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Component: (Network and Table)
Network
2314301 - Disclosure - Pension and Other Postretirement Benefits (Tables)
(http://www.cpg.com/role/PensionAndOtherPostretirementBenefitsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Pension and Other Postretirement Benefit Expense [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Pension and Other Postretirement Benefit Expense [Abstract]
 
Schedule Of Allocation of Plan Assets
Asset Mix Policy of Funds:
 
Defined Benefit Pension Plan
 
Postretirement Benefit Plan
Asset Category
Minimum
 
Maximum
 
Minimum
 
Maximum
Domestic Equities
35%
 
55%
 
35%
 
55%
International Equities
10%
 
20%
 
15%
 
25%
Fixed Income
30%
 
50%
 
20%
 
50%
Short-Term Investments
0%
 
10%
 
0%
 
10%

Pension Plan and Postretirement Plan Asset Mix at December 31, 2016 and December 31, 2015:
December 31, 2016
Defined Benefit
Pension Plan Assets
 
Postretirement
Benefit Plan Assets
Asset Class
Asset Value
 
% of Total Assets
 
Asset Value
 
% of Total Assets
 
(in millions)
 
 
 
(in millions)
 
 
Domestic Equities
$
148.7

 
42.7
%
 
$
95.9

 
41.5
%
International Equities
56.3

 
16.2
%
 
43.4

 
18.8
%
Fixed Income
136.3

 
39.2
%
 
76.9

 
33.2
%
Cash/Other
6.8

 
1.9
%
 
15.1

 
6.5
%
Total
$
348.1

 
100.0
%
 
$
231.3

 
100.0
%
 
 
 
 
 
 
 
 
December 31, 2015
Defined Benefit
Pension Plan Assets
 
Postretirement
Benefit Plan Assets
Asset Class
Asset Value
 
% of Total Assets
 
Asset Value
 
% of Total Assets
 
(in millions)
 
 
 
(in millions)
 
 
Domestic Equities
$
141.0

 
39.4
%
 
$
101.6

 
44.4
%
International Equities
62.5

 
17.5
%
 
42.8

 
18.8
%
Fixed Income
123.3

 
34.4
%
 
76.6

 
33.6
%
Cash/Other
31.0

 
8.7
%
 
7.2

 
3.2
%
Total
$
357.8

 
100.0
%
 
$
228.2

 
100.0
%
 
 
Schedule Of Fair Value and Changes In The Fair Value Of The Plan Assets
Fair Value Measurements (in millions)
December 31,
2016
 
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
$
0.2

 
$
0.2

 
$

 
$

Fixed income securities
 
 
 
 
 
 
 
Government
8.8

 

 
8.8

 

Corporate
19.5

 

 
19.5

 

Commingled funds
 
 
 
 
 
 
 
Short-term money markets(2)
6.6

 


 


 


U.S. equities(2)
93.1

 


 


 


International equities(2)
56.3

 


 


 


Fixed income(2)
73.2

 

 


 


Mutual funds
 
 
 
 
 
 
 
U.S. equities
55.6

 
55.6

 

 

Fixed income
34.8

 
34.8

 

 

Pension plan assets subtotal
348.1

 
90.6

 
28.3

 

Other postretirement benefit plan assets
 
 
 
 
 
 
 
Cash
0.4

 
0.4

 

 

Commingled funds
 
 
 
 
 
 
 
Short-term money markets(2)
14.7

 


 


 


U.S. equities(2)
1.0

 


 


 


Mutual funds
 
 
 
 
 
 
 
U.S. equities
94.9

 
94.9

 

 

International equities
43.4

 
43.4

 

 

Fixed income
76.9

 
76.9

 

 

Other postretirement benefit plan assets subtotal
231.3

 
215.6

 

 

Due to brokers, net(1)
(0.2
)
 
 
 
 
 
 
Accrued investment income/dividends
0.6

 
 
 
 
 
 
Total pension and other postretirement benefit plan assets
$
579.8

 
$
306.2

 
$
28.3

 
$


(1)This class represents pending trades with brokers.
(2)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.
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, 2016:
(in millions)
Fair Value
 
Unfunded Commitments
 
Redemption Frequency
 
Redemption Notice Period
Commingled Funds
 
 
 
 
 
 
 
Short-term money markets
$
21.3

 
$

 
Daily
 
1 day
U.S. equities
94.1

 

 
Daily
 
1 day
International equities
56.3

 

 
Daily
 
2 days
Fixed income
73.2

 

 
Daily
 
2-3 days
Total
$
244.9

 

 
 
 
 
Fair Value Measurements at December 31, 2015:
Fair Value Measurements (in millions)
December 31,
2015
 
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
$
0.9

 
$
0.9

 
$

 
$

Equity securities
 
 
 
 
 
 
 
International equities
6.6

 
6.6

 

 

Fixed income securities
 
 
 
 
 
 
 
Government
8.5

 

 
8.5

 

Corporate
13.0

 

 
13.0

 

Commingled funds
 
 
 
 
 
 
 
Short-term money markets(2)
31.1

 


 


 


