in rates. For most plans, cash contributions are remitted to grantor trusts.
For the nine months ended September 30, 2024 and 2023, we contributed $1.9 million and $2.6 million, respectively to our pension plans and $18.3 million and $16.7 million, respectively to our OPEB plans.
The following table provides the components of the plans' actuarially determined net periodic benefit cost for the three and nine months ended September 30, 2024 and 2023:
Pension BenefitsOPEB
Three Months Ended September 30, (in millions)
2024202320242023
Components of Net Periodic Benefit Cost(1)
Service cost$5.5 $5.1 $1.3 $1.3 
Interest cost16.3 17.1 5.5 5.4 
Expected return on assets(23.8)(23.6)(4.0)(3.8)
Amortization of prior service credit— — (0.4)(0.5)
Recognized actuarial loss7.2 8.4 0.8 0.8 
Settlement loss5.9 7.4 — — 
Total Net Periodic Benefit Cost $11.1 $14.4 $3.2 $3.2 
(1)The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net," respectively, on the Condensed Statements of Consolidated Income (unaudited).
Pension BenefitsOPEB
Nine Months Ended September 30, (in millions)
2024202320242023
Components of Net Periodic Benefit Cost(1)
Service cost$16.4 $15.3 $3.9 $3.9 
Interest cost48.9 51.3 16.4 16.3 
Expected return on assets(71.4)(70.8)(12.0)(11.4)
Amortization of prior service credit— — (1.2)(1.5)
Recognized actuarial loss21.6 25.2 2.4 2.4 
Settlement loss5.9 7.5 — — 
Total Net Periodic Benefit Cost $21.4 $28.5 $9.5 $9.7 
(1)The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net," respectively, on the Condensed Statements of Consolidated Income (unaudited).