10-K - SCANA Corporation

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Table of Contents Funded Status Other Postretirement Millions of Dollars Pension Benefits Benefits December 31, 2011 2010 2011 2010 Fair value of plan assets $ 695.3 $ 745.2 — — Benefit obligations 705.0 687.8 $ 178.4 $ 171.5 Funded status (liability) $ (9.7) $ 57.4 $ (178.4) $ (171.5) Amounts recognized on the consolidated balance sheets consist of: Other Postretirement Millions of Dollars Pension Benefits Benefits December 31, 2011 2010 2011 2010 Noncurrent asset — $ 57.4 — — Current liability — — $ (8.3) $ (8.9) Noncurrent liability $ (9.7) — (170.1) (162.6) Amounts recognized in accumulated other comprehensive income (a component of common equity) as of December 31, 2011 and 2010 were as follows: Other Pension Postretirement Millions of Dollars Benefits Benefits December 31, 2011 2010 2011 2010 Net actuarial loss $ 2.4 $ 1.8 $ 0.4 $ 0.3 Prior service cost 0.3 0.4 0.1 0.1 Total $ 2.7 $ 2.2 $ 0.5 $ 0.4 In connection with the joint ownership of Summer Station, as of December 31, 2011 and 2010, SCE&G recorded within deferred debits $19.7 million and $13.0 million, respectively, attributable to Santee Cooper’s portion of shared pension costs. As of December 31, 2011 and 2010, SCE&G also recorded within deferred debits $11.4 million and $10.7 million, respectively, from Santee Cooper, representing its portion of the unfunded net postretirement benefit obligation. Changes in Fair Value of Plan Assets Pension Benefits Millions of dollars 2011 2010 Fair value of plan assets, January 1 $ 745.2 $ 660.7 Actual return on plan assets (12.8) 118.7 Benefits paid (37.1) (34.2) Fair value of plan assets, December 31 $ 695.3 $ 745.2 Investment Policies and Strategies The assets of the pension plan are invested in accordance with the objectives of (1) fully funding the actuarial accrued liability for the pension plan, (2) maximizing return within reasonable and prudent levels of risk in order to minimize contributions, and (3) maintaining sufficient liquidity to meet benefit payment obligations on a timely basis. The pension plan operates with several risk and control procedures, including ongoing reviews of liabilities, investment objectives, investment managers and performance expectations. Transactions involving certain types of investments are prohibited. Equity securities held by the pension plan during the periods presented did not include SCANA common stock. 130
Table of Contents The pension plan asset allocation at December 31, 2011 and 2010 and the target allocation for 2012 are as follows: Percentage of Plan Assets Target At Allocation December 31, Asset Category 2012 2011 2010 Equity Securities 65% 65% 68% Debt Securities 35% 35% 32% For 2012, the expected long-term rate of return on assets will be 8.25%. In developing the expected long-term rate of return assumptions, management evaluates the pension plan’s historical cumulative actual returns over several periods, and assumes an asset allocation of 65% with equity managers and 35% with fixed income managers. Management regularly reviews such allocations and periodically rebalances the portfolio when considered appropriate. Fair Value Measurements Assets held by the pension plan are measured at fair value as described below. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. At December 31, 2011 and 2010, fair value measurements, and the level within the fair value hierarchy in which the measurements fall, were as follows: December 31, 2011 131 Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) Quoted Market Prices in Active Market for Identical Assets/Liabilities (Level 1) Significant Other Unobservable Inputs (Level 3) Millions of dollars December 31, 2011 Common stock $ 298 $ 298 Preferred stock 1 1 Mutual funds 169 19 $ 150 Short-term investment vehicles 21 21 Government agency securities 29 29 Corporate debt securities 47 47 Loans secured by mortgages 11 11 Municipals 4 4 Common collective trusts 34 34 Limited partnerships 21 21 Multi-strategy hedge funds 60 $ 60 $ 695 $ 318 $ 317 $ 60 December 31, 2010 Common stock $ 331 $ 331 Mutual funds 187 22 $ 165 Short-term investment vehicles 17 17 Government agency securities 47 47 Corporate debt securities 46 46 Loans secured by mortgages 8 8 Municipals 3 3 Common collective trusts 41 41 Limited partnerships 24 1 23 Multi-strategy hedge funds 41 $ 41 $ 745 $ 354 $ 350 $ 41
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Table of Contents UNITED STATES SEC
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Table of Contents CAUTIONARY STATEM
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Table of Contents TERM MEANING MGP
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Table of Contents Regulated Utiliti
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Table of Contents Electric Intercon
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Table of Contents Gas Cost, Supply
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Table of Contents SCE&G holds licen
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Table of Contents PSNC Energy’s r
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Table of Contents Furthermore, rece
