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RETIREMENT AND POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2016
RETIREMENT AND POSTRETIREMENT BENEFITS |
Schedule of effective dates of the most recent actuarial valuations and the next required actuarial valuations for basic plans |
|  | Effective Date of Most Recently |  | Effective Date of Next Required
|  | Filed Actuarial Valuation |  | Actuarial Valuation
Canadian Plans |  |  |  |
Liquids Pipelines |  | December 31, 2015 |  | December 31, 2016
Gas Distribution |  | December 31, 2013 |  | December 31, 2016
United States Plan |  | January 1, 2016 |  | January 1, 2017
Schedule of changes in the benefit obligation, the fair value of plan assets and the recorded assets and liability |
|  | Pension |  | OPEB |
December 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Change in accrued benefit obligation |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | 2,551 |  | 2,470 |  | 308 |  | 276 |
Service cost |  | 155 |  | 167 |  | 8 |  | 8 |
Interest cost |  | 89 |  | 98 |  | 11 |  | 11 |
Employees’ contributions |  | - |  | - |  | 1 |  | 1 |
Actuarial (gains)/loss |  | 112 |  | (172 | ) | 12 |  | 9 |
Benefits paid |  | (108 | ) | (90 | ) | (12 | ) | (12 | )
Effect of foreign exchange rate changes |  | (14 | ) | 79 |  | (4 | ) | 21 |
Other |  | (7 | ) | (1 | ) | (12 | ) | (6 | )
Benefit obligation at end of year |  | 2,778 |  | 2,551 |  | 312 |  | 308 |
Change in plan assets |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 2,229 |  | 2,062 |  | 115 |  | 99 |
Actual return on plan assets |  | 168 |  | 88 |  | 5 |  | (2 | )
Employer’s contributions |  | 102 |  | 116 |  | 9 |  | 10 |
Employees’ contributions |  | - |  | - |  | 1 |  | 1 |
Benefits paid |  | (108 | ) | (90 | ) | (12 | ) | (12 | )
Effect of foreign exchange rate changes |  | (10 | ) | 54 |  | (3 | ) | 19 |
Other |  | (1 | ) | (1 | ) | - |  | - |
Fair value of plan assets at end of year 1 |  | 2,380 |  | 2,229 |  | 115 |  | 115 |
Underfunded status at end of year |  | (398 | ) | (322 | ) | (197 | ) | (193 | )
Presented as follows: |  |  |  |  |  |  |  |  |
Deferred amounts and other assets |  | 5 |  | 6 |  | 4 |  | 2 |
Accounts payable and other |  | - |  | - |  | (7 | ) | (6 | )
Other long-term liabilities (Note 18) |  | (403 | ) | (328 | ) | (194 | ) | (189 | )
|  | (398 | ) | (322 | ) | (197 | ) | (193 | )
| 1 |  | Assets of $44 million (2015 - $40 million) are held by the Company in trust accounts that back non-registered supplemental pension plans benefitting United States plan participants. Due to United States tax regulations, these assets are not restricted from creditors, and therefore the Company is unable to include these balances in plan assets for accounting purposes. However, these assets are committed for the future settlement of non-registered supplemental pension plan obligations included in the underfunded status as at the end of the year.
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, |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |
Discount rate |  | 4.0% |  | 4.2% |  | 4.0% |  | 4.0% |  | 4.2% |  | 3.9% |
Average rate of salary increases |  | 3.6% |  | 3.6% |  | 4.0% |  |  |  |  |  |  |
Schedule of net benefit costs recognized |
|  | Pension |  | OPEB |
Year ended December 31, |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |  |
Benefits earned during the year |  | 155 |  | 167 |  | 108 |  | 8 |  | 8 |  | 8 |
Interest cost on projected benefit obligations |  | 89 |  | 98 |  | 93 |  | 11 |  | 11 |  | 12 |
Expected return on plan assets |  | (148 | ) | (142 | ) | (123 | ) | (6 | ) | (6 | ) | (5 | )
Amortization of prior service credits |  | - |  | - |  | - |  | (1 | ) | - |  | - |
Amortization of actuarial loss |  | 35 |  | 49 |  | 28 |  | 1 |  | 1 |  | - |
Net defined benefit costs on an accrual basis |  | 131 |  | 172 |  | 106 |  | 13 |  | 14 |  | 15 |
Defined contribution benefit costs |  | 3 |  | 4 |  | 4 |  | - |  | - |  | - |
Net benefit cost recognized in Earnings |  | 134 |  | 176 |  | 110 |  | 13 |  | 14 |  | 15 |
Amount recognized in OCI: |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gains)/loss 1 |  | 24 |  | (107 | ) | 232 |  | 12 |  | 16 |  | 15 |
Net prior service credit 2 |  | - |  | - |  | - |  | (12 | ) | (6 | ) | - |
Total amount recognized in OCI |  | 24 |  | (107 | ) | 232 |  | - |  | 10 |  | 15 |
Total amount recognized in Comprehensive income |  | 158 |  | 69 |  | 342 |  | 13 |  | 24 |  | 30 |
| 1 |  | Unamortized actuarial losses included in AOCI, before tax, were $425 million (2015 - $404 million) relating to the pension plans and $54 million (2015 - $44 million) relating to OPEB at December 31, 2016.
| 2 |  | Unamortized prior service credits included in AOCI, before tax, were $13 million (2015 - $1 million) relating to OPEB at December 31, 2016.
