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Pension Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Employee Benefits [Abstract] |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables set forth the status of the defined benefit pension and other post-retirement benefit plans:
|  | 2018 |  | 2017
| Pension |  | Other post-retirement |  |  | Total |  |  | Pension |  | Other post-retirement |  |  | Total |
Change in defined benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit obligation, January 1 |  | $ | 3,661 |  |  | $ | 268 |  |  | $ | 3,929 |  |  | $ | 3,545 |  |  | $ | 262 |  |  | $ | 3,807 |
Current service cost |  | 54 |  |  | 5 |  |  | 59 |  |  | 47 |  |  | 3 |  |  | 50 |
Interest cost |  | 118 |  |  | 9 |  |  | 127 |  |  | 122 |  |  | 10 |  |  | 132 |
Actuarial losses (gains) |  | (253 | ) |  | (11 | ) |  | (264 | ) |  | 209 |  |  | 9 |  |  | 218 |
Benefits paid |  | (180 | ) |  | (15 | ) |  | (195 | ) |  | (159 | ) |  | (11 | ) |  | (170 | )
Settlement losses (gains)(1) |  | — |  |  | — |  |  | — |  |  | (86 | ) |  | — |  |  | (86 | )
Plan amendments |  | (1 | ) |  | — |  |  | (1 | ) |  | (2 | ) |  | — |  |  | (2 | )
Foreign exchange rate movement |  | 59 |  |  | 6 |  |  | 65 |  |  | (15 | ) |  | (5 | ) |  | (20 | )
Defined benefit obligation, December 31 |  | $ | 3,458 |  |  | $ | 262 |  |  | $ | 3,720 |  |  | $ | 3,661 |  |  | $ | 268 |  |  | $ | 3,929 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, January 1 |  | $ | 3,301 |  |  | $ | — |  |  | $ | 3,301 |  |  | $ | 3,243 |  |  | $ | — |  |  | $ | 3,243 |
Administrative expense |  | (1 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |
Interest income on plan assets |  | 105 |  |  | — |  |  | 105 |  |  | 110 |  |  | — |  |  | 110 |
Return on plan assets (excluding amounts included in net interest expense) |  | (156 | ) |  | — |  |  | (156 | ) |  | 116 |  |  | — |  |  | 116 |
Employer contributions |  | 127 |  |  | 15 |  |  | 142 |  |  | 80 |  |  | 11 |  |  | 91 |
Benefits paid |  | (180 | ) |  | (15 | ) |  | (195 | ) |  | (159 | ) |  | (11 | ) |  | (170 | )
Settlement losses (gains)(1) |  | — |  |  | — |  |  | — |  |  | (80 | ) |  | — |  |  | (80 | )
Foreign exchange rate movement |  | 57 |  |  | — |  |  | 57 |  |  | (9 | ) |  | — |  |  | (9 | )
Fair value of plan assets, December 31 |  | $ | 3,253 |  |  | $ | — |  |  | $ | 3,253 |  |  | $ | 3,301 |  |  | $ | — |  |  | $ | 3,301 |
Amounts recognized on Statement of Financial Position: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 3,253 |  |  | $ | — |  |  | $ | 3,253 |  |  | $ | 3,301 |  |  | $ | — |  |  | $ | 3,301 |
Defined benefit (obligation) | (3,458 | ) |  | (262 | ) |  | (3,720 | ) |  | (3,661 | ) |  | (268 | ) |  | (3,929 | )
Net recognized (liability) asset, December 31 |  | $ | (205 | ) |  | $ | (262 | ) |  | $ | (467 | ) |  | $ | (360 | ) |  | $ | (268 | ) |  | $ | (628 | )
Schedule of Net Benefit Expense |
Components of net benefit expense recognized: |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | $ | 54 |  |  | $ | 5 |  |  | $ | 59 |  |  | $ | 47 |  |  | $ | 3 |  |  | $ | 50 |
Administrative expense |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Net interest expense (income) |  | 13 |  |  | 9 |  |  | 22 |  |  | 12 |  |  | 10 |  |  | 22 |
Settlement losses (gains)(1) |  | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Plan amendments |  | (1 | ) |  | — |  |  | (1 | ) |  | (2 | ) |  | — |  |  | (2 | )
Other long-term employee benefit losses (gains) |  | — |  |  | (3 | ) |  | (3 | ) |  | — |  |  | 4 |  |  | 4 |
Net benefit expense |  | $ | 67 |  |  | $ | 11 |  |  | $ | 78 |  |  | $ | 51 |  |  | $ | 17 |  |  | $ | 68 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Remeasurement of net recognized (liability) asset: |  |  |  |  |  |  |  |  |  |  |  |
Return on plan assets (excluding amounts included in net interest expense) |  | $ | (156 | ) |  | $ | — |  |  | $ | (156 | ) |  | $ | 116 |  |  | $ | — |  |  | $ | 116 |
Actuarial gains (losses) arising from changes in demographic assumptions |  | 7 |  |  | (2 | ) |  | 5 |  |  | 2 |  |  | 1 |  |  | 3 |
Actuarial gains (losses) arising from changes in financial assumptions |  | 241 |  |  | 8 |  |  | 249 |  |  | (161 | ) |  | (11 | ) |  | (172 | )
Actuarial gains (losses) arising from experience adjustments |  | 5 |  |  | 2 |  |  | 7 |  |  | (50 | ) |  | 5 |  |  | (45 | )
Foreign exchange rate movement |  | (2 | ) |  | (2 | ) |  | (4 | ) |  | 6 |  |  | 1 |  |  | 7 |
Components of defined benefit costs recognized in Other comprehensive income (loss) |  | $ | 95 |  |  | $ | 6 |  |  | $ | 101 |  |  | $ | (87 | ) |  | $ | (4 | ) |  | $ | (91 | )
(1) In 2017, the Company terminated and completely settled the defined benefit pension plan of a U.S. subsidiary within the SLF Asset Management segment.
