Rendering

Component: (Network and Table)
Network
2312301 - Disclosure - Employee Benefits (Tables)
(http://www.bwpmlp.com/role/EmployeeBenefitsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Projected Benefit Obligation, Fair Value of Assets, Funded Status and the Amounts Not Yet Recognized As Components of Net Periodic Pension and Postretirement Benefits Cost
Projected Benefit Obligation, Fair Value of Assets and Funded Status

The projected benefit obligation, fair value of assets, funded status and the amounts not yet recognized as components of net periodic pension and postretirement benefits cost for the Retirement Plans and PBOP at December 31, 2016 and 2015, were as follows (in millions):
 
Retirement Plans
 
PBOP
 
For the Year Ended
December 31,
 
For the Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of period
$
143.8

 
$
149.9

 
$
48.4

 
$
55.1

Service cost
3.6

 
3.8

 
0.3

 
0.3

Interest cost
4.4

 
4.9

 
2.0

 
2.0

Plan participants’ contributions

 

 
1.0

 
1.1

Actuarial loss (gain)
1.6

 
(1.9
)
 
(5.6
)
 
(5.6
)
Benefits paid
(0.5
)
 
(0.5
)
 
(4.0
)
 
(4.5
)
Settlement
(15.2
)
 
(12.4
)
 

 

Benefit obligation at end of period
$
137.7

 
$
143.8

 
$
42.1

 
$
48.4

 
 
 
 
 
 
 
 
Change in plan assets:
 

 
 

 
 

 
 

Fair value of plan assets at beginning of period
$
119.5

 
$
130.7

 
$
86.4

 
$
87.3

Actual return on plan assets
8.9

 
(1.3
)
 
2.3

 
2.4

Benefits paid
(0.5
)
 
(0.5
)
 
(4.0
)
 
(4.5
)
Settlement
(15.2
)
 
(12.4
)
 

 

Company contributions
3.0

 
3.0

 
0.2

 
0.1

Plan participants’ contributions

 

 
1.0

 
1.1

Fair value of plan assets at end of period
$
115.7

 
$
119.5

 
$
85.9

 
$
86.4

 
 
 
 
 
 
 
 
Funded status
$
(22.0
)
 
$
(24.3
)
 
$
43.8

 
$
38.0

 
 
 
 
 
 
 
 
Items not recognized as components of net periodic cost:
 
 

 
 

 
 

Prior service cost (credit)
$

 
$

 
$

 
$
(0.9
)
Net actuarial loss
24.6

 
29.9

 
4.0

 
7.2

Total
$
24.6

 
$
29.9

 
$
4.0

 
$
6.3


 
 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
At December 31, 2016 and 2015, the following aggregate information relates only to the underfunded plans (in millions):
 
Retirement Plans
 
For the Year Ended
December 31,
 
2016
 
2015
Projected benefit obligation
$
137.7

 
$
143.8

Accumulated benefit obligation
128.2

 
134.1

Fair value of plan assets
115.7

 
119.5

 
 
Schedule of Net Benefit Costs
Components of Net Periodic Benefit Cost

Components of net periodic benefit cost for both the Retirement Plans and PBOP for the years ended December 31, 2016, 2015 and 2014, were as follows (in millions):
 
Retirement Plans
 
PBOP
 
For the Year Ended
December 31,
 
For the Year Ended
December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
3.6

 
$
3.8

 
$
3.9

 
$
0.3

 
$
0.3

 
$
0.4

Interest cost
4.4

 
4.9

 
5.8

 
2.0

 
2.0

 
2.2

Expected return on plan assets
(7.9
)
 
(9.1
)
 
(9.5
)
 
(4.6
)
 
(4.6
)
 
(4.2
)
Amortization of prior service credit

 

 

 
(0.9
)
 
(7.7
)
 
(7.8
)
Amortization of unrecognized net loss
2.7

 
2.0

 
1.4

 

 

 
0.3

Settlement charge
3.2

 
2.5

 
1.9

 

 

 

Net periodic benefit cost
$
6.0

 
$
4.1

 
$
3.5

 
$
(3.2
)
 
$
(10.0
)
 
$
(9.1
)

 
 
Schedule of Expected Benefit Payments
Estimated Future Benefit Payments

The following table shows benefit payments, which reflect expected future service, as appropriate, which are expected to be paid for both the Retirement Plans and PBOP (in millions):
 
Retirement Plans
 
PBOP
2017
$
18.4

 
$
2.7

2018
12.6

 
2.8

2019
14.6

 
2.8

2020
14.5

 
2.9

2021
12.7

 
2.9

2022-2026
62.4

 
13.1

 
 
Weighted-Average Assumptions Used to Determine Benefit Obligations
Weighted–Average Assumptions

Weighted-average assumptions used to determine benefit obligations for the years ended December 31, 2016 and 2015, were as follows:
 
Retirement Plans
 
PBOP
 
For the Year Ended
December 31,
 
For the Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
 
Pension
 
SRP
 
Pension
 
SRP
 
 
 
 
Discount rate
3.60
%
 
3.85
%
 
3.60
%
 
4.00
%
 
4.20
%
 
4.25
%
Expected return on plan assets
7.25
%
 
7.25
%
 
7.50
%
 
7.50
%
 
5.30
%
 
5.30
%
Rate of compensation increase
3.86
%
 
3.86
%
 
3.50
%
 
3.50
%
 

 

 
 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Weighted-average assumptions used to determine net periodic benefit cost for the periods indicated were as follows:
 
Retirement Plans
 
PBOP
 
For the Year Ended
December 31,
 
For the Year Ended
December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
Pension (1)
 
SRP
 
Pension (2)
 
SRP
 
Pension
 
SRP
 
 
 
 
 
 
Discount rate
3.60%/
3.45%/
3.00%/
2.85%

 
4.00
%
 
3.35%/
3.60%
 
3.75
%
 
4.00
%
 
4.25
%
 
4.25
%
 
3.90
%
 
4.50
%
Expected return on plan assets
7.25
%
 
7.25
%
 
7.50%
 
7.50
%
 
7.50
%
 
7.50
%
 
5.30
%
 
5.30
%
 
5.30
%
Rate of compensation increase
3.50
%
 
3.50
%
 
3.50%
 
3.50
%
 
3.50
%
 
3.50
%
 

 

 



(1) Pension expense was remeasured quarterly in 2016 to reflect settlements.
(2) Pension expense was remeasured at August 31, 2015, to reflect a settlement.