Schedule of weighted average assumptions made in the measurement of the cost of the pension plans and OPEB |
|  | Pension |  | OPEB |
Year ended December 31, |  | 2016 | 2015 | 2014 |  | 2016 | 2015 | 2014
Discount rate - service cost |  | 4.1 | % | 4.0 | % | 5.0% |  | 4.2 | % | 3.9 | % | 4.9 | %
Discount rate - interest cost |  | 4.1 | % | 4.0 | % | 5.0% |  | 4.2 | % | 3.9 | % | 4.9 | %
Average rate of return on plan assets |  | 6.6 | % | 6.7 | % | 6.7% |  | 6.0 | % | 6.0 | % | 6.0 | %
Average rate of salary increases |  | 3.6 | % | 4.0 | % | 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 |  | 6.6% |  | 4.5% |  | 2034
Other medical |  | 4.5% |  | - |  | -
United States Plan |  | 6.9% |  | 4.5% |  | 2037
Schedule of expected rate of return on plan assets |
|  | Pension |  | OPEB |
Year ended December 31, |  | 2016 | 2015 |  | 2016 | 2015
Canadian Plans |  | 6.6 | % | 6.7% |  |  |  |  |
United States Plan |  | 7.2 | % | 7.2% |  | 6.0 | % | 6.0 | %
Schedule of target mix for plan assets and pension financial instruments at fair value |
|  | Canadian Plans |  |  |
|  | Liquids Pipelines |  | Gas Distribution |  | United States |
|  | Plan |  | Plan |  | 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% |
|  | 2016 |  |  | 2015 |
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 |  | 47 |  | - |  | - |  | 47 |  |  | 37 |  | - |  | - |  | 37 |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian government bonds |  | 137 |  | - |  | - |  | 137 |  |  | 131 |  | - |  | - |  | 131 |
Corporate bonds and debentures |  | 5 |  | 3 |  | - |  | 8 |  |  | 5 |  | 3 |  | - |  | 8 |
Canadian corporate bond index fund |  | 277 |  | - |  | - |  | 277 |  |  | 259 |  | - |  | - |  | 259 |
Canadian government bond index fund |  | 214 |  | - |  | - |  | 214 |  |  | 201 |  | - |  | - |  | 201 |
United States debt index fund |  | 111 |  | - |  | - |  | 111 |  |  | 102 |  | - |  | - |  | 102 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian equity securities |  | 138 |  | - |  | - |  | 138 |  |  | 133 |  | - |  | - |  | 133 |
United States equity securities |  | 2 |  | - |  | - |  | 2 |  |  | 2 |  | - |  | - |  | 2 |
Global equity securities |  | 114 |  | 30 |  | - |  | 144 |  |  | 106 |  | 25 |  | - |  | 131 |
Canadian equity funds |  | 287 |  | - |  | - |  | 287 |  |  | 253 |  | - |  | - |  | 253 |
United States equity funds |  | 271 |  | - |  | - |  | 271 |  |  | 243 |  | 5 |  | - |  | 248 |
Global equity funds |  | 167 |  | 140 |  | - |  | 307 |  |  | 161 |  | 148 |  | - |  | 309 |
Infrastructure 4 |  | - |  | - |  | 184 |  | 184 |  |  | - |  | - |  | 182 |  | 182 |
Real estate 4 |  | - |  | - |  | 137 |  | 137 |  |  | - |  | - |  | 115 |  | 115 |
Forward currency contracts |  | - |  | 4 |  | - |  | 4 |  |  | - |  | (10 | ) | - |  | (10 | )
OPEB |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | - |  | - |  | 1 |  |  | 2 |  | - |  | - |  | 2 |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States government and government agency bonds |  | 45 |  | - |  | - |  | 45 |  |  | 46 |  | - |  | - |  | 46 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States equity funds |  | 35 |  | - |  | - |  | 35 |  |  | 34 |  | - |  | - |  | 34 |
Global equity funds |  | 34 |  | - |  | - |  | 34 |  |  | 34 |  | - |  | - |  | 34 |
| 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 values of the infrastructure and real estate investments are 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 |
December 31, |  | 2016 |  | 2015 |
(millions of Canadian dollars) |  |  |  |  |
Balance at beginning of year |  | 297 |  | 132 |
Unrealized and realized gains |  | 22 |  | 44 |
Purchases and settlements, net |  | 2 |  | 121 |
Balance at end of year |  | 321 |  | 297 |
Schedule of plan contributions by the Company |
|  | Pension |  | OPEB |
Year ended December 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Total contributions |  | 102 |  | 116 |  | 9 |  | 10 |
Contributions expected to be paid in 2017 |  | 148 |  |  |  | 2 |  |  |
Schedule of benefits expected to be paid by the Company |
Year ended December 31, |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022-2026 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |  |
Expected future benefit payments |  | 115 |  | 121 |  | 127 |  | 134 |  | 142 |  | 829 |

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