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RETIREMENT AND POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2012
RETIREMENT AND POSTRETIREMENT BENEFITS |
Schedule of effective dates of the most recent actuarial valuations and the next required actuarial valuations for the basic plans |
| Effective Date of Most Recently Filed Actuarial Valuation | Effective Date of Next Required Actuarial Valuation
Canadian Plans |  |
Liquids Pipelines | December 31, 2011 | December 31, 2012
Gas Distribution | December 31, 2009 | December 31, 2012
United States Plan | December 31, 2011 | December 31, 2012
Schedule of changes in the benefit obligation, the fair value of plan assets and the recorded asset or liability |
| Pension |  | OPEB
December 31, | 2012 | 2011 |  | 2012 | 2011
(millions of Canadian dollars) |  |  |  |  |
Change in accrued benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | 1,686 | 1,323 |  | 243 | 195
Service cost | 84 | 61 |  | 8 | 6
Interest cost | 74 | 73 |  | 10 | 11
Employees’ contributions | - | - |  | 1 | 1
Actuarial loss | 106 | 270 |  | 14 | 28
Benefits paid | (64) | (54) |  | (8) | (7)
Effect of foreign exchange rate changes | (5) | 5 |  | (2) | 2
Other | (2) | 8 |  | (5) | 7
Benefit obligation at end of year | 1,879 | 1,686 |  | 261 | 243
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | 1,355 | 1,314 |  | 54 | 41
Actual return on plan assets | 117 | 16 |  | 5 | 1
Employer’s contributions | 97 | 72 |  | 13 | 13
Employees’ contributions | - | - |  | 1 | 1
Benefits paid | (64) | (54) |  | (8) | (7)
Effect of foreign exchange rate changes | (3) | 3 |  | (1) | 1
Other | (2) | 4 |  | (2) | 4
Fair value of plan assets at end of year | 1,500 | 1,355 |  | 62 | 54
Underfunded status at end of year | (379) | (331) |  | (199) | (189)
Presented as follows: |  |  |  |  |
Accounts payable and other | - | - |  | (5) | (5)
Other long-term liabilities (Note 17) | (379) | (331) |  | (194) | (184)
| (379) | (331) |  | (199) | (189)
Schedule of weighted average assumptions made in the measurement of the projected benefit obligations of the pension plans and OPEB |
| Pension |  | OPEB
Year ended December 31, | 2012 | 2011 | 2010 |  | 2012 | 2011 | 2010
Discount rate | 4.2% | 4.5% | 5.6% |  | 4.0% | 4.4% | 5.6%
Average rate of salary increases | 3.7% | 3.5% | 3.5% |  |  |  |
Schedule of net benefit costs recognized |
| Pension |  | OPEB
Year ended December 31, | 2012 | 2011 | 2010 |  | 2012 | 2011 | 2010
(millions of Canadian dollars) |  |  |  |  |  |  |
Benefits earned during the year | 84 | 61 | 48 |  | 8 | 6 | 5
Interest cost on projected benefit obligations | 74 | 73 | 72 |  | 10 | 11 | 11
Expected return on plan assets | (93) | (92) | (80) |  | (3) | (3) | (2)
Amortization of prior service costs | 2 | 2 | 2 |  | - | 1 | -
Amortization of actuarial loss | 51 | 25 | 19 |  | 2 | 1 | 1
Net defined benefit costs on an accrual basis | 118 | 69 | 61 |  | 17 | 16 | 15
Defined contribution benefit costs | 4 | 4 | 5 |  | - | - | -
Net benefit cost recognized in the |  |  |  |  |  |  |
Consolidated Statements of Earnings | 122 | 73 | 66 |  | 17 | 16 | 15
Net amount recognized in OCI |  |  |  |  |  |  |
Net actuarial loss 1 | 42 | 172 | 35 |  | 10 | 29 | 11
Net prior service cost/(credit)2 | - | - | - |  | - | (1) | 6
Total amount recognized in OCI | 42 | 172 | 35 |  | 10 | 28 | 17
Total amount recognized in Comprehensive income | 164 | 245 | 101 |  | 27 | 44 | 32
1 | Unamortized actuarial losses included in AOCI, before tax, were $388 million (2011 - $346 million) relating to the pension plans and $60 million (2011 - $51 million) relating to OPEB at December 31, 2012.
2 | Unamortized prior service costs included in AOCI, before tax, were $4 million (2011 - $5 million) relating to OPEB at December 31, 2012.