 
 
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
PBOP Assumed Health Care Cost Trends

Assumed health care cost trend rates have a significant effect on the amounts reported for PBOP. A one-percentage-point change in assumed trend rates for health care costs would have had the following effects on amounts reported for the year ended December 31, 2016 (in millions):

Effect of 1% Increase:
 
2016
Benefit obligation at end of year
 
$
1.7

Total of service and interest costs for year
 
0.1


Effect of 1% Decrease:
 
 
Benefit obligation at end of year
 
$
(1.5
)
Total of service and interest costs for year
 
(0.1
)
 
 
Fair Values of Pension Plan Assets By Asset Class Master Trust
The following table sets forth, by level within the fair value hierarchy, a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2016 (in millions):
 
Master Trust Assets
 
Measured under Fair Value Hierarchy
 
Measured at Net Asset Value
 
Total Master Trust Assets
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities
$
40.6

 
$

 
$

 
$
40.6

 
$

 
$
40.6

Short-term investments
6.7

 

 

 
6.7

 

 
6.7

Fixed income mutual funds
93.1

 

 

 
93.1

 

 
93.1

Asset-backed securities

 
7.1

 

 
7.1

 

 
7.1

Total assets measured at fair
   value
140.4


7.1




147.5

 

 
147.5

Total limited partnerships
measured at net asset value
(1)

 

 

 

 
82.5

 
82.5

Total
$
140.4

 
$
7.1

 
$

 
$
147.5

 
$
82.5

 
$
230.0


The following table sets forth, by level within the fair value hierarchy, a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2015 (in millions):
 
Master Trust Assets
 
Measured under Fair Value Hierarchy
 
Measured at Net Asset Value
 
Total Master Trust Assets
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities
$
36.1

 
$

 
$

 
$
36.1

 
$

 
$
36.1

Short-term investments
6.6

 

 

 
6.6

 

 
6.6

Fixed income mutual funds
94.8

 

 

 
94.8

 

 
94.8

Asset-backed securities

 
6.4

 

 
6.4

 

 
6.4

Total assets measured at fair
value
137.5

 
6.4

 

 
143.9

 

 
143.9

Total limited partnerships
measured at net asset value
(1)

 

 

 

 
90.4

 
90.4

Total
$
137.5


$
6.4


$


$
143.9


$
90.4


$
234.3


(1) In May 2015, the FASB issued Accounting Standards Update No. 2015-07, “Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent)” (ASU 2015-07), which removes the requirement to present certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient within the fair value hierarchy table. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The Partnership adopted ASU 2015-07 as of December 31, 2016, and has retrospectively applied ASU 2015-07 as required. Other than the presentation of the investments measured at net asset value, there were no effects to the reported amounts presented for the Master Trust as of December 31, 2015.
 
 
Fair Values of Pension Plan Assets By Asset Class
The following table sets forth, by level within the fair value hierarchy, a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2016 (in millions):
 
PBOP Trust Assets
 
Level 1
 
Level 2
 
Level 3
 
Total
Short-term investments
$
3.2

 
$

 
$

 
$
3.2

Fixed income mutual funds
4.9

 

 

 
4.9

Asset-backed securities

 
15.5

 

 
15.5

Corporate bonds

 
18.6

 

 
18.6

Tax exempt securities

 
43.7

 

 
43.7

Total investments
$
8.1

 
$
77.8

 
$

 
$
85.9


The following table sets forth, by level within the fair value hierarchy, a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2015 (in millions):
 
PBOP Trust Assets
 
Level 1
 
Level 2
 
Level 3
 
Total
Short-term investments
$
3.0

 
$

 
$

 
$
3.0

Fixed income mutual funds
4.7

 

 

 
4.7

Asset-backed securities

 
18.8

 

 
18.8

Corporate bonds

 
17.0

 

 
17.0

Tax exempt securities

 
42.9

 

 
42.9

Total investments
$
7.7

 
$
78.7

 
$

 
$
86.4


    
 
 
Disclosure of Share Based Compensation Arrangements by Share Based Payment Award LTIP
A summary of the status of the Phantom Common Units granted under the Partnership’s LTIP as of December 31, 2016 and 2015, and changes during the years ended December 31, 2016 and 2015, is presented below:
 
Phantom Common Units
 
Total Fair Value
(in millions)
 
Weighted-Average Vesting Period
 (in years)
Outstanding at January 1, 2015 (1)
199,669

 
$
4.1

 
0.9

Granted
647,256

 
10.1

 
2.4

Paid
(196,748
)
 
(2.9
)
 

Forfeited
(4,209
)
 

 

Outstanding at December 31, 2015 (1)
645,968

 
8.7

 
1.5

Granted
865,091

 
10.2

 
2.3

Paid
(237,972
)
 
(4.1
)
 

Forfeited
(15,462
)
 

 

Outstanding at December 31, 2016 (1)
1,257,625

 
$
22.5

 
1.2


(1)
Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period.