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Table of Contents One rating agency
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Table of Contents • Uncertainties
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Table of Contents ELECTRIC PROPERTI
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Table of Contents Litigation In May
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Table of Contents PART II ITEM 5. M
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Table of Contents SCANA CORPORATION
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Table of Contents Key Earnings Driv
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Table of Contents Retail Gas Market
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Table of Contents • 2010 vs 2009
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Table of Contents • 2011 vs 2010
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Table of Contents The Company’s c
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Table of Contents With respect to h
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Table of Contents Air Quality With
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Table of Contents Electric Operatio
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Table of Contents the effects of di
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Table of Contents substantial compl
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Table of Contents ITEM 7A. QUANTITA
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Table of Contents ITEM 8. FINANCIAL
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Table of Contents See Notes to Cons
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Table of Contents See Notes to Cons
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Table of Contents NOTES TO CONSOLID
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Table of Contents costs for turbine
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Table of Contents Fuel costs, emiss
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Table of Contents In May 2009, two
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Table of Contents Accumulated defer
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Table of Contents SCANA issued comm
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Table of Contents The difference be
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Table of Contents losses from its h
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Table of Contents The effect of der
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Table of Contents 8. EMPLOYEE BENEF
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Page 81 and 82: Table of Contents Net Periodic Bene
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Page 85 and 86: Table of Contents SCE&G maintains a
Page 87 and 88: Table of Contents 11. AFFILIATED TR
Page 89 and 90: Table of Contents 13. QUARTERLY FIN
Page 91 and 92: Table of Contents ITEM 7. MANAGEMEN
Page 93 and 94: Table of Contents retain large comm
Page 95 and 96: Table of Contents • 2011 vs 2010
Page 97 and 98: Table of Contents regulations, will
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Page 101 and 102: Table of Contents To help mitigate
Page 103 and 104: Table of Contents The RSA allows na
Page 105 and 106: Table of Contents site of Summer St
Page 107 and 108: Table of Contents ITEM 7A. QUANTITA
Page 109 and 110: Table of Contents ITEM 8. FINANCIAL
Page 111 and 112: Table of Contents December 31, (Mil
Page 113 and 114: Table of Contents See Notes to Cons
Page 115 and 116: Table of Contents NOTES TO CONSOLID
Page 117 and 118: Table of Contents $32.7 million, of
Page 119 and 120: Table of Contents 2. RATE AND OTHER
Page 121 and 122: Table of Contents Regulatory Assets
Page 123 and 124: Table of Contents 4. LONG-TERM AND
Page 125 and 126: Table of Contents The tax effects o
Page 127 and 128: Table of Contents The fair value of
Page 129: Table of Contents 8. EMPLOYEE BENEF
Page 133 and 134: Table of Contents Net Periodic Bene
Page 135 and 136: Table of Contents Nonvested shares
Page 137 and 138: Table of Contents Claims and Litiga
Page 139 and 140: Table of Contents Disclosure of Rep
Page 141 and 142: Table of Contents ITEM 9. CHANGES I
Page 143 and 144: Table of Contents SCE&G: Evaluation
Page 145 and 146: Table of Contents ITEM 14. PRINCIPA
Page 147 and 148: Table of Contents Schedule II—Val
Page 149 and 150: Table of Contents SIGNATURES Pursua
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Page 153 and 154: Exhibit 12.01 SCANA CORPORATION CAL
Page 155 and 156: Exhibit 23.01 CONSENT OF INDEPENDEN
Page 157 and 158: Exhibit 24.01 POWER OF ATTORNEY KNO
Page 159 and 160: Exhibit 31.01 CERTIFICATION I, Kevi
Page 161 and 162: Exhibit 31.03 CERTIFICATION I, Kevi
Page 163 and 164: Exhibit 32.01 SCANA CORPORATION CER
Page 165 and 166: Exhibit 32.03 SOUTH CAROLINA ELECTR
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Page 169 and 170: scg-20111231_cal.xml
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10-K - SCANA Corporation

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