U.S. equities(2)
141.0

 


 


 


International equities(2)
55.6

 


 


 


Fixed income(2)
100.9

 


 


 


Pension plan assets subtotal
357.6

 
7.5

 
21.5

 

Other postretirement benefit plan assets
 
 
 
 
 
 
 
Commingled funds
 
 
 
 
 
 
 
Short-term money markets(2)
7.3

 


 


 


U.S. equities(2)
13.9

 


 


 


Mutual funds
 
 
 
 
 
 
 
U.S. equities
87.7

 
87.7

 

 

International equities
42.8

 
42.8

 

 

Fixed income
76.5

 
76.5

 

 

Other postretirement benefit plan assets subtotal
228.2

 
207.0

 

 

Due to brokers, net(1)
(0.4
)
 
 
 
 
 
 
Accrued investment income/dividends
0.6

 
 
 
 
 
 
Total pension and other postretirement benefit plan assets
$
586.0

 
$
214.5

 
$
21.5

 
$

(1)This class represents pending trades with brokers.
(2)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.
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2015:
(in millions)
Balance at
January 1, 2015
 
Total gains or
losses (unrealized
/ realized)
 
Purchases
 
(Sales)
 
Transfers
into/(out of)
level 3
 
Separation Allocation(1)
 
Balance at
December 31, 
2015
Fixed income securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Other fixed income
$
0.1

 
$

 
$

 
$

 
$

 
$
(0.1
)
 
$

Private equity limited partnerships
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. multi-strategy
8.5

 

 

 

 

 
(8.5
)
 

International multi-strategy
5.3

 

 

 

 

 
(5.3
)
 

Distressed opportunities
1.1

 

 

 

 

 
(1.1
)
 

Real estate
2.6

 

 

 

 

 
(2.6
)
 

Total
$
17.6

 
$

 
$

 
$

 
$

 
$
(17.6
)
 
$


(1)Level 3 assets were not contributed to the CPG Plans upon Separation from NiSource and no subsequent investments were made in Level 3 assets post Separation.
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, 2015:
(in millions)
Fair Value
 
Unfunded Commitments
 
Redemption Frequency
 
Redemption Notice Period
Commingled Funds
 
 
 
 
 
 
 
Short-term money markets
$
38.4

 
$

 
Daily
 
1 day
U.S. equities
154.9

 

 
Monthly
 
3 days
International equities
55.6

 

 
Monthly
 
14-30 days
Fixed income
100.9

 

 
Monthly
 
3 days
Total
$
349.8

 
$

 
 
 
 
 
 
Schedule Of Reconciliation Of The Plan Funded Status
 
Pension Benefits
 
Other Postretirement Benefits
(in millions)
2016
 
2015
 
2016
 
2015
Change in projected benefit obligation(1)
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
404.5

 
$
397.6

 
$
112.1

 
$
124.2

Service cost
6.4

 
5.9

 
0.9

 
1.0

Interest cost
15.1

 
15.0

 
4.5

 
4.7

Plan participants’ contributions

 

 
2.8

 
2.3

Actuarial (gain) loss
(4.7
)
 
(6.9
)
 
2.1

 
(12.4
)
Settlement loss
3.2

 

 

 

Benefits paid
(48.8
)
 
(29.7
)
 
(13.6
)
 
(9.8
)
Estimated benefits paid by incurred subsidy

 

 
0.3

 
0.3

Transfer of participant balances from NiSource plans(2)

 
22.6

 

 
1.8

Projected benefit obligation at end of year
$
375.7

 
$
404.5

 
$
109.1

 
$
112.1

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
357.8

 
$
351.0

 
$
228.2

 
$
223.8

Actual return on plan assets
30.7

 
1.2

 
13.6

 
(2.5
)
Employer contributions
8.4

 
20.0

 
0.3

 
13.5

Plan participants’ contributions

 

 
2.8

 
2.3

Benefits paid
(48.8
)
 
(29.7
)
 
(13.6
)
 
(9.8
)
Transfer of participant balances from NiSource plans(2)

 
15.3

 

 
0.9

Fair value of plan assets at end of year
$
348.1

 
$
357.8

 
$
231.3

 
$
228.2

Funded status at end of year
$
(27.6
)
 
$
(46.7
)
 
$
122.2


$
116.1

Amounts recognized in the balance sheet consist of:
 
 
 
 
 
 
 
Noncurrent assets
$

 
$

 
$
122.2

 
$
116.1

Current liabilities

 
(0.8
)
 

 

Noncurrent liabilities
(27.6
)
 
(45.9
)
 

 

Net amount recognized at end of year(3)
$
(27.6
)
 
$
(46.7
)
 
$
122.2

 
$
116.1

Amounts recognized in AOCI or regulatory assets/liabilities(4)
 
 
 
 
 
 
 
Unrecognized prior service credit
$
(2.6
)
 
$
(3.7
)
 
$
(1.3
)
 
$
(2.0
)
Unrecognized actuarial loss (gain)
133.0

 
164.5

 
(0.7
)
 
(3.9
)
Total recognized AOCI or regulatory assets/liabilities
$
130.4

 
$
160.8

 
$
(2.0
)
 
$
(5.9
)

(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)Reflects the transfer of additional pension and OPEB plan participants to CPGSC upon Separation from NiSource that were determined in the current year.
(3)CPG recognizes in its Consolidated Balance Sheets the underfunded and overfunded status of its various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation.
(4)CPG determined that the future recovery of pension and other postretirement benefits costs is probable. CPG recorded regulatory assets and liabilities of $111.3 million and zero, respectively, as of December 31, 2016, and $135.2 million and $0.7 million, respectively, as of December 31, 2015 that would otherwise have been recorded to accumulated other comprehensive loss.
 