Schedule of weighted average assumptions made in the measurement of the cost of the pension plans and OPEB |
| Pension |  | OPEB
Year ended December 31, | 2012 | 2011 | 2010 |  | 2012 | 2011 | 2010
Discount rate | 4.5% | 5.6% | 6.5% |  | 4.4% | 5.6% | 6.3%
Average rate of return on pension plan assets | 7.1% | 7.3% | 7.3% |  | 6.0% | 6.0% | 6.0%
Average rate of salary increases | 3.5% | 3.5% | 3.7% |  |  |  |
Schedule of assumed rates for medical costs for the next year used to measure the expected cost of benefits |
| Medical Cost Trend Rate Assumption for Next Fiscal Year | Ultimate Medical Cost Trend Rate Assumption | Year in which Ultimate Medical Cost Trend Rate Assumption is Achieved
Canadian Plans |  |  |
Drugs | 8.6% | 4.5% | 2029
Other Medical | 4.5% | 4.5% | -
United States Plan | 7.6% | 4.5% | 2030
Schedule of target mix for plan assets | Target Mix for Plan Assets
| Liquids Pipelines Plan | Gas Distribution Plan | United States Plan
Equity securities | 62.5% | 53.5% | 62.5%
Fixed income securities | 30.0% | 40.0% | 30.0%
Other | 7.5% | 6.5% | 7.5%
Schedule of expected rate of return on plan assets |
| Pension |  | OPEB
Year ended December 31, | 2012 | 2011 |  | 2012 | 2011
Canadian Plans | 6.9% | 7.0% |  |  |
United States Plan | 7.3% | 7.5% |  | 6.0% | 6.0%
Schedule of pension financial instruments at fair value |
| 2012 |  | 2011
December 31, | Level 1 1 | Level 2 2 | Level 3 3 | Total |  | Level 1 1 | Level 2 2 | Level 3 3 | Total
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Pension |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 44 | - | - | 44 |  | 14 | - | - | 14
Fixed income securities |  |  |  |  |  |  |  |  |
Canadian government bonds | 87 | - | - | 87 |  | 115 | - | - | 115
Corporate bonds and debentures | - | 4 | - | 4 |  | - | 4 | - | 4
Canadian corporate bond index fund | 196 | - | - | 196 |  | 158 | - | - | 158
Canadian government bond index fund | 152 | - | - | 152 |  | 157 | - | - | 157
United States debt index fund | 45 | 2 | - | 47 |  | 62 | - | - | 62
Equity |  |  |  |  |  |  |  |  |
Canadian equity securities | 190 | - | - | 190 |  | 148 | - | - | 148
United States equity securities | 24 | - | - | 24 |  | - | - | - | -
Global equity securities | 9 | - | - | 9 |  | - | - | - | -
Canadian equity funds | 64 | 39 | - | 103 |  | 21 | 74 | - | 95
United States equity funds | 60 | 26 | - | 86 |  | 170 | 89 | - | 259
Global equity funds | 255 | 159 | - | 414 |  | 191 | 7 | - | 198
Private equity investment 4 | - | - | 61 | 61 |  | - | - | 68 | 68
Real estate 5 | - | - | 24 | 24 |  | - | - | - | -
OPEB |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 4 | - | - | 4 |  | 3 | - | - | 3
Fixed income securities |  |  |  |  |  |  |  |  |
United States government and government agency bonds | 22 | - | - | 22 |  | 22 | - | - | 22
Equity |  |  |  |  |  |  |  |  |
United States equity funds | 17 | 19 | - | 36 |  | 15 | 14 | - | 29
1 | Level 1 assets include assets with quoted prices in active markets for identical assets.
2 | Level 2 assets include assets with significant observable inputs.
3 | Level 3 assets include assets with significant unobservable inputs.
4 | The fair value of the investment in United States Limited Partnership - Global Infrastructure Fund is established through the use of valuation models.
5 | The fair value of the investment in Bentall Kennedy Prime Canadian Property Fund Ltd is established through the use of valuation models.
Schedule of changes in the net fair value of plan assets classified as Level 3 in the fair value hierarchy |
|  | 2012 |  | 2011
(millions of Canadian dollars) |  |  |  |
Balance at beginning of year |  | 68 |  | 65
Unrealized and realized gains |  | 11 |  | 8
Purchases and settlements, net |  | 6 |  | (5)
Balance at end of year |  | 85 |  | 68
Schedule of plan contributions by the Company |
| Pension |  | OPEB
Year ended December 31, | 2012 | 2011 |  | 2012 | 2011
(millions of Canadian dollars) |  |  |  |  |
Total contributions | 97 | 72 |  | 13 | 13
Contributions expected to be paid in 2013 | 140 |  |  | 13 |
Schedule of benefits expected to be paid by the Company |
Year ended December 31, |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018-2022
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Expected future benefit payments |  | 73 |  | 78 |  | 83 |  | 88 |  | 93 |  | 558

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