10-K - SCANA Corporation
10-K - SCANA Corporation
10-K - SCANA Corporation
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Table of Contents<br />
Funded Status<br />
Other<br />
Postretirement<br />
Millions of Dollars<br />
Pension Benefits<br />
Benefits<br />
December 31, 2011 20<strong>10</strong> 2011 20<strong>10</strong><br />
Fair value of plan assets $ 695.3 $ 745.2 — —<br />
Benefit obligations 705.0 687.8 $ 178.4 $ 171.5<br />
Funded status (liability) $ (9.7) $ 57.4 $ (178.4) $ (171.5)<br />
Amounts recognized on the consolidated balance sheets consist of:<br />
Other<br />
Postretirement<br />
Millions of Dollars Pension Benefits<br />
Benefits<br />
December 31, 2011 20<strong>10</strong> 2011 20<strong>10</strong><br />
Noncurrent asset — $ 57.4 — —<br />
Current liability — — $ (8.3) $ (8.9)<br />
Noncurrent liability $ (9.7) — (170.1) (162.6)<br />
Amounts recognized in accumulated other comprehensive income (a component of common equity) as of December 31, 2011<br />
and 20<strong>10</strong> were as follows:<br />
Other<br />
Pension<br />
Postretirement<br />
Millions of Dollars<br />
Benefits<br />
Benefits<br />
December 31, 2011 20<strong>10</strong> 2011 20<strong>10</strong><br />
Net actuarial loss $ 2.4 $ 1.8 $ 0.4 $ 0.3<br />
Prior service cost 0.3 0.4 0.1 0.1<br />
Total $ 2.7 $ 2.2 $ 0.5 $ 0.4<br />
In connection with the joint ownership of Summer Station, as of December 31, 2011 and 20<strong>10</strong>, SCE&G recorded within<br />
deferred debits $19.7 million and $13.0 million, respectively, attributable to Santee Cooper’s portion of shared pension costs. As of<br />
December 31, 2011 and 20<strong>10</strong>, SCE&G also recorded within deferred debits $11.4 million and $<strong>10</strong>.7 million, respectively, from Santee<br />
Cooper, representing its portion of the unfunded net postretirement benefit obligation.<br />
Changes in Fair Value of Plan Assets<br />
Pension Benefits<br />
Millions of dollars 2011 20<strong>10</strong><br />
Fair value of plan assets, January 1 $ 745.2 $ 660.7<br />
Actual return on plan assets (12.8) 118.7<br />
Benefits paid (37.1) (34.2)<br />
Fair value of plan assets, December 31 $ 695.3 $ 745.2<br />
Investment Policies and Strategies<br />
The assets of the pension plan are invested in accordance with the objectives of (1) fully funding the actuarial accrued<br />
liability for the pension plan, (2) maximizing return within reasonable and prudent levels of risk in order to minimize contributions,<br />
and (3) maintaining sufficient liquidity to meet benefit payment obligations on a timely basis. The pension plan operates with several<br />
risk and control procedures, including ongoing reviews of liabilities, investment objectives, investment managers and performance<br />
expectations. Transactions involving certain types of investments are prohibited. Equity securities held by the pension plan during the<br />
periods presented did not include <strong>SCANA</strong> common stock.<br />
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