 
Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan
 
Pension Benefits
 
Other Postretirement  Benefits
  
2016
 
2015
 
2016
 
2015
Weighted-average assumptions to Determine Benefit Obligation
 
 
 
 
 
 
 
Discount Rate
4.10
%
 
4.05
%
 
4.25
%
 
4.29
%
Rate of Compensation Increases
2.50
%
 
4.00
%
 
 
 
 
Health Care Trend Rates
 
 
 
 
 
 
 
Trend for Next Year
 
 
 
 
8.47
%
 
8.39
%
Ultimate Trend
 
 
 
 
4.50
%
 
4.50
%
Year Ultimate Trend Reached
 
 
 
 
2024

 
2022

 
 
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates
 
(in millions)
1% point increase
 
1% point decrease
Effect on service and interest components of net periodic cost
$
0.1

 
$
(0.1
)
Effect on accumulated postretirement benefit obligation
2.6

 
(2.4
)
 
 
Schedule Of Expected Payments To Participants In Pension Plan
(in millions)
Pension Benefits
 
Other
Postretirement Benefits
 
Federal
Subsidy Receipts
Year(s)
 
 
 
 
 
2017
$
32.3

 
$
7.8

 
$
0.5

2018
33.1

 
7.8

 
0.5

2019
33.8

 
7.8

 
0.4

2020
35.2

 
7.7

 
0.4

2021
34.9

 
7.6

 
0.4

2022-2026
168.8

 
35.5

 
1.2

 
 
Components Of The Plans' Net Periodic Benefits Cost
 
Pension Benefits
 
Other Postretirement
Benefits
(in millions)
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Components of Net Periodic Benefit Cost (Income)
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
6.4

 
$
5.9

 
$
4.8

 
$
0.9

 
$
1.0

 
$
1.1

Interest cost
15.1

 
15.0

 
15.7

 
4.5

 
4.7

 
4.6

Expected return on assets
(25.0
)
 
(28.2
)
 
(27.3
)
 
(15.0
)
 
(18.1
)
 
(16.6
)
Amortization of prior service (credit) cost
(1.2
)
 
(1.1
)
 
(1.1
)
 
(0.7
)
 
(0.3
)
 
0.1

Recognized actuarial loss (gain)
12.2

 
9.9

 
7.5

 
0.3

 
(0.3
)
 

Net Periodic Benefit Cost (Income)
7.5

 
1.5

 
(0.4
)
 
(10.0
)
 
(13.0
)
 
(10.8
)
Additional loss recognized due to:
 
 
 
 
 
 
 
 
 
 
 
Settlement loss
12.3

 

 

 

 

 

Total Net Periodic Benefit Cost (Income)
$
19.8

 
$
1.5

 
$
(0.4
)
 
$
(10.0
)
 
$
(13.0
)
 
$
(10.8
)
 
 
Schedule Of Key Assumptions That Were Used To Calculate The Net Periodic Benefits Cost
 
Pension Benefits
 
 Other Postretirement
Benefits
  
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Weighted-average Assumptions to Determine Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
Discount Rate
3.90
%
 
3.84
%
 
4.34
%
 
4.12
%
 
4.10
%
 
4.76
%
Expected Long-Term Rate of Return on Plan Assets
7.29
%
 
8.20
%
 
8.30
%
 
6.81
%
 
8.05
%
 
8.14
%
Rate of Compensation Increases
4.00
%
 
4.00
%
 
4.00
%
 
 
 
 
 
 
 
 
Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income
  
Pension Benefits
 
Other Postretirement
Benefits
(in millions)
2016
 
2015
 
2016
 
2015
Other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory assets or liabilities
 
 
 
 
 
 
 
Settlements
$
(12.3
)
 
$

 
$

 
$

Net actuarial (gain) loss
(7.1
)
 
25.6

 
3.5

 
8.6

Less: amortization of prior service cost
1.2

 
1.1

 
0.7

 
0.3

Less: amortization of net actuarial (gain) loss
(12.2
)
 
(9.9
)
 
(0.3
)
 
0.3

Total recognized in other comprehensive income or regulatory assets or liabilities
$
(30.4
)
 
$
16.8

 
$
3.9

 
$
9.2

Amount recognized in net periodic benefit cost and other comprehensive income or regulatory assets or liabilities
$
(10.6
)
 
$
18.3

 
$
(6.1
)
 
$
(3.8
)