Schedule of Assumptions Used |
|  | 2018 |  | 2017
|  | Canada % |  |  | U.K. % |  |  | U.S. % |  | Canada % |  | U.K. % |  | U.S. %
To determine defined benefit obligation at end of year: |  |  |  |  |  |  |  |  |  |  |
Discount rate for pension plans |  | 3.60 |  |  | 2.85 |  |  | 4.40 |  |  | 3.40 |  | 2.30 |  | 3.70
Rate of compensation increase |  | 3.00 |  |  | n/a |  |  | n/a |  |  | 3.10 |  | n/a |  | n/a
Pension increases |  | 0.00-0.15 |  |  | 3.15 |  |  | n/a |  | 0.00-0.15 |  | 3.50 |  | n/a
To determine net benefit expense for year: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate for pension plans |  | 3.40 |  |  | 2.30 |  |  | 3.70 |  |  | 3.70 |  | 2.55 |  | 4.25
Rate of compensation increase |  | 3.10 |  |  | n/a |  |  | n/a |  |  | 3.00 |  | n/a |  | n/a
Pension increases |  | 0.00-0.15 |  |  | 3.50 |  |  | n/a |  | 0.00-0.15 |  | 3.55 |  | n/a
Health care trend rates: |  |  |  |  |  |  |  |  |  |  |  |
Initial health care trend rate |  | 5.42 |  |  | n/a |  |  | 6.50 |  |  | 5.47 |  | n/a |  | 6.50
Ultimate health care trend rate |  | 4.50 |  |  | n/a |  |  | 5.00 |  |  | 4.50 |  | n/a |  | 5.00
Year ultimate health care trend rate reached |  | 2030 |  |  | n/a |  |  | 2023 |  |  | 2030 |  | n/a |  | 2023
|  | 2018 |  | 2017
|  | Canada |  |  | U.K. |  |  | U.S. |  | Canada |  | U.K. |  | U.S.
Mortality rates: |  |  |  |  |  |  |  |  |  |  |  |
Life expectancy (in years) for individuals currently at age 65: |  |  |  |  |  |  |  |  |  |  |  |
Male |  | 23 |  |  | 24 |  |  | 23 |  |  | 22 |  | 24 |  | 23
Female |  | 25 |  |  | 25 |  |  | 24 |  |  | 25 |  | 26 |  | 24
Life expectancy (in years) at 65 for individuals currently at age 45: |  |  |  |  |  |  |  |  |  |  |  |
Male |  | 24 |  |  | 25 |  |  | 24 |  |  | 24 |  | 26 |  | 24
Female |  | 26 |  |  | 28 |  |  | 26 |  |  | 25 |  | 29 |  | 26
Average duration (in years) of pension obligation |  | 17.3 |  |  | 16.9 |  |  | 12.2 |  |  | 17.1 |  | 19.0 |  | 13.3
Schedule of Effect of Percentage-Point Changes For Sensitives | The impact of changes in each key assumption may result in greater than proportional changes in sensitivities.
| Pension |  | Post-retirement benefits |
Interest/discount rate sensitivity(1): |  |  |  |
1% decrease |  | $ | 644 |  |  | $ | 33 |
1% increase |  | $ | (500 | ) |  | $ | (28 | )
Rate of compensation increase assumption: |  |  |  |
1% decrease |  | $ | (75 | ) |  | n/a |
1% increase |  | $ | 78 |  |  | n/a |
Health care trend rate assumption: |  |  |  |
1% decrease |  | n/a |  |  | $ | (13 | )
1% increase |  | n/a |  |  | $ | 15 |
Mortality rates(2): |  |  |  |
10% decrease |  | $ | 89 |  |  | $ | 6 |
(1) | Represents a parallel shift in interest rates across the entire yield curve, resulting in a change in the discount rate assumption.
(2) | Represents 10% decrease in mortality rates at each age.
Schedule of Allocation of Plan Assets | Composition of fair value of plan assets, December 31:
|  | 2018 |  |  | 2017 |
Equity investments |  | 3 | % |  | 3 | %
Fixed income investments |  | 76 | % |  | 86 | %
Real estate investments |  | 8 | % |  | 7 | %
Qualifying insurance contract |  | 9 | % |  | — |
Other |  | 4 | % |  | 4 | %
Total composition of fair value of plan assets |  | 100 | % |  | 100 | %
Schedule of Expected Contributions and Expected Future Benefit Payments | The following tables set forth the expected contributions and expected future benefit payments of the defined benefit pension and other post-retirement benefit plans:
| Pension |  | Post-retirement |  |  | Total |
Expected contributions for the next 12 months |  | $ | 118 |  |  | $ | 16 |  |  | $ | 134 |
Expected Future Benefit Payments
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 to 2028 |
Pension |  | $ | 160 |  |  | $ | 168 |  |  | $ | 175 |  |  | $ | 183 |  |  | $ | 190 |  |  | $ | 1,022 |
Post-retirement |  | 16 |  |  | 16 |  |  | 16 |  |  | 17 |  |  | 17 |  |  | 92 |
Total |  | $ | 176 |  |  | $ | 184 |  |  | $ | 191 |  |  | $ | 200 |  |  | $ | 207 |  |  | $ | 1,114 |

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- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 147 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_147_c&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 145 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_145&doctype=Standard -URIDate 2017-03-09 + Details
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